# EDGAR Filing Document

**Accession Number:** 0000823535
**File Stem:** 0000823535-26-000017
**Filing Date:** 2026-2
**Character Count:** 3616200
**Document Hash:** 7566fcbc1f90e754e7a945dec7220407
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000823535-26-000017.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0000823535-26-000017

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 349

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**EFFECTIVENESS DATE**: 20260220

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Variable Insurance Products Fund V
- **CENTRAL INDEX KEY:** 0000823535

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05361
- **FILM NUMBER:** 26657791

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY BOSTON STREET TRUST
- **DATE OF NAME CHANGE:** 19951101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SPARTAN U S TREASURY MONEY MARKET FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY U S TREASURY MONEY MARKET FUND L P
- **DATE OF NAME CHANGE:** 19900828

## Series and Classes Contracts Data

### Government Money Market Portfolio (Series ID: S000017648)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000048773 | Initial Class   |  |
| C000048774 | Investor Class  |  |
| C000048775 | Service Class   |  |
| C000048776 | Service Class 2 |  |

### Freedom 2030 Portfolio (Series ID: S000017649)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000048777 | Initial Class   |  |
| C000048778 | Service Class   |  |
| C000048779 | Service Class 2 |  |

### Freedom Income Portfolio (Series ID: S000017650)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000048780 | Initial Class   |  |
| C000048781 | Service Class   |  |
| C000048782 | Service Class 2 |  |

### Freedom Lifetime Income I Portfolio (Series ID: S000017651)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000048783 | Investor Class |  |

### Freedom Lifetime Income II Portfolio (Series ID: S000017652)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000048784 | Investor Class |  |

### Freedom Lifetime Income III Portfolio (Series ID: S000017653)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000048785 | Investor Class |  |

### FundsManager 20% Portfolio (Series ID: S000017654)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000048786 | Investor Class  |  |
| C000048787 | Service Class   |  |
| C000048788 | Service Class 2 |  |

### FundsManager 50% Portfolio (Series ID: S000017655)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000048789 | Investor Class  |  |
| C000048790 | Service Class   |  |
| C000048791 | Service Class 2 |  |

### FundsManager 70% Portfolio (Series ID: S000017656)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000048792 | Investor Class  |  |
| C000048793 | Service Class   |  |
| C000048794 | Service Class 2 |  |

### FundsManager 85% Portfolio (Series ID: S000017657)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000048795 | Investor Class  |  |
| C000048796 | Service Class   |  |
| C000048797 | Service Class 2 |  |

### Asset Manager 50% Portfolio (Series ID: S000017659)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000048799 | Initial Class   |  |
| C000048800 | Investor Class  |  |
| C000048801 | Service Class   |  |
| C000048802 | Service Class 2 |  |

### Investor Freedom 2010 Portfolio (Series ID: S000017660)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000048803 | Investor Class |  |

### Investor Freedom 2015 Portfolio (Series ID: S000017661)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000048804 | Investor Class |  |

### Investor Freedom 2020 Portfolio (Series ID: S000017662)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000048805 | Investor Class |  |

### Investor Freedom 2025 Portfolio (Series ID: S000017663)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000048806 | Investor Class |  |

### Investor Freedom 2030 Portfolio (Series ID: S000017664)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000048807 | Investor Class |  |

### Investor Freedom Income Portfolio (Series ID: S000017665)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000048808 | Investor Class |  |

### Strategic Income Portfolio (Series ID: S000017666)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000048809 | Initial Class   |  |
| C000048810 | Investor Class  |  |
| C000048811 | Service Class   |  |
| C000048812 | Service Class 2 |  |

### Asset Manager 70% Portfolio (Series ID: S000017667)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000048813 | Investor Class  |  |
| C000048814 | Service Class   |  |
| C000048815 | Service Class 2 |  |
| C000048816 | Initial Class   |  |

### Investment Grade Bond Portfolio (Series ID: S000017668)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000048817 | Initial Class   |  |
| C000048818 | Investor Class  |  |
| C000048819 | Service Class   |  |
| C000048820 | Service Class 2 |  |

### Freedom 2010 Portfolio (Series ID: S000017670)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000048824 | Initial Class   |  |
| C000048825 | Service Class   |  |
| C000048826 | Service Class 2 |  |

### Freedom 2015 Portfolio (Series ID: S000017671)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000048827 | Initial Class   |  |
| C000048828 | Service Class   |  |
| C000048829 | Service Class 2 |  |

### Freedom 2020 Portfolio (Series ID: S000017672)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000048830 | Initial Class   |  |
| C000048831 | Service Class   |  |
| C000048832 | Service Class 2 |  |

### Freedom 2025 Portfolio (Series ID: S000017673)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000048833 | Initial Class   |  |
| C000048834 | Service Class   |  |
| C000048835 | Service Class 2 |  |

### FundsManager 60% Portfolio (Series ID: S000018574)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000051545 | Investor Class  |  |
| C000051546 | Service Class   |  |
| C000051547 | Service Class 2 |  |

### Freedom 2035 Portfolio (Series ID: S000025268)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000075274 | Initial Class   |  |
| C000075275 | Service Class   |  |
| C000075276 | Service Class 2 |  |

### Freedom 2040 Portfolio (Series ID: S000025269)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000075277 | Initial Class   |  |
| C000075278 | Service Class   |  |
| C000075279 | Service Class 2 |  |

### Freedom 2045 Portfolio (Series ID: S000025270)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000075280 | Initial Class   |  |
| C000075281 | Service Class   |  |
| C000075282 | Service Class 2 |  |

### Freedom 2050 Portfolio (Series ID: S000025271)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000075283 | Initial Class   |  |
| C000075284 | Service Class   |  |
| C000075285 | Service Class 2 |  |

### Target Volatility Portfolio (Series ID: S000039767)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000123283 | Service Class   |  |
| C000123284 | Service Class 2 |  |

### Bond Index Portfolio (Series ID: S000061711)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000199915 | Initial Class   |  |
| C000199916 | Service Class 2 |  |
| C000211325 | Service Class   |  |

### Freedom 2055 Portfolio (Series ID: S000065217)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000211073 | Service Class 2 |  |
| C000211074 | Service Class   |  |
| C000211075 | Initial Class   |  |

### Freedom 2060 Portfolio (Series ID: S000065218)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000211076 | Service Class   |  |
| C000211077 | Service Class 2 |  |
| C000211078 | Initial Class   |  |

### Freedom 2065 Portfolio (Series ID: S000065219)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000211079 | Initial Class   |  |
| C000211080 | Service Class   |  |
| C000211081 | Service Class 2 |  |

### Investment Grade Bond II Portfolio (Series ID: S000076420)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000236280 | Initial Class  |  |
| C000236281 | Investor Class |  |

### Investor Freedom 2035 Portfolio (Series ID: S000076747)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000236782 | Investor Class |  |

### Investor Freedom 2040 Portfolio (Series ID: S000076748)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000236783 | Investor Class |  |

### Investor Freedom 2045 Portfolio (Series ID: S000076749)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000236784 | Investor Class |  |

### Investor Freedom 2050 Portfolio (Series ID: S000076750)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000236785 | Investor Class |  |

### FundsManager 30% Portfolio (Series ID: S000079708)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000240971 | Service Class   |  |
| C000240972 | Service Class 2 |  |
| C000240973 | Investor Class  |  |

### FundsManager 40% Portfolio (Series ID: S000079709)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000240974 | Service Class   |  |
| C000240975 | Investor Class  |  |
| C000240976 | Service Class 2 |  |

### Freedom 2070 Portfolio (Series ID: S000085434)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000250595 | Service Class   | FRDGV           |
| C000250596 | Initial Class   | FRDFV           |
| C000250597 | Service Class 2 | FRDHV           |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-05361</u>

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

(Exact name of registrant as specified in charter)

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

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

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

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

---

Item 1.

<u>Reports to Stockholders</u>

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $33  | 0.32% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning, which is primarily driven by volatility management, contributed to the fund's performance versus the Composite index for the year, whereas security selection detracted.

• The portfolio's core equity allocation strategy aided the portfolio's relative outcome. Specifically, a roughly equal weight allocation to international developed- and emerging markets stocks added considerable value this period, as returns in these asset classes substantially outperformed U.S. equities in 2025. Reflecting this performance disparity, an approximately equal weight position in U.S. stocks modestly detracted, slightly diminishing the positive impact of our equity allocation approach.

• The fund's fixed-income positioning moderately hurt. While adjustments made to the fund's cash position during the year helped, a slight underweight in investment-grade bonds pressured performance.

• From a security selection standpoint, picks among both developed- and emerging-markets equities weighed on relative performance due to disappointing results from Fidelity® Overseas Fund and, to a lesser extent, Fidelity® Emerging Markets Fund.

• Stock selection in the U.S. boosted the fund's relative result, led by Fidelity® VIP Stock Selector Portfolio, the largest holding this period. Here, investment choices in the communication services and financials sectors helped most. A stake in Fidelity® Stock Selector Small Cap Fund was another plus. Conversely, exposure to Fidelity® Enhanced Large Cap Core ETF modestly detracted.

• Turning to fixed-income, an investment in Fidelity® Total Bond Fund stood out to the upside in terms of security selection.

• As of December 31, the fund maintained a slight overweight in U.S. stocks, along with roughly equal-weight allocations in international developed- and emerging-markets equities. We decreased the portfolio's U.S. and international equity allocations this period and increased exposure to investment-grade bond holdings. As of year-end, our investment-grade bond positioning was close to the fund's target weight, while cash was slightly below.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10506<br>| $12218<br>| $11486<br>| $13627<br>| $14852<br>| $16640<br>| $14035<br>| $15990<br>| $17557<br>| $19471<br>|
| Fidelity VIP Target Volatility Portfolio Composite Index℠<br>| $10000 | $10657<br>| $12190<br>| $11654<br>| $13986<br>| $15883<br>| $17764<br>| $15051<br>| $17343<br>| $19144<br>| $22308<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123278_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 10.90% | 5.56% | 6.89% |
| Fidelity VIP Target Volatility Portfolio Composite Index℠ | 16.53%<br>| 7.03%<br>| 8.35% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7510862<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $202393<br>|
| Portfolio Turnover | 149%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 40.7 |
| Bond Funds | 28.1 |
| International Equity Funds | 27.1 |
| Short-Term Funds | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2520_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 40.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bond Funds - 28.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| International Equity Funds - 27.1&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Stock Selector Portfolio - Investor Class | 36.0<br>|
| Fidelity Total Bond Fund | 24.0<br>|
| Fidelity Overseas Fund | 14.9<br>|
| Fidelity Emerging Markets Fund | 8.6<br>|
| Fidelity U.S. Bond Index Fund | 4.0<br>|
| Fidelity International Value Fund | 2.8<br>|
| Fidelity Stock Selector Small Cap Fund | 1.9<br>|
| Fidelity Hedged Equity Fund | 1.2<br>|
| VIP Value Strategies Portfolio - Investor Class | 0.9<br>|
| Fidelity Contrafund | 0.7<br>|
|  | 95.0 |

---

**How has the Fund changed?**

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

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expenses

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2520_20251231_2.jpg)<br>| ![](img123278_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914353.101 2521-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $17  | 0.16% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning, which is primarily driven by volatility management, contributed to the fund's performance versus the Composite index for the year, whereas security selection detracted.

• The portfolio's core equity allocation strategy aided the portfolio's relative outcome. Specifically, a roughly equal weight allocation to international developed- and emerging markets stocks added considerable value this period, as returns in these asset classes substantially outperformed U.S. equities in 2025. Reflecting this performance disparity, an approximately equal weight position in U.S. stocks modestly detracted, slightly diminishing the positive impact of our equity allocation approach.

• The fund's fixed-income positioning moderately hurt. While adjustments made to the fund's cash position during the year helped, a slight underweight in investment-grade bonds pressured performance.

• From a security selection standpoint, picks among both developed- and emerging-markets equities weighed on relative performance due to disappointing results from Fidelity® Overseas Fund and, to a lesser extent, Fidelity® Emerging Markets Fund.

• Stock selection in the U.S. boosted the fund's relative result, led by Fidelity® VIP Stock Selector Portfolio, the largest holding this period. Here, investment choices in the communication services and financials sectors helped most. A stake in Fidelity® Stock Selector Small Cap Fund was another plus. Conversely, exposure to Fidelity® Enhanced Large Cap Core ETF modestly detracted.

• Turning to fixed-income, an investment in Fidelity® Total Bond Fund stood out to the upside in terms of security selection.

• As of December 31, the fund maintained a slight overweight in U.S. stocks, along with roughly equal-weight allocations in international developed- and emerging-markets equities. We decreased the portfolio's U.S. and international equity allocations this period and increased exposure to investment-grade bond holdings. As of year-end, our investment-grade bond positioning was close to the fund's target weight, while cash was slightly below.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10530<br>| $12256<br>| $11544<br>| $13715<br>| $14967<br>| $16787<br>| $14180<br>| $16185<br>| $17794<br>| $19724<br>|
| Fidelity VIP Target Volatility Portfolio Composite Index℠<br>| $10000 | $10657<br>| $12190<br>| $11654<br>| $13986<br>| $15883<br>| $17764<br>| $15051<br>| $17343<br>| $19144<br>| $22308<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123279_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 10.85% | 5.68% | 7.03% |
| Fidelity VIP Target Volatility Portfolio Composite Index℠ | 16.53%<br>| 7.03%<br>| 8.35% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7510862<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $202393<br>|
| Portfolio Turnover | 149%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 40.7 |
| Bond Funds | 28.1 |
| International Equity Funds | 27.1 |
| Short-Term Funds | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2520_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 40.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bond Funds - 28.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| International Equity Funds - 27.1&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Stock Selector Portfolio - Investor Class | 36.0<br>|
| Fidelity Total Bond Fund | 24.0<br>|
| Fidelity Overseas Fund | 14.9<br>|
| Fidelity Emerging Markets Fund | 8.6<br>|
| Fidelity U.S. Bond Index Fund | 4.0<br>|
| Fidelity International Value Fund | 2.8<br>|
| Fidelity Stock Selector Small Cap Fund | 1.9<br>|
| Fidelity Hedged Equity Fund | 1.2<br>|
| VIP Value Strategies Portfolio - Investor Class | 0.9<br>|
| Fidelity Contrafund | 0.7<br>|
|  | 95.0 |

---

**How has the Fund changed?**

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

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expenses

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2520_20251231_2.jpg)<br>| ![](img123279_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914352.101 2520-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $92  | 0.88% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;•Risk assets throughout the world largely achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

&nbsp;&nbsp;&nbsp;&nbsp;•Against this backdrop, compared with the Fidelity Strategic Income Composite IndexSM, security selection in the fund's high-yield bond subportfolio meaningfully contributed to the fund's result, especially its out-of-benchmark equity holdings. Picks in the telecommunications and technology & electronics groups contributed the most.

&nbsp;&nbsp;&nbsp;&nbsp;•In addition, the fund's out-of-benchmark allocation to U.S. Treasury futures, a position we established to help offset the portfolio's overall lower duration, outperformed in a generally falling interest-rate environment.

&nbsp;&nbsp;&nbsp;&nbsp;•Investment choices in emerging-markets debt also added value relative to the Composite index, with bond picks in Venezuela being notable standouts.

&nbsp;&nbsp;&nbsp;&nbsp;•Changes to the portfolio this period included adding to high-yield bonds and floating-rate loans, while reducing the fund's allocation to U.S. Treasurys.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10802<br>| $11617<br>| $11289<br>| $12492<br>| $13397<br>| $13859<br>| $12262<br>| $13388<br>| $14162<br>| $15376<br>|
| Fidelity Strategic Income Composite Index℠<br>| $10000 | $10929<br>| $11663<br>| $11495<br>| $12706<br>| $13548<br>| $13718<br>| $12115<br>| $13265<br>| $13959<br>| $15015<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10391<br>| $10816<br>| $10789<br>| $11791<br>| $12684<br>| $12544<br>| $10914<br>| $11588<br>| $11824<br>| $12721<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123280_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 8.58% | 2.79% | 4.40% |
| Fidelity Strategic Income Composite Index℠ | 7.57%<br>| 2.08%<br>| 4.15% |
| Bloomberg U.S. Universal Bond Index | 7.58%<br>| 0.06%<br>| 2.44% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1643005406<br>|
| Number of Holdings | 1485<br>|
| Total Advisory Fee | $9967085<br>|
| Portfolio Turnover | 76%<br>|

---

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

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 19.5 |
| AAA | 0.7 |
| AA | 2.5 |
| A | 0.8 |
| BBB | 6.7 |
| BB | 12.9 |
| B | 16.4 |
| CCC,CC,C | 6.5 |
| D | 0.0 |
| Not Rated | 11.7 |
| Equities | 9.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 13.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1326_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 19.5 |
| &nbsp;&nbsp;AAA - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 12.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 16.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Equities - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 13.0 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| High-Yield Debt | 43.3 |
| U.S. Government & Investment Grade-Debt | 25.7 |
| Emerging-Markets Debt | 15.5 |
| Foreign Developed-Markets Debt | 8.3 |
| Floating-Rate debt | 6.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1326_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| High-Yield Debt - 43.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government & Investment Grade-Debt - 25.7 |
| Emerging-Markets Debt - 15.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Foreign Developed-Markets Debt - 8.3&nbsp;&nbsp;&nbsp;&nbsp; |
| Floating-Rate debt - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| United States | 75.0 |
| Germany | 5.4 |
| Canada | 1.4 |
| Mexico | 1.4 |
| United Kingdom | 1.4 |
| Brazil | 1.1 |
| Saudi Arabia | 1.0 |
| United Arab Emirates | 0.8 |
| Colombia | 0.7 |
| Others | 11.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1326_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 75.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Saudi Arabia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Arab Emirates - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Colombia - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.4<br>|
| German Federal Republic | 5.4<br>|
| US Treasury Bonds | 4.8<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 2.7<br>|
| iShares Broad USD High Yield Corporate Bond ETF | 1.2<br>|
| EchoStar Corp | 1.1<br>|
| TransDigm Inc | 0.8<br>|
| NVIDIA Corp | 0.8<br>|
| Energy Transfer LP | 0.8<br>|
| X Corp | 0.7<br>|
|  | 32.7 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1326_20251231_2.jpg)<br>| ![](img123280_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914257.101 1328-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $76  | 0.73% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;•Risk assets throughout the world largely achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

&nbsp;&nbsp;&nbsp;&nbsp;•Against this backdrop, compared with the Fidelity Strategic Income Composite IndexSM, security selection in the fund's high-yield bond subportfolio meaningfully contributed to the fund's result, especially its out-of-benchmark equity holdings. Picks in the telecommunications and technology & electronics groups contributed the most.

&nbsp;&nbsp;&nbsp;&nbsp;•In addition, the fund's out-of-benchmark allocation to U.S. Treasury futures, a position we established to help offset the portfolio's overall lower duration, outperformed in a generally falling interest-rate environment.

&nbsp;&nbsp;&nbsp;&nbsp;•Investment choices in emerging-markets debt also added value relative to the Composite index, with bond picks in Venezuela being notable standouts.

&nbsp;&nbsp;&nbsp;&nbsp;•Changes to the portfolio this period included adding to high-yield bonds and floating-rate loans, while reducing the fund's allocation to U.S. Treasurys.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10814<br>| $11648<br>| $11336<br>| $12562<br>| $13512<br>| $13994<br>| $12402<br>| $13570<br>| $14365<br>| $15628<br>|
| Fidelity Strategic Income Composite Index℠<br>| $10000 | $10929<br>| $11663<br>| $11495<br>| $12706<br>| $13548<br>| $13718<br>| $12115<br>| $13265<br>| $13959<br>| $15015<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10391<br>| $10816<br>| $10789<br>| $11791<br>| $12684<br>| $12544<br>| $10914<br>| $11588<br>| $11824<br>| $12721<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123281_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 8.79% | 2.95% | 4.57% |
| Fidelity Strategic Income Composite Index℠ | 7.57%<br>| 2.08%<br>| 4.15% |
| Bloomberg U.S. Universal Bond Index | 7.58%<br>| 0.06%<br>| 2.44% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1643005406<br>|
| Number of Holdings | 1485<br>|
| Total Advisory Fee | $9967085<br>|
| Portfolio Turnover | 76%<br>|

---

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

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 19.5 |
| AAA | 0.7 |
| AA | 2.5 |
| A | 0.8 |
| BBB | 6.7 |
| BB | 12.9 |
| B | 16.4 |
| CCC,CC,C | 6.5 |
| D | 0.0 |
| Not Rated | 11.7 |
| Equities | 9.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 13.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1326_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 19.5 |
| &nbsp;&nbsp;AAA - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 12.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 16.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Equities - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 13.0 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| High-Yield Debt | 43.3 |
| U.S. Government & Investment Grade-Debt | 25.7 |
| Emerging-Markets Debt | 15.5 |
| Foreign Developed-Markets Debt | 8.3 |
| Floating-Rate debt | 6.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1326_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| High-Yield Debt - 43.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government & Investment Grade-Debt - 25.7 |
| Emerging-Markets Debt - 15.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Foreign Developed-Markets Debt - 8.3&nbsp;&nbsp;&nbsp;&nbsp; |
| Floating-Rate debt - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| United States | 75.0 |
| Germany | 5.4 |
| Canada | 1.4 |
| Mexico | 1.4 |
| United Kingdom | 1.4 |
| Brazil | 1.1 |
| Saudi Arabia | 1.0 |
| United Arab Emirates | 0.8 |
| Colombia | 0.7 |
| Others | 11.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1326_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 75.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Saudi Arabia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Arab Emirates - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Colombia - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.4<br>|
| German Federal Republic | 5.4<br>|
| US Treasury Bonds | 4.8<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 2.7<br>|
| iShares Broad USD High Yield Corporate Bond ETF | 1.2<br>|
| EchoStar Corp | 1.1<br>|
| TransDigm Inc | 0.8<br>|
| NVIDIA Corp | 0.8<br>|
| Energy Transfer LP | 0.8<br>|
| X Corp | 0.7<br>|
|  | 32.7 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1326_20251231_2.jpg)<br>| ![](img123281_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914256.101 1327-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $70  | 0.67% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;•Risk assets throughout the world largely achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

&nbsp;&nbsp;&nbsp;&nbsp;•Against this backdrop, compared with the Fidelity Strategic Income Composite IndexSM, security selection in the fund's high-yield bond subportfolio meaningfully contributed to the fund's result, especially its out-of-benchmark equity holdings. Picks in the telecommunications and technology & electronics groups contributed the most.

&nbsp;&nbsp;&nbsp;&nbsp;•In addition, the fund's out-of-benchmark allocation to U.S. Treasury futures, a position we established to help offset the portfolio's overall lower duration, outperformed in a generally falling interest-rate environment.

&nbsp;&nbsp;&nbsp;&nbsp;•Investment choices in emerging-markets debt also added value relative to the Composite index, with bond picks in Venezuela being notable standouts.

&nbsp;&nbsp;&nbsp;&nbsp;•Changes to the portfolio this period included adding to high-yield bonds and floating-rate loans, while reducing the fund's allocation to U.S. Treasurys.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $10817<br>| $11659<br>| $11354<br>| $12590<br>| $13536<br>| $14039<br>| $12449<br>| $13621<br>| $14434<br>| $15708<br>|
| Fidelity Strategic Income Composite Index℠<br>| $10000 | $10929<br>| $11663<br>| $11495<br>| $12706<br>| $13548<br>| $13718<br>| $12115<br>| $13265<br>| $13959<br>| $15015<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10391<br>| $10816<br>| $10789<br>| $11791<br>| $12684<br>| $12544<br>| $10914<br>| $11588<br>| $11824<br>| $12721<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123282_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 8.82% | 3.02% | 4.62% |
| Fidelity Strategic Income Composite Index℠ | 7.57%<br>| 2.08%<br>| 4.15% |
| Bloomberg U.S. Universal Bond Index | 7.58%<br>| 0.06%<br>| 2.44% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1643005406<br>|
| Number of Holdings | 1485<br>|
| Total Advisory Fee | $9967085<br>|
| Portfolio Turnover | 76%<br>|

---

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

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 19.5 |
| AAA | 0.7 |
| AA | 2.5 |
| A | 0.8 |
| BBB | 6.7 |
| BB | 12.9 |
| B | 16.4 |
| CCC,CC,C | 6.5 |
| D | 0.0 |
| Not Rated | 11.7 |
| Equities | 9.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 13.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1326_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 19.5 |
| &nbsp;&nbsp;AAA - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 12.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 16.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Equities - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 13.0 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| High-Yield Debt | 43.3 |
| U.S. Government & Investment Grade-Debt | 25.7 |
| Emerging-Markets Debt | 15.5 |
| Foreign Developed-Markets Debt | 8.3 |
| Floating-Rate debt | 6.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1326_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| High-Yield Debt - 43.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government & Investment Grade-Debt - 25.7 |
| Emerging-Markets Debt - 15.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Foreign Developed-Markets Debt - 8.3&nbsp;&nbsp;&nbsp;&nbsp; |
| Floating-Rate debt - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| United States | 75.0 |
| Germany | 5.4 |
| Canada | 1.4 |
| Mexico | 1.4 |
| United Kingdom | 1.4 |
| Brazil | 1.1 |
| Saudi Arabia | 1.0 |
| United Arab Emirates | 0.8 |
| Colombia | 0.7 |
| Others | 11.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1326_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 75.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Saudi Arabia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Arab Emirates - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Colombia - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.4<br>|
| German Federal Republic | 5.4<br>|
| US Treasury Bonds | 4.8<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 2.7<br>|
| iShares Broad USD High Yield Corporate Bond ETF | 1.2<br>|
| EchoStar Corp | 1.1<br>|
| TransDigm Inc | 0.8<br>|
| NVIDIA Corp | 0.8<br>|
| Energy Transfer LP | 0.8<br>|
| X Corp | 0.7<br>|
|  | 32.7 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1326_20251231_2.jpg)<br>| ![](img123282_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914258.101 1470-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $66  | 0.63% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;•Risk assets throughout the world largely achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

&nbsp;&nbsp;&nbsp;&nbsp;•Against this backdrop, compared with the Fidelity Strategic Income Composite IndexSM, security selection in the fund's high-yield bond subportfolio meaningfully contributed to the fund's result, especially its out-of-benchmark equity holdings. Picks in the telecommunications and technology & electronics groups contributed the most.

&nbsp;&nbsp;&nbsp;&nbsp;•In addition, the fund's out-of-benchmark allocation to U.S. Treasury futures, a position we established to help offset the portfolio's overall lower duration, outperformed in a generally falling interest-rate environment.

&nbsp;&nbsp;&nbsp;&nbsp;•Investment choices in emerging-markets debt also added value relative to the Composite index, with bond picks in Venezuela being notable standouts.

&nbsp;&nbsp;&nbsp;&nbsp;•Changes to the portfolio this period included adding to high-yield bonds and floating-rate loans, while reducing the fund's allocation to U.S. Treasurys.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10827<br>| $11670<br>| $11370<br>| $12609<br>| $13556<br>| $14063<br>| $12480<br>| $13654<br>| $14484<br>| $15766<br>|
| Fidelity Strategic Income Composite Index℠<br>| $10000 | $10929<br>| $11663<br>| $11495<br>| $12706<br>| $13548<br>| $13718<br>| $12115<br>| $13265<br>| $13959<br>| $15015<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10391<br>| $10816<br>| $10789<br>| $11791<br>| $12684<br>| $12544<br>| $10914<br>| $11588<br>| $11824<br>| $12721<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123283_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 8.85% | 3.07% | 4.66% |
| Fidelity Strategic Income Composite Index℠ | 7.57%<br>| 2.08%<br>| 4.15% |
| Bloomberg U.S. Universal Bond Index | 7.58%<br>| 0.06%<br>| 2.44% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1643005406<br>|
| Number of Holdings | 1485<br>|
| Total Advisory Fee | $9967085<br>|
| Portfolio Turnover | 76%<br>|

---

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

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 19.5 |
| AAA | 0.7 |
| AA | 2.5 |
| A | 0.8 |
| BBB | 6.7 |
| BB | 12.9 |
| B | 16.4 |
| CCC,CC,C | 6.5 |
| D | 0.0 |
| Not Rated | 11.7 |
| Equities | 9.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 13.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1326_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 19.5 |
| &nbsp;&nbsp;AAA - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 12.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 16.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Equities - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 13.0 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| High-Yield Debt | 43.3 |
| U.S. Government & Investment Grade-Debt | 25.7 |
| Emerging-Markets Debt | 15.5 |
| Foreign Developed-Markets Debt | 8.3 |
| Floating-Rate debt | 6.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1326_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| High-Yield Debt - 43.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government & Investment Grade-Debt - 25.7 |
| Emerging-Markets Debt - 15.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Foreign Developed-Markets Debt - 8.3&nbsp;&nbsp;&nbsp;&nbsp; |
| Floating-Rate debt - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| United States | 75.0 |
| Germany | 5.4 |
| Canada | 1.4 |
| Mexico | 1.4 |
| United Kingdom | 1.4 |
| Brazil | 1.1 |
| Saudi Arabia | 1.0 |
| United Arab Emirates | 0.8 |
| Colombia | 0.7 |
| Others | 11.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1326_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 75.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Saudi Arabia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Arab Emirates - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Colombia - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 14.4<br>|
| German Federal Republic | 5.4<br>|
| US Treasury Bonds | 4.8<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 2.7<br>|
| iShares Broad USD High Yield Corporate Bond ETF | 1.2<br>|
| EchoStar Corp | 1.1<br>|
| TransDigm Inc | 0.8<br>|
| NVIDIA Corp | 0.8<br>|
| Energy Transfer LP | 0.8<br>|
| X Corp | 0.7<br>|
|  | 32.7 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1326_20251231_2.jpg)<br>| ![](img123283_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914255.101 1326-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| VIP Investor Freedom Income Portfolio℠  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index the past year, especially in non-U.S. developed-market equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.32%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.39%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.81% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an overweight in long-term U.S. Treasury bonds detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| VIP Investor Freedom Income Portfolio℠<br>| $10000 | $10443<br>| $11326<br>| $11096<br>| $12429<br>| $13722<br>| $14173<br>| $12468<br>| $13450<br>| $14030<br>| $15380<br>|
| Fidelity VIP Freedom Investor Income Composite Index℠<br>| $10000 | $10385<br>| $11122<br>| $11045<br>| $12244<br>| $13298<br>| $13717<br>| $12161<br>| $13174<br>| $13811<br>| $15116<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123302_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| VIP Investor Freedom Income Portfolio℠ | 9.63% | 2.31% | 4.40% |
| Fidelity VIP Freedom Investor Income Composite Index℠ | 9.44%<br>| 2.60%<br>| 4.22% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $77433373<br>|
| Number of Holdings | 16<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 30%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 61.4 |
| Short-Term Funds | 14.2 |
| International Equity Funds | 12.4 |
| Domestic Equity Funds | 12.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1502_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 61.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 14.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| International Equity Funds - 12.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 12.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Investor Class | 38.2<br>|
| Fidelity Inflation-Protected Bond Index Fund | 15.5<br>|
| VIP Government Money Market Portfolio - Investor Class | 14.2<br>|
| VIP Overseas Portfolio - Investor Class | 8.5<br>|
| VIP Emerging Markets Portfolio - Investor Class | 3.9<br>|
| Fidelity International Bond Index Fund | 3.6<br>|
| VIP Growth Portfolio - Investor Class | 3.2<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 2.9<br>|
| VIP Growth & Income Portfolio - Investor Class | 2.1<br>|
| VIP Contrafund Portfolio - Investor Class | 1.9<br>|
|  | 94.0 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1502_20251231_2.jpg)<br>| ![](img123302_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914298.101 1502-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Investor Freedom 2050 Portfolio℠<br> **VIP Investor Freedom 2050 Portfolio℠ true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Investor Freedom 2050 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| VIP Investor Freedom 2050 Portfolio℠  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index the past year, especially in non-U.S. developed-market equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.32%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.39%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.81% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an overweight in long-term U.S. Treasury bonds detracted.

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

**CUMULATIVE PERFORMANCE**

April 13, 2023 through December 31, 2025.

Initial investment of $10,000.

---

| | | | |
|:---|:---|:---|:---|
| VIP Investor Freedom 2050 Portfolio℠<br>| $10000 | $11031<br>| $12553<br>|
| Fidelity VIP Freedom Investor 2050 Composite Index℠<br>| $10000 | $11108<br>| $12710<br>|
| S&P 500® Index<br>| $10000 | $11636<br>| $14547<br>|
|  | 2023 | 2024 | 2025 |

---

![](img123303_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| VIP Investor Freedom 2050 Portfolio℠ | 19.73% | 16.16% |
| Fidelity VIP Freedom Investor 2050 Composite Index℠ | 21.42%<br>| 17.29% |
| S&P 500® Index | 17.88%<br>| 21.93% |

---

**A** From April 13, 2023

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $13532536<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 32%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 52.1 |
| International Equity Funds | 40.0 |
| Bond Funds | 6.5 |
| Short-Term Funds | 1.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6577_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 52.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 40.0&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Investor Class | 28.0<br>|
| VIP Growth Portfolio - Investor Class | 15.1<br>|
| VIP Emerging Markets Portfolio - Investor Class | 12.0<br>|
| VIP Growth & Income Portfolio - Investor Class | 10.1<br>|
| VIP Contrafund Portfolio - Investor Class | 9.0<br>|
| VIP Equity Income Portfolio - Investor Class | 7.4<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.3<br>|
| VIP Value Portfolio - Investor Class | 5.1<br>|
| VIP Value Strategies Portfolio - Investor Class | 2.6<br>|
| VIP Mid Cap Portfolio - Investor Class | 2.3<br>|
|  | 97.9 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6577_20251231_2.jpg)<br>| ![](img123303_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914408.101 6577-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Investor Freedom 2045 Portfolio℠<br> **VIP Investor Freedom 2045 Portfolio℠ true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Investor Freedom 2045 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| VIP Investor Freedom 2045 Portfolio℠  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index the past year, especially in non-U.S. developed-market equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.32%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.39%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.81% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an overweight in long-term U.S. Treasury bonds detracted.

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

**CUMULATIVE PERFORMANCE**

April 13, 2023 through December 31, 2025.

Initial investment of $10,000.

---

| | | | |
|:---|:---|:---|:---|
| VIP Investor Freedom 2045 Portfolio℠<br>| $10000 | $11039<br>| $12555<br>|
| Fidelity VIP Freedom Investor 2045 Composite Index℠<br>| $10000 | $11108<br>| $12710<br>|
| S&P 500® Index<br>| $10000 | $11636<br>| $14547<br>|
|  | 2023 | 2024 | 2025 |

---

![](img123304_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| VIP Investor Freedom 2045 Portfolio℠ | 19.69% | 16.15% |
| Fidelity VIP Freedom Investor 2045 Composite Index℠ | 21.41%<br>| 17.29% |
| S&P 500® Index | 17.88%<br>| 21.93% |

---

**A** From April 13, 2023

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $8371778<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 44%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 51.6 |
| International Equity Funds | 39.6 |
| Bond Funds | 7.4 |
| Short-Term Funds | 1.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6576_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 51.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 39.6&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Investor Class | 27.7<br>|
| VIP Growth Portfolio - Investor Class | 14.9<br>|
| VIP Emerging Markets Portfolio - Investor Class | 11.9<br>|
| VIP Growth & Income Portfolio - Investor Class | 10.0<br>|
| VIP Contrafund Portfolio - Investor Class | 9.0<br>|
| VIP Equity Income Portfolio - Investor Class | 7.3<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.3<br>|
| VIP Value Portfolio - Investor Class | 5.1<br>|
| VIP Value Strategies Portfolio - Investor Class | 2.5<br>|
| VIP Mid Cap Portfolio - Investor Class | 2.3<br>|
|  | 97.0 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6576_20251231_2.jpg)<br>| ![](img123304_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914407.101 6576-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Investor Freedom 2040 Portfolio℠<br> **VIP Investor Freedom 2040 Portfolio℠ true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Investor Freedom 2040 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| VIP Investor Freedom 2040 Portfolio℠  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index the past year, especially in non-U.S. developed-market equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.32%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.39%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.81% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an overweight in long-term U.S. Treasury bonds detracted.

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

**CUMULATIVE PERFORMANCE**

April 13, 2023 through December 31, 2025.

Initial investment of $10,000.

---

| | | | |
|:---|:---|:---|:---|
| VIP Investor Freedom 2040 Portfolio℠<br>| $10000 | $11001<br>| $12423<br>|
| Fidelity VIP Freedom Investor 2040 Composite Index℠<br>| $10000 | $11072<br>| $12580<br>|
| S&P 500® Index<br>| $10000 | $11636<br>| $14547<br>|
|  | 2023 | 2024 | 2025 |

---

![](img123305_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| VIP Investor Freedom 2040 Portfolio℠ | 18.69% | 15.34% |
| Fidelity VIP Freedom Investor 2040 Composite Index℠ | 19.96%<br>| 16.33% |
| S&P 500® Index | 17.88%<br>| 21.93% |

---

**A** From April 13, 2023

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $25148524<br>|
| Number of Holdings | 16<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 33%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 46.3 |
| International Equity Funds | 36.0 |
| Bond Funds | 16.3 |
| Short-Term Funds | 1.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6575_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 46.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 36.0&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 16.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Investor Class | 25.0<br>|
| VIP Growth Portfolio - Investor Class | 13.4<br>|
| VIP Emerging Markets Portfolio - Investor Class | 11.0<br>|
| VIP Growth & Income Portfolio - Investor Class | 9.0<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 8.4<br>|
| VIP Contrafund Portfolio - Investor Class | 8.0<br>|
| VIP Equity Income Portfolio - Investor Class | 6.5<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 4.8<br>|
| VIP Value Portfolio - Investor Class | 4.6<br>|
| VIP Value Strategies Portfolio - Investor Class | 2.3<br>|
|  | 93.0 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6575_20251231_2.jpg)<br>| ![](img123305_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914406.101 6575-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Investor Freedom 2035 Portfolio℠<br> **VIP Investor Freedom 2035 Portfolio℠ true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Investor Freedom 2035 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| VIP Investor Freedom 2035 Portfolio℠  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index the past year, especially in non-U.S. developed-market equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.32%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.39%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.81% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an overweight in long-term U.S. Treasury bonds detracted.

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

**CUMULATIVE PERFORMANCE**

April 13, 2023 through December 31, 2025.

Initial investment of $10,000.

---

| | | | |
|:---|:---|:---|:---|
| VIP Investor Freedom 2035 Portfolio℠<br>| $10000 | $10866<br>| $12055<br>|
| Fidelity VIP Freedom Investor 2035 Composite Index℠<br>| $10000 | $10935<br>| $12192<br>|
| S&P 500® Index<br>| $10000 | $11636<br>| $14547<br>|
|  | 2023 | 2024 | 2025 |

---

![](img123306_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| VIP Investor Freedom 2035 Portfolio℠ | 16.61% | 13.33% |
| Fidelity VIP Freedom Investor 2035 Composite Index℠ | 17.51%<br>| 14.13% |
| S&P 500® Index | 17.88%<br>| 21.93% |

---

**A** From April 13, 2023

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $37453288<br>|
| Number of Holdings | 16<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 39%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 37.4 |
| Bond Funds | 31.3 |
| International Equity Funds | 30.0 |
| Short-Term Funds | 1.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6574_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 37.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bond Funds - 31.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| International Equity Funds - 30.0&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Investor Class | 20.9<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 17.4<br>|
| VIP Growth Portfolio - Investor Class | 10.8<br>|
| VIP Emerging Markets Portfolio - Investor Class | 9.1<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 7.9<br>|
| VIP Growth & Income Portfolio - Investor Class | 7.2<br>|
| VIP Contrafund Portfolio - Investor Class | 6.5<br>|
| VIP Equity Income Portfolio - Investor Class | 5.3<br>|
| Fidelity Inflation-Protected Bond Index Fund | 4.3<br>|
| VIP Value Portfolio - Investor Class | 3.6<br>|
|  | 93.0 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6574_20251231_2.jpg)<br>| ![](img123306_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914405.101 6574-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Investor Freedom 2030 Portfolio℠<br> **VIP Investor Freedom 2030 Portfolio℠ true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Investor Freedom 2030 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| VIP Investor Freedom 2030 Portfolio℠  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index the past year, especially in non-U.S. developed-market equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.32%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.39%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.81% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an overweight in long-term U.S. Treasury bonds detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| VIP Investor Freedom 2030 Portfolio℠<br>| $10000 | $10650<br>| $12879<br>| $11865<br>| $14762<br>| $17245<br>| $19358<br>| $16085<br>| $18439<br>| $20172<br>| $23272<br>|
| Fidelity VIP Freedom Investor 2030 Composite Index℠<br>| $10000 | $10873<br>| $12878<br>| $12188<br>| $14921<br>| $17065<br>| $18976<br>| $15846<br>| $18261<br>| $20069<br>| $23298<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123307_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| VIP Investor Freedom 2030 Portfolio℠ | 15.37% | 6.18% | 8.81% |
| Fidelity VIP Freedom Investor 2030 Composite Index℠ | 16.09%<br>| 6.42%<br>| 8.83% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $392495830<br>|
| Number of Holdings | 16<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 31%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 39.4 |
| Domestic Equity Funds | 32.5 |
| International Equity Funds | 26.7 |
| Short-Term Funds | 1.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1501_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 39.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 32.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 26.7&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Investor Class | 21.3<br>|
| VIP Overseas Portfolio - Investor Class | 18.6<br>|
| VIP Growth Portfolio - Investor Class | 9.3<br>|
| Fidelity Inflation-Protected Bond Index Fund | 8.3<br>|
| VIP Emerging Markets Portfolio - Investor Class | 8.1<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 7.5<br>|
| VIP Growth & Income Portfolio - Investor Class | 6.3<br>|
| VIP Contrafund Portfolio - Investor Class | 5.6<br>|
| VIP Equity Income Portfolio - Investor Class | 4.6<br>|
| VIP Value Portfolio - Investor Class | 3.2<br>|
|  | 92.8 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1501_20251231_2.jpg)<br>| ![](img123307_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914297.101 1501-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| VIP Investor Freedom 2025 Portfolio℠  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index the past year, especially in non-U.S. developed-market equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.32%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.39%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.81% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an overweight in long-term U.S. Treasury bonds detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| VIP Investor Freedom 2025 Portfolio℠<br>| $10000 | $10610<br>| $12502<br>| $11682<br>| $14221<br>| $16479<br>| $18256<br>| $15253<br>| $17320<br>| $18785<br>| $21498<br>|
| Fidelity VIP Freedom Investor 2025 Composite Index℠<br>| $10000 | $10758<br>| $12434<br>| $11892<br>| $14269<br>| $16203<br>| $17802<br>| $14954<br>| $17066<br>| $18599<br>| $21393<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123308_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| VIP Investor Freedom 2025 Portfolio℠ | 14.44% | 5.46% | 7.95% |
| Fidelity VIP Freedom Investor 2025 Composite Index℠ | 15.02%<br>| 5.71%<br>| 7.90% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $211299618<br>|
| Number of Holdings | 16<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 32%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 45.8 |
| Domestic Equity Funds | 28.6 |
| International Equity Funds | 24.1 |
| Short-Term Funds | 1.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1499_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 45.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 28.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 24.1&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Investor Class | 24.3<br>|
| VIP Overseas Portfolio - Investor Class | 16.8<br>|
| Fidelity Inflation-Protected Bond Index Fund | 12.0<br>|
| VIP Growth Portfolio - Investor Class | 8.2<br>|
| VIP Emerging Markets Portfolio - Investor Class | 7.3<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.9<br>|
| VIP Growth & Income Portfolio - Investor Class | 5.5<br>|
| VIP Contrafund Portfolio - Investor Class | 4.9<br>|
| VIP Equity Income Portfolio - Investor Class | 4.0<br>|
| VIP Value Portfolio - Investor Class | 2.8<br>|
|  | 92.7 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1499_20251231_2.jpg)<br>| ![](img123308_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914296.101 1499-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Investor Freedom 2020 Portfolio℠<br> **VIP Investor Freedom 2020 Portfolio℠ true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Investor Freedom 2020 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| VIP Investor Freedom 2020 Portfolio℠  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index the past year, especially in non-U.S. developed-market equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.32%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.39%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.81% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an overweight in long-term U.S. Treasury bonds detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| VIP Investor Freedom 2020 Portfolio℠<br>| $10000 | $10604<br>| $12359<br>| $11624<br>| $13962<br>| $16050<br>| $17581<br>| $14798<br>| $16631<br>| $17903<br>| $20282<br>|
| Fidelity VIP Freedom Investor 2020 Composite Index℠<br>| $10000 | $10706<br>| $12240<br>| $11781<br>| $13958<br>| $15737<br>| $17106<br>| $14501<br>| $16372<br>| $17691<br>| $20087<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123309_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| VIP Investor Freedom 2020 Portfolio℠ | 13.29% | 4.79% | 7.33% |
| Fidelity VIP Freedom Investor 2020 Composite Index℠ | 13.55%<br>| 5.00%<br>| 7.22% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $179319032<br>|
| Number of Holdings | 16<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 32%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 54.3 |
| Domestic Equity Funds | 23.9 |
| International Equity Funds | 20.5 |
| Short-Term Funds | 1.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1498_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 54.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 23.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 20.5&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Investor Class | 32.5<br>|
| VIP Overseas Portfolio - Investor Class | 14.2<br>|
| Fidelity Inflation-Protected Bond Index Fund | 13.1<br>|
| VIP Growth Portfolio - Investor Class | 6.7<br>|
| VIP Emerging Markets Portfolio - Investor Class | 6.3<br>|
| VIP Growth & Income Portfolio - Investor Class | 4.6<br>|
| VIP Contrafund Portfolio - Investor Class | 4.0<br>|
| Fidelity International Bond Index Fund | 4.0<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 3.5<br>|
| VIP Equity Income Portfolio - Investor Class | 3.3<br>|
|  | 92.2 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1498_20251231_2.jpg)<br>| ![](img123309_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914295.101 1498-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Investor Freedom 2015 Portfolio℠<br> **VIP Investor Freedom 2015 Portfolio℠ true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Investor Freedom 2015 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| VIP Investor Freedom 2015 Portfolio℠  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index the past year, especially in non-U.S. developed-market equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.32%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.39%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.81% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an overweight in long-term U.S. Treasury bonds detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| VIP Investor Freedom 2015 Portfolio℠<br>| $10000 | $10582<br>| $12168<br>| $11558<br>| $13665<br>| $15538<br>| $16724<br>| $14286<br>| $15836<br>| $16853<br>| $18855<br>|
| Fidelity VIP Freedom Investor 2015 Composite Index℠<br>| $10000 | $10654<br>| $12037<br>| $11671<br>| $13619<br>| $15201<br>| $16277<br>| $13989<br>| $15581<br>| $16659<br>| $18651<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123310_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| VIP Investor Freedom 2015 Portfolio℠ | 11.87% | 3.95% | 6.55% |
| Fidelity VIP Freedom Investor 2015 Composite Index℠ | 11.96%<br>| 4.18%<br>| 6.43% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $88924344<br>|
| Number of Holdings | 16<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 29%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 57.6 |
| Domestic Equity Funds | 18.9 |
| International Equity Funds | 17.2 |
| Short-Term Funds | 6.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1497_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 57.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 18.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 17.2&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Investor Class | 35.3<br>|
| Fidelity Inflation-Protected Bond Index Fund | 13.9<br>|
| VIP Overseas Portfolio - Investor Class | 11.9<br>|
| VIP Government Money Market Portfolio - Investor Class | 6.3<br>|
| VIP Emerging Markets Portfolio - Investor Class | 5.3<br>|
| VIP Growth Portfolio - Investor Class | 5.2<br>|
| Fidelity International Bond Index Fund | 3.8<br>|
| VIP Growth & Income Portfolio - Investor Class | 3.5<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 3.4<br>|
| VIP Contrafund Portfolio - Investor Class | 3.1<br>|
|  | 91.7 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1497_20251231_2.jpg)<br>| ![](img123310_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914294.101 1497-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Investor Freedom 2010 Portfolio℠<br> **VIP Investor Freedom 2010 Portfolio℠ true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Investor Freedom 2010 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| VIP Investor Freedom 2010 Portfolio℠  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index the past year, especially in non-U.S. developed-market equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.32%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.39%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.81% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an overweight in long-term U.S. Treasury bonds detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| VIP Investor Freedom 2010 Portfolio℠<br>| $10000 | $10533<br>| $11908<br>| $11425<br>| $13265<br>| $14909<br>| $15775<br>| $13646<br>| $14929<br>| $15715<br>| $17376<br>|
| Fidelity VIP Freedom Investor 2010 Composite Index℠<br>| $10000 | $10573<br>| $11745<br>| $11484<br>| $13162<br>| $14534<br>| $15325<br>| $13350<br>| $14667<br>| $15515<br>| $17128<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123311_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| VIP Investor Freedom 2010 Portfolio℠ | 10.57% | 3.11% | 5.68% |
| Fidelity VIP Freedom Investor 2010 Composite Index℠ | 10.39%<br>| 3.34%<br>| 5.53% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $51071287<br>|
| Number of Holdings | 16<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 30%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 60.2 |
| Domestic Equity Funds | 14.3 |
| International Equity Funds | 14.0 |
| Short-Term Funds | 11.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1496_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 60.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 14.0&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 11.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Investor Class | 37.2<br>|
| Fidelity Inflation-Protected Bond Index Fund | 15.0<br>|
| VIP Government Money Market Portfolio - Investor Class | 11.5<br>|
| VIP Overseas Portfolio - Investor Class | 9.6<br>|
| VIP Emerging Markets Portfolio - Investor Class | 4.4<br>|
| VIP Growth Portfolio - Investor Class | 3.9<br>|
| Fidelity International Bond Index Fund | 3.7<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 3.1<br>|
| VIP Growth & Income Portfolio - Investor Class | 2.6<br>|
| VIP Contrafund Portfolio - Investor Class | 2.3<br>|
|  | 93.3 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1496_20251231_2.jpg)<br>| ![](img123311_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914293.101 1496-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $65  | 0.62% |

---

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

• U.S. taxable investment-grade bonds advanced in 2025, navigating uncertainty related to U.S. trade policy but buoyed by elevated starting yields, tighter credit spreads and three policy interest-rate cuts by the U.S. Federal Reserve since September 17.

• Against that backdrop, the fund's modestly longer duration (i.e., slightly more interest-rate sensitivity) contributed to performance versus the Bloomberg U.S. Aggregate Index for the year.

• Security selection also added value. Specifically, fund holdings in the corporate segment made a modest contribution to relative performance, led by picks among financials, particularly banks and REITs.

• In the government-related sector, non-index exposure to bonds issued by Mexico's state-owned oil and gas company Pemex (Petroleos Mexicanos) buoyed relative performance as well.

• Overweight holdings and investment choices among asset-backed securities, particularly collateralized loan obligations, and commercial mortgage-backed securities, helped.

• In contrast, the fund's underweight in mortgage-backed securities detracted versus the benchmark.

• An underweight in the bonds of industrial firms within the corporate sector also hurt.

• Notable changes over the past 12 months included management's decision to gradually lower the fund's overall risk profile by reducing exposure to investment-grade corporate bonds and increasing the allocation to U.S. Treasurys.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10448<br>| $10865<br>| $10779<br>| $11793<br>| $12874<br>| $12758<br>| $11073<br>| $11737<br>| $11913<br>| $12738<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123313_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 6.93% | -0.21% | 2.45% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4995249268<br>|
| Number of Holdings | 2301<br>|
| Total Advisory Fee | $17453559<br>|
| Portfolio Turnover | 172%<br>|

---

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

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 63.8 |
| AAA | 6.6 |
| AA | 1.3 |
| A | 7.6 |
| BBB | 13.0 |
| BB | 3.0 |
| B | 1.0 |
| CCC,CC,C | 0.0 |
| Not Rated | 6.0 |
| Equities | 0.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img227_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 63.8 |
| &nbsp;&nbsp;AAA - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (2.3)%  |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 48.9 |
| Corporate Bonds | 22.5 |
| U.S. Government Agency - Mortgage Securities | 14.9 |
| Asset-Backed Securities | 9.2 |
| CMOs and Other Mortgage Related Securities | 6.3 |
| Other Investments | 0.1 |
| Bank Loan Obligations | 0.1 |
| Preferred Securities | 0.1 |
| Options | 0.1 |
| Foreign Government and Government Agency Obligations | 0.1 |
| Common Stocks | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img227_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 48.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 22.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government Agency - Mortgage Securities - 14.9 |
| Asset-Backed Securities - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 6.3 |
| Other Investments - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 0.1 |
| Common Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (2.3)% |

---

---

| | |
|:---|:---|
| United States | 90.9 |
| Grand Cayman (UK Overseas Ter) | 4.8 |
| Mexico | 0.8 |
| Bailiwick Of Jersey | 0.7 |
| Ireland | 0.6 |
| United Kingdom | 0.5 |
| Netherlands | 0.4 |
| Switzerland | 0.3 |
| Multi-national | 0.2 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img227_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 4.8&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Jersey - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Multi-national - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 37.0<br>|
| US Treasury Bonds | 11.9<br>|
| Fannie Mae Mortgage pass-thru certificates | 5.0<br>|
| Ginnie Mae II Pool | 3.7<br>|
| Freddie Mac Gold Pool | 3.1<br>|
| Uniform Mortgage Backed Securities | 2.3<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 1.4<br>|
| Bank of America Corp | 1.1<br>|
| JPMorgan Chase & Co | 1.1<br>|
| Petroleos Mexicanos | 0.8<br>|
|  | 67.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img227_20251231_2.jpg)<br>| ![](img123313_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914193.101 367-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $49  | 0.47% |

---

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

• U.S. taxable investment-grade bonds advanced in 2025, navigating uncertainty related to U.S. trade policy but buoyed by elevated starting yields, tighter credit spreads and three policy interest-rate cuts by the U.S. Federal Reserve since September 17.

• Against that backdrop, the fund's modestly longer duration (i.e., slightly more interest-rate sensitivity) contributed to performance versus the Bloomberg U.S. Aggregate Index for the year.

• Security selection also added value. Specifically, fund holdings in the corporate segment made a modest contribution to relative performance, led by picks among financials, particularly banks and REITs.

• In the government-related sector, non-index exposure to bonds issued by Mexico's state-owned oil and gas company Pemex (Petroleos Mexicanos) buoyed relative performance as well.

• Overweight holdings and investment choices among asset-backed securities, particularly collateralized loan obligations, and commercial mortgage-backed securities, helped.

• In contrast, the fund's underweight in mortgage-backed securities detracted versus the benchmark.

• An underweight in the bonds of industrial firms within the corporate sector also hurt.

• Notable changes over the past 12 months included management's decision to gradually lower the fund's overall risk profile by reducing exposure to investment-grade corporate bonds and increasing the allocation to U.S. Treasurys.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10463<br>| $10898<br>| $10829<br>| $11866<br>| $12974<br>| $12871<br>| $11194<br>| $11879<br>| $12072<br>| $12935<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123314_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 7.14% | -0.06% | 2.61% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4995249268<br>|
| Number of Holdings | 2301<br>|
| Total Advisory Fee | $17453559<br>|
| Portfolio Turnover | 172%<br>|

---

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

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 63.8 |
| AAA | 6.6 |
| AA | 1.3 |
| A | 7.6 |
| BBB | 13.0 |
| BB | 3.0 |
| B | 1.0 |
| CCC,CC,C | 0.0 |
| Not Rated | 6.0 |
| Equities | 0.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img227_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 63.8 |
| &nbsp;&nbsp;AAA - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (2.3)%  |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 48.9 |
| Corporate Bonds | 22.5 |
| U.S. Government Agency - Mortgage Securities | 14.9 |
| Asset-Backed Securities | 9.2 |
| CMOs and Other Mortgage Related Securities | 6.3 |
| Other Investments | 0.1 |
| Bank Loan Obligations | 0.1 |
| Preferred Securities | 0.1 |
| Options | 0.1 |
| Foreign Government and Government Agency Obligations | 0.1 |
| Common Stocks | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img227_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 48.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 22.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government Agency - Mortgage Securities - 14.9 |
| Asset-Backed Securities - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 6.3 |
| Other Investments - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 0.1 |
| Common Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (2.3)% |

---

---

| | |
|:---|:---|
| United States | 90.9 |
| Grand Cayman (UK Overseas Ter) | 4.8 |
| Mexico | 0.8 |
| Bailiwick Of Jersey | 0.7 |
| Ireland | 0.6 |
| United Kingdom | 0.5 |
| Netherlands | 0.4 |
| Switzerland | 0.3 |
| Multi-national | 0.2 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img227_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 4.8&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Jersey - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Multi-national - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 37.0<br>|
| US Treasury Bonds | 11.9<br>|
| Fannie Mae Mortgage pass-thru certificates | 5.0<br>|
| Ginnie Mae II Pool | 3.7<br>|
| Freddie Mac Gold Pool | 3.1<br>|
| Uniform Mortgage Backed Securities | 2.3<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 1.4<br>|
| Bank of America Corp | 1.1<br>|
| JPMorgan Chase & Co | 1.1<br>|
| Petroleos Mexicanos | 0.8<br>|
|  | 67.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img227_20251231_2.jpg)<br>| ![](img123314_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914194.101 827-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $42  | 0.41% |

---

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

• U.S. taxable investment-grade bonds advanced in 2025, navigating uncertainty related to U.S. trade policy but buoyed by elevated starting yields, tighter credit spreads and three policy interest-rate cuts by the U.S. Federal Reserve since September 17.

• Against that backdrop, the fund's modestly longer duration (i.e., slightly more interest-rate sensitivity) contributed to performance versus the Bloomberg U.S. Aggregate Index for the year.

• Security selection also added value. Specifically, fund holdings in the corporate segment made a modest contribution to relative performance, led by picks among financials, particularly banks and REITs.

• In the government-related sector, non-index exposure to bonds issued by Mexico's state-owned oil and gas company Pemex (Petroleos Mexicanos) buoyed relative performance as well.

• Overweight holdings and investment choices among asset-backed securities, particularly collateralized loan obligations, and commercial mortgage-backed securities, helped.

• In contrast, the fund's underweight in mortgage-backed securities detracted versus the benchmark.

• An underweight in the bonds of industrial firms within the corporate sector also hurt.

• Notable changes over the past 12 months included management's decision to gradually lower the fund's overall risk profile by reducing exposure to investment-grade corporate bonds and increasing the allocation to U.S. Treasurys.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $10474<br>| $10914<br>| $10851<br>| $11901<br>| $13011<br>| $12927<br>| $11252<br>| $11940<br>| $12148<br>| $13026<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123315_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 7.22% | 0.02% | 2.68% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4995249268<br>|
| Number of Holdings | 2301<br>|
| Total Advisory Fee | $17453559<br>|
| Portfolio Turnover | 172%<br>|

---

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

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 63.8 |
| AAA | 6.6 |
| AA | 1.3 |
| A | 7.6 |
| BBB | 13.0 |
| BB | 3.0 |
| B | 1.0 |
| CCC,CC,C | 0.0 |
| Not Rated | 6.0 |
| Equities | 0.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img227_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 63.8 |
| &nbsp;&nbsp;AAA - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (2.3)%  |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 48.9 |
| Corporate Bonds | 22.5 |
| U.S. Government Agency - Mortgage Securities | 14.9 |
| Asset-Backed Securities | 9.2 |
| CMOs and Other Mortgage Related Securities | 6.3 |
| Other Investments | 0.1 |
| Bank Loan Obligations | 0.1 |
| Preferred Securities | 0.1 |
| Options | 0.1 |
| Foreign Government and Government Agency Obligations | 0.1 |
| Common Stocks | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img227_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 48.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 22.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government Agency - Mortgage Securities - 14.9 |
| Asset-Backed Securities - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 6.3 |
| Other Investments - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 0.1 |
| Common Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (2.3)% |

---

---

| | |
|:---|:---|
| United States | 90.9 |
| Grand Cayman (UK Overseas Ter) | 4.8 |
| Mexico | 0.8 |
| Bailiwick Of Jersey | 0.7 |
| Ireland | 0.6 |
| United Kingdom | 0.5 |
| Netherlands | 0.4 |
| Switzerland | 0.3 |
| Multi-national | 0.2 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img227_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 4.8&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Jersey - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Multi-national - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 37.0<br>|
| US Treasury Bonds | 11.9<br>|
| Fannie Mae Mortgage pass-thru certificates | 5.0<br>|
| Ginnie Mae II Pool | 3.7<br>|
| Freddie Mac Gold Pool | 3.1<br>|
| Uniform Mortgage Backed Securities | 2.3<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 1.4<br>|
| Bank of America Corp | 1.1<br>|
| JPMorgan Chase & Co | 1.1<br>|
| Petroleos Mexicanos | 0.8<br>|
|  | 67.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img227_20251231_2.jpg)<br>| ![](img123315_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914191.101 1460-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $39  | 0.37% |

---

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

• U.S. taxable investment-grade bonds advanced in 2025, navigating uncertainty related to U.S. trade policy but buoyed by elevated starting yields, tighter credit spreads and three policy interest-rate cuts by the U.S. Federal Reserve since September 17.

• Against that backdrop, the fund's modestly longer duration (i.e., slightly more interest-rate sensitivity) contributed to performance versus the Bloomberg U.S. Aggregate Index for the year.

• Security selection also added value. Specifically, fund holdings in the corporate segment made a modest contribution to relative performance, led by picks among financials, particularly banks and REITs.

• In the government-related sector, non-index exposure to bonds issued by Mexico's state-owned oil and gas company Pemex (Petroleos Mexicanos) buoyed relative performance as well.

• Overweight holdings and investment choices among asset-backed securities, particularly collateralized loan obligations, and commercial mortgage-backed securities, helped.

• In contrast, the fund's underweight in mortgage-backed securities detracted versus the benchmark.

• An underweight in the bonds of industrial firms within the corporate sector also hurt.

• Notable changes over the past 12 months included management's decision to gradually lower the fund's overall risk profile by reducing exposure to investment-grade corporate bonds and increasing the allocation to U.S. Treasurys.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10474<br>| $10916<br>| $10858<br>| $11907<br>| $13026<br>| $12947<br>| $11269<br>| $11968<br>| $12182<br>| $13062<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123316_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 7.22% | 0.06% | 2.71% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4995249268<br>|
| Number of Holdings | 2301<br>|
| Total Advisory Fee | $17453559<br>|
| Portfolio Turnover | 172%<br>|

---

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

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 63.8 |
| AAA | 6.6 |
| AA | 1.3 |
| A | 7.6 |
| BBB | 13.0 |
| BB | 3.0 |
| B | 1.0 |
| CCC,CC,C | 0.0 |
| Not Rated | 6.0 |
| Equities | 0.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img227_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 63.8 |
| &nbsp;&nbsp;AAA - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (2.3)%  |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 48.9 |
| Corporate Bonds | 22.5 |
| U.S. Government Agency - Mortgage Securities | 14.9 |
| Asset-Backed Securities | 9.2 |
| CMOs and Other Mortgage Related Securities | 6.3 |
| Other Investments | 0.1 |
| Bank Loan Obligations | 0.1 |
| Preferred Securities | 0.1 |
| Options | 0.1 |
| Foreign Government and Government Agency Obligations | 0.1 |
| Common Stocks | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img227_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 48.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 22.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government Agency - Mortgage Securities - 14.9 |
| Asset-Backed Securities - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 6.3 |
| Other Investments - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 0.1 |
| Common Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (2.3)% |

---

---

| | |
|:---|:---|
| United States | 90.9 |
| Grand Cayman (UK Overseas Ter) | 4.8 |
| Mexico | 0.8 |
| Bailiwick Of Jersey | 0.7 |
| Ireland | 0.6 |
| United Kingdom | 0.5 |
| Netherlands | 0.4 |
| Switzerland | 0.3 |
| Multi-national | 0.2 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img227_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 4.8&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Jersey - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Multi-national - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 37.0<br>|
| US Treasury Bonds | 11.9<br>|
| Fannie Mae Mortgage pass-thru certificates | 5.0<br>|
| Ginnie Mae II Pool | 3.7<br>|
| Freddie Mac Gold Pool | 3.1<br>|
| Uniform Mortgage Backed Securities | 2.3<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 1.4<br>|
| Bank of America Corp | 1.1<br>|
| JPMorgan Chase & Co | 1.1<br>|
| Petroleos Mexicanos | 0.8<br>|
|  | 67.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img227_20251231_2.jpg)<br>| ![](img123316_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914192.101 155-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $51  | 0.50% |

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $10453631940<br>|
| Number of Holdings | 640<br>|
| Total Advisory Fee | $25662709<br>|

---

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

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 60.1 |
| 8-30 | 10.9 |
| 31-60 | 12.8 |
| 61-90 | 9.6 |
| 91-180 | 8.0 |
| >180 | 3.2 |

---

Repurchase Agreements 38.0 <br> U.S. Treasury Obligations 36.9 <br> U.S. Government Agency - Debt 29.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img20_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 38.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 36.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 29.7&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (4.6)% |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img20_20251231_1.jpg)<br>| ![](img123348_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914126.101 359-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $35  | 0.35% |

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $10453631940<br>|
| Number of Holdings | 640<br>|
| Total Advisory Fee | $25662709<br>|

---

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

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 60.1 |
| 8-30 | 10.9 |
| 31-60 | 12.8 |
| 61-90 | 9.6 |
| 91-180 | 8.0 |
| >180 | 3.2 |

---

Repurchase Agreements 38.0 <br> U.S. Treasury Obligations 36.9 <br> U.S. Government Agency - Debt 29.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img20_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 38.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 36.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 29.7&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (4.6)% |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img20_20251231_1.jpg)<br>| ![](img123349_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914127.101 713-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $28  | 0.28% |

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $10453631940<br>|
| Number of Holdings | 640<br>|
| Total Advisory Fee | $25662709<br>|

---

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

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 60.1 |
| 8-30 | 10.9 |
| 31-60 | 12.8 |
| 61-90 | 9.6 |
| 91-180 | 8.0 |
| >180 | 3.2 |

---

Repurchase Agreements 38.0 <br> U.S. Treasury Obligations 36.9 <br> U.S. Government Agency - Debt 29.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img20_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 38.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 36.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 29.7&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (4.6)% |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img20_20251231_1.jpg)<br>| ![](img123350_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914124.101 1455-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $25  | 0.25% |

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $10453631940<br>|
| Number of Holdings | 640<br>|
| Total Advisory Fee | $25662709<br>|

---

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

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 60.1 |
| 8-30 | 10.9 |
| 31-60 | 12.8 |
| 61-90 | 9.6 |
| 91-180 | 8.0 |
| >180 | 3.2 |

---

Repurchase Agreements 38.0 <br> U.S. Treasury Obligations 36.9 <br> U.S. Government Agency - Debt 29.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img20_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Repurchase Agreements - 38.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Treasury Obligations - 36.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| U.S. Government Agency - Debt - 29.7&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Other Assets (Liabilities) - (4.6)% |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img20_20251231_1.jpg)<br>| ![](img123351_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914125.101 153-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP FundsManager® 85% Portfolio<br> **VIP FundsManager® 85% Portfolio Service Class 2 true** <br>|

---

This annual shareholder report contains information about VIP FundsManager® 85% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $27  | 0.25% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning contributed to the Portfolios' performance versus the Composite indexes for the year, whereas security selection detracted.

• The Portfolios' core equity allocation strategy contributed to relative performance, led by outsized exposure to both international developed- and emerging-markets stocks. Conversely, an overweight among U.S. equities detracted from the Portfolios' relative outcomes in 2025.

• The Portfolios' fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025, led by solid performance from Fidelity® VIP Stock Selector Portfolio, the largest equity holding this period. Here, investment choices in the communication services and financials sectors contributed the most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the Portfolios' relative returns, hampered mostly by disappointing results from Fidelity® Overseas Fund. Specifically, picks in Germany and several other continental European equity markets, as well as the U.K. and Canada, were the biggest negatives. Non-Composite allocations to the U.S. market also hurt.

• Investment choices in emerging-markets equities proved to be a challenge as well the past year, as out-of-index positioning in the Europe ex-U.K. region weighed on the performance of Fidelity® Emerging Markets Fund.

• Turning to fixed income, security selection among investment-grade bonds added value, driven by the efforts of our active bond fund managers.

• As of December 31, the Portfolios were overweight equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10547<br>| $12963<br>| $11785<br>| $14865<br>| $17433<br>| $20508<br>| $16982<br>| $19951<br>| $22421<br>| $26739<br>|
| Fidelity VIP FundsManager 85% Composite Index℠<br>| $10000 | $10831<br>| $12931<br>| $12094<br>| $15161<br>| $17584<br>| $20701<br>| $17102<br>| $20416<br>| $23282<br>| $28109<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123352_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 19.26% | 8.93% | 10.34% |
| Fidelity VIP FundsManager 85% Composite Index℠ | 20.73%<br>| 9.84%<br>| 10.89% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1204579835<br>|
| Number of Holdings | 39<br>|
| Total Advisory Fee | $1054768<br>|
| Portfolio Turnover | 28%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 53.5 |
| International Equity Funds | 33.2 |
| Bond Funds | 12.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1593_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 53.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 33.2&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 12.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Stock Selector Portfolio - Investor Class | 40.5<br>|
| Fidelity Overseas Fund | 10.5<br>|
| Fidelity Emerging Markets Fund | 7.9<br>|
| Fidelity Total Bond Fund | 4.4<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 4.4<br>|
| Fidelity Stock Selector Small Cap Fund | 3.5<br>|
| Fidelity Total International Equity Fund | 3.5<br>|
| Fidelity International Capital Appreciation Fund | 3.4<br>|
| Fidelity International Discovery Fund | 2.6<br>|
| VIP Value Strategies Portfolio - Investor Class | 1.9<br>|
|  | 82.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1593_20251231_2.jpg)<br>| ![](img123352_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914314.101 1595-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP FundsManager® 85% Portfolio<br> **VIP FundsManager® 85% Portfolio Service Class true** <br>|

---

This annual shareholder report contains information about VIP FundsManager® 85% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $11  | 0.10% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning contributed to the Portfolios' performance versus the Composite indexes for the year, whereas security selection detracted.

• The Portfolios' core equity allocation strategy contributed to relative performance, led by outsized exposure to both international developed- and emerging-markets stocks. Conversely, an overweight among U.S. equities detracted from the Portfolios' relative outcomes in 2025.

• The Portfolios' fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025, led by solid performance from Fidelity® VIP Stock Selector Portfolio, the largest equity holding this period. Here, investment choices in the communication services and financials sectors contributed the most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the Portfolios' relative returns, hampered mostly by disappointing results from Fidelity® Overseas Fund. Specifically, picks in Germany and several other continental European equity markets, as well as the U.K. and Canada, were the biggest negatives. Non-Composite allocations to the U.S. market also hurt.

• Investment choices in emerging-markets equities proved to be a challenge as well the past year, as out-of-index positioning in the Europe ex-U.K. region weighed on the performance of Fidelity® Emerging Markets Fund.

• Turning to fixed income, security selection among investment-grade bonds added value, driven by the efforts of our active bond fund managers.

• As of December 31, the Portfolios were overweight equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10566<br>| $13002<br>| $11844<br>| $14929<br>| $17606<br>| $20779<br>| $17245<br>| $20295<br>| $22837<br>| $27276<br>|
| Fidelity VIP FundsManager 85% Composite Index℠<br>| $10000 | $10831<br>| $12931<br>| $12094<br>| $15161<br>| $17584<br>| $20701<br>| $17102<br>| $20416<br>| $23282<br>| $28109<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123353_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 19.43% | 9.15% | 10.55% |
| Fidelity VIP FundsManager 85% Composite Index℠ | 20.73%<br>| 9.84%<br>| 10.89% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1204579835<br>|
| Number of Holdings | 39<br>|
| Total Advisory Fee | $1054768<br>|
| Portfolio Turnover | 28%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 53.5 |
| International Equity Funds | 33.2 |
| Bond Funds | 12.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1593_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 53.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 33.2&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 12.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Stock Selector Portfolio - Investor Class | 40.5<br>|
| Fidelity Overseas Fund | 10.5<br>|
| Fidelity Emerging Markets Fund | 7.9<br>|
| Fidelity Total Bond Fund | 4.4<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 4.4<br>|
| Fidelity Stock Selector Small Cap Fund | 3.5<br>|
| Fidelity Total International Equity Fund | 3.5<br>|
| Fidelity International Capital Appreciation Fund | 3.4<br>|
| Fidelity International Discovery Fund | 2.6<br>|
| VIP Value Strategies Portfolio - Investor Class | 1.9<br>|
|  | 82.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1593_20251231_2.jpg)<br>| ![](img123353_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914313.101 1594-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP FundsManager® 85% Portfolio<br> **VIP FundsManager® 85% Portfolio Investor Class true** <br>|

---

This annual shareholder report contains information about VIP FundsManager® 85% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $11  | 0.10% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning contributed to the Portfolios' performance versus the Composite indexes for the year, whereas security selection detracted.

• The Portfolios' core equity allocation strategy contributed to relative performance, led by outsized exposure to both international developed- and emerging-markets stocks. Conversely, an overweight among U.S. equities detracted from the Portfolios' relative outcomes in 2025.

• The Portfolios' fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025, led by solid performance from Fidelity® VIP Stock Selector Portfolio, the largest equity holding this period. Here, investment choices in the communication services and financials sectors contributed the most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the Portfolios' relative returns, hampered mostly by disappointing results from Fidelity® Overseas Fund. Specifically, picks in Germany and several other continental European equity markets, as well as the U.K. and Canada, were the biggest negatives. Non-Composite allocations to the U.S. market also hurt.

• Investment choices in emerging-markets equities proved to be a challenge as well the past year, as out-of-index positioning in the Europe ex-U.K. region weighed on the performance of Fidelity® Emerging Markets Fund.

• Turning to fixed income, security selection among investment-grade bonds added value, driven by the efforts of our active bond fund managers.

• As of December 31, the Portfolios were overweight equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $10566<br>| $13010<br>| $11853<br>| $14960<br>| $17572<br>| $20705<br>| $17171<br>| $20206<br>| $22732<br>| $27156<br>|
| Fidelity VIP FundsManager 85% Composite Index℠<br>| $10000 | $10831<br>| $12931<br>| $12094<br>| $15161<br>| $17584<br>| $20701<br>| $17102<br>| $20416<br>| $23282<br>| $28109<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123354_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 19.46% | 9.10% | 10.51% |
| Fidelity VIP FundsManager 85% Composite Index℠ | 20.73%<br>| 9.84%<br>| 10.89% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1204579835<br>|
| Number of Holdings | 39<br>|
| Total Advisory Fee | $1054768<br>|
| Portfolio Turnover | 28%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 53.5 |
| International Equity Funds | 33.2 |
| Bond Funds | 12.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1593_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 53.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 33.2&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 12.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Stock Selector Portfolio - Investor Class | 40.5<br>|
| Fidelity Overseas Fund | 10.5<br>|
| Fidelity Emerging Markets Fund | 7.9<br>|
| Fidelity Total Bond Fund | 4.4<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 4.4<br>|
| Fidelity Stock Selector Small Cap Fund | 3.5<br>|
| Fidelity Total International Equity Fund | 3.5<br>|
| Fidelity International Capital Appreciation Fund | 3.4<br>|
| Fidelity International Discovery Fund | 2.6<br>|
| VIP Value Strategies Portfolio - Investor Class | 1.9<br>|
|  | 82.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1593_20251231_2.jpg)<br>| ![](img123354_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914312.101 1593-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP FundsManager® 70% Portfolio<br> **VIP FundsManager® 70% Portfolio Service Class 2 true** <br>|

---

This annual shareholder report contains information about VIP FundsManager® 70% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $27  | 0.25% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning contributed to the Portfolios' performance versus the Composite indexes for the year, whereas security selection detracted.

• The Portfolios' core equity allocation strategy contributed to relative performance, led by outsized exposure to both international developed- and emerging-markets stocks. Conversely, an overweight among U.S. equities detracted from the Portfolios' relative outcomes in 2025.

• The Portfolios' fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025, led by solid performance from Fidelity® VIP Stock Selector Portfolio, the largest equity holding this period. Here, investment choices in the communication services and financials sectors contributed the most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the Portfolios' relative returns, hampered mostly by disappointing results from Fidelity® Overseas Fund. Specifically, picks in Germany and several other continental European equity markets, as well as the U.K. and Canada, were the biggest negatives. Non-Composite allocations to the U.S. market also hurt.

• Investment choices in emerging-markets equities proved to be a challenge as well the past year, as out-of-index positioning in the Europe ex-U.K. region weighed on the performance of Fidelity® Emerging Markets Fund.

• Turning to fixed income, security selection among investment-grade bonds added value, driven by the efforts of our active bond fund managers.

• As of December 31, the Portfolios were overweight equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10486<br>| $12472<br>| $11524<br>| $14104<br>| $16353<br>| $18714<br>| $15758<br>| $18211<br>| $20157<br>| $23564<br>|
| Fidelity VIP FundsManager 70% Composite Index℠<br>| $10000 | $10720<br>| $12469<br>| $11820<br>| $14417<br>| $16495<br>| $18835<br>| $15853<br>| $18529<br>| $20740<br>| $24500<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123355_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 16.91% | 7.58% | 8.95% |
| Fidelity VIP FundsManager 70% Composite Index℠ | 18.13%<br>| 8.23%<br>| 9.37% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2674396062<br>|
| Number of Holdings | 36<br>|
| Total Advisory Fee | $2442834<br>|
| Portfolio Turnover | 24%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 44.8 |
| International Equity Funds | 28.6 |
| Bond Funds | 23.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1590_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 44.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 28.6&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 23.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.6 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Stock Selector Portfolio - Investor Class | 34.0<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 9.5<br>|
| Fidelity Total Bond Fund | 9.4<br>|
| Fidelity Overseas Fund | 8.6<br>|
| Fidelity Emerging Markets Fund | 6.9<br>|
| Fidelity Stock Selector Small Cap Fund | 3.0<br>|
| Fidelity Total International Equity Fund | 2.9<br>|
| Fidelity International Capital Appreciation Fund | 2.8<br>|
| Fidelity Enhanced International ETF | 2.2<br>|
| Fidelity International Discovery Fund | 2.2<br>|
|  | 81.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1590_20251231_2.jpg)<br>| ![](img123355_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914311.101 1592-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP FundsManager® 70% Portfolio<br> **VIP FundsManager® 70% Portfolio Service Class true** <br>|

---

This annual shareholder report contains information about VIP FundsManager® 70% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $11  | 0.10% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning contributed to the Portfolios' performance versus the Composite indexes for the year, whereas security selection detracted.

• The Portfolios' core equity allocation strategy contributed to relative performance, led by outsized exposure to both international developed- and emerging-markets stocks. Conversely, an overweight among U.S. equities detracted from the Portfolios' relative outcomes in 2025.

• The Portfolios' fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025, led by solid performance from Fidelity® VIP Stock Selector Portfolio, the largest equity holding this period. Here, investment choices in the communication services and financials sectors contributed the most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the Portfolios' relative returns, hampered mostly by disappointing results from Fidelity® Overseas Fund. Specifically, picks in Germany and several other continental European equity markets, as well as the U.K. and Canada, were the biggest negatives. Non-Composite allocations to the U.S. market also hurt.

• Investment choices in emerging-markets equities proved to be a challenge as well the past year, as out-of-index positioning in the Europe ex-U.K. region weighed on the performance of Fidelity® Emerging Markets Fund.

• Turning to fixed income, security selection among investment-grade bonds added value, driven by the efforts of our active bond fund managers.

• As of December 31, the Portfolios were overweight equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10504<br>| $12512<br>| $11574<br>| $14195<br>| $16480<br>| $18886<br>| $15930<br>| $18434<br>| $20437<br>| $23934<br>|
| Fidelity VIP FundsManager 70% Composite Index℠<br>| $10000 | $10720<br>| $12469<br>| $11820<br>| $14417<br>| $16495<br>| $18835<br>| $15853<br>| $18529<br>| $20740<br>| $24500<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123356_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 17.11% | 7.75% | 9.12% |
| Fidelity VIP FundsManager 70% Composite Index℠ | 18.13%<br>| 8.23%<br>| 9.37% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2674396062<br>|
| Number of Holdings | 36<br>|
| Total Advisory Fee | $2442834<br>|
| Portfolio Turnover | 24%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 44.8 |
| International Equity Funds | 28.6 |
| Bond Funds | 23.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1590_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 44.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 28.6&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 23.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.6 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Stock Selector Portfolio - Investor Class | 34.0<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 9.5<br>|
| Fidelity Total Bond Fund | 9.4<br>|
| Fidelity Overseas Fund | 8.6<br>|
| Fidelity Emerging Markets Fund | 6.9<br>|
| Fidelity Stock Selector Small Cap Fund | 3.0<br>|
| Fidelity Total International Equity Fund | 2.9<br>|
| Fidelity International Capital Appreciation Fund | 2.8<br>|
| Fidelity Enhanced International ETF | 2.2<br>|
| Fidelity International Discovery Fund | 2.2<br>|
|  | 81.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1590_20251231_2.jpg)<br>| ![](img123356_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914310.101 1591-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP FundsManager® 70% Portfolio<br> **VIP FundsManager® 70% Portfolio Investor Class true** <br>|

---

This annual shareholder report contains information about VIP FundsManager® 70% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $11  | 0.10% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning contributed to the Portfolios' performance versus the Composite indexes for the year, whereas security selection detracted.

• The Portfolios' core equity allocation strategy contributed to relative performance, led by outsized exposure to both international developed- and emerging-markets stocks. Conversely, an overweight among U.S. equities detracted from the Portfolios' relative outcomes in 2025.

• The Portfolios' fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025, led by solid performance from Fidelity® VIP Stock Selector Portfolio, the largest equity holding this period. Here, investment choices in the communication services and financials sectors contributed the most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the Portfolios' relative returns, hampered mostly by disappointing results from Fidelity® Overseas Fund. Specifically, picks in Germany and several other continental European equity markets, as well as the U.K. and Canada, were the biggest negatives. Non-Composite allocations to the U.S. market also hurt.

• Investment choices in emerging-markets equities proved to be a challenge as well the past year, as out-of-index positioning in the Europe ex-U.K. region weighed on the performance of Fidelity® Emerging Markets Fund.

• Turning to fixed income, security selection among investment-grade bonds added value, driven by the efforts of our active bond fund managers.

• As of December 31, the Portfolios were overweight equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $10496<br>| $12512<br>| $11575<br>| $14198<br>| $16484<br>| $18878<br>| $15919<br>| $18424<br>| $20428<br>| $23925<br>|
| Fidelity VIP FundsManager 70% Composite Index℠<br>| $10000 | $10720<br>| $12469<br>| $11820<br>| $14417<br>| $16495<br>| $18835<br>| $15853<br>| $18529<br>| $20740<br>| $24500<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123357_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 17.12% | 7.74% | 9.12% |
| Fidelity VIP FundsManager 70% Composite Index℠ | 18.13%<br>| 8.23%<br>| 9.37% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2674396062<br>|
| Number of Holdings | 36<br>|
| Total Advisory Fee | $2442834<br>|
| Portfolio Turnover | 24%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 44.8 |
| International Equity Funds | 28.6 |
| Bond Funds | 23.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1590_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 44.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 28.6&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 23.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.6 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Stock Selector Portfolio - Investor Class | 34.0<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 9.5<br>|
| Fidelity Total Bond Fund | 9.4<br>|
| Fidelity Overseas Fund | 8.6<br>|
| Fidelity Emerging Markets Fund | 6.9<br>|
| Fidelity Stock Selector Small Cap Fund | 3.0<br>|
| Fidelity Total International Equity Fund | 2.9<br>|
| Fidelity International Capital Appreciation Fund | 2.8<br>|
| Fidelity Enhanced International ETF | 2.2<br>|
| Fidelity International Discovery Fund | 2.2<br>|
|  | 81.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1590_20251231_2.jpg)<br>| ![](img123357_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914309.101 1590-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP FundsManager® 60% Portfolio<br> **VIP FundsManager® 60% Portfolio Service Class 2 true** <br>|

---

This annual shareholder report contains information about VIP FundsManager® 60% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $27  | 0.25% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning contributed to the Portfolios' performance versus the Composite indexes for the year, whereas security selection detracted.

• The Portfolios' core equity allocation strategy contributed to relative performance, led by outsized exposure to both international developed- and emerging-markets stocks. Conversely, an overweight among U.S. equities detracted from the Portfolios' relative outcomes in 2025.

• The Portfolios' fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025, led by solid performance from Fidelity® VIP Stock Selector Portfolio, the largest equity holding this period. Here, investment choices in the communication services and financials sectors contributed the most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the Portfolios' relative returns, hampered mostly by disappointing results from Fidelity® Overseas Fund. Specifically, picks in Germany and several other continental European equity markets, as well as the U.K. and Canada, were the biggest negatives. Non-Composite allocations to the U.S. market also hurt.

• Investment choices in emerging-markets equities proved to be a challenge as well the past year, as out-of-index positioning in the Europe ex-U.K. region weighed on the performance of Fidelity® Emerging Markets Fund.

• Turning to fixed income, security selection among investment-grade bonds added value, driven by the efforts of our active bond fund managers.

• As of December 31, the Portfolios were overweight equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10465<br>| $12219<br>| $11423<br>| $13736<br>| $15786<br>| $17713<br>| $15011<br>| $17124<br>| $18742<br>| $21649<br>|
| Fidelity VIP FundsManager 60% Composite Index℠<br>| $10000 | $10657<br>| $12190<br>| $11654<br>| $13986<br>| $15883<br>| $17764<br>| $15051<br>| $17343<br>| $19144<br>| $22308<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123358_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 15.51% | 6.52% | 8.03% |
| Fidelity VIP FundsManager 60% Composite Index℠ | 16.53%<br>| 7.03%<br>| 8.35% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7661149678<br>|
| Number of Holdings | 39<br>|
| Total Advisory Fee | $7187989<br>|
| Portfolio Turnover | 25%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 38.8 |
| Bond Funds | 33.0 |
| International Equity Funds | 24.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1880_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 38.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bond Funds - 33.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| International Equity Funds - 24.6&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.6 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Stock Selector Portfolio - Investor Class | 29.2<br>|
| Fidelity Total Bond Fund | 14.4<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 14.4<br>|
| Fidelity Overseas Fund | 7.3<br>|
| Fidelity Emerging Markets Fund | 5.9<br>|
| Fidelity Stock Selector Small Cap Fund | 2.5<br>|
| Fidelity Total International Equity Fund | 2.5<br>|
| Fidelity International Capital Appreciation Fund | 2.4<br>|
| Fidelity Enhanced International ETF | 1.9<br>|
| Fidelity Inflation-Protected Bond Index Fund | 1.9<br>|
|  | 82.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1880_20251231_2.jpg)<br>| ![](img123358_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914325.101 1882-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP FundsManager® 60% Portfolio<br> **VIP FundsManager® 60% Portfolio Service Class true** <br>|

---

This annual shareholder report contains information about VIP FundsManager® 60% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $11  | 0.10% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning contributed to the Portfolios' performance versus the Composite indexes for the year, whereas security selection detracted.

• The Portfolios' core equity allocation strategy contributed to relative performance, led by outsized exposure to both international developed- and emerging-markets stocks. Conversely, an overweight among U.S. equities detracted from the Portfolios' relative outcomes in 2025.

• The Portfolios' fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025, led by solid performance from Fidelity® VIP Stock Selector Portfolio, the largest equity holding this period. Here, investment choices in the communication services and financials sectors contributed the most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the Portfolios' relative returns, hampered mostly by disappointing results from Fidelity® Overseas Fund. Specifically, picks in Germany and several other continental European equity markets, as well as the U.K. and Canada, were the biggest negatives. Non-Composite allocations to the U.S. market also hurt.

• Investment choices in emerging-markets equities proved to be a challenge as well the past year, as out-of-index positioning in the Europe ex-U.K. region weighed on the performance of Fidelity® Emerging Markets Fund.

• Turning to fixed income, security selection among investment-grade bonds added value, driven by the efforts of our active bond fund managers.

• As of December 31, the Portfolios were overweight equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10479<br>| $12259<br>| $11470<br>| $13819<br>| $15909<br>| $17873<br>| $15181<br>| $17333<br>| $18993<br>| $21976<br>|
| Fidelity VIP FundsManager 60% Composite Index℠<br>| $10000 | $10657<br>| $12190<br>| $11654<br>| $13986<br>| $15883<br>| $17764<br>| $15051<br>| $17343<br>| $19144<br>| $22308<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123359_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 15.71% | 6.67% | 8.19% |
| Fidelity VIP FundsManager 60% Composite Index℠ | 16.53%<br>| 7.03%<br>| 8.35% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7661149678<br>|
| Number of Holdings | 39<br>|
| Total Advisory Fee | $7187989<br>|
| Portfolio Turnover | 25%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 38.8 |
| Bond Funds | 33.0 |
| International Equity Funds | 24.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1880_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 38.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bond Funds - 33.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| International Equity Funds - 24.6&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.6 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Stock Selector Portfolio - Investor Class | 29.2<br>|
| Fidelity Total Bond Fund | 14.4<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 14.4<br>|
| Fidelity Overseas Fund | 7.3<br>|
| Fidelity Emerging Markets Fund | 5.9<br>|
| Fidelity Stock Selector Small Cap Fund | 2.5<br>|
| Fidelity Total International Equity Fund | 2.5<br>|
| Fidelity International Capital Appreciation Fund | 2.4<br>|
| Fidelity Enhanced International ETF | 1.9<br>|
| Fidelity Inflation-Protected Bond Index Fund | 1.9<br>|
|  | 82.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1880_20251231_2.jpg)<br>| ![](img123359_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914324.101 1881-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP FundsManager® 60% Portfolio<br> **VIP FundsManager® 60% Portfolio Investor Class true** <br>|

---

This annual shareholder report contains information about VIP FundsManager® 60% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $11  | 0.10% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning contributed to the Portfolios' performance versus the Composite indexes for the year, whereas security selection detracted.

• The Portfolios' core equity allocation strategy contributed to relative performance, led by outsized exposure to both international developed- and emerging-markets stocks. Conversely, an overweight among U.S. equities detracted from the Portfolios' relative outcomes in 2025.

• The Portfolios' fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025, led by solid performance from Fidelity® VIP Stock Selector Portfolio, the largest equity holding this period. Here, investment choices in the communication services and financials sectors contributed the most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the Portfolios' relative returns, hampered mostly by disappointing results from Fidelity® Overseas Fund. Specifically, picks in Germany and several other continental European equity markets, as well as the U.K. and Canada, were the biggest negatives. Non-Composite allocations to the U.S. market also hurt.

• Investment choices in emerging-markets equities proved to be a challenge as well the past year, as out-of-index positioning in the Europe ex-U.K. region weighed on the performance of Fidelity® Emerging Markets Fund.

• Turning to fixed income, security selection among investment-grade bonds added value, driven by the efforts of our active bond fund managers.

• As of December 31, the Portfolios were overweight equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $10479<br>| $12259<br>| $11470<br>| $13819<br>| $15909<br>| $17873<br>| $15181<br>| $17333<br>| $18993<br>| $21976<br>|
| Fidelity VIP FundsManager 60% Composite Index℠<br>| $10000 | $10657<br>| $12190<br>| $11654<br>| $13986<br>| $15883<br>| $17764<br>| $15051<br>| $17343<br>| $19144<br>| $22308<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123360_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 15.71% | 6.67% | 8.19% |
| Fidelity VIP FundsManager 60% Composite Index℠ | 16.53%<br>| 7.03%<br>| 8.35% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7661149678<br>|
| Number of Holdings | 39<br>|
| Total Advisory Fee | $7187989<br>|
| Portfolio Turnover | 25%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 38.8 |
| Bond Funds | 33.0 |
| International Equity Funds | 24.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1880_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 38.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bond Funds - 33.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| International Equity Funds - 24.6&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.6 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Stock Selector Portfolio - Investor Class | 29.2<br>|
| Fidelity Total Bond Fund | 14.4<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 14.4<br>|
| Fidelity Overseas Fund | 7.3<br>|
| Fidelity Emerging Markets Fund | 5.9<br>|
| Fidelity Stock Selector Small Cap Fund | 2.5<br>|
| Fidelity Total International Equity Fund | 2.5<br>|
| Fidelity International Capital Appreciation Fund | 2.4<br>|
| Fidelity Enhanced International ETF | 1.9<br>|
| Fidelity Inflation-Protected Bond Index Fund | 1.9<br>|
|  | 82.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1880_20251231_2.jpg)<br>| ![](img123360_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914323.101 1880-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP FundsManager® 50% Portfolio<br> **VIP FundsManager® 50% Portfolio Service Class 2 true** <br>|

---

This annual shareholder report contains information about VIP FundsManager® 50% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $27  | 0.25% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning contributed to the Portfolios' performance versus the Composite indexes for the year, whereas security selection detracted.

• The Portfolios' core equity allocation strategy contributed to relative performance, led by outsized exposure to both international developed- and emerging-markets stocks. Conversely, an overweight among U.S. equities detracted from the Portfolios' relative outcomes in 2025.

• The Portfolios' fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025, led by solid performance from Fidelity® VIP Stock Selector Portfolio, the largest equity holding this period. Here, investment choices in the communication services and financials sectors contributed the most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the Portfolios' relative returns, hampered mostly by disappointing results from Fidelity® Overseas Fund. Specifically, picks in Germany and several other continental European equity markets, as well as the U.K. and Canada, were the biggest negatives. Non-Composite allocations to the U.S. market also hurt.

• Investment choices in emerging-markets equities proved to be a challenge as well the past year, as out-of-index positioning in the Europe ex-U.K. region weighed on the performance of Fidelity® Emerging Markets Fund.

• Turning to fixed income, security selection among investment-grade bonds added value, driven by the efforts of our active bond fund managers.

• As of December 31, the Portfolios were overweight equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10408<br>| $11890<br>| $11251<br>| $13241<br>| $15080<br>| $16570<br>| $14244<br>| $16046<br>| $17391<br>| $19831<br>|
| Fidelity VIP FundsManager 50% Composite Index℠<br>| $10000 | $10580<br>| $11886<br>| $11468<br>| $13496<br>| $15155<br>| $16615<br>| $14282<br>| $16222<br>| $17695<br>| $20308<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123361_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 14.03% | 5.63% | 7.09% |
| Fidelity VIP FundsManager 50% Composite Index℠ | 14.77%<br>| 6.03%<br>| 7.34% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3941667004<br>|
| Number of Holdings | 40<br>|
| Total Advisory Fee | $3887640<br>|
| Portfolio Turnover | 30%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 38.0 |
| Domestic Equity Funds | 32.8 |
| International Equity Funds | 20.6 |
| Short-Term Funds | 3.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1587_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 38.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 32.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 20.6&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.9 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Stock Selector Portfolio - Investor Class | 24.3<br>|
| Fidelity Total Bond Fund | 16.9<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 16.9<br>|
| Fidelity Overseas Fund | 6.0<br>|
| Fidelity Emerging Markets Fund | 5.0<br>|
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 3.7<br>|
| Fidelity Stock Selector Small Cap Fund | 2.1<br>|
| Fidelity Total International Equity Fund | 2.0<br>|
| Fidelity International Capital Appreciation Fund | 2.0<br>|
| Fidelity Inflation-Protected Bond Index Fund | 1.9<br>|
|  | 80.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1587_20251231_2.jpg)<br>| ![](img123361_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914308.101 1589-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP FundsManager® 50% Portfolio<br> **VIP FundsManager® 50% Portfolio Service Class true** <br>|

---

This annual shareholder report contains information about VIP FundsManager® 50% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $11  | 0.10% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning contributed to the Portfolios' performance versus the Composite indexes for the year, whereas security selection detracted.

• The Portfolios' core equity allocation strategy contributed to relative performance, led by outsized exposure to both international developed- and emerging-markets stocks. Conversely, an overweight among U.S. equities detracted from the Portfolios' relative outcomes in 2025.

• The Portfolios' fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025, led by solid performance from Fidelity® VIP Stock Selector Portfolio, the largest equity holding this period. Here, investment choices in the communication services and financials sectors contributed the most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the Portfolios' relative returns, hampered mostly by disappointing results from Fidelity® Overseas Fund. Specifically, picks in Germany and several other continental European equity markets, as well as the U.K. and Canada, were the biggest negatives. Non-Composite allocations to the U.S. market also hurt.

• Investment choices in emerging-markets equities proved to be a challenge as well the past year, as out-of-index positioning in the Europe ex-U.K. region weighed on the performance of Fidelity® Emerging Markets Fund.

• Turning to fixed income, security selection among investment-grade bonds added value, driven by the efforts of our active bond fund managers.

• As of December 31, the Portfolios were overweight equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10431<br>| $11938<br>| $11307<br>| $13330<br>| $15205<br>| $16727<br>| $14400<br>| $16250<br>| $17632<br>| $20138<br>|
| Fidelity VIP FundsManager 50% Composite Index℠<br>| $10000 | $10580<br>| $11886<br>| $11468<br>| $13496<br>| $15155<br>| $16615<br>| $14282<br>| $16222<br>| $17695<br>| $20308<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123362_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 14.21% | 5.78% | 7.25% |
| Fidelity VIP FundsManager 50% Composite Index℠ | 14.77%<br>| 6.03%<br>| 7.34% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3941667004<br>|
| Number of Holdings | 40<br>|
| Total Advisory Fee | $3887640<br>|
| Portfolio Turnover | 30%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 38.0 |
| Domestic Equity Funds | 32.8 |
| International Equity Funds | 20.6 |
| Short-Term Funds | 3.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1587_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 38.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 32.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 20.6&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.9 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Stock Selector Portfolio - Investor Class | 24.3<br>|
| Fidelity Total Bond Fund | 16.9<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 16.9<br>|
| Fidelity Overseas Fund | 6.0<br>|
| Fidelity Emerging Markets Fund | 5.0<br>|
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 3.7<br>|
| Fidelity Stock Selector Small Cap Fund | 2.1<br>|
| Fidelity Total International Equity Fund | 2.0<br>|
| Fidelity International Capital Appreciation Fund | 2.0<br>|
| Fidelity Inflation-Protected Bond Index Fund | 1.9<br>|
|  | 80.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1587_20251231_2.jpg)<br>| ![](img123362_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914307.101 1588-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP FundsManager® 50% Portfolio<br> **VIP FundsManager® 50% Portfolio Investor Class true** <br>|

---

This annual shareholder report contains information about VIP FundsManager® 50% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $11  | 0.10% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning contributed to the Portfolios' performance versus the Composite indexes for the year, whereas security selection detracted.

• The Portfolios' core equity allocation strategy contributed to relative performance, led by outsized exposure to both international developed- and emerging-markets stocks. Conversely, an overweight among U.S. equities detracted from the Portfolios' relative outcomes in 2025.

• The Portfolios' fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025, led by solid performance from Fidelity® VIP Stock Selector Portfolio, the largest equity holding this period. Here, investment choices in the communication services and financials sectors contributed the most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the Portfolios' relative returns, hampered mostly by disappointing results from Fidelity® Overseas Fund. Specifically, picks in Germany and several other continental European equity markets, as well as the U.K. and Canada, were the biggest negatives. Non-Composite allocations to the U.S. market also hurt.

• Investment choices in emerging-markets equities proved to be a challenge as well the past year, as out-of-index positioning in the Europe ex-U.K. region weighed on the performance of Fidelity® Emerging Markets Fund.

• Turning to fixed income, security selection among investment-grade bonds added value, driven by the efforts of our active bond fund managers.

• As of December 31, the Portfolios were overweight equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $10422<br>| $11929<br>| $11308<br>| $13331<br>| $15195<br>| $16717<br>| $14388<br>| $16253<br>| $17635<br>| $20126<br>|
| Fidelity VIP FundsManager 50% Composite Index℠<br>| $10000 | $10580<br>| $11886<br>| $11468<br>| $13496<br>| $15155<br>| $16615<br>| $14282<br>| $16222<br>| $17695<br>| $20308<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123363_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 14.13% | 5.78% | 7.24% |
| Fidelity VIP FundsManager 50% Composite Index℠ | 14.77%<br>| 6.03%<br>| 7.34% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3941667004<br>|
| Number of Holdings | 40<br>|
| Total Advisory Fee | $3887640<br>|
| Portfolio Turnover | 30%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 38.0 |
| Domestic Equity Funds | 32.8 |
| International Equity Funds | 20.6 |
| Short-Term Funds | 3.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1587_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 38.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 32.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 20.6&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.9 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Stock Selector Portfolio - Investor Class | 24.3<br>|
| Fidelity Total Bond Fund | 16.9<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 16.9<br>|
| Fidelity Overseas Fund | 6.0<br>|
| Fidelity Emerging Markets Fund | 5.0<br>|
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 3.7<br>|
| Fidelity Stock Selector Small Cap Fund | 2.1<br>|
| Fidelity Total International Equity Fund | 2.0<br>|
| Fidelity International Capital Appreciation Fund | 2.0<br>|
| Fidelity Inflation-Protected Bond Index Fund | 1.9<br>|
|  | 80.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1587_20251231_2.jpg)<br>| ![](img123363_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914306.101 1587-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP FundsManager® 40% Portfolio<br> **VIP FundsManager® 40% Portfolio Service Class 2 true** <br>|

---

This annual shareholder report contains information about VIP FundsManager® 40% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $26  | 0.25% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning contributed to the Portfolios' performance versus the Composite indexes for the year, whereas security selection detracted.

• The Portfolios' core equity allocation strategy contributed to relative performance, led by outsized exposure to both international developed- and emerging-markets stocks. Conversely, an overweight among U.S. equities detracted from the Portfolios' relative outcomes in 2025.

• The Portfolios' fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025, led by solid performance from Fidelity® VIP Stock Selector Portfolio, the largest equity holding this period. Here, investment choices in the communication services and financials sectors contributed the most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the Portfolios' relative returns, hampered mostly by disappointing results from Fidelity® Overseas Fund. Specifically, picks in Germany and several other continental European equity markets, as well as the U.K. and Canada, were the biggest negatives. Non-Composite allocations to the U.S. market also hurt.

• Investment choices in emerging-markets equities proved to be a challenge as well the past year, as out-of-index positioning in the Europe ex-U.K. region weighed on the performance of Fidelity® Emerging Markets Fund.

• Turning to fixed income, security selection among investment-grade bonds added value, driven by the efforts of our active bond fund managers.

• As of December 31, the Portfolios were overweight equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

April 13, 2023 through December 31, 2025.

Initial investment of $10,000.

---

| | | | |
|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10550<br>| $11321<br>|
| Fidelity VIP FundsManager 40% Composite Index℠<br>| $10000 | $10647<br>| $11476<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10202<br>| $10329<br>|
|  | 2023 | 2024 | 2025 |

---

![](img123364_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Service Class 2 | 12.24% | 9.21% |
| Fidelity VIP FundsManager 40% Composite Index℠ | 13.03%<br>| 10.03% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| 3.85% |

---

**A** From April 13, 2023

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $54460029<br>|
| Number of Holdings | 29<br>|
| Total Advisory Fee | $34463<br>|
| Portfolio Turnover | 45%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 43.1 |
| Domestic Equity Funds | 27.0 |
| International Equity Funds | 18.4 |
| Short-Term Funds | 7.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6992_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 43.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 27.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 18.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.3 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Stock Selector Portfolio - Investor Class | 19.9<br>|
| Fidelity Total Bond Fund | 19.5<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 19.5<br>|
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 7.2<br>|
| Fidelity Overseas Fund | 5.0<br>|
| Fidelity Emerging Markets Fund | 5.0<br>|
| Fidelity Enhanced International ETF | 2.1<br>|
| Fidelity Inflation-Protected Bond Index Fund | 1.9<br>|
| Fidelity Stock Selector Small Cap Fund | 1.7<br>|
| Fidelity Total International Equity Fund | 1.6<br>|
|  | 83.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6992_20251231_2.jpg)<br>| ![](img123364_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914414.101 6994-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP FundsManager® 40% Portfolio<br> **VIP FundsManager® 40% Portfolio Service Class true** <br>|

---

This annual shareholder report contains information about VIP FundsManager® 40% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $11  | 0.10% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning contributed to the Portfolios' performance versus the Composite indexes for the year, whereas security selection detracted.

• The Portfolios' core equity allocation strategy contributed to relative performance, led by outsized exposure to both international developed- and emerging-markets stocks. Conversely, an overweight among U.S. equities detracted from the Portfolios' relative outcomes in 2025.

• The Portfolios' fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025, led by solid performance from Fidelity® VIP Stock Selector Portfolio, the largest equity holding this period. Here, investment choices in the communication services and financials sectors contributed the most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the Portfolios' relative returns, hampered mostly by disappointing results from Fidelity® Overseas Fund. Specifically, picks in Germany and several other continental European equity markets, as well as the U.K. and Canada, were the biggest negatives. Non-Composite allocations to the U.S. market also hurt.

• Investment choices in emerging-markets equities proved to be a challenge as well the past year, as out-of-index positioning in the Europe ex-U.K. region weighed on the performance of Fidelity® Emerging Markets Fund.

• Turning to fixed income, security selection among investment-grade bonds added value, driven by the efforts of our active bond fund managers.

• As of December 31, the Portfolios were overweight equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

April 13, 2023 through December 31, 2025.

Initial investment of $10,000.

---

| | | | |
|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10561<br>| $11359<br>|
| Fidelity VIP FundsManager 40% Composite Index℠<br>| $10000 | $10647<br>| $11476<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10202<br>| $10329<br>|
|  | 2023 | 2024 | 2025 |

---

![](img123365_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Service Class | 12.30% | 9.36% |
| Fidelity VIP FundsManager 40% Composite Index℠ | 13.03%<br>| 10.03% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| 3.85% |

---

**A** From April 13, 2023

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $54460029<br>|
| Number of Holdings | 29<br>|
| Total Advisory Fee | $34463<br>|
| Portfolio Turnover | 45%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 43.1 |
| Domestic Equity Funds | 27.0 |
| International Equity Funds | 18.4 |
| Short-Term Funds | 7.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6992_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 43.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 27.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 18.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.3 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Stock Selector Portfolio - Investor Class | 19.9<br>|
| Fidelity Total Bond Fund | 19.5<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 19.5<br>|
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 7.2<br>|
| Fidelity Overseas Fund | 5.0<br>|
| Fidelity Emerging Markets Fund | 5.0<br>|
| Fidelity Enhanced International ETF | 2.1<br>|
| Fidelity Inflation-Protected Bond Index Fund | 1.9<br>|
| Fidelity Stock Selector Small Cap Fund | 1.7<br>|
| Fidelity Total International Equity Fund | 1.6<br>|
|  | 83.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6992_20251231_2.jpg)<br>| ![](img123365_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914413.101 6993-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP FundsManager® 40% Portfolio<br> **VIP FundsManager® 40% Portfolio Investor Class true** <br>|

---

This annual shareholder report contains information about VIP FundsManager® 40% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $11  | 0.10% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning contributed to the Portfolios' performance versus the Composite indexes for the year, whereas security selection detracted.

• The Portfolios' core equity allocation strategy contributed to relative performance, led by outsized exposure to both international developed- and emerging-markets stocks. Conversely, an overweight among U.S. equities detracted from the Portfolios' relative outcomes in 2025.

• The Portfolios' fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025, led by solid performance from Fidelity® VIP Stock Selector Portfolio, the largest equity holding this period. Here, investment choices in the communication services and financials sectors contributed the most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the Portfolios' relative returns, hampered mostly by disappointing results from Fidelity® Overseas Fund. Specifically, picks in Germany and several other continental European equity markets, as well as the U.K. and Canada, were the biggest negatives. Non-Composite allocations to the U.S. market also hurt.

• Investment choices in emerging-markets equities proved to be a challenge as well the past year, as out-of-index positioning in the Europe ex-U.K. region weighed on the performance of Fidelity® Emerging Markets Fund.

• Turning to fixed income, security selection among investment-grade bonds added value, driven by the efforts of our active bond fund managers.

• As of December 31, the Portfolios were overweight equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

April 13, 2023 through December 31, 2025.

Initial investment of $10,000.

---

| | | | |
|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $10561<br>| $11349<br>|
| Fidelity VIP FundsManager 40% Composite Index℠<br>| $10000 | $10647<br>| $11476<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10202<br>| $10329<br>|
|  | 2023 | 2024 | 2025 |

---

![](img123366_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Investor Class | 12.40% | 9.36% |
| Fidelity VIP FundsManager 40% Composite Index℠ | 13.03%<br>| 10.03% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| 3.85% |

---

**A** From April 13, 2023

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $54460029<br>|
| Number of Holdings | 29<br>|
| Total Advisory Fee | $34463<br>|
| Portfolio Turnover | 45%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 43.1 |
| Domestic Equity Funds | 27.0 |
| International Equity Funds | 18.4 |
| Short-Term Funds | 7.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6992_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 43.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 27.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 18.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.3 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Stock Selector Portfolio - Investor Class | 19.9<br>|
| Fidelity Total Bond Fund | 19.5<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 19.5<br>|
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 7.2<br>|
| Fidelity Overseas Fund | 5.0<br>|
| Fidelity Emerging Markets Fund | 5.0<br>|
| Fidelity Enhanced International ETF | 2.1<br>|
| Fidelity Inflation-Protected Bond Index Fund | 1.9<br>|
| Fidelity Stock Selector Small Cap Fund | 1.7<br>|
| Fidelity Total International Equity Fund | 1.6<br>|
|  | 83.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6992_20251231_2.jpg)<br>| ![](img123366_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914412.101 6992-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP FundsManager® 30% Portfolio<br> **VIP FundsManager® 30% Portfolio Service Class 2 true** <br>|

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $26  | 0.25% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning contributed to the Portfolios' performance versus the Composite indexes for the year, whereas security selection detracted.

• The Portfolios' core equity allocation strategy contributed to relative performance, led by outsized exposure to both international developed- and emerging-markets stocks. Conversely, an overweight among U.S. equities detracted from the Portfolios' relative outcomes in 2025.

• The Portfolios' fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025, led by solid performance from Fidelity® VIP Stock Selector Portfolio, the largest equity holding this period. Here, investment choices in the communication services and financials sectors contributed the most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the Portfolios' relative returns, hampered mostly by disappointing results from Fidelity® Overseas Fund. Specifically, picks in Germany and several other continental European equity markets, as well as the U.K. and Canada, were the biggest negatives. Non-Composite allocations to the U.S. market also hurt.

• Investment choices in emerging-markets equities proved to be a challenge as well the past year, as out-of-index positioning in the Europe ex-U.K. region weighed on the performance of Fidelity® Emerging Markets Fund.

• Turning to fixed income, security selection among investment-grade bonds added value, driven by the efforts of our active bond fund managers.

• As of December 31, the Portfolios were overweight equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

April 13, 2023 through December 31, 2025.

Initial investment of $10,000.

---

| | | | |
|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10469<br>| $11124<br>|
| Fidelity VIP FundsManager 30% Composite Index℠<br>| $10000 | $10553<br>| $11239<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10202<br>| $10329<br>|
|  | 2023 | 2024 | 2025 |

---

![](img123367_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Service Class 2 | 10.71% | 7.96% |
| Fidelity VIP FundsManager 30% Composite Index℠ | 11.30%<br>| 8.58% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| 3.85% |

---

**A** From April 13, 2023

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $27977584<br>|
| Number of Holdings | 30<br>|
| Total Advisory Fee | $21997<br>|
| Portfolio Turnover | 48%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 48.2 |
| Domestic Equity Funds | 21.0 |
| International Equity Funds | 14.4 |
| Short-Term Funds | 11.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6986_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 48.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 21.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 14.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 5.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity Total Bond Fund | 22.0<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 22.0<br>|
| VIP Stock Selector Portfolio - Investor Class | 14.9<br>|
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 11.4<br>|
| Fidelity Emerging Markets Fund | 4.0<br>|
| Fidelity Overseas Fund | 3.7<br>|
| Fidelity Enhanced International ETF | 1.9<br>|
| Fidelity Inflation-Protected Bond Index Fund | 1.9<br>|
| Fidelity High Income Fund | 1.5<br>|
| Fidelity Stock Selector Small Cap Fund | 1.3<br>|
|  | 84.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6986_20251231_2.jpg)<br>| ![](img123367_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914410.101 6988-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP FundsManager® 30% Portfolio<br> **VIP FundsManager® 30% Portfolio Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $11  | 0.10% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning contributed to the Portfolios' performance versus the Composite indexes for the year, whereas security selection detracted.

• The Portfolios' core equity allocation strategy contributed to relative performance, led by outsized exposure to both international developed- and emerging-markets stocks. Conversely, an overweight among U.S. equities detracted from the Portfolios' relative outcomes in 2025.

• The Portfolios' fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025, led by solid performance from Fidelity® VIP Stock Selector Portfolio, the largest equity holding this period. Here, investment choices in the communication services and financials sectors contributed the most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the Portfolios' relative returns, hampered mostly by disappointing results from Fidelity® Overseas Fund. Specifically, picks in Germany and several other continental European equity markets, as well as the U.K. and Canada, were the biggest negatives. Non-Composite allocations to the U.S. market also hurt.

• Investment choices in emerging-markets equities proved to be a challenge as well the past year, as out-of-index positioning in the Europe ex-U.K. region weighed on the performance of Fidelity® Emerging Markets Fund.

• Turning to fixed income, security selection among investment-grade bonds added value, driven by the efforts of our active bond fund managers.

• As of December 31, the Portfolios were overweight equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

April 13, 2023 through December 31, 2025.

Initial investment of $10,000.

---

| | | | |
|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10480<br>| $11152<br>|
| Fidelity VIP FundsManager 30% Composite Index℠<br>| $10000 | $10553<br>| $11239<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10202<br>| $10329<br>|
|  | 2023 | 2024 | 2025 |

---

![](img123368_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Service Class | 10.86% | 8.11% |
| Fidelity VIP FundsManager 30% Composite Index℠ | 11.30%<br>| 8.58% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| 3.85% |

---

**A** From April 13, 2023

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $27977584<br>|
| Number of Holdings | 30<br>|
| Total Advisory Fee | $21997<br>|
| Portfolio Turnover | 48%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 48.2 |
| Domestic Equity Funds | 21.0 |
| International Equity Funds | 14.4 |
| Short-Term Funds | 11.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6986_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 48.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 21.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 14.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 5.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity Total Bond Fund | 22.0<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 22.0<br>|
| VIP Stock Selector Portfolio - Investor Class | 14.9<br>|
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 11.4<br>|
| Fidelity Emerging Markets Fund | 4.0<br>|
| Fidelity Overseas Fund | 3.7<br>|
| Fidelity Enhanced International ETF | 1.9<br>|
| Fidelity Inflation-Protected Bond Index Fund | 1.9<br>|
| Fidelity High Income Fund | 1.5<br>|
| Fidelity Stock Selector Small Cap Fund | 1.3<br>|
|  | 84.6 |

---

**How has the Fund changed?**

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

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expensesExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6986_20251231_2.jpg)<br>| ![](img123368_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914411.101 6991-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP FundsManager® 30% Portfolio<br> **VIP FundsManager® 30% Portfolio Investor Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $11  | 0.10% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning contributed to the Portfolios' performance versus the Composite indexes for the year, whereas security selection detracted.

• The Portfolios' core equity allocation strategy contributed to relative performance, led by outsized exposure to both international developed- and emerging-markets stocks. Conversely, an overweight among U.S. equities detracted from the Portfolios' relative outcomes in 2025.

• The Portfolios' fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025, led by solid performance from Fidelity® VIP Stock Selector Portfolio, the largest equity holding this period. Here, investment choices in the communication services and financials sectors contributed the most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the Portfolios' relative returns, hampered mostly by disappointing results from Fidelity® Overseas Fund. Specifically, picks in Germany and several other continental European equity markets, as well as the U.K. and Canada, were the biggest negatives. Non-Composite allocations to the U.S. market also hurt.

• Investment choices in emerging-markets equities proved to be a challenge as well the past year, as out-of-index positioning in the Europe ex-U.K. region weighed on the performance of Fidelity® Emerging Markets Fund.

• Turning to fixed income, security selection among investment-grade bonds added value, driven by the efforts of our active bond fund managers.

• As of December 31, the Portfolios were overweight equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

April 13, 2023 through December 31, 2025.

Initial investment of $10,000.

---

| | | | |
|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $10480<br>| $11152<br>|
| Fidelity VIP FundsManager 30% Composite Index℠<br>| $10000 | $10553<br>| $11239<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10202<br>| $10329<br>|
|  | 2023 | 2024 | 2025 |

---

![](img123369_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Investor Class | 10.86% | 8.11% |
| Fidelity VIP FundsManager 30% Composite Index℠ | 11.30%<br>| 8.58% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| 3.85% |

---

**A** From April 13, 2023

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $27977584<br>|
| Number of Holdings | 30<br>|
| Total Advisory Fee | $21997<br>|
| Portfolio Turnover | 48%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 48.2 |
| Domestic Equity Funds | 21.0 |
| International Equity Funds | 14.4 |
| Short-Term Funds | 11.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 5.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6986_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 48.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 21.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 14.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 5.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity Total Bond Fund | 22.0<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 22.0<br>|
| VIP Stock Selector Portfolio - Investor Class | 14.9<br>|
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 11.4<br>|
| Fidelity Emerging Markets Fund | 4.0<br>|
| Fidelity Overseas Fund | 3.7<br>|
| Fidelity Enhanced International ETF | 1.9<br>|
| Fidelity Inflation-Protected Bond Index Fund | 1.9<br>|
| Fidelity High Income Fund | 1.5<br>|
| Fidelity Stock Selector Small Cap Fund | 1.3<br>|
|  | 84.6 |

---

**How has the Fund changed?**

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

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expensesExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6986_20251231_2.jpg)<br>| ![](img123369_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914409.101 6986-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP FundsManager® 20% Portfolio<br> **VIP FundsManager® 20% Portfolio Service Class 2 true** <br>|

---

This annual shareholder report contains information about VIP FundsManager® 20% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $26  | 0.25% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning contributed to the Portfolios' performance versus the Composite indexes for the year, whereas security selection detracted.

• The Portfolios' core equity allocation strategy contributed to relative performance, led by outsized exposure to both international developed- and emerging-markets stocks. Conversely, an overweight among U.S. equities detracted from the Portfolios' relative outcomes in 2025.

• The Portfolios' fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025, led by solid performance from Fidelity® VIP Stock Selector Portfolio, the largest equity holding this period. Here, investment choices in the communication services and financials sectors contributed the most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the Portfolios' relative returns, hampered mostly by disappointing results from Fidelity® Overseas Fund. Specifically, picks in Germany and several other continental European equity markets, as well as the U.K. and Canada, were the biggest negatives. Non-Composite allocations to the U.S. market also hurt.

• Investment choices in emerging-markets equities proved to be a challenge as well the past year, as out-of-index positioning in the Europe ex-U.K. region weighed on the performance of Fidelity® Emerging Markets Fund.

• Turning to fixed income, security selection among investment-grade bonds added value, driven by the efforts of our active bond fund managers.

• As of December 31, the Portfolios were overweight equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10266<br>| $11004<br>| $10804<br>| $11912<br>| $12861<br>| $13314<br>| $12027<br>| $12978<br>| $13678<br>| $14912<br>|
| Fidelity VIP FundsManager 20% Composite Index℠<br>| $10000 | $10334<br>| $10981<br>| $10885<br>| $12032<br>| $12967<br>| $13389<br>| $12088<br>| $13138<br>| $13851<br>| $15158<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123370_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 9.03% | 3.00% | 4.08% |
| Fidelity VIP FundsManager 20% Composite Index℠ | 9.44%<br>| 3.17%<br>| 4.25% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $689942447<br>|
| Number of Holdings | 36<br>|
| Total Advisory Fee | $677801<br>|
| Portfolio Turnover | 32%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 48.0 |
| Short-Term Funds | 23.7 |
| Domestic Equity Funds | 14.9 |
| International Equity Funds | 8.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1584_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 48.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 23.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 14.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.9 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 23.7<br>|
| Fidelity Total Bond Fund | 21.9<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 21.9<br>|
| VIP Stock Selector Portfolio - Investor Class | 9.6<br>|
| Fidelity Overseas Fund | 2.5<br>|
| Fidelity Emerging Markets Fund | 2.1<br>|
| Fidelity Inflation-Protected Bond Index Fund | 1.9<br>|
| Fidelity High Income Fund | 1.5<br>|
| Fidelity Hedged Equity Fund | 1.3<br>|
| Fidelity Stock Selector Small Cap Fund | 0.8<br>|
|  | 87.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1584_20251231_2.jpg)<br>| ![](img123370_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914305.101 1586-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP FundsManager® 20% Portfolio<br> **VIP FundsManager® 20% Portfolio Service Class true** <br>|

---

This annual shareholder report contains information about VIP FundsManager® 20% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $10  | 0.10% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning contributed to the Portfolios' performance versus the Composite indexes for the year, whereas security selection detracted.

• The Portfolios' core equity allocation strategy contributed to relative performance, led by outsized exposure to both international developed- and emerging-markets stocks. Conversely, an overweight among U.S. equities detracted from the Portfolios' relative outcomes in 2025.

• The Portfolios' fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025, led by solid performance from Fidelity® VIP Stock Selector Portfolio, the largest equity holding this period. Here, investment choices in the communication services and financials sectors contributed the most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the Portfolios' relative returns, hampered mostly by disappointing results from Fidelity® Overseas Fund. Specifically, picks in Germany and several other continental European equity markets, as well as the U.K. and Canada, were the biggest negatives. Non-Composite allocations to the U.S. market also hurt.

• Investment choices in emerging-markets equities proved to be a challenge as well the past year, as out-of-index positioning in the Europe ex-U.K. region weighed on the performance of Fidelity® Emerging Markets Fund.

• Turning to fixed income, security selection among investment-grade bonds added value, driven by the efforts of our active bond fund managers.

• As of December 31, the Portfolios were overweight equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10283<br>| $11037<br>| $10853<br>| $11981<br>| $12953<br>| $13437<br>| $12149<br>| $13138<br>| $13864<br>| $15130<br>|
| Fidelity VIP FundsManager 20% Composite Index℠<br>| $10000 | $10334<br>| $10981<br>| $10885<br>| $12032<br>| $12967<br>| $13389<br>| $12088<br>| $13138<br>| $13851<br>| $15158<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123371_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 9.13% | 3.16% | 4.23% |
| Fidelity VIP FundsManager 20% Composite Index℠ | 9.44%<br>| 3.17%<br>| 4.25% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $689942447<br>|
| Number of Holdings | 36<br>|
| Total Advisory Fee | $677801<br>|
| Portfolio Turnover | 32%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 48.0 |
| Short-Term Funds | 23.7 |
| Domestic Equity Funds | 14.9 |
| International Equity Funds | 8.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1584_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 48.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 23.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 14.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.9 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 23.7<br>|
| Fidelity Total Bond Fund | 21.9<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 21.9<br>|
| VIP Stock Selector Portfolio - Investor Class | 9.6<br>|
| Fidelity Overseas Fund | 2.5<br>|
| Fidelity Emerging Markets Fund | 2.1<br>|
| Fidelity Inflation-Protected Bond Index Fund | 1.9<br>|
| Fidelity High Income Fund | 1.5<br>|
| Fidelity Hedged Equity Fund | 1.3<br>|
| Fidelity Stock Selector Small Cap Fund | 0.8<br>|
|  | 87.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1584_20251231_2.jpg)<br>| ![](img123371_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914304.101 1585-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP FundsManager® 20% Portfolio<br> **VIP FundsManager® 20% Portfolio Investor Class true** <br>|

---

This annual shareholder report contains information about VIP FundsManager® 20% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $10  | 0.10% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, asset class positioning contributed to the Portfolios' performance versus the Composite indexes for the year, whereas security selection detracted.

• The Portfolios' core equity allocation strategy contributed to relative performance, led by outsized exposure to both international developed- and emerging-markets stocks. Conversely, an overweight among U.S. equities detracted from the Portfolios' relative outcomes in 2025.

• The Portfolios' fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025, led by solid performance from Fidelity® VIP Stock Selector Portfolio, the largest equity holding this period. Here, investment choices in the communication services and financials sectors contributed the most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the Portfolios' relative returns, hampered mostly by disappointing results from Fidelity® Overseas Fund. Specifically, picks in Germany and several other continental European equity markets, as well as the U.K. and Canada, were the biggest negatives. Non-Composite allocations to the U.S. market also hurt.

• Investment choices in emerging-markets equities proved to be a challenge as well the past year, as out-of-index positioning in the Europe ex-U.K. region weighed on the performance of Fidelity® Emerging Markets Fund.

• Turning to fixed income, security selection among investment-grade bonds added value, driven by the efforts of our active bond fund managers.

• As of December 31, the Portfolios were overweight equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $10293<br>| $11038<br>| $10854<br>| $11983<br>| $12967<br>| $13441<br>| $12151<br>| $13141<br>| $13868<br>| $15135<br>|
| Fidelity VIP FundsManager 20% Composite Index℠<br>| $10000 | $10334<br>| $10981<br>| $10885<br>| $12032<br>| $12967<br>| $13389<br>| $12088<br>| $13138<br>| $13851<br>| $15158<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123372_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 9.14% | 3.14% | 4.23% |
| Fidelity VIP FundsManager 20% Composite Index℠ | 9.44%<br>| 3.17%<br>| 4.25% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $689942447<br>|
| Number of Holdings | 36<br>|
| Total Advisory Fee | $677801<br>|
| Portfolio Turnover | 32%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 48.0 |
| Short-Term Funds | 23.7 |
| Domestic Equity Funds | 14.9 |
| International Equity Funds | 8.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1584_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 48.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 23.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 14.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.9 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 23.7<br>|
| Fidelity Total Bond Fund | 21.9<br>|
| VIP Investment Grade Bond II Portfolio - Investor Class | 21.9<br>|
| VIP Stock Selector Portfolio - Investor Class | 9.6<br>|
| Fidelity Overseas Fund | 2.5<br>|
| Fidelity Emerging Markets Fund | 2.1<br>|
| Fidelity Inflation-Protected Bond Index Fund | 1.9<br>|
| Fidelity High Income Fund | 1.5<br>|
| Fidelity Hedged Equity Fund | 1.3<br>|
| Fidelity Stock Selector Small Cap Fund | 0.8<br>|
|  | 87.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1584_20251231_2.jpg)<br>| ![](img123372_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914303.101 1584-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| VIP Freedom Lifetime Income® III Portfolio  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index the past year, especially in non-U.S. developed-market equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.32%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.39%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.81% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| VIP Freedom Lifetime Income® III Portfolio<br>| $10000 | $10683<br>| $12376<br>| $11673<br>| $14060<br>| $16201<br>| $17785<br>| $14932<br>| $16833<br>| $18146<br>| $20618<br>|
| Fidelity VIP Freedom Lifetime Income III Composite Index℠<br>| $10000 | $10701<br>| $12253<br>| $11795<br>| $14019<br>| $15834<br>| $17255<br>| $14576<br>| $16513<br>| $17883<br>| $20377<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123373_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| VIP Freedom Lifetime Income® III Portfolio | 13.62% | 4.94% | 7.50% |
| Fidelity VIP Freedom Lifetime Income III Composite Index℠ | 13.94%<br>| 5.17%<br>| 7.38% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $30010776<br>|
| Number of Holdings | 16<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 29%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 52.3 |
| Domestic Equity Funds | 25.1 |
| International Equity Funds | 21.4 |
| Short-Term Funds | 1.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1494_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 52.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 25.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 21.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Investor Class | 30.7<br>|
| VIP Overseas Portfolio - Investor Class | 14.8<br>|
| Fidelity Inflation-Protected Bond Index Fund | 12.4<br>|
| VIP Growth Portfolio - Investor Class | 7.1<br>|
| VIP Emerging Markets Portfolio - Investor Class | 6.6<br>|
| VIP Growth & Income Portfolio - Investor Class | 4.7<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 4.7<br>|
| VIP Contrafund Portfolio - Investor Class | 4.3<br>|
| VIP Equity Income Portfolio - Investor Class | 3.5<br>|
| Fidelity International Bond Index Fund | 3.3<br>|
|  | 92.1 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1494_20251231_2.jpg)<br>| ![](img123373_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914291.101 1494-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| VIP Freedom Lifetime Income® II Portfolio  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index the past year, especially in non-U.S. developed-market equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.32%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.39%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.81% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| VIP Freedom Lifetime Income® II Portfolio<br>| $10000 | $10590<br>| $11892<br>| $11422<br>| $13316<br>| $15017<br>| $15958<br>| $13751<br>| $15099<br>| $15940<br>| $17678<br>|
| Fidelity VIP Freedom Lifetime Income II Composite Index℠<br>| $10000 | $10564<br>| $11757<br>| $11494<br>| $13234<br>| $14653<br>| $15509<br>| $13466<br>| $14846<br>| $15747<br>| $17443<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123374_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| VIP Freedom Lifetime Income® II Portfolio | 10.90% | 3.32% | 5.86% |
| Fidelity VIP Freedom Lifetime Income II Composite Index℠ | 10.77%<br>| 3.55%<br>| 5.72% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $25500475<br>|
| Number of Holdings | 16<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 27%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 59.4 |
| Domestic Equity Funds | 15.4 |
| International Equity Funds | 14.8 |
| Short-Term Funds | 10.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1493_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 59.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 15.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 14.8&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Investor Class | 36.7<br>|
| Fidelity Inflation-Protected Bond Index Fund | 14.6<br>|
| VIP Government Money Market Portfolio - Investor Class | 10.4<br>|
| VIP Overseas Portfolio - Investor Class | 10.2<br>|
| VIP Emerging Markets Portfolio - Investor Class | 4.6<br>|
| VIP Growth Portfolio - Investor Class | 4.3<br>|
| Fidelity International Bond Index Fund | 3.7<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 3.2<br>|
| VIP Growth & Income Portfolio - Investor Class | 2.9<br>|
| VIP Contrafund Portfolio - Investor Class | 2.4<br>|
|  | 93.0 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1493_20251231_2.jpg)<br>| ![](img123374_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914290.101 1493-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| VIP Freedom Lifetime Income® I Portfolio  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index the past year, especially in non-U.S. developed-market equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.32%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.39%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.81% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| VIP Freedom Lifetime Income® I Portfolio<br>| $10000 | $10505<br>| $11306<br>| $11014<br>| $12367<br>| $13658<br>| $14104<br>| $12410<br>| $13389<br>| $13962<br>| $15316<br>|
| Fidelity VIP Freedom Lifetime Income I Composite Index℠<br>| $10000 | $10383<br>| $11085<br>| $10933<br>| $12145<br>| $13191<br>| $13607<br>| $12063<br>| $13068<br>| $13700<br>| $14994<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123375_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| VIP Freedom Lifetime Income® I Portfolio | 9.70% | 2.32% | 4.36% |
| Fidelity VIP Freedom Lifetime Income I Composite Index℠ | 9.44%<br>| 2.60%<br>| 4.13% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $8047826<br>|
| Number of Holdings | 16<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 26%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 61.4 |
| Short-Term Funds | 14.2 |
| International Equity Funds | 12.4 |
| Domestic Equity Funds | 12.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1492_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 61.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 14.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| International Equity Funds - 12.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 12.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Investor Class | 38.2<br>|
| Fidelity Inflation-Protected Bond Index Fund | 15.5<br>|
| VIP Government Money Market Portfolio - Investor Class | 14.2<br>|
| VIP Overseas Portfolio - Investor Class | 8.5<br>|
| VIP Emerging Markets Portfolio - Investor Class | 3.9<br>|
| Fidelity International Bond Index Fund | 3.6<br>|
| VIP Growth Portfolio - Investor Class | 3.2<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 2.9<br>|
| VIP Growth & Income Portfolio - Investor Class | 2.1<br>|
| VIP Contrafund Portfolio - Investor Class | 1.9<br>|
|  | 94.0 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1492_20251231_2.jpg)<br>| ![](img123375_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914289.101 1492-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $26  | 0.25% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10417<br>| $11288<br>| $11031<br>| $12314<br>| $13581<br>| $13992<br>| $12277<br>| $13216<br>| $13771<br>| $15053<br>|
| Fidelity VIP Freedom Income Composite Index℠<br>| $10000 | $10385<br>| $11122<br>| $11045<br>| $12244<br>| $13298<br>| $13717<br>| $12161<br>| $13174<br>| $13811<br>| $15114<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123376_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 9.31% | 2.08% | 4.17% |
| Fidelity VIP Freedom Income Composite Index℠ | 9.43%<br>| 2.59%<br>| 4.22% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $115981494<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 53%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 61.1 |
| Short-Term Funds | 15.1 |
| International Equity Funds | 12.4 |
| Domestic Equity Funds | 11.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1417_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 61.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| International Equity Funds - 12.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Initial Class | 36.8<br>|
| Fidelity Inflation-Protected Bond Index Fund | 17.5<br>|
| VIP Government Money Market Portfolio - Initial Class | 15.1<br>|
| VIP Overseas Portfolio - Initial Class | 8.2<br>|
| VIP Emerging Markets Portfolio - Initial Class | 4.2<br>|
| Fidelity International Bond Index Fund | 3.4<br>|
| VIP Growth Portfolio - Initial Class | 3.4<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 3.0<br>|
| VIP Growth & Income Portfolio - Initial Class | 2.2<br>|
| VIP Contrafund Portfolio - Initial Class | 2.0<br>|
|  | 95.8 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1417_20251231_2.jpg)<br>| ![](img123376_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914270.101 1419-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $10  | 0.10% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10432<br>| $11317<br>| $11078<br>| $12393<br>| $13679<br>| $14112<br>| $12411<br>| $13381<br>| $13954<br>| $15287<br>|
| Fidelity VIP Freedom Income Composite Index℠<br>| $10000 | $10385<br>| $11122<br>| $11045<br>| $12244<br>| $13298<br>| $13717<br>| $12161<br>| $13174<br>| $13811<br>| $15114<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123377_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 9.56% | 2.25% | 4.34% |
| Fidelity VIP Freedom Income Composite Index℠ | 9.43%<br>| 2.59%<br>| 4.22% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $115981494<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 53%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 61.1 |
| Short-Term Funds | 15.1 |
| International Equity Funds | 12.4 |
| Domestic Equity Funds | 11.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1417_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 61.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| International Equity Funds - 12.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Initial Class | 36.8<br>|
| Fidelity Inflation-Protected Bond Index Fund | 17.5<br>|
| VIP Government Money Market Portfolio - Initial Class | 15.1<br>|
| VIP Overseas Portfolio - Initial Class | 8.2<br>|
| VIP Emerging Markets Portfolio - Initial Class | 4.2<br>|
| Fidelity International Bond Index Fund | 3.4<br>|
| VIP Growth Portfolio - Initial Class | 3.4<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 3.0<br>|
| VIP Growth & Income Portfolio - Initial Class | 2.2<br>|
| VIP Contrafund Portfolio - Initial Class | 2.0<br>|
|  | 95.8 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1417_20251231_2.jpg)<br>| ![](img123377_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914269.101 1418-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $0 A | 0.00%B |

---

AAmount represents less than $.50

BAmount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10450<br>| $11337<br>| $11115<br>| $12442<br>| $13745<br>| $14206<br>| $12495<br>| $13483<br>| $14083<br>| $15439<br>|
| Fidelity VIP Freedom Income Composite Index℠<br>| $10000 | $10385<br>| $11122<br>| $11045<br>| $12244<br>| $13298<br>| $13717<br>| $12161<br>| $13174<br>| $13811<br>| $15114<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123378_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 9.63% | 2.35% | 4.44% |
| Fidelity VIP Freedom Income Composite Index℠ | 9.43%<br>| 2.59%<br>| 4.22% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $115981494<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 53%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 61.1 |
| Short-Term Funds | 15.1 |
| International Equity Funds | 12.4 |
| Domestic Equity Funds | 11.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1417_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 61.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| International Equity Funds - 12.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Initial Class | 36.8<br>|
| Fidelity Inflation-Protected Bond Index Fund | 17.5<br>|
| VIP Government Money Market Portfolio - Initial Class | 15.1<br>|
| VIP Overseas Portfolio - Initial Class | 8.2<br>|
| VIP Emerging Markets Portfolio - Initial Class | 4.2<br>|
| Fidelity International Bond Index Fund | 3.4<br>|
| VIP Growth Portfolio - Initial Class | 3.4<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 3.0<br>|
| VIP Growth & Income Portfolio - Initial Class | 2.2<br>|
| VIP Contrafund Portfolio - Initial Class | 2.0<br>|
|  | 95.8 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1417_20251231_2.jpg)<br>| ![](img123378_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914268.101 1417-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2065 Portfolio℠<br> **VIP Freedom 2065 Portfolio℠ Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2065 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $27  | 0.25% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

April 11, 2019 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $11161<br>| $13285<br>| $15607<br>| $12728<br>| $15162<br>| $17226<br>|
| Fidelity VIP Freedom 2065 Composite Index℠<br>| $10000 | $11078<br>| $12911<br>| $15000<br>| $12279<br>| $14749<br>| $16878<br>|
| S&P 500® Index<br>| $10000 | $11346<br>| $13433<br>| $17289<br>| $14158<br>| $17880<br>| $22353<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123379_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Service Class 2 | 19.52% | 9.16% | 11.33% |
| Fidelity VIP Freedom 2065 Composite Index℠ | 21.44%<br>| 9.68%<br>| 11.25% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 15.49% |

---

**A** From April 11, 2019

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $11820298<br>|
| Number of Holdings | 12<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 56%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 52.7 |
| International Equity Funds | 40.4 |
| Bond Funds | 6.6 |
| Short-Term Funds | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3362_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 52.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 40.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 27.7<br>|
| VIP Growth Portfolio - Initial Class | 15.4<br>|
| VIP Emerging Markets Portfolio - Initial Class | 12.7<br>|
| VIP Growth & Income Portfolio - Initial Class | 10.3<br>|
| VIP Contrafund Portfolio - Initial Class | 9.3<br>|
| VIP Equity-Income Portfolio - Initial Class | 7.5<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.5<br>|
| VIP Value Portfolio - Initial Class | 5.3<br>|
| VIP Value Strategies Portfolio - Initial Class | 2.6<br>|
| VIP Mid Cap Portfolio - Initial Class | 2.3<br>|
|  | 99.6 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3362_20251231_2.jpg)<br>| ![](img123379_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914392.101 3368-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2065 Portfolio℠<br> **VIP Freedom 2065 Portfolio℠ Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2065 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $11  | 0.10% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

April 11, 2019 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $11172<br>| $13313<br>| $15678<br>| $12806<br>| $15276<br>| $17369<br>|
| Fidelity VIP Freedom 2065 Composite Index℠<br>| $10000 | $11078<br>| $12911<br>| $15000<br>| $12279<br>| $14749<br>| $16878<br>|
| S&P 500® Index<br>| $10000 | $11346<br>| $13433<br>| $17289<br>| $14158<br>| $17880<br>| $22353<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123380_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Service Class | 19.71% | 9.33% | 11.49% |
| Fidelity VIP Freedom 2065 Composite Index℠ | 21.44%<br>| 9.68%<br>| 11.25% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 15.49% |

---

**A** From April 11, 2019

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $11820298<br>|
| Number of Holdings | 12<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 56%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 52.7 |
| International Equity Funds | 40.4 |
| Bond Funds | 6.6 |
| Short-Term Funds | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3362_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 52.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 40.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 27.7<br>|
| VIP Growth Portfolio - Initial Class | 15.4<br>|
| VIP Emerging Markets Portfolio - Initial Class | 12.7<br>|
| VIP Growth & Income Portfolio - Initial Class | 10.3<br>|
| VIP Contrafund Portfolio - Initial Class | 9.3<br>|
| VIP Equity-Income Portfolio - Initial Class | 7.5<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.5<br>|
| VIP Value Portfolio - Initial Class | 5.3<br>|
| VIP Value Strategies Portfolio - Initial Class | 2.6<br>|
| VIP Mid Cap Portfolio - Initial Class | 2.3<br>|
|  | 99.6 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3362_20251231_2.jpg)<br>| ![](img123380_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914391.101 3367-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2065 Portfolio℠<br> **VIP Freedom 2065 Portfolio℠ Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2065 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $0 A | 0.00%B |

---

AAmount represents less than $.50

BAmount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

April 11, 2019 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $11179<br>| $13343<br>| $15719<br>| $12855<br>| $15342<br>| $17468<br>|
| Fidelity VIP Freedom 2065 Composite Index℠<br>| $10000 | $11078<br>| $12911<br>| $15000<br>| $12279<br>| $14749<br>| $16878<br>|
| S&P 500® Index<br>| $10000 | $11346<br>| $13433<br>| $17289<br>| $14158<br>| $17880<br>| $22353<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123381_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Initial Class | 19.86% | 9.43% | 11.61% |
| Fidelity VIP Freedom 2065 Composite Index℠ | 21.44%<br>| 9.68%<br>| 11.25% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 15.49% |

---

**A** From April 11, 2019

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $11820298<br>|
| Number of Holdings | 12<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 56%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 52.7 |
| International Equity Funds | 40.4 |
| Bond Funds | 6.6 |
| Short-Term Funds | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3362_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 52.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 40.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 27.7<br>|
| VIP Growth Portfolio - Initial Class | 15.4<br>|
| VIP Emerging Markets Portfolio - Initial Class | 12.7<br>|
| VIP Growth & Income Portfolio - Initial Class | 10.3<br>|
| VIP Contrafund Portfolio - Initial Class | 9.3<br>|
| VIP Equity-Income Portfolio - Initial Class | 7.5<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.5<br>|
| VIP Value Portfolio - Initial Class | 5.3<br>|
| VIP Value Strategies Portfolio - Initial Class | 2.6<br>|
| VIP Mid Cap Portfolio - Initial Class | 2.3<br>|
|  | 99.6 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3362_20251231_2.jpg)<br>| ![](img123381_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914390.101 3362-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2060 Portfolio℠<br> **VIP Freedom 2060 Portfolio℠ Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2060 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $27  | 0.25% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

April 11, 2019 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $11161<br>| $13286<br>| $15614<br>| $12743<br>| $15180<br>| $17234<br>|
| Fidelity VIP Freedom 2060 Composite Index℠<br>| $10000 | $11078<br>| $12911<br>| $15000<br>| $12279<br>| $14749<br>| $16878<br>|
| S&P 500® Index<br>| $10000 | $11346<br>| $13433<br>| $17289<br>| $14158<br>| $17880<br>| $22353<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123382_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Service Class 2 | 19.53% | 9.17% | 11.34% |
| Fidelity VIP Freedom 2060 Composite Index℠ | 21.44%<br>| 9.68%<br>| 11.25% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 15.49% |

---

**A** From April 11, 2019

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $31123291<br>|
| Number of Holdings | 12<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 52%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 52.7 |
| International Equity Funds | 40.4 |
| Bond Funds | 6.6 |
| Short-Term Funds | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3361_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 52.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 40.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 27.7<br>|
| VIP Growth Portfolio - Initial Class | 15.4<br>|
| VIP Emerging Markets Portfolio - Initial Class | 12.7<br>|
| VIP Growth & Income Portfolio - Initial Class | 10.3<br>|
| VIP Contrafund Portfolio - Initial Class | 9.3<br>|
| VIP Equity-Income Portfolio - Initial Class | 7.5<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.5<br>|
| VIP Value Portfolio - Initial Class | 5.3<br>|
| VIP Value Strategies Portfolio - Initial Class | 2.6<br>|
| VIP Mid Cap Portfolio - Initial Class | 2.3<br>|
|  | 99.6 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3361_20251231_2.jpg)<br>| ![](img123382_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914389.101 3366-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2060 Portfolio℠<br> **VIP Freedom 2060 Portfolio℠ Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2060 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $11  | 0.10% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

April 11, 2019 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $11180<br>| $13329<br>| $15677<br>| $12813<br>| $15287<br>| $17384<br>|
| Fidelity VIP Freedom 2060 Composite Index℠<br>| $10000 | $11078<br>| $12911<br>| $15000<br>| $12279<br>| $14749<br>| $16878<br>|
| S&P 500® Index<br>| $10000 | $11346<br>| $13433<br>| $17289<br>| $14158<br>| $17880<br>| $22353<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123383_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Service Class | 19.75% | 9.33% | 11.51% |
| Fidelity VIP Freedom 2060 Composite Index℠ | 21.44%<br>| 9.68%<br>| 11.25% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 15.49% |

---

**A** From April 11, 2019

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $31123291<br>|
| Number of Holdings | 12<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 52%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 52.7 |
| International Equity Funds | 40.4 |
| Bond Funds | 6.6 |
| Short-Term Funds | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3361_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 52.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 40.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 27.7<br>|
| VIP Growth Portfolio - Initial Class | 15.4<br>|
| VIP Emerging Markets Portfolio - Initial Class | 12.7<br>|
| VIP Growth & Income Portfolio - Initial Class | 10.3<br>|
| VIP Contrafund Portfolio - Initial Class | 9.3<br>|
| VIP Equity-Income Portfolio - Initial Class | 7.5<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.5<br>|
| VIP Value Portfolio - Initial Class | 5.3<br>|
| VIP Value Strategies Portfolio - Initial Class | 2.6<br>|
| VIP Mid Cap Portfolio - Initial Class | 2.3<br>|
|  | 99.6 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3361_20251231_2.jpg)<br>| ![](img123383_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914388.101 3365-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2060 Portfolio℠<br> **VIP Freedom 2060 Portfolio℠ Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2060 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $0 A | 0.00%B |

---

AAmount represents less than $.50

BAmount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

April 11, 2019 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $11186<br>| $13345<br>| $15719<br>| $12860<br>| $15353<br>| $17486<br>|
| Fidelity VIP Freedom 2060 Composite Index℠<br>| $10000 | $11078<br>| $12911<br>| $15000<br>| $12279<br>| $14749<br>| $16878<br>|
| S&P 500® Index<br>| $10000 | $11346<br>| $13433<br>| $17289<br>| $14158<br>| $17880<br>| $22353<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123384_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Initial Class | 19.83% | 9.44% | 11.62% |
| Fidelity VIP Freedom 2060 Composite Index℠ | 21.44%<br>| 9.68%<br>| 11.25% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 15.49% |

---

**A** From April 11, 2019

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $31123291<br>|
| Number of Holdings | 12<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 52%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 52.7 |
| International Equity Funds | 40.4 |
| Bond Funds | 6.6 |
| Short-Term Funds | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3361_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 52.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 40.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 27.7<br>|
| VIP Growth Portfolio - Initial Class | 15.4<br>|
| VIP Emerging Markets Portfolio - Initial Class | 12.7<br>|
| VIP Growth & Income Portfolio - Initial Class | 10.3<br>|
| VIP Contrafund Portfolio - Initial Class | 9.3<br>|
| VIP Equity-Income Portfolio - Initial Class | 7.5<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.5<br>|
| VIP Value Portfolio - Initial Class | 5.3<br>|
| VIP Value Strategies Portfolio - Initial Class | 2.6<br>|
| VIP Mid Cap Portfolio - Initial Class | 2.3<br>|
|  | 99.6 |

---

**How has the Fund changed?**

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

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expensesExpense reductions The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3361_20251231_2.jpg)<br>| ![](img123384_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914387.101 3361-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2055 Portfolio℠<br> **VIP Freedom 2055 Portfolio℠ Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2055 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $27  | 0.25% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

April 11, 2019 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $11160<br>| $13282<br>| $15609<br>| $12728<br>| $15162<br>| $17226<br>|
| Fidelity VIP Freedom 2055 Composite Index℠<br>| $10000 | $11078<br>| $12911<br>| $15000<br>| $12279<br>| $14749<br>| $16878<br>|
| S&P 500® Index<br>| $10000 | $11346<br>| $13433<br>| $17289<br>| $14158<br>| $17880<br>| $22353<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123385_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Service Class 2 | 19.53% | 9.16% | 11.33% |
| Fidelity VIP Freedom 2055 Composite Index℠ | 21.44%<br>| 9.68%<br>| 11.25% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 15.49% |

---

**A** From April 11, 2019

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $36147428<br>|
| Number of Holdings | 13<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 33%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 52.7 |
| International Equity Funds | 40.4 |
| Bond Funds | 6.7 |
| Short-Term Funds | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3360_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 52.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 40.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 27.7<br>|
| VIP Growth Portfolio - Initial Class | 15.4<br>|
| VIP Emerging Markets Portfolio - Initial Class | 12.7<br>|
| VIP Growth & Income Portfolio - Initial Class | 10.3<br>|
| VIP Contrafund Portfolio - Initial Class | 9.3<br>|
| VIP Equity-Income Portfolio - Initial Class | 7.5<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.6<br>|
| VIP Value Portfolio - Initial Class | 5.2<br>|
| VIP Value Strategies Portfolio - Initial Class | 2.6<br>|
| VIP Mid Cap Portfolio - Initial Class | 2.4<br>|
|  | 99.7 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3360_20251231_2.jpg)<br>| ![](img123385_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914386.101 3364-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2055 Portfolio℠<br> **VIP Freedom 2055 Portfolio℠ Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2055 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $11  | 0.10% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

April 11, 2019 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $11178<br>| $13314<br>| $15673<br>| $12796<br>| $15279<br>| $17375<br>|
| Fidelity VIP Freedom 2055 Composite Index℠<br>| $10000 | $11078<br>| $12911<br>| $15000<br>| $12279<br>| $14749<br>| $16878<br>|
| S&P 500® Index<br>| $10000 | $11346<br>| $13433<br>| $17289<br>| $14158<br>| $17880<br>| $22353<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123386_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Service Class | 19.71% | 9.33% | 11.50% |
| Fidelity VIP Freedom 2055 Composite Index℠ | 21.44%<br>| 9.68%<br>| 11.25% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 15.49% |

---

**A** From April 11, 2019

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $36147428<br>|
| Number of Holdings | 13<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 33%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 52.7 |
| International Equity Funds | 40.4 |
| Bond Funds | 6.7 |
| Short-Term Funds | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3360_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 52.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 40.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 27.7<br>|
| VIP Growth Portfolio - Initial Class | 15.4<br>|
| VIP Emerging Markets Portfolio - Initial Class | 12.7<br>|
| VIP Growth & Income Portfolio - Initial Class | 10.3<br>|
| VIP Contrafund Portfolio - Initial Class | 9.3<br>|
| VIP Equity-Income Portfolio - Initial Class | 7.5<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.6<br>|
| VIP Value Portfolio - Initial Class | 5.2<br>|
| VIP Value Strategies Portfolio - Initial Class | 2.6<br>|
| VIP Mid Cap Portfolio - Initial Class | 2.4<br>|
|  | 99.7 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3360_20251231_2.jpg)<br>| ![](img123386_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914385.101 3363-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2055 Portfolio℠<br> **VIP Freedom 2055 Portfolio℠ Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2055 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $0 A | 0.00%B |

---

AAmount represents less than $.50

BAmount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

April 11, 2019 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $11185<br>| $13342<br>| $15715<br>| $12846<br>| $15348<br>| $17467<br>|
| Fidelity VIP Freedom 2055 Composite Index℠<br>| $10000 | $11078<br>| $12911<br>| $15000<br>| $12279<br>| $14749<br>| $16878<br>|
| S&P 500® Index<br>| $10000 | $11346<br>| $13433<br>| $17289<br>| $14158<br>| $17880<br>| $22353<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123387_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Initial Class | 19.85% | 9.43% | 11.60% |
| Fidelity VIP Freedom 2055 Composite Index℠ | 21.44%<br>| 9.68%<br>| 11.25% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 15.49% |

---

**A** From April 11, 2019

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $36147428<br>|
| Number of Holdings | 13<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 33%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 52.7 |
| International Equity Funds | 40.4 |
| Bond Funds | 6.7 |
| Short-Term Funds | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3360_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 52.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 40.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 27.7<br>|
| VIP Growth Portfolio - Initial Class | 15.4<br>|
| VIP Emerging Markets Portfolio - Initial Class | 12.7<br>|
| VIP Growth & Income Portfolio - Initial Class | 10.3<br>|
| VIP Contrafund Portfolio - Initial Class | 9.3<br>|
| VIP Equity-Income Portfolio - Initial Class | 7.5<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.6<br>|
| VIP Value Portfolio - Initial Class | 5.2<br>|
| VIP Value Strategies Portfolio - Initial Class | 2.6<br>|
| VIP Mid Cap Portfolio - Initial Class | 2.4<br>|
|  | 99.7 |

---

**How has the Fund changed?**

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

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expensesExpense reductions The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3360_20251231_2.jpg)<br>| ![](img123387_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914384.101 3360-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2050 Portfolio℠<br> **VIP Freedom 2050 Portfolio℠ Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2050 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $27  | 0.25% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10656<br>| $13139<br>| $11808<br>| $15140<br>| $18016<br>| $21172<br>| $17262<br>| $20575<br>| $23362<br>| $27917<br>|
| Fidelity VIP Freedom 2050 Composite Index℠<br>| $10000 | $10954<br>| $13250<br>| $12316<br>| $15559<br>| $18133<br>| $21067<br>| $17246<br>| $20715<br>| $23704<br>| $28782<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123388_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 19.50% | 9.15% | 10.81% |
| Fidelity VIP Freedom 2050 Composite Index℠ | 21.42%<br>| 9.68%<br>| 11.15% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $210151298<br>|
| Number of Holdings | 13<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 35%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 52.2 |
| International Equity Funds | 40.0 |
| Bond Funds | 7.5 |
| Short-Term Funds | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2168_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 52.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 40.0&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 27.5<br>|
| VIP Growth Portfolio - Initial Class | 15.3<br>|
| VIP Emerging Markets Portfolio - Initial Class | 12.5<br>|
| VIP Growth & Income Portfolio - Initial Class | 10.2<br>|
| VIP Contrafund Portfolio - Initial Class | 9.2<br>|
| VIP Equity-Income Portfolio - Initial Class | 7.4<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.9<br>|
| VIP Value Portfolio - Initial Class | 5.2<br>|
| VIP Value Strategies Portfolio - Initial Class | 2.6<br>|
| VIP Mid Cap Portfolio - Initial Class | 2.3<br>|
|  | 99.1 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2168_20251231_2.jpg)<br>| ![](img123388_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914341.101 2170-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2050 Portfolio℠<br> **VIP Freedom 2050 Portfolio℠ Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2050 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $11  | 0.10% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10675<br>| $13180<br>| $11858<br>| $15225<br>| $18144<br>| $21361<br>| $17450<br>| $20818<br>| $23678<br>| $28336<br>|
| Fidelity VIP Freedom 2050 Composite Index℠<br>| $10000 | $10954<br>| $13250<br>| $12316<br>| $15559<br>| $18133<br>| $21067<br>| $17246<br>| $20715<br>| $23704<br>| $28782<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123389_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 19.68% | 9.33% | 10.98% |
| Fidelity VIP Freedom 2050 Composite Index℠ | 21.42%<br>| 9.68%<br>| 11.15% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $210151298<br>|
| Number of Holdings | 13<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 35%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 52.2 |
| International Equity Funds | 40.0 |
| Bond Funds | 7.5 |
| Short-Term Funds | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2168_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 52.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 40.0&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 27.5<br>|
| VIP Growth Portfolio - Initial Class | 15.3<br>|
| VIP Emerging Markets Portfolio - Initial Class | 12.5<br>|
| VIP Growth & Income Portfolio - Initial Class | 10.2<br>|
| VIP Contrafund Portfolio - Initial Class | 9.2<br>|
| VIP Equity-Income Portfolio - Initial Class | 7.4<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.9<br>|
| VIP Value Portfolio - Initial Class | 5.2<br>|
| VIP Value Strategies Portfolio - Initial Class | 2.6<br>|
| VIP Mid Cap Portfolio - Initial Class | 2.3<br>|
|  | 99.1 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2168_20251231_2.jpg)<br>| ![](img123389_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914340.101 2169-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2050 Portfolio℠<br> **VIP Freedom 2050 Portfolio℠ Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2050 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $0 A | 0.00%B |

---

AAmount represents less than $.50

BAmount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10684<br>| $13197<br>| $11892<br>| $15282<br>| $18228<br>| $21479<br>| $17565<br>| $20980<br>| $23883<br>| $28610<br>|
| Fidelity VIP Freedom 2050 Composite Index℠<br>| $10000 | $10954<br>| $13250<br>| $12316<br>| $15559<br>| $18133<br>| $21067<br>| $17246<br>| $20715<br>| $23704<br>| $28782<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123390_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 19.79% | 9.43% | 11.08% |
| Fidelity VIP Freedom 2050 Composite Index℠ | 21.42%<br>| 9.68%<br>| 11.15% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $210151298<br>|
| Number of Holdings | 13<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 35%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 52.2 |
| International Equity Funds | 40.0 |
| Bond Funds | 7.5 |
| Short-Term Funds | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2168_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 52.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 40.0&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 27.5<br>|
| VIP Growth Portfolio - Initial Class | 15.3<br>|
| VIP Emerging Markets Portfolio - Initial Class | 12.5<br>|
| VIP Growth & Income Portfolio - Initial Class | 10.2<br>|
| VIP Contrafund Portfolio - Initial Class | 9.2<br>|
| VIP Equity-Income Portfolio - Initial Class | 7.4<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.9<br>|
| VIP Value Portfolio - Initial Class | 5.2<br>|
| VIP Value Strategies Portfolio - Initial Class | 2.6<br>|
| VIP Mid Cap Portfolio - Initial Class | 2.3<br>|
|  | 99.1 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2168_20251231_2.jpg)<br>| ![](img123390_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914339.101 2168-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2045 Portfolio℠<br> **VIP Freedom 2045 Portfolio℠ Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2045 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $27  | 0.25% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10656<br>| $13139<br>| $11808<br>| $15144<br>| $18015<br>| $21174<br>| $17275<br>| $20578<br>| $23364<br>| $27927<br>|
| Fidelity VIP Freedom 2045 Composite Index℠<br>| $10000 | $10954<br>| $13250<br>| $12316<br>| $15559<br>| $18133<br>| $21067<br>| $17246<br>| $20715<br>| $23704<br>| $28780<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123391_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 19.53% | 9.16% | 10.82% |
| Fidelity VIP Freedom 2045 Composite Index℠ | 21.41%<br>| 9.68%<br>| 11.15% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $256590941<br>|
| Number of Holdings | 14<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 33%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 51.7 |
| International Equity Funds | 39.6 |
| Bond Funds | 8.4 |
| Short-Term Funds | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2165_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 51.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 39.6&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 27.2<br>|
| VIP Growth Portfolio - Initial Class | 15.1<br>|
| VIP Emerging Markets Portfolio - Initial Class | 12.4<br>|
| VIP Growth & Income Portfolio - Initial Class | 10.1<br>|
| VIP Contrafund Portfolio - Initial Class | 9.1<br>|
| VIP Equity-Income Portfolio - Initial Class | 7.4<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.8<br>|
| VIP Value Portfolio - Initial Class | 5.1<br>|
| VIP Value Strategies Portfolio - Initial Class | 2.6<br>|
| VIP Mid Cap Portfolio - Initial Class | 2.3<br>|
|  | 98.1 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2165_20251231_2.jpg)<br>| ![](img123391_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914338.101 2167-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2045 Portfolio℠<br> **VIP Freedom 2045 Portfolio℠ Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2045 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $11  | 0.10% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10673<br>| $13173<br>| $11860<br>| $15229<br>| $18149<br>| $21360<br>| $17450<br>| $20823<br>| $23676<br>| $28347<br>|
| Fidelity VIP Freedom 2045 Composite Index℠<br>| $10000 | $10954<br>| $13250<br>| $12316<br>| $15559<br>| $18133<br>| $21067<br>| $17246<br>| $20715<br>| $23704<br>| $28780<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123392_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 19.73% | 9.33% | 10.98% |
| Fidelity VIP Freedom 2045 Composite Index℠ | 21.41%<br>| 9.68%<br>| 11.15% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $256590941<br>|
| Number of Holdings | 14<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 33%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 51.7 |
| International Equity Funds | 39.6 |
| Bond Funds | 8.4 |
| Short-Term Funds | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2165_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 51.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 39.6&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 27.2<br>|
| VIP Growth Portfolio - Initial Class | 15.1<br>|
| VIP Emerging Markets Portfolio - Initial Class | 12.4<br>|
| VIP Growth & Income Portfolio - Initial Class | 10.1<br>|
| VIP Contrafund Portfolio - Initial Class | 9.1<br>|
| VIP Equity-Income Portfolio - Initial Class | 7.4<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.8<br>|
| VIP Value Portfolio - Initial Class | 5.1<br>|
| VIP Value Strategies Portfolio - Initial Class | 2.6<br>|
| VIP Mid Cap Portfolio - Initial Class | 2.3<br>|
|  | 98.1 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2165_20251231_2.jpg)<br>| ![](img123392_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914337.101 2166-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2045 Portfolio℠<br> **VIP Freedom 2045 Portfolio℠ Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2045 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $0 A | 0.00%B |

---

AAmount represents less than $.50

BAmount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10680<br>| $13200<br>| $11894<br>| $15292<br>| $18238<br>| $21490<br>| $17576<br>| $20987<br>| $23891<br>| $28629<br>|
| Fidelity VIP Freedom 2045 Composite Index℠<br>| $10000 | $10954<br>| $13250<br>| $12316<br>| $15559<br>| $18133<br>| $21067<br>| $17246<br>| $20715<br>| $23704<br>| $28780<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123393_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 19.83% | 9.44% | 11.09% |
| Fidelity VIP Freedom 2045 Composite Index℠ | 21.41%<br>| 9.68%<br>| 11.15% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $256590941<br>|
| Number of Holdings | 14<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 33%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 51.7 |
| International Equity Funds | 39.6 |
| Bond Funds | 8.4 |
| Short-Term Funds | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2165_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 51.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 39.6&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 27.2<br>|
| VIP Growth Portfolio - Initial Class | 15.1<br>|
| VIP Emerging Markets Portfolio - Initial Class | 12.4<br>|
| VIP Growth & Income Portfolio - Initial Class | 10.1<br>|
| VIP Contrafund Portfolio - Initial Class | 9.1<br>|
| VIP Equity-Income Portfolio - Initial Class | 7.4<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.8<br>|
| VIP Value Portfolio - Initial Class | 5.1<br>|
| VIP Value Strategies Portfolio - Initial Class | 2.6<br>|
| VIP Mid Cap Portfolio - Initial Class | 2.3<br>|
|  | 98.1 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2165_20251231_2.jpg)<br>| ![](img123393_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914336.101 2165-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2040 Portfolio℠<br> **VIP Freedom 2040 Portfolio℠ Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2040 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $27  | 0.25% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10653<br>| $13134<br>| $11805<br>| $15138<br>| $18012<br>| $21164<br>| $17267<br>| $20481<br>| $23105<br>| $27367<br>|
| Fidelity VIP Freedom 2040 Composite Index℠<br>| $10000 | $10954<br>| $13250<br>| $12316<br>| $15559<br>| $18133<br>| $21066<br>| $17251<br>| $20631<br>| $23442<br>| $28121<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123394_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 18.44% | 8.73% | 10.59% |
| Fidelity VIP Freedom 2040 Composite Index℠ | 19.96%<br>| 9.17%<br>| 10.89% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $445119669<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 35%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 45.8 |
| International Equity Funds | 35.8 |
| Bond Funds | 18.0 |
| Short-Term Funds | 0.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2162_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 45.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 35.8&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 18.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 24.6<br>|
| VIP Growth Portfolio - Initial Class | 13.4<br>|
| VIP Emerging Markets Portfolio - Initial Class | 11.2<br>|
| VIP Growth & Income Portfolio - Initial Class | 9.0<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 8.2<br>|
| VIP Contrafund Portfolio - Initial Class | 8.1<br>|
| VIP Equity-Income Portfolio - Initial Class | 6.5<br>|
| VIP Investment Grade Bond II Portfolio - Initial Class | 5.0<br>|
| VIP Value Portfolio - Initial Class | 4.6<br>|
| VIP Value Strategies Portfolio - Initial Class | 2.2<br>|
|  | 92.8 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2162_20251231_2.jpg)<br>| ![](img123394_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914335.101 2164-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2040 Portfolio℠<br> **VIP Freedom 2040 Portfolio℠ Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2040 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $11  | 0.10% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10675<br>| $13175<br>| $11865<br>| $15234<br>| $18153<br>| $21363<br>| $17453<br>| $20737<br>| $23421<br>| $27791<br>|
| Fidelity VIP Freedom 2040 Composite Index℠<br>| $10000 | $10954<br>| $13250<br>| $12316<br>| $15559<br>| $18133<br>| $21066<br>| $17251<br>| $20631<br>| $23442<br>| $28121<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123395_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 18.66% | 8.89% | 10.76% |
| Fidelity VIP Freedom 2040 Composite Index℠ | 19.96%<br>| 9.17%<br>| 10.89% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $445119669<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 35%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 45.8 |
| International Equity Funds | 35.8 |
| Bond Funds | 18.0 |
| Short-Term Funds | 0.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2162_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 45.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 35.8&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 18.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 24.6<br>|
| VIP Growth Portfolio - Initial Class | 13.4<br>|
| VIP Emerging Markets Portfolio - Initial Class | 11.2<br>|
| VIP Growth & Income Portfolio - Initial Class | 9.0<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 8.2<br>|
| VIP Contrafund Portfolio - Initial Class | 8.1<br>|
| VIP Equity-Income Portfolio - Initial Class | 6.5<br>|
| VIP Investment Grade Bond II Portfolio - Initial Class | 5.0<br>|
| VIP Value Portfolio - Initial Class | 4.6<br>|
| VIP Value Strategies Portfolio - Initial Class | 2.2<br>|
|  | 92.8 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2162_20251231_2.jpg)<br>| ![](img123395_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914334.101 2163-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2040 Portfolio℠<br> **VIP Freedom 2040 Portfolio℠ Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2040 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $0 A | 0.00%B |

---

AAmount represents less than $.50

BAmount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10683<br>| $13204<br>| $11899<br>| $15293<br>| $18241<br>| $21494<br>| $17579<br>| $20897<br>| $23634<br>| $28074<br>|
| Fidelity VIP Freedom 2040 Composite Index℠<br>| $10000 | $10954<br>| $13250<br>| $12316<br>| $15559<br>| $18133<br>| $21066<br>| $17251<br>| $20631<br>| $23442<br>| $28121<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123396_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 18.79% | 9.01% | 10.87% |
| Fidelity VIP Freedom 2040 Composite Index℠ | 19.96%<br>| 9.17%<br>| 10.89% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $445119669<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 35%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 45.8 |
| International Equity Funds | 35.8 |
| Bond Funds | 18.0 |
| Short-Term Funds | 0.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2162_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 45.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 35.8&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 18.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 24.6<br>|
| VIP Growth Portfolio - Initial Class | 13.4<br>|
| VIP Emerging Markets Portfolio - Initial Class | 11.2<br>|
| VIP Growth & Income Portfolio - Initial Class | 9.0<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 8.2<br>|
| VIP Contrafund Portfolio - Initial Class | 8.1<br>|
| VIP Equity-Income Portfolio - Initial Class | 6.5<br>|
| VIP Investment Grade Bond II Portfolio - Initial Class | 5.0<br>|
| VIP Value Portfolio - Initial Class | 4.6<br>|
| VIP Value Strategies Portfolio - Initial Class | 2.2<br>|
|  | 92.8 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2162_20251231_2.jpg)<br>| ![](img123396_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914333.101 2162-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2035 Portfolio℠<br> **VIP Freedom 2035 Portfolio℠ Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2035 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $27  | 0.25% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10652<br>| $13110<br>| $11865<br>| $15084<br>| $17793<br>| $20493<br>| $16827<br>| $19609<br>| $21720<br>| $25286<br>|
| Fidelity VIP Freedom 2035 Composite Index℠<br>| $10000 | $10953<br>| $13223<br>| $12354<br>| $15469<br>| $17881<br>| $20389<br>| $16833<br>| $19759<br>| $22032<br>| $25889<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123397_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 16.42% | 7.28% | 9.72% |
| Fidelity VIP Freedom 2035 Composite Index℠ | 17.51%<br>| 7.68%<br>| 9.98% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $468897672<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 38%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 36.9 |
| Bond Funds | 33.0 |
| International Equity Funds | 29.8 |
| Short-Term Funds | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2159_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 36.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bond Funds - 33.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| International Equity Funds - 29.8&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 20.4<br>|
| VIP Investment Grade Bond II Portfolio - Initial Class | 17.4<br>|
| VIP Growth Portfolio - Initial Class | 10.8<br>|
| VIP Emerging Markets Portfolio - Initial Class | 9.4<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 7.6<br>|
| VIP Growth & Income Portfolio - Initial Class | 7.2<br>|
| VIP Contrafund Portfolio - Initial Class | 6.5<br>|
| VIP Equity-Income Portfolio - Initial Class | 5.3<br>|
| Fidelity Inflation-Protected Bond Index Fund | 4.7<br>|
| VIP Value Portfolio - Initial Class | 3.6<br>|
|  | 92.9 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2159_20251231_2.jpg)<br>| ![](img123397_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914332.101 2161-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2035 Portfolio℠<br> **VIP Freedom 2035 Portfolio℠ Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2035 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $11  | 0.10% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10670<br>| $13149<br>| $11919<br>| $15177<br>| $17930<br>| $20677<br>| $17006<br>| $19848<br>| $22018<br>| $25669<br>|
| Fidelity VIP Freedom 2035 Composite Index℠<br>| $10000 | $10953<br>| $13223<br>| $12354<br>| $15469<br>| $17881<br>| $20389<br>| $16833<br>| $19759<br>| $22032<br>| $25889<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123398_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 16.58% | 7.44% | 9.89% |
| Fidelity VIP Freedom 2035 Composite Index℠ | 17.51%<br>| 7.68%<br>| 9.98% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $468897672<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 38%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 36.9 |
| Bond Funds | 33.0 |
| International Equity Funds | 29.8 |
| Short-Term Funds | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2159_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 36.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bond Funds - 33.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| International Equity Funds - 29.8&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 20.4<br>|
| VIP Investment Grade Bond II Portfolio - Initial Class | 17.4<br>|
| VIP Growth Portfolio - Initial Class | 10.8<br>|
| VIP Emerging Markets Portfolio - Initial Class | 9.4<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 7.6<br>|
| VIP Growth & Income Portfolio - Initial Class | 7.2<br>|
| VIP Contrafund Portfolio - Initial Class | 6.5<br>|
| VIP Equity-Income Portfolio - Initial Class | 5.3<br>|
| Fidelity Inflation-Protected Bond Index Fund | 4.7<br>|
| VIP Value Portfolio - Initial Class | 3.6<br>|
|  | 92.9 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2159_20251231_2.jpg)<br>| ![](img123398_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914331.101 2160-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2035 Portfolio℠<br> **VIP Freedom 2035 Portfolio℠ Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2035 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $0 A | 0.00%B |

---

AAmount represents less than $.50

BAmount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10687<br>| $13182<br>| $11956<br>| $15242<br>| $18028<br>| $20814<br>| $17132<br>| $20018<br>| $22226<br>| $25937<br>|
| Fidelity VIP Freedom 2035 Composite Index℠<br>| $10000 | $10953<br>| $13223<br>| $12354<br>| $15469<br>| $17881<br>| $20389<br>| $16833<br>| $19759<br>| $22032<br>| $25889<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123399_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 16.69% | 7.55% | 10.00% |
| Fidelity VIP Freedom 2035 Composite Index℠ | 17.51%<br>| 7.68%<br>| 9.98% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $468897672<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 38%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 36.9 |
| Bond Funds | 33.0 |
| International Equity Funds | 29.8 |
| Short-Term Funds | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2159_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 36.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bond Funds - 33.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| International Equity Funds - 29.8&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 20.4<br>|
| VIP Investment Grade Bond II Portfolio - Initial Class | 17.4<br>|
| VIP Growth Portfolio - Initial Class | 10.8<br>|
| VIP Emerging Markets Portfolio - Initial Class | 9.4<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 7.6<br>|
| VIP Growth & Income Portfolio - Initial Class | 7.2<br>|
| VIP Contrafund Portfolio - Initial Class | 6.5<br>|
| VIP Equity-Income Portfolio - Initial Class | 5.3<br>|
| Fidelity Inflation-Protected Bond Index Fund | 4.7<br>|
| VIP Value Portfolio - Initial Class | 3.6<br>|
|  | 92.9 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2159_20251231_2.jpg)<br>| ![](img123399_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914330.101 2159-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2030 Portfolio℠<br> **VIP Freedom 2030 Portfolio℠ Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2030 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $27  | 0.25% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10637<br>| $12839<br>| $11805<br>| $14651<br>| $17089<br>| $19152<br>| $15880<br>| $18175<br>| $19836<br>| $22844<br>|
| Fidelity VIP Freedom 2030 Composite Index℠<br>| $10000 | $10873<br>| $12878<br>| $12188<br>| $14921<br>| $17065<br>| $18976<br>| $15846<br>| $18261<br>| $20069<br>| $23298<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123400_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 15.16% | 5.98% | 8.61% |
| Fidelity VIP Freedom 2030 Composite Index℠ | 16.09%<br>| 6.42%<br>| 8.83% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $892494512<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 39%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 41.1 |
| Domestic Equity Funds | 32.0 |
| International Equity Funds | 26.5 |
| Short-Term Funds | 0.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1435_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 41.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 32.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 26.5&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Initial Class | 21.3<br>|
| VIP Overseas Portfolio - Initial Class | 18.1<br>|
| VIP Growth Portfolio - Initial Class | 9.3<br>|
| Fidelity Inflation-Protected Bond Index Fund | 8.8<br>|
| VIP Emerging Markets Portfolio - Initial Class | 8.4<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 7.2<br>|
| VIP Growth & Income Portfolio - Initial Class | 6.3<br>|
| VIP Contrafund Portfolio - Initial Class | 5.6<br>|
| VIP Equity-Income Portfolio - Initial Class | 4.6<br>|
| VIP Value Portfolio - Initial Class | 3.2<br>|
|  | 92.8 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1435_20251231_2.jpg)<br>| ![](img123400_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914288.101 1437-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2030 Portfolio℠<br> **VIP Freedom 2030 Portfolio℠ Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2030 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $11  | 0.10% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10652<br>| $12869<br>| $11855<br>| $14744<br>| $17215<br>| $19322<br>| $16048<br>| $18384<br>| $20102<br>| $23183<br>|
| Fidelity VIP Freedom 2030 Composite Index℠<br>| $10000 | $10873<br>| $12878<br>| $12188<br>| $14921<br>| $17065<br>| $18976<br>| $15846<br>| $18261<br>| $20069<br>| $23298<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123401_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 15.33% | 6.13% | 8.77% |
| Fidelity VIP Freedom 2030 Composite Index℠ | 16.09%<br>| 6.42%<br>| 8.83% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $892494512<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 39%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 41.1 |
| Domestic Equity Funds | 32.0 |
| International Equity Funds | 26.5 |
| Short-Term Funds | 0.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1435_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 41.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 32.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 26.5&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Initial Class | 21.3<br>|
| VIP Overseas Portfolio - Initial Class | 18.1<br>|
| VIP Growth Portfolio - Initial Class | 9.3<br>|
| Fidelity Inflation-Protected Bond Index Fund | 8.8<br>|
| VIP Emerging Markets Portfolio - Initial Class | 8.4<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 7.2<br>|
| VIP Growth & Income Portfolio - Initial Class | 6.3<br>|
| VIP Contrafund Portfolio - Initial Class | 5.6<br>|
| VIP Equity-Income Portfolio - Initial Class | 4.6<br>|
| VIP Value Portfolio - Initial Class | 3.2<br>|
|  | 92.8 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1435_20251231_2.jpg)<br>| ![](img123401_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914287.101 1436-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2030 Portfolio℠<br> **VIP Freedom 2030 Portfolio℠ Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2030 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $0 A | 0.00%B |

---

AAmount represents less than $.50

BAmount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10661<br>| $12895<br>| $11892<br>| $14797<br>| $17296<br>| $19436<br>| $16157<br>| $18531<br>| $20275<br>| $23421<br>|
| Fidelity VIP Freedom 2030 Composite Index℠<br>| $10000 | $10873<br>| $12878<br>| $12188<br>| $14921<br>| $17065<br>| $18976<br>| $15846<br>| $18261<br>| $20069<br>| $23298<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123402_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 15.52% | 6.25% | 8.88% |
| Fidelity VIP Freedom 2030 Composite Index℠ | 16.09%<br>| 6.42%<br>| 8.83% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $892494512<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 39%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 41.1 |
| Domestic Equity Funds | 32.0 |
| International Equity Funds | 26.5 |
| Short-Term Funds | 0.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1435_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 41.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 32.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 26.5&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Initial Class | 21.3<br>|
| VIP Overseas Portfolio - Initial Class | 18.1<br>|
| VIP Growth Portfolio - Initial Class | 9.3<br>|
| Fidelity Inflation-Protected Bond Index Fund | 8.8<br>|
| VIP Emerging Markets Portfolio - Initial Class | 8.4<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 7.2<br>|
| VIP Growth & Income Portfolio - Initial Class | 6.3<br>|
| VIP Contrafund Portfolio - Initial Class | 5.6<br>|
| VIP Equity-Income Portfolio - Initial Class | 4.6<br>|
| VIP Value Portfolio - Initial Class | 3.2<br>|
|  | 92.8 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1435_20251231_2.jpg)<br>| ![](img123402_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914286.101 1435-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $27  | 0.25% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10598<br>| $12460<br>| $11616<br>| $14115<br>| $16327<br>| $18050<br>| $15047<br>| $17051<br>| $18464<br>| $21092<br>|
| Fidelity VIP Freedom 2025 Composite Index℠<br>| $10000 | $10758<br>| $12434<br>| $11892<br>| $14269<br>| $16203<br>| $17802<br>| $14954<br>| $17066<br>| $18599<br>| $21393<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123403_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 14.23% | 5.25% | 7.75% |
| Fidelity VIP Freedom 2025 Composite Index℠ | 15.02%<br>| 5.71%<br>| 7.90% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $396720956<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 46%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 47.4 |
| Domestic Equity Funds | 28.1 |
| International Equity Funds | 23.9 |
| Short-Term Funds | 0.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1432_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 47.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 28.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 23.9&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Initial Class | 24.4<br>|
| VIP Overseas Portfolio - Initial Class | 16.3<br>|
| Fidelity Inflation-Protected Bond Index Fund | 12.4<br>|
| VIP Growth Portfolio - Initial Class | 8.3<br>|
| VIP Emerging Markets Portfolio - Initial Class | 7.6<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.5<br>|
| VIP Growth & Income Portfolio - Initial Class | 5.5<br>|
| VIP Contrafund Portfolio - Initial Class | 4.9<br>|
| VIP Equity-Income Portfolio - Initial Class | 4.0<br>|
| Fidelity International Bond Index Fund | 2.9<br>|
|  | 92.8 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1432_20251231_2.jpg)<br>| ![](img123403_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914285.101 1434-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $11  | 0.10% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10611<br>| $12504<br>| $11677<br>| $14210<br>| $16460<br>| $18222<br>| $15214<br>| $17265<br>| $18715<br>| $21423<br>|
| Fidelity VIP Freedom 2025 Composite Index℠<br>| $10000 | $10758<br>| $12434<br>| $11892<br>| $14269<br>| $16203<br>| $17802<br>| $14954<br>| $17066<br>| $18599<br>| $21393<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123404_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 14.47% | 5.41% | 7.92% |
| Fidelity VIP Freedom 2025 Composite Index℠ | 15.02%<br>| 5.71%<br>| 7.90% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $396720956<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 46%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 47.4 |
| Domestic Equity Funds | 28.1 |
| International Equity Funds | 23.9 |
| Short-Term Funds | 0.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1432_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 47.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 28.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 23.9&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Initial Class | 24.4<br>|
| VIP Overseas Portfolio - Initial Class | 16.3<br>|
| Fidelity Inflation-Protected Bond Index Fund | 12.4<br>|
| VIP Growth Portfolio - Initial Class | 8.3<br>|
| VIP Emerging Markets Portfolio - Initial Class | 7.6<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.5<br>|
| VIP Growth & Income Portfolio - Initial Class | 5.5<br>|
| VIP Contrafund Portfolio - Initial Class | 4.9<br>|
| VIP Equity-Income Portfolio - Initial Class | 4.0<br>|
| Fidelity International Bond Index Fund | 2.9<br>|
|  | 92.8 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1432_20251231_2.jpg)<br>| ![](img123404_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914284.101 1433-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $0 A | 0.00%B |

---

AAmount represents less than $.50

BAmount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10618<br>| $12519<br>| $11703<br>| $14261<br>| $16536<br>| $18327<br>| $15316<br>| $17402<br>| $18875<br>| $21629<br>|
| Fidelity VIP Freedom 2025 Composite Index℠<br>| $10000 | $10758<br>| $12434<br>| $11892<br>| $14269<br>| $16203<br>| $17802<br>| $14954<br>| $17066<br>| $18599<br>| $21393<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123405_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 14.59% | 5.52% | 8.02% |
| Fidelity VIP Freedom 2025 Composite Index℠ | 15.02%<br>| 5.71%<br>| 7.90% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $396720956<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 46%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 47.4 |
| Domestic Equity Funds | 28.1 |
| International Equity Funds | 23.9 |
| Short-Term Funds | 0.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1432_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 47.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 28.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 23.9&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Initial Class | 24.4<br>|
| VIP Overseas Portfolio - Initial Class | 16.3<br>|
| Fidelity Inflation-Protected Bond Index Fund | 12.4<br>|
| VIP Growth Portfolio - Initial Class | 8.3<br>|
| VIP Emerging Markets Portfolio - Initial Class | 7.6<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.5<br>|
| VIP Growth & Income Portfolio - Initial Class | 5.5<br>|
| VIP Contrafund Portfolio - Initial Class | 4.9<br>|
| VIP Equity-Income Portfolio - Initial Class | 4.0<br>|
| Fidelity International Bond Index Fund | 2.9<br>|
|  | 92.8 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1432_20251231_2.jpg)<br>| ![](img123405_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914283.101 1432-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2020 Portfolio℠<br> **VIP Freedom 2020 Portfolio℠ Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2020 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $27  | 0.25% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10580<br>| $12301<br>| $11553<br>| $13850<br>| $15888<br>| $17360<br>| $14588<br>| $16371<br>| $17583<br>| $19868<br>|
| Fidelity VIP Freedom 2020 Composite Index℠<br>| $10000 | $10706<br>| $12240<br>| $11781<br>| $13958<br>| $15737<br>| $17106<br>| $14501<br>| $16372<br>| $17691<br>| $20086<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123406_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 12.99% | 4.57% | 7.11% |
| Fidelity VIP Freedom 2020 Composite Index℠ | 13.54%<br>| 5.00%<br>| 7.22% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $502396012<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 34%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 54.1 |
| Domestic Equity Funds | 23.3 |
| International Equity Funds | 20.5 |
| Short-Term Funds | 2.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1429_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 54.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 23.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 20.5&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Initial Class | 31.9<br>|
| Fidelity Inflation-Protected Bond Index Fund | 14.3<br>|
| VIP Overseas Portfolio - Initial Class | 13.9<br>|
| VIP Growth Portfolio - Initial Class | 6.9<br>|
| VIP Emerging Markets Portfolio - Initial Class | 6.6<br>|
| VIP Growth & Income Portfolio - Initial Class | 4.6<br>|
| VIP Contrafund Portfolio - Initial Class | 4.1<br>|
| Fidelity International Bond Index Fund | 3.9<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 3.6<br>|
| VIP Equity-Income Portfolio - Initial Class | 3.3<br>|
|  | 93.1 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1429_20251231_2.jpg)<br>| ![](img123406_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914282.101 1431-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2020 Portfolio℠<br> **VIP Freedom 2020 Portfolio℠ Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2020 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $11  | 0.10% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10604<br>| $12351<br>| $11613<br>| $13936<br>| $16015<br>| $17531<br>| $14756<br>| $16576<br>| $17828<br>| $20178<br>|
| Fidelity VIP Freedom 2020 Composite Index℠<br>| $10000 | $10706<br>| $12240<br>| $11781<br>| $13958<br>| $15737<br>| $17106<br>| $14501<br>| $16372<br>| $17691<br>| $20086<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123407_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 13.18% | 4.73% | 7.27% |
| Fidelity VIP Freedom 2020 Composite Index℠ | 13.54%<br>| 5.00%<br>| 7.22% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $502396012<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 34%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 54.1 |
| Domestic Equity Funds | 23.3 |
| International Equity Funds | 20.5 |
| Short-Term Funds | 2.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1429_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 54.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 23.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 20.5&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Initial Class | 31.9<br>|
| Fidelity Inflation-Protected Bond Index Fund | 14.3<br>|
| VIP Overseas Portfolio - Initial Class | 13.9<br>|
| VIP Growth Portfolio - Initial Class | 6.9<br>|
| VIP Emerging Markets Portfolio - Initial Class | 6.6<br>|
| VIP Growth & Income Portfolio - Initial Class | 4.6<br>|
| VIP Contrafund Portfolio - Initial Class | 4.1<br>|
| Fidelity International Bond Index Fund | 3.9<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 3.6<br>|
| VIP Equity-Income Portfolio - Initial Class | 3.3<br>|
|  | 93.1 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1429_20251231_2.jpg)<br>| ![](img123407_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914281.101 1430-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2020 Portfolio℠<br> **VIP Freedom 2020 Portfolio℠ Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2020 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $0 A | 0.00%B |

---

AAmount represents less than $.50

BAmount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10612<br>| $12375<br>| $11650<br>| $13995<br>| $16102<br>| $17627<br>| $14862<br>| $16705<br>| $17993<br>| $20391<br>|
| Fidelity VIP Freedom 2020 Composite Index℠<br>| $10000 | $10706<br>| $12240<br>| $11781<br>| $13958<br>| $15737<br>| $17106<br>| $14501<br>| $16372<br>| $17691<br>| $20086<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123408_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 13.33% | 4.84% | 7.38% |
| Fidelity VIP Freedom 2020 Composite Index℠ | 13.54%<br>| 5.00%<br>| 7.22% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $502396012<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 34%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 54.1 |
| Domestic Equity Funds | 23.3 |
| International Equity Funds | 20.5 |
| Short-Term Funds | 2.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1429_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 54.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 23.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 20.5&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Initial Class | 31.9<br>|
| Fidelity Inflation-Protected Bond Index Fund | 14.3<br>|
| VIP Overseas Portfolio - Initial Class | 13.9<br>|
| VIP Growth Portfolio - Initial Class | 6.9<br>|
| VIP Emerging Markets Portfolio - Initial Class | 6.6<br>|
| VIP Growth & Income Portfolio - Initial Class | 4.6<br>|
| VIP Contrafund Portfolio - Initial Class | 4.1<br>|
| Fidelity International Bond Index Fund | 3.9<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 3.6<br>|
| VIP Equity-Income Portfolio - Initial Class | 3.3<br>|
|  | 93.1 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1429_20251231_2.jpg)<br>| ![](img123408_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914280.101 1429-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2015 Portfolio℠<br> **VIP Freedom 2015 Portfolio℠ Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2015 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $27  | 0.25% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10558<br>| $12120<br>| $11480<br>| $13543<br>| $15380<br>| $16518<br>| $14075<br>| $15573<br>| $16540<br>| $18468<br>|
| Fidelity VIP Freedom 2015 Composite Index℠<br>| $10000 | $10654<br>| $12037<br>| $11671<br>| $13619<br>| $15201<br>| $16277<br>| $13989<br>| $15581<br>| $16659<br>| $18649<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123409_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 11.66% | 3.73% | 6.33% |
| Fidelity VIP Freedom 2015 Composite Index℠ | 11.95%<br>| 4.17%<br>| 6.43% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $54648128<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 46%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 57.1 |
| Domestic Equity Funds | 18.3 |
| International Equity Funds | 17.1 |
| Short-Term Funds | 7.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1426_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 57.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 17.1&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Initial Class | 33.9<br>|
| Fidelity Inflation-Protected Bond Index Fund | 15.7<br>|
| VIP Overseas Portfolio - Initial Class | 11.5<br>|
| VIP Government Money Market Portfolio - Initial Class | 7.5<br>|
| VIP Emerging Markets Portfolio - Initial Class | 5.6<br>|
| VIP Growth Portfolio - Initial Class | 5.4<br>|
| Fidelity International Bond Index Fund | 3.7<br>|
| VIP Growth & Income Portfolio - Initial Class | 3.6<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 3.4<br>|
| VIP Contrafund Portfolio - Initial Class | 3.2<br>|
|  | 93.5 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1426_20251231_2.jpg)<br>| ![](img123409_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914279.101 1428-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2015 Portfolio℠<br> **VIP Freedom 2015 Portfolio℠ Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2015 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $11  | 0.10% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10581<br>| $12162<br>| $11540<br>| $13641<br>| $15499<br>| $16675<br>| $14230<br>| $15775<br>| $16789<br>| $18767<br>|
| Fidelity VIP Freedom 2015 Composite Index℠<br>| $10000 | $10654<br>| $12037<br>| $11671<br>| $13619<br>| $15201<br>| $16277<br>| $13989<br>| $15581<br>| $16659<br>| $18649<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123410_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 11.78% | 3.90% | 6.50% |
| Fidelity VIP Freedom 2015 Composite Index℠ | 11.95%<br>| 4.17%<br>| 6.43% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $54648128<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 46%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 57.1 |
| Domestic Equity Funds | 18.3 |
| International Equity Funds | 17.1 |
| Short-Term Funds | 7.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1426_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 57.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 17.1&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Initial Class | 33.9<br>|
| Fidelity Inflation-Protected Bond Index Fund | 15.7<br>|
| VIP Overseas Portfolio - Initial Class | 11.5<br>|
| VIP Government Money Market Portfolio - Initial Class | 7.5<br>|
| VIP Emerging Markets Portfolio - Initial Class | 5.6<br>|
| VIP Growth Portfolio - Initial Class | 5.4<br>|
| Fidelity International Bond Index Fund | 3.7<br>|
| VIP Growth & Income Portfolio - Initial Class | 3.6<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 3.4<br>|
| VIP Contrafund Portfolio - Initial Class | 3.2<br>|
|  | 93.5 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1426_20251231_2.jpg)<br>| ![](img123410_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914278.101 1427-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2015 Portfolio℠<br> **VIP Freedom 2015 Portfolio℠ Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2015 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $0 A | 0.00%B |

---

AAmount represents less than $.50

BAmount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10591<br>| $12191<br>| $11573<br>| $13696<br>| $15581<br>| $16780<br>| $14330<br>| $15900<br>| $16936<br>| $18947<br>|
| Fidelity VIP Freedom 2015 Composite Index℠<br>| $10000 | $10654<br>| $12037<br>| $11671<br>| $13619<br>| $15201<br>| $16277<br>| $13989<br>| $15581<br>| $16659<br>| $18649<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123411_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 11.87% | 3.99% | 6.60% |
| Fidelity VIP Freedom 2015 Composite Index℠ | 11.95%<br>| 4.17%<br>| 6.43% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $54648128<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 46%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 57.1 |
| Domestic Equity Funds | 18.3 |
| International Equity Funds | 17.1 |
| Short-Term Funds | 7.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1426_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 57.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 17.1&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Initial Class | 33.9<br>|
| Fidelity Inflation-Protected Bond Index Fund | 15.7<br>|
| VIP Overseas Portfolio - Initial Class | 11.5<br>|
| VIP Government Money Market Portfolio - Initial Class | 7.5<br>|
| VIP Emerging Markets Portfolio - Initial Class | 5.6<br>|
| VIP Growth Portfolio - Initial Class | 5.4<br>|
| Fidelity International Bond Index Fund | 3.7<br>|
| VIP Growth & Income Portfolio - Initial Class | 3.6<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 3.4<br>|
| VIP Contrafund Portfolio - Initial Class | 3.2<br>|
|  | 93.5 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1426_20251231_2.jpg)<br>| ![](img123411_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914277.101 1426-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2010 Portfolio℠<br> **VIP Freedom 2010 Portfolio℠ Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2010 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $26  | 0.25% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10523<br>| $11870<br>| $11364<br>| $13153<br>| $14763<br>| $15590<br>| $13460<br>| $14695<br>| $15439<br>| $17023<br>|
| Fidelity VIP Freedom 2010 Composite Index℠<br>| $10000 | $10573<br>| $11745<br>| $11484<br>| $13162<br>| $14534<br>| $15325<br>| $13350<br>| $14667<br>| $15515<br>| $17126<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123412_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 10.26% | 2.89% | 5.46% |
| Fidelity VIP Freedom 2010 Composite Index℠ | 10.38%<br>| 3.34%<br>| 5.53% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $239755158<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 34%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 59.6 |
| International Equity Funds | 14.0 |
| Domestic Equity Funds | 13.7 |
| Short-Term Funds | 12.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1423_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 59.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| International Equity Funds - 14.0&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 13.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 12.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Initial Class | 35.8<br>|
| Fidelity Inflation-Protected Bond Index Fund | 16.7<br>|
| VIP Government Money Market Portfolio - Initial Class | 12.7<br>|
| VIP Overseas Portfolio - Initial Class | 9.3<br>|
| VIP Emerging Markets Portfolio - Initial Class | 4.7<br>|
| VIP Growth Portfolio - Initial Class | 4.0<br>|
| Fidelity International Bond Index Fund | 3.5<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 3.2<br>|
| VIP Growth & Income Portfolio - Initial Class | 2.7<br>|
| VIP Contrafund Portfolio - Initial Class | 2.4<br>|
|  | 95.0 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1423_20251231_2.jpg)<br>| ![](img123412_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914276.101 1425-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2010 Portfolio℠<br> **VIP Freedom 2010 Portfolio℠ Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2010 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $11  | 0.10% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10536<br>| $11895<br>| $11407<br>| $13232<br>| $14872<br>| $15733<br>| $13599<br>| $14860<br>| $15642<br>| $17275<br>|
| Fidelity VIP Freedom 2010 Composite Index℠<br>| $10000 | $10573<br>| $11745<br>| $11484<br>| $13162<br>| $14534<br>| $15325<br>| $13350<br>| $14667<br>| $15515<br>| $17126<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123413_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 10.44% | 3.04% | 5.62% |
| Fidelity VIP Freedom 2010 Composite Index℠ | 10.38%<br>| 3.34%<br>| 5.53% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $239755158<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 34%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 59.6 |
| International Equity Funds | 14.0 |
| Domestic Equity Funds | 13.7 |
| Short-Term Funds | 12.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1423_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 59.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| International Equity Funds - 14.0&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 13.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 12.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Initial Class | 35.8<br>|
| Fidelity Inflation-Protected Bond Index Fund | 16.7<br>|
| VIP Government Money Market Portfolio - Initial Class | 12.7<br>|
| VIP Overseas Portfolio - Initial Class | 9.3<br>|
| VIP Emerging Markets Portfolio - Initial Class | 4.7<br>|
| VIP Growth Portfolio - Initial Class | 4.0<br>|
| Fidelity International Bond Index Fund | 3.5<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 3.2<br>|
| VIP Growth & Income Portfolio - Initial Class | 2.7<br>|
| VIP Contrafund Portfolio - Initial Class | 2.4<br>|
|  | 95.0 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1423_20251231_2.jpg)<br>| ![](img123413_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914275.101 1424-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2010 Portfolio℠<br> **VIP Freedom 2010 Portfolio℠ Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2010 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $0 A | 0.00%B |

---

AAmount represents less than $.50

BAmount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10545<br>| $11924<br>| $11447<br>| $13288<br>| $14948<br>| $15829<br>| $13688<br>| $14985<br>| $15791<br>| $17453<br>|
| Fidelity VIP Freedom 2010 Composite Index℠<br>| $10000 | $10573<br>| $11745<br>| $11484<br>| $13162<br>| $14534<br>| $15325<br>| $13350<br>| $14667<br>| $15515<br>| $17126<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10265<br>| $10628<br>| $10630<br>| $11556<br>| $12424<br>| $12232<br>| $10641<br>| $11229<br>| $11369<br>| $12199<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123414_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 10.53% | 3.15% | 5.73% |
| Fidelity VIP Freedom 2010 Composite Index℠ | 10.38%<br>| 3.34%<br>| 5.53% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.01% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $239755158<br>|
| Number of Holdings | 15<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 34%<br>|

---

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

---

| | |
|:---|:---|
| Bond Funds | 59.6 |
| International Equity Funds | 14.0 |
| Domestic Equity Funds | 13.7 |
| Short-Term Funds | 12.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1423_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bond Funds - 59.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| International Equity Funds - 14.0&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 13.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 12.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Investment Grade Bond II Portfolio - Initial Class | 35.8<br>|
| Fidelity Inflation-Protected Bond Index Fund | 16.7<br>|
| VIP Government Money Market Portfolio - Initial Class | 12.7<br>|
| VIP Overseas Portfolio - Initial Class | 9.3<br>|
| VIP Emerging Markets Portfolio - Initial Class | 4.7<br>|
| VIP Growth Portfolio - Initial Class | 4.0<br>|
| Fidelity International Bond Index Fund | 3.5<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 3.2<br>|
| VIP Growth & Income Portfolio - Initial Class | 2.7<br>|
| VIP Contrafund Portfolio - Initial Class | 2.4<br>|
|  | 95.0 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1423_20251231_2.jpg)<br>| ![](img123414_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914274.101 1423-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $40  | 0.39% |

---

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

• U.S. taxable investment-grade bonds advanced in 2025, navigating uncertainty related to U.S. trade policy but buoyed by elevated starting yields, tighter credit spreads and three policy interest-rate cuts by the U.S. Federal Reserve since September 17.

• Against that backdrop, we constructed the portfolio using optimization. This approach minimizes the differences between risk exposures of the fund relative to the index.

• Exposures include duration, key rate durations, credit quality, sector and issuer allocation, and other factors.

• The fund lagged the index primarily due to pricing basis, meaning differences between when the fund and the index are priced on the last day of the year.

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

**CUMULATIVE PERFORMANCE**

April 19, 2018 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10172<br>| $10999<br>| $11798<br>| $11534<br>| $9991<br>| $10503<br>| $10608<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10216<br>| $11106<br>| $11940<br>| $11756<br>| $10226<br>| $10792<br>| $10927<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123454_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Service Class 2 | 6.76% | -0.81% | 1.63% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.09% |

---

**A** From April 19, 2018

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1177947761<br>|
| Number of Holdings | 3768<br>|
| Total Advisory Fee | $948627<br>|
| Portfolio Turnover | 53%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 70.8 |
| AAA | 2.3 |
| AA | 3.3 |
| A | 12.8 |
| BBB | 10.9 |
| BB | 0.2 |
| Not Rated | 0.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3078_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 70.8 |
| &nbsp;&nbsp;AAA - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 12.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (1.0)%  |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 46.6 |
| Corporate Bonds | 26.2 |
| U.S. Government Agency - Mortgage Securities | 23.9 |
| Foreign Government and Government Agency Obligations | 1.7 |
| CMOs and Other Mortgage Related Securities | 1.4 |
| Asset-Backed Securities | 0.5 |
| U.S. Government Agency Obligations | 0.3 |
| Municipal Securities | 0.3 |
| Other Investments | 0.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3078_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 46.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 26.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government Agency - Mortgage Securities - 23.9 |
| Foreign Government and Government Agency Obligations - 1.7 |
| CMOs and Other Mortgage Related Securities - 1.4 |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government Agency Obligations - 0.3 |
| Municipal Securities - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Other Investments - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (1.0)% |

---

---

| | |
|:---|:---|
| United States | 94.0 |
| Canada | 1.1 |
| United Kingdom | 1.0 |
| Japan | 0.6 |
| Multi-national | 0.5 |
| Mexico | 0.4 |
| Germany | 0.2 |
| Australia | 0.2 |
| Philippines | 0.2 |
| Others | 1.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3078_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Multi-national - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Philippines - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 36.9<br>|
| US Treasury Bonds | 9.7<br>|
| Fannie Mae Mortgage pass-thru certificates | 9.1<br>|
| Freddie Mac Gold Pool | 7.5<br>|
| Ginnie Mae II Pool | 4.9<br>|
| Uniform Mortgage Backed Securities | 1.3<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 0.8<br>|
| Ginnie Mae I Pool | 0.7<br>|
| JPMorgan Chase & Co | 0.7<br>|
| Bank of America Corp | 0.6<br>|
|  | 72.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3078_20251231_2.jpg)<br>| ![](img123454_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914382.101 3079-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $25  | 0.24% |

---

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

• U.S. taxable investment-grade bonds advanced in 2025, navigating uncertainty related to U.S. trade policy but buoyed by elevated starting yields, tighter credit spreads and three policy interest-rate cuts by the U.S. Federal Reserve since September 17.

• Against that backdrop, we constructed the portfolio using optimization. This approach minimizes the differences between risk exposures of the fund relative to the index.

• Exposures include duration, key rate durations, credit quality, sector and issuer allocation, and other factors.

• The fund lagged the index primarily due to pricing basis, meaning differences between when the fund and the index are priced on the last day of the year.

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

**CUMULATIVE PERFORMANCE**

April 11, 2019 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10538<br>| $11331<br>| $11099<br>| $9626<br>| $10141<br>| $10241<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10584<br>| $11378<br>| $11203<br>| $9745<br>| $10284<br>| $10413<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123455_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Service Class | 7.01% | -0.67% | 1.37% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 1.66% |

---

**A** From April 11, 2019

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1177947761<br>|
| Number of Holdings | 3768<br>|
| Total Advisory Fee | $948627<br>|
| Portfolio Turnover | 53%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 70.8 |
| AAA | 2.3 |
| AA | 3.3 |
| A | 12.8 |
| BBB | 10.9 |
| BB | 0.2 |
| Not Rated | 0.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3078_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 70.8 |
| &nbsp;&nbsp;AAA - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 12.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (1.0)%  |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 46.6 |
| Corporate Bonds | 26.2 |
| U.S. Government Agency - Mortgage Securities | 23.9 |
| Foreign Government and Government Agency Obligations | 1.7 |
| CMOs and Other Mortgage Related Securities | 1.4 |
| Asset-Backed Securities | 0.5 |
| U.S. Government Agency Obligations | 0.3 |
| Municipal Securities | 0.3 |
| Other Investments | 0.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3078_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 46.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 26.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government Agency - Mortgage Securities - 23.9 |
| Foreign Government and Government Agency Obligations - 1.7 |
| CMOs and Other Mortgage Related Securities - 1.4 |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government Agency Obligations - 0.3 |
| Municipal Securities - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Other Investments - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (1.0)% |

---

---

| | |
|:---|:---|
| United States | 94.0 |
| Canada | 1.1 |
| United Kingdom | 1.0 |
| Japan | 0.6 |
| Multi-national | 0.5 |
| Mexico | 0.4 |
| Germany | 0.2 |
| Australia | 0.2 |
| Philippines | 0.2 |
| Others | 1.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3078_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Multi-national - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Philippines - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 36.9<br>|
| US Treasury Bonds | 9.7<br>|
| Fannie Mae Mortgage pass-thru certificates | 9.1<br>|
| Freddie Mac Gold Pool | 7.5<br>|
| Ginnie Mae II Pool | 4.9<br>|
| Uniform Mortgage Backed Securities | 1.3<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 0.8<br>|
| Ginnie Mae I Pool | 0.7<br>|
| JPMorgan Chase & Co | 0.7<br>|
| Bank of America Corp | 0.6<br>|
|  | 72.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3078_20251231_2.jpg)<br>| ![](img123455_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914380.101 1019-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $15  | 0.14% |

---

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

• U.S. taxable investment-grade bonds advanced in 2025, navigating uncertainty related to U.S. trade policy but buoyed by elevated starting yields, tighter credit spreads and three policy interest-rate cuts by the U.S. Federal Reserve since September 17.

• Against that backdrop, we constructed the portfolio using optimization. This approach minimizes the differences between risk exposures of the fund relative to the index.

• Exposures include duration, key rate durations, credit quality, sector and issuer allocation, and other factors.

• The fund lagged the index primarily due to pricing basis, meaning differences between when the fund and the index are priced on the last day of the year.

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

**CUMULATIVE PERFORMANCE**

April 19, 2018 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10190<br>| $11044<br>| $11876<br>| $11644<br>| $10108<br>| $10662<br>| $10791<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10216<br>| $11106<br>| $11940<br>| $11756<br>| $10226<br>| $10792<br>| $10927<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123456_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Initial Class | 6.98% | -0.57% | 1.88% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| -0.36%<br>| 2.09% |

---

**A** From April 19, 2018

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1177947761<br>|
| Number of Holdings | 3768<br>|
| Total Advisory Fee | $948627<br>|
| Portfolio Turnover | 53%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 70.8 |
| AAA | 2.3 |
| AA | 3.3 |
| A | 12.8 |
| BBB | 10.9 |
| BB | 0.2 |
| Not Rated | 0.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3078_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 70.8 |
| &nbsp;&nbsp;AAA - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 12.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (1.0)%  |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 46.6 |
| Corporate Bonds | 26.2 |
| U.S. Government Agency - Mortgage Securities | 23.9 |
| Foreign Government and Government Agency Obligations | 1.7 |
| CMOs and Other Mortgage Related Securities | 1.4 |
| Asset-Backed Securities | 0.5 |
| U.S. Government Agency Obligations | 0.3 |
| Municipal Securities | 0.3 |
| Other Investments | 0.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3078_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 46.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 26.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government Agency - Mortgage Securities - 23.9 |
| Foreign Government and Government Agency Obligations - 1.7 |
| CMOs and Other Mortgage Related Securities - 1.4 |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government Agency Obligations - 0.3 |
| Municipal Securities - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Other Investments - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (1.0)% |

---

---

| | |
|:---|:---|
| United States | 94.0 |
| Canada | 1.1 |
| United Kingdom | 1.0 |
| Japan | 0.6 |
| Multi-national | 0.5 |
| Mexico | 0.4 |
| Germany | 0.2 |
| Australia | 0.2 |
| Philippines | 0.2 |
| Others | 1.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3078_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Multi-national - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Philippines - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 36.9<br>|
| US Treasury Bonds | 9.7<br>|
| Fannie Mae Mortgage pass-thru certificates | 9.1<br>|
| Freddie Mac Gold Pool | 7.5<br>|
| Ginnie Mae II Pool | 4.9<br>|
| Uniform Mortgage Backed Securities | 1.3<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 0.8<br>|
| Ginnie Mae I Pool | 0.7<br>|
| JPMorgan Chase & Co | 0.7<br>|
| Bank of America Corp | 0.6<br>|
|  | 72.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3078_20251231_2.jpg)<br>| ![](img123456_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914381.101 3078-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Asset Manager 70% Portfolio<br> **VIP Asset Manager 70% Portfolio Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Asset Manager 70% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $90  | 0.82% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, both asset class positioning and security selection contributed to the fund's performance versus the Composite index for the year.

• The portfolio's core equity allocation strategy aided relative performance, led by overweight positioning among in both international developed- and emerging-markets stocks. Conversely, an overweight stake in U.S. equities detracted, modestly diminishing the positive impact of our equity allocation approach. Small, non-index allocations to real estate investment trusts and commodity-related securities marginally dampened the fund's relative result the past year.

• The portfolio's fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025. Investment choices in the communication services and financials sectors helped most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the fund's relative return. Here, picks in the U.K., along with adverse positioning in Canada and several continental European equity markets, were the biggest negatives. Out-of-benchmark positioning in the U.S. market also hurt. On the plus side, underweighting the lagging Australian market was beneficial.

• Emerging-markets stock picks provided a further boost. Here, positioning in India, along with investment choices in Taiwan and South Korea, added value.

• Security selection among investment-grade bonds also slightly contributed. Non-government-agency mortgage-backed securities and U.S. Treasurys led the way, followed by asset-backed securities.

• As of December 31, the fund was overweight in equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10218<br>| $12107<br>| $11153<br>| $13661<br>| $15977<br>| $18164<br>| $15067<br>| $17485<br>| $19330<br>| $22801<br>|
| Fidelity Asset Manager 70% Composite Index℠<br>| $10000 | $10795<br>| $12601<br>| $11933<br>| $14542<br>| $16725<br>| $18970<br>| $15990<br>| $18690<br>| $20919<br>| $24712<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123461_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 17.96% | 7.37% | 8.59% |
| Fidelity Asset Manager 70% Composite Index℠ | 18.13%<br>| 8.12%<br>| 9.47% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $373011280<br>|
| Number of Holdings | 28<br>|
| Total Advisory Fee | $1884065<br>|
| Portfolio Turnover | 22%<br>|

---

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

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 13.1 |
| AAA | 1.2 |
| AA | 0.2 |
| A | 1.6 |
| BBB | 2.7 |
| BB | 0.9 |
| B | 0.9 |
| CCC,CC,C | 0.2 |
| D | 0.0 |
| Not Rated | 2.0 |
| Equities | 74.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img159_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 13.1 |
| &nbsp;&nbsp;AAA - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 74.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 17.1 |
| Financials | 14.7 |
| Industrials | 8.5 |
| Consumer Discretionary | 6.9 |
| Communication Services | 6.0 |
| Health Care | 5.2 |
| Materials | 3.0 |
| Consumer Staples | 2.7 |
| Energy | 2.5 |
| Utilities | 1.6 |
| Real Estate | 1.2 |

---

Equities 74.4 <br> Bonds 22.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img159_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 74.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 22.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.8 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 8.2<br>|
| Fidelity Enhanced Small Cap ETF | 2.9<br>|
| NVIDIA Corp | 2.9<br>|
| Apple Inc | 2.5<br>|
| Fidelity Blue Chip Growth ETF | 2.4<br>|
| Alphabet Inc Class A | 2.4<br>|
| Microsoft Corp | 2.3<br>|
| US Treasury Bonds | 2.2<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.7<br>|
| Amazon.com Inc | 1.5<br>|
|  | 29.0 |

---

**How has the Fund changed?**

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund's name changed from Asset Manager Growth Portfolio to Asset Manager 70% Portfolio during the reporting period. <br>|

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img159_20251231_2.jpg)<br>| ![](img123461_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914172.101 364-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Asset Manager 70% Portfolio<br> **VIP Asset Manager 70% Portfolio Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Asset Manager 70% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $74  | 0.68% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, both asset class positioning and security selection contributed to the fund's performance versus the Composite index for the year.

• The portfolio's core equity allocation strategy aided relative performance, led by overweight positioning among in both international developed- and emerging-markets stocks. Conversely, an overweight stake in U.S. equities detracted, modestly diminishing the positive impact of our equity allocation approach. Small, non-index allocations to real estate investment trusts and commodity-related securities marginally dampened the fund's relative result the past year.

• The portfolio's fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025. Investment choices in the communication services and financials sectors helped most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the fund's relative return. Here, picks in the U.K., along with adverse positioning in Canada and several continental European equity markets, were the biggest negatives. Out-of-benchmark positioning in the U.S. market also hurt. On the plus side, underweighting the lagging Australian market was beneficial.

• Emerging-markets stock picks provided a further boost. Here, positioning in India, along with investment choices in Taiwan and South Korea, added value.

• Security selection among investment-grade bonds also slightly contributed. Non-government-agency mortgage-backed securities and U.S. Treasurys led the way, followed by asset-backed securities.

• As of December 31, the fund was overweight in equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10234<br>| $12148<br>| $11206<br>| $13752<br>| $16102<br>| $18339<br>| $15230<br>| $17698<br>| $19597<br>| $23153<br>|
| Fidelity Asset Manager 70% Composite Index℠<br>| $10000 | $10795<br>| $12601<br>| $11933<br>| $14542<br>| $16725<br>| $18970<br>| $15990<br>| $18690<br>| $20919<br>| $24712<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123462_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 18.15% | 7.53% | 8.76% |
| Fidelity Asset Manager 70% Composite Index℠ | 18.13%<br>| 8.12%<br>| 9.47% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $373011280<br>|
| Number of Holdings | 28<br>|
| Total Advisory Fee | $1884065<br>|
| Portfolio Turnover | 22%<br>|

---

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

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 13.1 |
| AAA | 1.2 |
| AA | 0.2 |
| A | 1.6 |
| BBB | 2.7 |
| BB | 0.9 |
| B | 0.9 |
| CCC,CC,C | 0.2 |
| D | 0.0 |
| Not Rated | 2.0 |
| Equities | 74.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img159_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 13.1 |
| &nbsp;&nbsp;AAA - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 74.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 17.1 |
| Financials | 14.7 |
| Industrials | 8.5 |
| Consumer Discretionary | 6.9 |
| Communication Services | 6.0 |
| Health Care | 5.2 |
| Materials | 3.0 |
| Consumer Staples | 2.7 |
| Energy | 2.5 |
| Utilities | 1.6 |
| Real Estate | 1.2 |

---

Equities 74.4 <br> Bonds 22.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img159_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 74.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 22.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.8 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 8.2<br>|
| Fidelity Enhanced Small Cap ETF | 2.9<br>|
| NVIDIA Corp | 2.9<br>|
| Apple Inc | 2.5<br>|
| Fidelity Blue Chip Growth ETF | 2.4<br>|
| Alphabet Inc Class A | 2.4<br>|
| Microsoft Corp | 2.3<br>|
| US Treasury Bonds | 2.2<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.7<br>|
| Amazon.com Inc | 1.5<br>|
|  | 29.0 |

---

**How has the Fund changed?**

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund's name changed from Asset Manager Growth Portfolio to Asset Manager 70% Portfolio during the reporting period. <br>|

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img159_20251231_2.jpg)<br>| ![](img123462_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914173.101 468-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Asset Manager 70% Portfolio<br> **VIP Asset Manager 70% Portfolio Investor Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Asset Manager 70% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $71  | 0.65% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, both asset class positioning and security selection contributed to the fund's performance versus the Composite index for the year.

• The portfolio's core equity allocation strategy aided relative performance, led by overweight positioning among in both international developed- and emerging-markets stocks. Conversely, an overweight stake in U.S. equities detracted, modestly diminishing the positive impact of our equity allocation approach. Small, non-index allocations to real estate investment trusts and commodity-related securities marginally dampened the fund's relative result the past year.

• The portfolio's fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025. Investment choices in the communication services and financials sectors helped most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the fund's relative return. Here, picks in the U.K., along with adverse positioning in Canada and several continental European equity markets, were the biggest negatives. Out-of-benchmark positioning in the U.S. market also hurt. On the plus side, underweighting the lagging Australian market was beneficial.

• Emerging-markets stock picks provided a further boost. Here, positioning in India, along with investment choices in Taiwan and South Korea, added value.

• Security selection among investment-grade bonds also slightly contributed. Non-government-agency mortgage-backed securities and U.S. Treasurys led the way, followed by asset-backed securities.

• As of December 31, the fund was overweight in equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $10235<br>| $12147<br>| $11209<br>| $13753<br>| $16118<br>| $18356<br>| $15248<br>| $17726<br>| $19628<br>| $23193<br>|
| Fidelity Asset Manager 70% Composite Index℠<br>| $10000 | $10795<br>| $12601<br>| $11933<br>| $14542<br>| $16725<br>| $18970<br>| $15990<br>| $18690<br>| $20919<br>| $24712<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123463_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 18.17% | 7.55% | 8.78% |
| Fidelity Asset Manager 70% Composite Index℠ | 18.13%<br>| 8.12%<br>| 9.47% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $373011280<br>|
| Number of Holdings | 28<br>|
| Total Advisory Fee | $1884065<br>|
| Portfolio Turnover | 22%<br>|

---

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

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 13.1 |
| AAA | 1.2 |
| AA | 0.2 |
| A | 1.6 |
| BBB | 2.7 |
| BB | 0.9 |
| B | 0.9 |
| CCC,CC,C | 0.2 |
| D | 0.0 |
| Not Rated | 2.0 |
| Equities | 74.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img159_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 13.1 |
| &nbsp;&nbsp;AAA - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 74.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 17.1 |
| Financials | 14.7 |
| Industrials | 8.5 |
| Consumer Discretionary | 6.9 |
| Communication Services | 6.0 |
| Health Care | 5.2 |
| Materials | 3.0 |
| Consumer Staples | 2.7 |
| Energy | 2.5 |
| Utilities | 1.6 |
| Real Estate | 1.2 |

---

Equities 74.4 <br> Bonds 22.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img159_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 74.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 22.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.8 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 8.2<br>|
| Fidelity Enhanced Small Cap ETF | 2.9<br>|
| NVIDIA Corp | 2.9<br>|
| Apple Inc | 2.5<br>|
| Fidelity Blue Chip Growth ETF | 2.4<br>|
| Alphabet Inc Class A | 2.4<br>|
| Microsoft Corp | 2.3<br>|
| US Treasury Bonds | 2.2<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.7<br>|
| Amazon.com Inc | 1.5<br>|
|  | 29.0 |

---

**How has the Fund changed?**

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund's name changed from Asset Manager Growth Portfolio to Asset Manager 70% Portfolio during the reporting period. <br>|

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img159_20251231_2.jpg)<br>| ![](img123463_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914170.101 1458-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Asset Manager 70% Portfolio<br> **VIP Asset Manager 70% Portfolio Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Asset Manager 70% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $63  | 0.58% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, both asset class positioning and security selection contributed to the fund's performance versus the Composite index for the year.

• The portfolio's core equity allocation strategy aided relative performance, led by overweight positioning among in both international developed- and emerging-markets stocks. Conversely, an overweight stake in U.S. equities detracted, modestly diminishing the positive impact of our equity allocation approach. Small, non-index allocations to real estate investment trusts and commodity-related securities marginally dampened the fund's relative result the past year.

• The portfolio's fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025. Investment choices in the communication services and financials sectors helped most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the fund's relative return. Here, picks in the U.K., along with adverse positioning in Canada and several continental European equity markets, were the biggest negatives. Out-of-benchmark positioning in the U.S. market also hurt. On the plus side, underweighting the lagging Australian market was beneficial.

• Emerging-markets stock picks provided a further boost. Here, positioning in India, along with investment choices in Taiwan and South Korea, added value.

• Security selection among investment-grade bonds also slightly contributed. Non-government-agency mortgage-backed securities and U.S. Treasurys led the way, followed by asset-backed securities.

• As of December 31, the fund was overweight in equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10252<br>| $12171<br>| $11241<br>| $13806<br>| $16190<br>| $18451<br>| $15336<br>| $17847<br>| $19776<br>| $23392<br>|
| Fidelity Asset Manager 70% Composite Index℠<br>| $10000 | $10795<br>| $12601<br>| $11933<br>| $14542<br>| $16725<br>| $18970<br>| $15990<br>| $18690<br>| $20919<br>| $24712<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123464_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 18.29% | 7.64% | 8.87% |
| Fidelity Asset Manager 70% Composite Index℠ | 18.13%<br>| 8.12%<br>| 9.47% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $373011280<br>|
| Number of Holdings | 28<br>|
| Total Advisory Fee | $1884065<br>|
| Portfolio Turnover | 22%<br>|

---

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

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 13.1 |
| AAA | 1.2 |
| AA | 0.2 |
| A | 1.6 |
| BBB | 2.7 |
| BB | 0.9 |
| B | 0.9 |
| CCC,CC,C | 0.2 |
| D | 0.0 |
| Not Rated | 2.0 |
| Equities | 74.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img159_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 13.1 |
| &nbsp;&nbsp;AAA - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 74.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 17.1 |
| Financials | 14.7 |
| Industrials | 8.5 |
| Consumer Discretionary | 6.9 |
| Communication Services | 6.0 |
| Health Care | 5.2 |
| Materials | 3.0 |
| Consumer Staples | 2.7 |
| Energy | 2.5 |
| Utilities | 1.6 |
| Real Estate | 1.2 |

---

Equities 74.4 <br> Bonds 22.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img159_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 74.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 22.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.8 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 8.2<br>|
| Fidelity Enhanced Small Cap ETF | 2.9<br>|
| NVIDIA Corp | 2.9<br>|
| Apple Inc | 2.5<br>|
| Fidelity Blue Chip Growth ETF | 2.4<br>|
| Alphabet Inc Class A | 2.4<br>|
| Microsoft Corp | 2.3<br>|
| US Treasury Bonds | 2.2<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.7<br>|
| Amazon.com Inc | 1.5<br>|
|  | 29.0 |

---

**How has the Fund changed?**

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

&nbsp;&nbsp;&nbsp;&nbsp;The fund's name changed from Asset Manager Growth Portfolio to Asset Manager 70% Portfolio during the reporting period. <br>

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img159_20251231_2.jpg)<br>| ![](img123464_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914171.101 159-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Asset Manager 50% Portfolio<br> **VIP Asset Manager 50% Portfolio Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Asset Manager 50% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $78  | 0.72% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, both asset class positioning and security selection contributed to the fund's performance versus the Composite index for the year.

• The portfolio's core equity allocation strategy aided relative performance, led by overweight positioning among in both international developed- and emerging-markets stocks. Conversely, an overweight stake in U.S. equities detracted, modestly diminishing the positive impact of our equity allocation approach.

• The portfolio's fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025. Investment choices in the communication services and financials sectors helped most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the fund's relative return. Here, picks in the U.K., along with adverse positioning in Canada and several continental European equity markets, were the biggest negatives. Out-of-benchmark positioning in the U.S. market also hurt. On the plus side, underweighting the lagging Australian market was beneficial.

• Emerging-markets stock picks provided a further boost. Here, positioning in India, along with investment choices in Taiwan and South Korea, added value.

• Security selection among investment-grade bonds also slightly contributed. Non-government-agency mortgage-backed securities and U.S. Treasurys led the way, followed by asset-backed securities.

• As of December 31, the fund was overweight in equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10284<br>| $11697<br>| $11041<br>| $13029<br>| $14923<br>| $16368<br>| $13888<br>| $15645<br>| $16933<br>| $19425<br>|
| Fidelity Asset Manager 50% Composite Index℠<br>| $10000 | $10633<br>| $11976<br>| $11546<br>| $13580<br>| $15306<br>| $16700<br>| $14369<br>| $16321<br>| $17803<br>| $20433<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123465_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 14.72% | 5.41% | 6.87% |
| Fidelity Asset Manager 50% Composite Index℠ | 14.77%<br>| 5.95%<br>| 7.41% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $949894514<br>|
| Number of Holdings | 32<br>|
| Total Advisory Fee | $4427638<br>|
| Portfolio Turnover | 24%<br>|

---

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

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 22.4 |
| AAA | 2.5 |
| AA | 0.3 |
| A | 2.9 |
| BBB | 4.9 |
| BB | 0.9 |
| B | 1.1 |
| CCC,CC,C | 0.2 |
| D | 0.0 |
| Not Rated | 2.7 |
| Equities | 58.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img228_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.4 |
| &nbsp;&nbsp;AAA - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 58.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.9 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 13.8 |
| Information Technology | 13.4 |
| Industrials | 6.9 |
| Communication Services | 5.2 |
| Consumer Discretionary | 5.1 |
| Health Care | 4.1 |
| Energy | 2.2 |
| Consumer Staples | 2.1 |
| Materials | 1.8 |
| Real Estate | 1.5 |
| Utilities | 1.5 |

---

Equities 58.2 <br> Bonds 37.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img228_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 58.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 37.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.9 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 13.7<br>|
| US Treasury Bonds | 3.9<br>|
| Fidelity Enhanced Small Cap ETF | 2.6<br>|
| NVIDIA Corp | 2.2<br>|
| Fidelity Blue Chip Growth ETF | 2.1<br>|
| Apple Inc | 1.9<br>|
| Alphabet Inc Class A | 1.8<br>|
| Microsoft Corp | 1.7<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.4<br>|
| Fidelity Hedged Equity ETF | 1.3<br>|
|  | 32.6 |

---

**How has the Fund changed?**

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund's name changed from Asset Manager Portfolio to Asset Manager 50% Portfolio during the reporting period. <br>|

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img228_20251231_2.jpg)<br>| ![](img123465_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914197.101 363-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Asset Manager 50% Portfolio<br> **VIP Asset Manager 50% Portfolio Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Asset Manager 50% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $61  | 0.57% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, both asset class positioning and security selection contributed to the fund's performance versus the Composite index for the year.

• The portfolio's core equity allocation strategy aided relative performance, led by overweight positioning among in both international developed- and emerging-markets stocks. Conversely, an overweight stake in U.S. equities detracted, modestly diminishing the positive impact of our equity allocation approach.

• The portfolio's fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025. Investment choices in the communication services and financials sectors helped most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the fund's relative return. Here, picks in the U.K., along with adverse positioning in Canada and several continental European equity markets, were the biggest negatives. Out-of-benchmark positioning in the U.S. market also hurt. On the plus side, underweighting the lagging Australian market was beneficial.

• Emerging-markets stock picks provided a further boost. Here, positioning in India, along with investment choices in Taiwan and South Korea, added value.

• Security selection among investment-grade bonds also slightly contributed. Non-government-agency mortgage-backed securities and U.S. Treasurys led the way, followed by asset-backed securities.

• As of December 31, the fund was overweight in equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10301<br>| $11737<br>| $11099<br>| $13114<br>| $15047<br>| $16521<br>| $14038<br>| $15848<br>| $17169<br>| $19720<br>|
| Fidelity Asset Manager 50% Composite Index℠<br>| $10000 | $10633<br>| $11976<br>| $11546<br>| $13580<br>| $15306<br>| $16700<br>| $14369<br>| $16321<br>| $17803<br>| $20433<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123466_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 14.86% | 5.56% | 7.03% |
| Fidelity Asset Manager 50% Composite Index℠ | 14.77%<br>| 5.95%<br>| 7.41% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $949894514<br>|
| Number of Holdings | 32<br>|
| Total Advisory Fee | $4427638<br>|
| Portfolio Turnover | 24%<br>|

---

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

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 22.4 |
| AAA | 2.5 |
| AA | 0.3 |
| A | 2.9 |
| BBB | 4.9 |
| BB | 0.9 |
| B | 1.1 |
| CCC,CC,C | 0.2 |
| D | 0.0 |
| Not Rated | 2.7 |
| Equities | 58.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img228_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.4 |
| &nbsp;&nbsp;AAA - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 58.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.9 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 13.8 |
| Information Technology | 13.4 |
| Industrials | 6.9 |
| Communication Services | 5.2 |
| Consumer Discretionary | 5.1 |
| Health Care | 4.1 |
| Energy | 2.2 |
| Consumer Staples | 2.1 |
| Materials | 1.8 |
| Real Estate | 1.5 |
| Utilities | 1.5 |

---

Equities 58.2 <br> Bonds 37.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img228_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 58.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 37.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.9 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 13.7<br>|
| US Treasury Bonds | 3.9<br>|
| Fidelity Enhanced Small Cap ETF | 2.6<br>|
| NVIDIA Corp | 2.2<br>|
| Fidelity Blue Chip Growth ETF | 2.1<br>|
| Apple Inc | 1.9<br>|
| Alphabet Inc Class A | 1.8<br>|
| Microsoft Corp | 1.7<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.4<br>|
| Fidelity Hedged Equity ETF | 1.3<br>|
|  | 32.6 |

---

**How has the Fund changed?**

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund's name changed from Asset Manager Portfolio to Asset Manager 50% Portfolio during the reporting period. <br>|

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img228_20251231_2.jpg)<br>| ![](img123466_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914198.101 467-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Asset Manager 50% Portfolio<br> **VIP Asset Manager 50% Portfolio Investor Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Asset Manager 50% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

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

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, both asset class positioning and security selection contributed to the fund's performance versus the Composite index for the year.

• The portfolio's core equity allocation strategy aided relative performance, led by overweight positioning among in both international developed- and emerging-markets stocks. Conversely, an overweight stake in U.S. equities detracted, modestly diminishing the positive impact of our equity allocation approach.

• The portfolio's fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025. Investment choices in the communication services and financials sectors helped most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the fund's relative return. Here, picks in the U.K., along with adverse positioning in Canada and several continental European equity markets, were the biggest negatives. Out-of-benchmark positioning in the U.S. market also hurt. On the plus side, underweighting the lagging Australian market was beneficial.

• Emerging-markets stock picks provided a further boost. Here, positioning in India, along with investment choices in Taiwan and South Korea, added value.

• Security selection among investment-grade bonds also slightly contributed. Non-government-agency mortgage-backed securities and U.S. Treasurys led the way, followed by asset-backed securities.

• As of December 31, the fund was overweight in equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $10301<br>| $11739<br>| $11105<br>| $13119<br>| $15057<br>| $16540<br>| $14058<br>| $15872<br>| $17198<br>| $19762<br>|
| Fidelity Asset Manager 50% Composite Index℠<br>| $10000 | $10633<br>| $11976<br>| $11546<br>| $13580<br>| $15306<br>| $16700<br>| $14369<br>| $16321<br>| $17803<br>| $20433<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123467_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 14.90% | 5.59% | 7.05% |
| Fidelity Asset Manager 50% Composite Index℠ | 14.77%<br>| 5.95%<br>| 7.41% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $949894514<br>|
| Number of Holdings | 32<br>|
| Total Advisory Fee | $4427638<br>|
| Portfolio Turnover | 24%<br>|

---

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

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 22.4 |
| AAA | 2.5 |
| AA | 0.3 |
| A | 2.9 |
| BBB | 4.9 |
| BB | 0.9 |
| B | 1.1 |
| CCC,CC,C | 0.2 |
| D | 0.0 |
| Not Rated | 2.7 |
| Equities | 58.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img228_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.4 |
| &nbsp;&nbsp;AAA - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 58.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.9 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 13.8 |
| Information Technology | 13.4 |
| Industrials | 6.9 |
| Communication Services | 5.2 |
| Consumer Discretionary | 5.1 |
| Health Care | 4.1 |
| Energy | 2.2 |
| Consumer Staples | 2.1 |
| Materials | 1.8 |
| Real Estate | 1.5 |
| Utilities | 1.5 |

---

Equities 58.2 <br> Bonds 37.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img228_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 58.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 37.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.9 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 13.7<br>|
| US Treasury Bonds | 3.9<br>|
| Fidelity Enhanced Small Cap ETF | 2.6<br>|
| NVIDIA Corp | 2.2<br>|
| Fidelity Blue Chip Growth ETF | 2.1<br>|
| Apple Inc | 1.9<br>|
| Alphabet Inc Class A | 1.8<br>|
| Microsoft Corp | 1.7<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.4<br>|
| Fidelity Hedged Equity ETF | 1.3<br>|
|  | 32.6 |

---

**How has the Fund changed?**

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund's name changed from Asset Manager Portfolio to Asset Manager 50% Portfolio during the reporting period. <br>|

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img228_20251231_2.jpg)<br>| ![](img123467_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914195.101 1457-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Asset Manager 50% Portfolio<br> **VIP Asset Manager 50% Portfolio Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Asset Manager 50% Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $51  | 0.47% |

---

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

• Risk assets throughout the world achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some key central banks.

• Against this backdrop, both asset class positioning and security selection contributed to the fund's performance versus the Composite index for the year.

• The portfolio's core equity allocation strategy aided relative performance, led by overweight positioning among in both international developed- and emerging-markets stocks. Conversely, an overweight stake in U.S. equities detracted, modestly diminishing the positive impact of our equity allocation approach.

• The portfolio's fixed-income positioning was beneficial from a relative performance standpoint. Specifically, an underweight in investment-grade bond holdings and cash, in favor of higher-risk segments of the fixed-income market was advantageous. That said, small allocations to long-term U.S. Treasurys and leveraged loans hurt modestly.

• In terms of security selection, picks among U.S. equities notably aided relative performance in 2025. Investment choices in the communication services and financials sectors helped most.

• Stock selection among international developed-market stocks, on the other hand, significantly pressured the fund's relative return. Here, picks in the U.K., along with adverse positioning in Canada and several continental European equity markets, were the biggest negatives. Out-of-benchmark positioning in the U.S. market also hurt. On the plus side, underweighting the lagging Australian market was beneficial.

• Emerging-markets stock picks provided a further boost. Here, positioning in India, along with investment choices in Taiwan and South Korea, added value.

• Security selection among investment-grade bonds also slightly contributed. Non-government-agency mortgage-backed securities and U.S. Treasurys led the way, followed by asset-backed securities.

• As of December 31, the fund was overweight in equities across the board - U.S. as well as international developed and emerging markets - though we remained underweight investment-grade bonds and cash.

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

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10314<br>| $11761<br>| $11132<br>| $13163<br>| $15120<br>| $16620<br>| $14138<br>| $15968<br>| $17325<br>| $19920<br>|
| Fidelity Asset Manager 50% Composite Index℠<br>| $10000 | $10633<br>| $11976<br>| $11546<br>| $13580<br>| $15306<br>| $16700<br>| $14369<br>| $16321<br>| $17803<br>| $20433<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123468_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 14.98% | 5.67% | 7.13% |
| Fidelity Asset Manager 50% Composite Index℠ | 14.77%<br>| 5.95%<br>| 7.41% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $949894514<br>|
| Number of Holdings | 32<br>|
| Total Advisory Fee | $4427638<br>|
| Portfolio Turnover | 24%<br>|

---

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

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 22.4 |
| AAA | 2.5 |
| AA | 0.3 |
| A | 2.9 |
| BBB | 4.9 |
| BB | 0.9 |
| B | 1.1 |
| CCC,CC,C | 0.2 |
| D | 0.0 |
| Not Rated | 2.7 |
| Equities | 58.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img228_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.4 |
| &nbsp;&nbsp;AAA - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 58.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.9 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 13.8 |
| Information Technology | 13.4 |
| Industrials | 6.9 |
| Communication Services | 5.2 |
| Consumer Discretionary | 5.1 |
| Health Care | 4.1 |
| Energy | 2.2 |
| Consumer Staples | 2.1 |
| Materials | 1.8 |
| Real Estate | 1.5 |
| Utilities | 1.5 |

---

Equities 58.2 <br> Bonds 37.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img228_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Equities - 58.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 37.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.9 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 13.7<br>|
| US Treasury Bonds | 3.9<br>|
| Fidelity Enhanced Small Cap ETF | 2.6<br>|
| NVIDIA Corp | 2.2<br>|
| Fidelity Blue Chip Growth ETF | 2.1<br>|
| Apple Inc | 1.9<br>|
| Alphabet Inc Class A | 1.8<br>|
| Microsoft Corp | 1.7<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.4<br>|
| Fidelity Hedged Equity ETF | 1.3<br>|
|  | 32.6 |

---

**How has the Fund changed?**

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;The fund's name changed from Asset Manager Portfolio to Asset Manager 50% Portfolio during the reporting period. <br>|

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img228_20251231_2.jpg)<br>| ![](img123468_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914196.101 156-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $43  | 0.41% |

---

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

• U.S. taxable investment-grade bonds advanced in 2025, navigating uncertainty related to U.S. trade policy but buoyed by elevated starting yields, tighter credit spreads and three policy interest-rate cuts by the U.S. Federal Reserve since September 17.

• Against that backdrop, the fund's modestly longer duration (i.e., slightly more interest-rate sensitivity) contributed to performance versus the Bloomberg U.S. Aggregate Index for the year.

• Security selection also added value. Specifically, fund holdings in the corporate segment made a modest contribution to relative performance, led by picks among financials, particularly banks and REITs.

• In the government-related sector, non-index exposure to bonds issued by Mexico's state-owned oil and gas company Pemex (Petroleos Mexicanos) buoyed relative performance as well.

• Overweight holdings and investment choices among asset-backed securities, particularly collateralized loan obligations, and commercial mortgage-backed securities, helped.

• In contrast, the fund's underweight in mortgage-backed securities detracted versus the benchmark.

• An underweight in the bonds of industrial firms within the corporate sector also hurt.

• Notable changes over the past 12 months included management's decision to gradually lower the fund's overall risk profile by reducing exposure to investment-grade corporate bonds and increasing the allocation to U.S. Treasurys.

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

**CUMULATIVE PERFORMANCE**

May 27, 2022 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $9467<br>| $10024<br>| $10176<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $9504<br>| $10029<br>| $10155<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img123469_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Investor Class | 7.12% | 2.42% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| 2.41% |

---

**A** From May 27, 2022

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3574011699<br>|
| Number of Holdings | 4751<br>|
| Total Advisory Fee | $13194261<br>|
| Portfolio Turnover | 182%<br>|

---

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

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 63.1 |
| AAA | 7.3 |
| AA | 0.9 |
| A | 8.3 |
| BBB | 13.0 |
| BB | 1.7 |
| B | 0.8 |
| CCC,CC,C | 0.0 |
| Not Rated | 6.4 |
| Equities | 0.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6571_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 63.1 |
| &nbsp;&nbsp;AAA - 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (1.5)%  |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 48.1 |
| Corporate Bonds | 22.6 |
| U.S. Government Agency - Mortgage Securities | 15.0 |
| Asset-Backed Securities | 9.2 |
| CMOs and Other Mortgage Related Securities | 6.3 |
| Foreign Government and Government Agency Obligations | 0.2 |
| Options | 0.1 |
| Other Investments | 0.0 |
| Bank Loan Obligations | 0.0 |
| Preferred Securities | 0.0 |
| Municipal Securities | 0.0 |
| Common Stocks | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6571_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 48.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 22.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government Agency - Mortgage Securities - 15.0 |
| Asset-Backed Securities - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 6.3 |
| Foreign Government and Government Agency Obligations - 0.2 |
| Options - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Other Investments - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Municipal Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (1.5)% |

---

---

| | |
|:---|:---|
| United States | 90.6 |
| Grand Cayman (UK Overseas Ter) | 4.7 |
| Mexico | 0.9 |
| Bailiwick Of Jersey | 0.7 |
| Ireland | 0.6 |
| United Kingdom | 0.5 |
| Multi-national | 0.5 |
| Netherlands | 0.4 |
| Germany | 0.3 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6571_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 4.7&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Jersey - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Multi-national - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 35.9<br>|
| US Treasury Bonds | 12.2<br>|
| Fannie Mae Mortgage pass-thru certificates | 5.1<br>|
| Ginnie Mae II Pool | 3.9<br>|
| Freddie Mac Gold Pool | 3.2<br>|
| Uniform Mortgage Backed Securities | 2.5<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 1.9<br>|
| Bank of America Corp | 1.4<br>|
| JPMorgan Chase & Co | 1.2<br>|
| Morgan Stanley | 1.2<br>|
|  | 68.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6571_20251231_2.jpg)<br>| ![](img123469_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914404.101 6572-TSRA-0226 <br>|

---

---

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

---

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

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $40  | 0.38% |

---

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

• U.S. taxable investment-grade bonds advanced in 2025, navigating uncertainty related to U.S. trade policy but buoyed by elevated starting yields, tighter credit spreads and three policy interest-rate cuts by the U.S. Federal Reserve since September 17.

• Against that backdrop, the fund's modestly longer duration (i.e., slightly more interest-rate sensitivity) contributed to performance versus the Bloomberg U.S. Aggregate Index for the year.

• Security selection also added value. Specifically, fund holdings in the corporate segment made a modest contribution to relative performance, led by picks among financials, particularly banks and REITs.

• In the government-related sector, non-index exposure to bonds issued by Mexico's state-owned oil and gas company Pemex (Petroleos Mexicanos) buoyed relative performance as well.

• Overweight holdings and investment choices among asset-backed securities, particularly collateralized loan obligations, and commercial mortgage-backed securities, helped.

• In contrast, the fund's underweight in mortgage-backed securities detracted versus the benchmark.

• An underweight in the bonds of industrial firms within the corporate sector also hurt.

• Notable changes over the past 12 months included management's decision to gradually lower the fund's overall risk profile by reducing exposure to investment-grade corporate bonds and increasing the allocation to U.S. Treasurys.

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

**CUMULATIVE PERFORMANCE**

May 27, 2022 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $9469<br>| $10029<br>| $10189<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $9504<br>| $10029<br>| $10155<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img123470_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Initial Class | 7.15% | 2.47% |
| Bloomberg U.S. Aggregate Bond Index | 7.30%<br>| 2.41% |

---

**A** From May 27, 2022

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3574011699<br>|
| Number of Holdings | 4751<br>|
| Total Advisory Fee | $13194261<br>|
| Portfolio Turnover | 182%<br>|

---

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

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 63.1 |
| AAA | 7.3 |
| AA | 0.9 |
| A | 8.3 |
| BBB | 13.0 |
| BB | 1.7 |
| B | 0.8 |
| CCC,CC,C | 0.0 |
| Not Rated | 6.4 |
| Equities | 0.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6571_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 63.1 |
| &nbsp;&nbsp;AAA - 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (1.5)%  |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 48.1 |
| Corporate Bonds | 22.6 |
| U.S. Government Agency - Mortgage Securities | 15.0 |
| Asset-Backed Securities | 9.2 |
| CMOs and Other Mortgage Related Securities | 6.3 |
| Foreign Government and Government Agency Obligations | 0.2 |
| Options | 0.1 |
| Other Investments | 0.0 |
| Bank Loan Obligations | 0.0 |
| Preferred Securities | 0.0 |
| Municipal Securities | 0.0 |
| Common Stocks | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6571_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| U.S. Treasury Obligations - 48.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 22.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government Agency - Mortgage Securities - 15.0 |
| Asset-Backed Securities - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 6.3 |
| Foreign Government and Government Agency Obligations - 0.2 |
| Options - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Other Investments - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Municipal Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (1.5)% |

---

---

| | |
|:---|:---|
| United States | 90.6 |
| Grand Cayman (UK Overseas Ter) | 4.7 |
| Mexico | 0.9 |
| Bailiwick Of Jersey | 0.7 |
| Ireland | 0.6 |
| United Kingdom | 0.5 |
| Multi-national | 0.5 |
| Netherlands | 0.4 |
| Germany | 0.3 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6571_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 4.7&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Jersey - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Multi-national - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 35.9<br>|
| US Treasury Bonds | 12.2<br>|
| Fannie Mae Mortgage pass-thru certificates | 5.1<br>|
| Ginnie Mae II Pool | 3.9<br>|
| Freddie Mac Gold Pool | 3.2<br>|
| Uniform Mortgage Backed Securities | 2.5<br>|
| Freddie Mac Multifamily Structured pass-thru certificates | 1.9<br>|
| Bank of America Corp | 1.4<br>|
| JPMorgan Chase & Co | 1.2<br>|
| Morgan Stanley | 1.2<br>|
|  | 68.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6571_20251231_2.jpg)<br>| ![](img123470_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914403.101 6571-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2070 Portfolio℠<br> **VIP Freedom 2070 Portfolio℠ Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2070 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $0 A | 0.00%B |

---

AAmount represents less than $.50

BAmount represents less than 0.005%

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

July 1, 2024 through December 31, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Initial Class<br>| $10000 | $10247<br>|
| Fidelity VIP Freedom 2070 Composite Index<br>| $10000 | $10485<br>|
| S&P 500® Index<br>| $10000 | $10814<br>|
|  | 2024 | 2025 |

---

![](img123546_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Initial Class | 19.93% | 14.71% |
| Fidelity VIP Freedom 2070 Composite Index | 21.44%<br>| 17.46% |
| S&P 500® Index | 17.88%<br>| 17.55% |

---

**A** From July 1, 2024

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3449713<br>|
| Number of Holdings | 12<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 344%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 52.7 |
| International Equity Funds | 40.4 |
| Bond Funds | 6.6 |
| Short-Term Funds | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7671_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 52.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 40.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 27.7<br>|
| VIP Growth Portfolio - Initial Class | 15.4<br>|
| VIP Emerging Markets Portfolio - Initial Class | 12.7<br>|
| VIP Growth & Income Portfolio - Initial Class | 10.3<br>|
| VIP Contrafund Portfolio - Initial Class | 9.3<br>|
| VIP Equity-Income Portfolio - Initial Class | 7.5<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.5<br>|
| VIP Value Portfolio - Initial Class | 5.3<br>|
| VIP Value Strategies Portfolio - Initial Class | 2.6<br>|
| VIP Mid Cap Portfolio - Initial Class | 2.3<br>|
|  | 99.6 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img7671_20251231_2.jpg)<br>| ![](img123546_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918308.101 7671-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2070 Portfolio℠<br> **VIP Freedom 2070 Portfolio℠ Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2070 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $11  | 0.10% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

July 1, 2024 through December 31, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Service Class<br>| $10000 | $10242<br>|
| Fidelity VIP Freedom 2070 Composite Index<br>| $10000 | $10485<br>|
| S&P 500® Index<br>| $10000 | $10814<br>|
|  | 2024 | 2025 |

---

![](img123547_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Service Class | 19.82% | 14.61% |
| Fidelity VIP Freedom 2070 Composite Index | 21.44%<br>| 17.46% |
| S&P 500® Index | 17.88%<br>| 17.55% |

---

**A** From July 1, 2024

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3449713<br>|
| Number of Holdings | 12<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 344%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 52.7 |
| International Equity Funds | 40.4 |
| Bond Funds | 6.6 |
| Short-Term Funds | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7671_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 52.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 40.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 27.7<br>|
| VIP Growth Portfolio - Initial Class | 15.4<br>|
| VIP Emerging Markets Portfolio - Initial Class | 12.7<br>|
| VIP Growth & Income Portfolio - Initial Class | 10.3<br>|
| VIP Contrafund Portfolio - Initial Class | 9.3<br>|
| VIP Equity-Income Portfolio - Initial Class | 7.5<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.5<br>|
| VIP Value Portfolio - Initial Class | 5.3<br>|
| VIP Value Strategies Portfolio - Initial Class | 2.6<br>|
| VIP Mid Cap Portfolio - Initial Class | 2.3<br>|
|  | 99.6 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img7671_20251231_2.jpg)<br>| ![](img123547_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918310.101 7672-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Freedom 2070 Portfolio℠<br> **VIP Freedom 2070 Portfolio℠ Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Freedom 2070 Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $27  | 0.25% |

---

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

• Global risk assets achieved strong gains in 2025, boosted by healthy corporate fundamentals in several regions, a resilient global economy, robust corporate spending on artificial intelligence and dovish monetary policy from some global central banks.

• Against this backdrop, the performance of the underlying investment portfolios detracted from the Fund's performance versus the Composite index for the year, especially in non-U.S. equities.

• Within non-U.S. equities, an investment in VIP Overseas Portfolio hurt most, as the fund gained 20.39%, trailing the 32.22% advance of the MSCI ACWI (All Country World Index) ex US Index.

• Performance among U.S. equities contributed to the Fund's relative performance, especially an investment in VIP Growth & Income Portfolio (+21.50%), which topped its benchmark, the S&P 500 index (+17.88%).

• Conversely, an investment in VIP Growth Portfolio detracted from the Fund's relative result, given the portfolio's 14.90% gain lagged that of its benchmark, the Russell 3000® Growth Index (+18.15%).

• Active asset allocation positioning contributed to the Fund's performance versus its Composite index. Specifically, it helped to overweight non-U.S. equities, the top-performing category in 2025. Underweighting U.S. investment-grade bonds also contributed, whereas an underweight in U.S. equities detracted.

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

**CUMULATIVE PERFORMANCE**

July 1, 2024 through December 31, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Service Class 2<br>| $10000 | $10234<br>|
| Fidelity VIP Freedom 2070 Composite Index<br>| $10000 | $10485<br>|
| S&P 500® Index<br>| $10000 | $10814<br>|
|  | 2024 | 2025 |

---

![](img123548_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Service Class 2 | 19.59% | 14.40% |
| Fidelity VIP Freedom 2070 Composite Index | 21.44%<br>| 17.46% |
| S&P 500® Index | 17.88%<br>| 17.55% |

---

**A** From July 1, 2024

---

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

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3449713<br>|
| Number of Holdings | 12<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 344%<br>|

---

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

---

| | |
|:---|:---|
| Domestic Equity Funds | 52.7 |
| International Equity Funds | 40.4 |
| Bond Funds | 6.6 |
| Short-Term Funds | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7671_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Domestic Equity Funds - 52.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 40.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bond Funds - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Funds - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| VIP Overseas Portfolio - Initial Class | 27.7<br>|
| VIP Growth Portfolio - Initial Class | 15.4<br>|
| VIP Emerging Markets Portfolio - Initial Class | 12.7<br>|
| VIP Growth & Income Portfolio - Initial Class | 10.3<br>|
| VIP Contrafund Portfolio - Initial Class | 9.3<br>|
| VIP Equity-Income Portfolio - Initial Class | 7.5<br>|
| Fidelity Long-Term Treasury Bond Index Fund | 6.5<br>|
| VIP Value Portfolio - Initial Class | 5.3<br>|
| VIP Value Strategies Portfolio - Initial Class | 2.6<br>|
| VIP Mid Cap Portfolio - Initial Class | 2.3<br>|
|  | 99.6 |

---

**How has the Fund changed?**

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

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img7671_20251231_2.jpg)<br>| ![](img123548_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918312.101 7673-TSRA-0226 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, December 31, 2025, Variable Insurance Products Fund V (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 Laura M. Bishop is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bishop 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 Asset Manager 50% Portfolio, VIP Asset Manager 70% Portfolio, VIP Bond Index Portfolio, VIP Freedom 2010 Portfolio, VIP Freedom 2015 Portfolio, VIP Freedom 2020 Portfolio, VIP Freedom 2025 Portfolio, VIP Freedom 2030 Portfolio, VIP Freedom 2035 Portfolio, VIP Freedom 2040 Portfolio, VIP Freedom 2045 Portfolio, VIP Freedom 2050 Portfolio, VIP Freedom 2055 Portfolio, VIP Freedom 2060 Portfolio, VIP Freedom 2065 Portfolio, VIP Freedom 2070 Portfolio, VIP Freedom Income Portfolio, VIP Freedom Lifetime Income I Portfolio, VIP Freedom Lifetime Income II Portfolio, VIP Freedom Lifetime Income III Portfolio, VIP Investment Grade Bond Portfolio II, and VIP Investment Grade Bond Portfolio (the "Funds"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>December 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;VIP Asset Manager 50% Portfolio | &nbsp;&nbsp;$35200  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$8100  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;VIP Asset Manager 70% Portfolio | &nbsp;&nbsp;$34700  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5300  | &nbsp;&nbsp;$300  |
| &nbsp;&nbsp;VIP Bond Index Portfolio | &nbsp;&nbsp;$72100  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$6800  | &nbsp;&nbsp;$700  |
| &nbsp;&nbsp;VIP Freedom 2010 Portfolio | &nbsp;&nbsp;$18600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5300  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;VIP Freedom 2015 Portfolio | &nbsp;&nbsp;$18600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5300  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;VIP Freedom 2020 Portfolio | &nbsp;&nbsp;$18600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5300  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;VIP Freedom 2025 Portfolio | &nbsp;&nbsp;$18600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5300  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;VIP Freedom 2030 Portfolio | &nbsp;&nbsp;$18600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5300  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;VIP Freedom 2035 Portfolio | &nbsp;&nbsp;$18600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5300  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;VIP Freedom 2040 Portfolio | &nbsp;&nbsp;$18600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5300  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;VIP Freedom 2045  |  |  |  |  |
| &nbsp;&nbsp;Portfolio | &nbsp;&nbsp;$18600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5300  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;VIP Freedom 2050 Portfolio | &nbsp;&nbsp;$18600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5300  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;VIP Freedom 2055 Portfolio | &nbsp;&nbsp;$18600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5500  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;VIP Freedom 2060 Portfolio | &nbsp;&nbsp;$19100  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5500  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;VIP Freedom 2065 Portfolio | &nbsp;&nbsp;$18600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5500  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;VIP Freedom 2070 Portfolio | &nbsp;&nbsp;$18400  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8000  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;VIP Freedom Income Portfolio | &nbsp;&nbsp;$28100  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5300  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;VIP Freedom Lifetime Income I Portfolio | &nbsp;&nbsp;$16400  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5300  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;VIP Freedom Lifetime Income II Portfolio | &nbsp;&nbsp;$16400  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5300  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;VIP Freedom Lifetime Income III Portfolio | &nbsp;&nbsp;$16400  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5300  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;VIP Investment Grade Bond II Portfolio | &nbsp;&nbsp;$39400  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$10300  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;VIP Investment Grade Bond Portfolio | &nbsp;&nbsp;$36400  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$6700  | &nbsp;&nbsp;$400  |

---

**<u>December 31, 2024 Fees</u><sup>A,B</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;VIP Asset Manager 50% Portfolio | &nbsp;&nbsp;$33900  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$12700  | &nbsp;&nbsp;$800  |
| &nbsp;&nbsp;VIP Asset Manager 70% Portfolio | &nbsp;&nbsp;$33100  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8000  | &nbsp;&nbsp;$700  |
| &nbsp;&nbsp;VIP Bond Index Portfolio | &nbsp;&nbsp;$69300  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$10400  | &nbsp;&nbsp;$1500  |
| &nbsp;&nbsp;VIP Freedom 2010 Portfolio | &nbsp;&nbsp;$17800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7400  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;VIP Freedom 2015 Portfolio | &nbsp;&nbsp;$17800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7400  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;VIP Freedom 2020 Portfolio | &nbsp;&nbsp;$17800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7400  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;VIP Freedom 2025 Portfolio | &nbsp;&nbsp;$17800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7400  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;VIP Freedom 2030 Portfolio | &nbsp;&nbsp;$17800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7400  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;VIP Freedom 2035 Portfolio | &nbsp;&nbsp;$17800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7400  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;VIP Freedom 2040 Portfolio | &nbsp;&nbsp;$17800  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$7200  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;VIP Freedom 2045 Portfolio | &nbsp;&nbsp;$17800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7400  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;VIP Freedom 2050 Portfolio | &nbsp;&nbsp;$17800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7400  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;VIP Freedom 2055 Portfolio | &nbsp;&nbsp;$17800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7600  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;VIP Freedom 2060 Portfolio | &nbsp;&nbsp;$18300  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7600  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;VIP Freedom 2065 Portfolio | &nbsp;&nbsp;$17800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7600  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;VIP Freedom 2070 Portfolio | &nbsp;&nbsp;$15100  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7700  | &nbsp;&nbsp;$200  |
| &nbsp;&nbsp;VIP Freedom Income Portfolio | &nbsp;&nbsp;$17800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7400  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;VIP Freedom Lifetime Income I Portfolio | &nbsp;&nbsp;$15700  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7700  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;VIP Freedom Lifetime Income II Portfolio | &nbsp;&nbsp;$15700  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7700  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;VIP Freedom Lifetime Income III Portfolio | &nbsp;&nbsp;$15700  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7700  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;VIP Investment Grade Bond II Portfolio | &nbsp;&nbsp;$37800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$10500  | &nbsp;&nbsp;$900  |
| &nbsp;&nbsp;VIP Investment Grade Bond Portfolio | &nbsp;&nbsp;$34900  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$10000  | &nbsp;&nbsp;$800  |

---

<sup>A</sup> Amounts may reflect rounding.

<sup>B</sup>VIP Freedom 2070 Portfolio commenced operations on July 1, 2024.

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to VIP FundsManager 20% Portfolio, VIP FundsManager 30% Portfolio, VIP FundsManager 40% Portfolio, VIP FundsManager 50% Portfolio, VIP FundsManager 60% Portfolio, VIP FundsManager 70% Portfolio, VIP FundsManager 85% Portfolio, VIP Government Money Market Portfolio, VIP Investor Freedom 2010 Portfolio, VIP Investor Freedom 2015 Portfolio, VIP Investor Freedom 2020 Portfolio, VIP Investor Freedom 2025 Portfolio, VIP Investor Freedom 2030 Portfolio, VIP Investor Freedom 2035 Portfolio, VIP Investor Freedom 2040 Portfolio, VIP Investor Freedom 2045 Portfolio, VIP Investor Freedom 2050 Portfolio, VIP Investor Freedom Income Portfolio, VIP Strategic Income Portfolio, and VIP Target Volatility Portfolio (the "Funds"):

**<u>Services Billed by PwC</u>**

**<u>December 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;VIP FundsManager 20% Portfolio | &nbsp;&nbsp;$25200  | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$2800  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;VIP FundsManager 30% Portfolio | &nbsp;&nbsp;$25700  | &nbsp;&nbsp;$1100  | &nbsp;&nbsp;$5600  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;VIP FundsManager 40% Portfolio | &nbsp;&nbsp;$25700  | &nbsp;&nbsp;$1100  | &nbsp;&nbsp;$5600  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;VIP FundsManager 50% Portfolio | &nbsp;&nbsp;$25200  | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$2800  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;VIP FundsManager 60% Portfolio | &nbsp;&nbsp;$25300  | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$2800  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;VIP FundsManager 70% Portfolio | &nbsp;&nbsp;$25200  | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$2800  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;VIP FundsManager 85% Portfolio | &nbsp;&nbsp;$25200  | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$2800  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;VIP Government Money Market Portfolio | &nbsp;&nbsp;$43800  | &nbsp;&nbsp;$1600  | &nbsp;&nbsp;$2200  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;VIP Investor Freedom 2010 Portfolio | &nbsp;&nbsp;$16800  | &nbsp;&nbsp;$700  | &nbsp;&nbsp;$3000  | &nbsp;&nbsp;$300  |
| &nbsp;&nbsp;VIP Investor Freedom 2015 Portfolio | &nbsp;&nbsp;$16800  | &nbsp;&nbsp;$700  | &nbsp;&nbsp;$3000  | &nbsp;&nbsp;$300  |
| &nbsp;&nbsp;VIP Investor Freedom 2020 Portfolio | &nbsp;&nbsp;$16800  | &nbsp;&nbsp;$700  | &nbsp;&nbsp;$3000  | &nbsp;&nbsp;$300  |
| &nbsp;&nbsp;VIP Investor Freedom 2025 Portfolio | &nbsp;&nbsp;$16800  | &nbsp;&nbsp;$700  | &nbsp;&nbsp;$3000  | &nbsp;&nbsp;$300  |
| &nbsp;&nbsp;VIP Investor Freedom 2030 Portfolio | &nbsp;&nbsp;$16800  | &nbsp;&nbsp;$700  | &nbsp;&nbsp;$3000  | &nbsp;&nbsp;$300  |
| &nbsp;&nbsp;VIP Investor Freedom 2035 Portfolio | &nbsp;&nbsp;$18200  | &nbsp;&nbsp;$800  | &nbsp;&nbsp;$3000  | &nbsp;&nbsp;$300  |
| &nbsp;&nbsp;VIP Investor Freedom 2040 Portfolio | &nbsp;&nbsp;$18200  | &nbsp;&nbsp;$800  | &nbsp;&nbsp;$3000  | &nbsp;&nbsp;$300  |
| &nbsp;&nbsp;VIP Investor Freedom 2045 Portfolio | &nbsp;&nbsp;$18200  | &nbsp;&nbsp;$800  | &nbsp;&nbsp;$3000  | &nbsp;&nbsp;$300  |
| &nbsp;&nbsp;VIP Investor Freedom 2050 Portfolio | &nbsp;&nbsp;$18200  | &nbsp;&nbsp;$800  | &nbsp;&nbsp;$3000  | &nbsp;&nbsp;$300  |
| &nbsp;&nbsp;VIP Investor Freedom Income Portfolio | &nbsp;&nbsp;$19900  | &nbsp;&nbsp;$700  | &nbsp;&nbsp;$5200  | &nbsp;&nbsp;$300  |
| &nbsp;&nbsp;VIP Strategic Income Portfolio | &nbsp;&nbsp;$93500  | &nbsp;&nbsp;$3500  | &nbsp;&nbsp;$3800  | &nbsp;&nbsp;$1400  |
| &nbsp;&nbsp;VIP Target Volatility Portfolio | &nbsp;&nbsp;$28800  | &nbsp;&nbsp;$1200  | &nbsp;&nbsp;$6100  | &nbsp;&nbsp;$500  |

---

**<u>December 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;VIP FundsManager 20% Portfolio | &nbsp;&nbsp;$24100  | &nbsp;&nbsp;$2000  | &nbsp;&nbsp;$5400  | &nbsp;&nbsp;$900  |
| &nbsp;&nbsp;VIP FundsManager 30% Portfolio | &nbsp;&nbsp;$24300  | &nbsp;&nbsp;$2100  | &nbsp;&nbsp;$5400  | &nbsp;&nbsp;$900  |
| &nbsp;&nbsp;VIP FundsManager 40% Portfolio | &nbsp;&nbsp;$24300  | &nbsp;&nbsp;$2100  | &nbsp;&nbsp;$5400  | &nbsp;&nbsp;$900  |
| &nbsp;&nbsp;VIP FundsManager 50% Portfolio | &nbsp;&nbsp;$24200  | &nbsp;&nbsp;$2000  | &nbsp;&nbsp;$5400  | &nbsp;&nbsp;$900  |
| &nbsp;&nbsp;VIP FundsManager 60% Portfolio | &nbsp;&nbsp;$24300  | &nbsp;&nbsp;$2000  | &nbsp;&nbsp;$5400  | &nbsp;&nbsp;$900  |
| &nbsp;&nbsp;VIP FundsManager 70% Portfolio | &nbsp;&nbsp;$24200  | &nbsp;&nbsp;$2000  | &nbsp;&nbsp;$5400  | &nbsp;&nbsp;$900  |
| &nbsp;&nbsp;VIP FundsManager 85% Portfolio | &nbsp;&nbsp;$24100  | &nbsp;&nbsp;$2000  | &nbsp;&nbsp;$5400  | &nbsp;&nbsp;$900  |
| &nbsp;&nbsp;VIP Government Money Market Portfolio | &nbsp;&nbsp;$42800  | &nbsp;&nbsp;$3300  | &nbsp;&nbsp;$2100  | &nbsp;&nbsp;$1400  |
| &nbsp;&nbsp;VIP Investor Freedom 2010 Portfolio | &nbsp;&nbsp;$16000  | &nbsp;&nbsp;$1500  | &nbsp;&nbsp;$6200  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;VIP Investor Freedom 2015 Portfolio | &nbsp;&nbsp;$16000  | &nbsp;&nbsp;$1500  | &nbsp;&nbsp;$6200  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;VIP Investor Freedom 2020 Portfolio | &nbsp;&nbsp;$16000  | &nbsp;&nbsp;$1500  | &nbsp;&nbsp;$6200  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;VIP Investor Freedom 2025 Portfolio | &nbsp;&nbsp;$16000  | &nbsp;&nbsp;$1500  | &nbsp;&nbsp;$6200  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;VIP Investor Freedom 2030 Portfolio | &nbsp;&nbsp;$16000  | &nbsp;&nbsp;$1500  | &nbsp;&nbsp;$6200  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;VIP Investor Freedom 2035 Portfolio | &nbsp;&nbsp;$17400  | &nbsp;&nbsp;$1700  | &nbsp;&nbsp;$6200  | &nbsp;&nbsp;$700  |
| &nbsp;&nbsp;VIP Investor Freedom 2040 Portfolio | &nbsp;&nbsp;$17400  | &nbsp;&nbsp;$1700  | &nbsp;&nbsp;$6200  | &nbsp;&nbsp;$700  |
| &nbsp;&nbsp;VIP Investor Freedom 2045 Portfolio | &nbsp;&nbsp;$17400  | &nbsp;&nbsp;$1700  | &nbsp;&nbsp;$6200  | &nbsp;&nbsp;$700  |
| &nbsp;&nbsp;VIP Investor Freedom 2050 Portfolio | &nbsp;&nbsp;$17400  | &nbsp;&nbsp;$1700  | &nbsp;&nbsp;$6200  | &nbsp;&nbsp;$700  |
| &nbsp;&nbsp;VIP Investor Freedom Income Portfolio | &nbsp;&nbsp;$16000  | &nbsp;&nbsp;$1500  | &nbsp;&nbsp;$6200  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;VIP Strategic Income Portfolio | &nbsp;&nbsp;$91400  | &nbsp;&nbsp;$7500  | &nbsp;&nbsp;$12800  | &nbsp;&nbsp;$3200  |
| &nbsp;&nbsp;VIP Target Volatility Portfolio | &nbsp;&nbsp;$27200  | &nbsp;&nbsp;$2400  | &nbsp;&nbsp;$5900  | &nbsp;&nbsp;$1100  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by Deloitte Entities</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>December 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>December 31, 2024</u><sup>A,B</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$125000 | &nbsp;&nbsp;$125000 |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$1970400 | &nbsp;&nbsp;$2929500 |

---

<sup>A</sup> Amounts may reflect rounding.

<sup>B</sup> May include amounts billed prior to the VIP Freedom 2070 Portfolio's commencement of operations.

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>December 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>December 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$8914100  | &nbsp;&nbsp;$9701800  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$61000  |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$35000  |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>December 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>December 31, 2024</u><sup>A,B</sup>** |
| &nbsp;&nbsp;Deloitte Entities | &nbsp;&nbsp;$2568400  | &nbsp;&nbsp;$3539600  |
| &nbsp;&nbsp;PwC | &nbsp;&nbsp;$13850300  | &nbsp;&nbsp;$15473300  |

---

<sup>A</sup> Amounts may reflect rounding.

<sup>B</sup> May include amounts billed prior to the VIP Freedom 2070 Portfolio's commencement of operations.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Variable Insurance Products:**

**VIP Target Volatility Portfolio**

**Annual Report**

**December 31, 2025**

![](img123119_1.jpg)

![](img123119_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIPTV-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Target Volatility Portfolio](#Sub_Sec_Fund_2520_VIPTV-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2520_VIPTV-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPTV-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPTV-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPTV-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPTV-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPTV-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPTV-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**VIP Target Volatility Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 28.1%** | &nbsp;&nbsp;**Bond Funds - 28.1%** | &nbsp;&nbsp;**Bond Funds - 28.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Long-Term Treasury Bond Index Fund (a) | 828 | 7690 |
| Fidelity Total Bond Fund (a) | 186777 | 1806138 |
| Fidelity U.S. Bond Index Fund (a) | 28157 | 297342 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $2,007,131) |  | **2111170** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 40.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 40.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 40.7%** |
|  | Shares | Value ($)<br>|
| Fidelity Contrafund (a) | 2125 | 51636 |
| Fidelity Hedged Equity Fund (a) | 6286 | 93719 |
| Fidelity Stock Selector Small Cap Fund (a) | 3366 | 142479 |
| VIP Stock Selector Portfolio - Investor Class (a) | 187896 | 2701943 |
| VIP Value Strategies Portfolio - Investor Class (a) | 4077 | 64175 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $1,837,958) |  | **3053952** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 27.1%** | &nbsp;&nbsp;**International Equity Funds - 27.1%** | &nbsp;&nbsp;**International Equity Funds - 27.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Canada Fund (a) | 592 | 46256 |
| Fidelity Emerging Markets Fund (a) | 12849 | 640791 |
| Fidelity International Value Fund (a) | 15151 | 213937 |
| Fidelity Japan Smaller Companies Fund (a) | 869 | 14583 |
| Fidelity Overseas Fund (a) | 15563 | 1120981 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $1,182,204) |  | **2036548** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.1%** | &nbsp;&nbsp;**Money Market Funds - 4.1%** | &nbsp;&nbsp;**Money Market Funds - 4.1%** | &nbsp;&nbsp;**Money Market Funds - 4.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (b) | 3.79 | 302293 | 302354 |
| Fidelity Investments Money Market Government Portfolio - Institutional Class (a)(c) | 3.71 | 8317 | 8317 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $310,671) |  |  | **310671** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $5,337,964)<br>| <br>**7512341** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(1479)** |
| **NET ASSETS - 100.0%** | **7510862** |

---

**Legend**

(a) Affiliated fund.

(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.

(c) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 240851 | 58414446 | 58352944 | 272970 | 1 | - | 302354 | 302293 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 1667250 | 159882613 | 161549863 | 121956 | - | - | - | - | 0.0% |
| Total | 1908101 | 218297059 | 219902807 | 394926 | 1 | - | 302354 |  |  |

---

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

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

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

**Affiliated Underlying Funds**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Blue Chip Growth ETF | - | 2647666 | 2777869 | 200 | 130203 | - | - | - |
| Fidelity Canada Fund | 1574312 | 30384 | 1789800 | 2686 | 311541 | (80181) | 46256 | 592 |
| Fidelity Contrafund | 5159276 | 773841 | 6078998 | 17968 | 1913985 | (1716468) | 51636 | 2125 |
| Fidelity Emerging Markets Fund | 14379550 | 10123661 | 25507061 | 333 | 2458341 | (813700) | 640791 | 12849 |
| Fidelity Enhanced International ETF | 19223291 | 7893653 | 28150686 | 199654 | 1528397 | (494655) | - | - |
| Fidelity Enhanced Large Cap Core ETF | 17216133 | 13952344 | 32199451 | 61406 | 1565445 | (534471) | - | - |
| Fidelity Fundamental Small-Mid Cap ETF | - | 2646495 | 2725829 | 9406 | 79334 | - | - | - |
| Fidelity Hedged Equity Fund | 3471214 | 536 | 3648880 | 424 | 533249 | (262400) | 93719 | 6286 |
| Fidelity International Value Fund | 5690079 | 109460 | 7247413 | 5230 | 2918132 | (1256321) | 213937 | 15151 |
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 1836 | 26135588 | 26129107 | 37387 | - | - | 8317 | 8317 |
| Fidelity Japan Smaller Companies Fund | 1835521 | 2380 | 1985589 | 2363 | 342057 | (179786) | 14583 | 869 |
| Fidelity Long-Term Treasury Bond Index Fund | 361041 | 13973 | 382987 | 10785 | (59102) | 74765 | 7690 | 828 |
| Fidelity Low-Priced Stock Fund | 2996177 | - | 2985149 | - | (168934) | 157906 | - | - |
| Fidelity Overseas Fund | 11529837 | 22280589 | 34304881 | 57941 | 3294379 | (1678943) | 1120981 | 15563 |
| Fidelity Stock Selector Small Cap Fund | - | 7627714 | 7587727 | 1099 | 79655 | 22837 | 142479 | 3366 |
| Fidelity Total Bond Fund | 33606729 | 29209715 | 62405421 | 1466340 | 799127 | 595988 | 1806138 | 186777 |
| Fidelity U.S. Bond Index Fund | 500944 | 18508396 | 18648258 | 130304 | (61102) | (2638) | 297342 | 28157 |
| Fidelity U.S. Low Volatility Equity Fund | 213490 | 6566 | 225714 | - | 44658 | (39000) | - | - |
| VIP Stock Selector Portfolio - Investor Class | 53504970 | 37581469 | 91681791 | 16575 | 12997541 | (9700246) | 2701943 | 187896 |
| VIP Value Strategies Portfolio - Investor Class | - | 4197920 | 4054308 | 48327 | (86324) | 6887 | 64175 | 4077 |
|  | 171264400 | 183742350 | 360516919 | 2068428 | 28620582 | (15900426) | 7209987 |  |

---

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 2111170 | 2111170 | - | - |
|  **Domestic Equity Funds** | 3053952 | 3053952 | - | - |
|  **International Equity Funds** | 2036548 | 2036548 | - | - |
|  **Money Market Funds** | 310671 | 310671 | - | - |
| **Total Investments in Securities:** | 7512341 | 7512341 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Fidelity Central Funds (cost $302,354) | $302354 |  |
| Other affiliated issuers (cost $5,035,610) | 7209987 |  |
| Total Investment in Securities (cost $5,337,964) |  | $7512341 |
| Receivable for investments sold |  | 16720 |
| Receivable for fund shares sold |  | 20 |
| Distributions receivable from Fidelity Central Funds |  | 1025 |
| **Total assets** |  | 7530106 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $18 |  |
| Payable for fund shares redeemed | 17436 |  |
| Accrued management fee | 993 |  |
| Distribution and service plan fees payable | 797 |  |
| **Total liabilities** |  | 19244 |
| **Net Assets**  |  | $7510862 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5038621 |
| Total accumulated earnings (loss) |  | 2472241 |
| **Net Assets** |  | $7510862 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,208,495 ÷ 116,688 shares) |  | $10.36 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($6,302,367 ÷ 584,731 shares) |  | $10.78 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $31553 |
| Affiliated issuers |  | 1961425 |
| Interest  |  | 11947 |
| Income from Fidelity Central Funds (including $121,956 from security lending)  |  | 394926 |
| **Total income** |  | 2399851 |
| **Expenses** |  |  |
| Management fee | $269857 |  |
| Transfer agent fees | 19735 |  |
| Distribution and service plan fees | 335084 |  |
| Independent trustees' fees and expenses | 383 |  |
| Total expenses before reductions | 625059 |  |
| Expense reductions | (203673) |  |
| Total expenses after reductions |  | 421386 |
| **Net Investment income (loss)** |  | 1978465 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 235518 |  |
| Fidelity Central Funds | 1 |  |
| Other affiliated issuers | 28620582 |  |
| Futures contracts | (1467614) |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 107003 |  |
| Total net realized gain (loss) |  | 27495490 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 265338 |  |
| Affiliated issuers  | (15900426) |  |
| Futures contracts | 292496 |  |
| Total change in net unrealized appreciation (depreciation) |  | (15342592) |
| **Net gain (loss)** |  | 12152898 |
| **Net increase (decrease) in net assets resulting from operations** |  | $14131363 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1978465 | $3171227 |
| &nbsp;&nbsp;Net realized gain (loss) | 27495490<br>| 8058216<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (15342592) | 6814904<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 14131363<br>| 18044347<br>|
| Distributions to shareholders | (2583523)<br>| (4761616)<br>|
| Share transactions - net increase (decrease) | (179540533)<br>| (33383524)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (167992693)<br>| (20100793)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 175503555 | 195604348<br>|
| &nbsp;&nbsp;End of period | $7510862 | $175503555 |

---

**Financial Highlights** 

**VIP Target Volatility Portfolio Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.40 | $11.61 | $10.39 | $12.76 | $13.05 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .21  | .23  | .23  | .17  | .13  |
| Net realized and unrealized gain (loss)  | 1.14  | .93  | 1.24  | (2.13)  | 1.46  |
| Total from investment operations  | 1.35  | 1.16  | 1.47  | (1.96)  | 1.59  |
| Distributions from net investment income  | (3.34)  | (.25)  | (.25)  | (.27)  | - C |
| Distributions from net realized gain  | (.06)  | (.12)  | -  | (.14)  | (1.88)  |
| Total distributions  | (3.39) D | (.37)  | (.25)  | (.41)  | (1.88)  |
| Net asset value, end of period  | $10.36 | $12.40 | $11.61 | $10.39 | $12.76 |
| **Total Return** E,F | 10.85% <br>| 9.94%  | 14.14%  | (15.53)%  | 12.16%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .31%  | .33%  | .32%  | .35%  | .41%  |
| Expenses net of fee waivers, if any  | .16% <br>| .18%  | .17%  | .20%  | .26%  |
| Expenses net of all reductions, if any  | .16%  | .18%  | .17%  | .20%  | .26%  |
| Net investment income (loss)  | 1.62%  | 1.83%  | 2.10%  | 1.52%  | .93%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1208 | $1444 | $1352 | $1210 | $1486 |
| Portfolio turnover rate I | 149% <br>| 56%  | 61%  | 50%  | 64%  |

---

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

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

C*Amount represents less than $.005 per share.*

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

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

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

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

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

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

**VIP Target Volatility Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.35 | $11.56 | $10.35 | $12.71 | $13.02 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .19  | .21  | .21  | .15  | .11  |
| Net realized and unrealized gain (loss)  | 1.16  | .92  | 1.23  | (2.11)  | 1.46  |
| Total from investment operations  | 1.35  | 1.13  | 1.44  | (1.96)  | 1.57  |
| Distributions from net investment income  | (2.87)  | (.23)  | (.23)  | (.26)  | - C |
| Distributions from net realized gain  | (.06)  | (.12)  | -  | (.14)  | (1.88)  |
| Total distributions  | (2.92) D | (.34) D | (.23)  | (.40)  | (1.88)  |
| Net asset value, end of period  | $10.78 | $12.35 | $11.56 | $10.35 | $12.71 |
| **Total Return** E,F | 10.90% <br>| 9.80%  | 13.93%  | (15.65)%  | 12.03%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .47%  | .48%  | .47%  | .50%  | .56%  |
| Expenses net of fee waivers, if any  | .32% <br>| .33%  | .32%  | .35%  | .41%  |
| Expenses net of all reductions, if any  | .31%  | .33%  | .32%  | .35%  | .41%  |
| Net investment income (loss)  | 1.47%  | 1.68%  | 1.95%  | 1.37%  | .78%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6302 | $174059 | $194252 | $201313 | $265197 |
| Portfolio turnover rate I | 149% <br>| 56%  | 61%  | 50%  | 64%  |

---

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

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

C*Amount represents less than $.005 per share.*

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

VIP Target Volatility Portfolio (the Fund) is a fund of Variable Insurance Products Fund V (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: Service Class shares and Service Class 2 shares. All classes have equal rights and voting privileges, except for matters affecting a single class. The Fund is a fund of funds, and therefore invests in other funds instead of individual securities. Each Fund invests primarily in a combination of Fidelity funds, exchange-traded funds and futures contracts.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses a third party pricing service approved by the Board of Trustees (the Board) to value its investments. 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:

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025 is included at the end of the Fund's Schedule of Investments.

**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. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds are recorded on the ex-dividend date. Interest income is accrued as earned. Interest income 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.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to the short-term gain distributions from the underlying mutual funds or exchange-traded funds (ETFs), future contracts 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**  | $2173833 |
| **Gross unrealized depreciation**  | <u>(2553)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$2171280</u> |
| **Tax Cost**  | <u>$5341061</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$246996</u> |
| **Undistributed long-term capital gain**  | <u>$53963</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2171280</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $1775507 | $4706277 |
| **Long-term Capital Gains**  | <u>808016</u> | <u>55339</u> |
| **Total**  | <u>$2583523</u> | <u>$4761616</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 in the table below.

---

| | |
|:---|:---|
|  | **Average Notional Amount ($)** |
| **VIP Target Volatility Portfolio** | 2167106 |

---

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 Target Volatility Portfolio** | 187784448 | 368679797 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) provides the Fund with investment management related services. For these services the Fund pays a monthly management fee to the investment adviser. The management fee is computed at an annual rate of .20% of the Fund's average net assets. Under the management contract, the investment adviser pays all other fund-level operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.

During the period, the investment adviser waived a portion of its management fee as described in the Expense Reductions note.

**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** | $1492 |
| **Service Class 2** | <u>333592</u> |
|  | <u>$335084</u> |

---

During the period, the investment adviser or its affiliates waived a portion of these fees.

**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, equal to an annual rate of .14% of class-level average net assets invested in underlying mutual funds or exchange-traded funds (ETFs) that are not managed by the investment adviser or its affiliates. For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Class-Level Average Net Assets** |
| **Service Class** | 173 | .01 |
| **Service Class 2** | <u>19562</u> | .01 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>19735</u> |  |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Target Volatility Portfolio** | 8 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**7. Committed Line of Credit.**

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

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

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

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

**8. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Target Volatility Portfolio** | 12441 | - | - |

---

**9. Expense Reductions.** 

The investment adviser contractually agreed to waive the Fund's management fee in an amount equal to .05% of the Fund's average net assets until April 30, 2026. During the period, the Fund's management fee was reduced by $67,464.

In addition, FMR has contractually agreed to reimburse .10% of class-level expenses for Service Class and Service Class 2. During the period, this reimbursement reduced the Fund's Service Class and Service Class 2's expenses by the following amounts:

---

| | |
|:---|:---|
|  | **Reimbursement ($)** |
| **Service Class**  | 1492 |
| **Service Class 2**  | 133437 |

---

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1,280.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Target Volatility Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Service Class | 395194 | 42494 |
| Service Class 2 | <u>2188329</u> | <u>4719122</u> |
| Total  | <u>$2583523</u> | <u>$4761616</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** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Target Volatility Portfolio** |  |  |  |  |
| **Service Class** |  |  |  |  |
| Reinvestment of distributions  | 254 | 22 | 2647 | 279 |
| Shares redeemed | <u>(10)</u> | <u>(11)</u> | <u>(132)</u> | <u>(132)</u> |
| Net increase (decrease) | <u>244</u> | <u>11</u> | <u>$2515</u> | <u>$147</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 596705 | 535378 | $7434515 | $6745571 |
| Reinvestment of distributions  | 189899 | 381189 | 2188329 | 4719122 |
| Shares redeemed | <u>(14296846)</u> | <u>(3622055)</u> | <u>(189165892)</u> | <u>(44848364)</u> |
| Net increase (decrease) | <u>(13510242)</u> | <u>(2705488)</u> | <u>$(179543048)</u> | <u>$(33383671)</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.

In November 2025, the Board of Trustees approved a Plan of Liquidation and Dissolution. The Fund distributed all of its net assets to its shareholders on January 28, 2026.

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %** | **Number of Unaffiliated Shareholders** | **Unaffiliated Shareholders %**  |
| VIP Target Volatility Portfolio | 16% | 2 | 79% |

---

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund V and Shareholders of VIP Target Volatility Portfolio

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Target Volatility Portfolio (one of the funds constituting Variable Insurance Products Fund V, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2026

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

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

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $21,660,235, or, if subsequently determined to be different, the net capital gain of such year.

A total of 23.78% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $1,594,403 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Service Class designates 1% and 4% and Service Class 2 designates 1% and 5%; of the dividends distributed in February and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 Target Volatility Portfolio** |  |  |  |
| Service Class | 12/30/25 | $0.3261 | $0.0204 |
| Service Class 2 | 12/30/25 | $0.2803 | $0.0204 |

---

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

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

**VIP Target Volatility Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) (the Advisory Contract). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contract throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contract, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contract before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contract. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contract. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

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

**Nature, Extent, and Quality of Services Provided**. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds and experience of investment personnel of FMR, and also considered FMR's implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups with responsibility for the underlying Fidelity funds in which the fund invests. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

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

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by Fidelity under the Advisory Contract and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the investment adviser, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information, via the Fidelity mobile app and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

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

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against one or more appropriate indices, including a customized blended index that reflects the respective weights of the fund's asset classes (each a benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance. The fund underperformed its benchmark and peers for the one- and three-year periods ended May 31, 2025, and as a result, the Board continues to engage in discussions with FMR regarding the steps it is taking to address the fund's performance.

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

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of the representative class (Service Class 2), the Board considered the fund's management fee rate as well as other "fund-level" expenses, such as pricing and bookkeeping fees and custodial, legal, and audit fees, paid by FMR under the fund's management contract. The Board also considered other "class-level" expenses, such as transfer agent fees and fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) for Service Class 2 of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of Service Class 2 of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Service Class 2 of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Service Class 2 of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of Service Class 2 of the fund ranked above the competitive median of the total peer group for 2024 and above the competitive median of the asset-sized peer group for 2024.

The Board noted that when servicing is provided at the annuity level it is not reflected in the total expense ratio of that class and, for that reason, the fees of funds that provide service at the class level are not directly comparable to the fees of funds that provide service at the annuity level. The Board considered that, although total expenses ranked above median, Fidelity believes the fees for Service Class 2 of the fund are reasonable given both the value proposition Fidelity offers and the disparity in servicing models within the competitive environment. The Board also considered that Service Class 2 has a 0.25% 12b-1 fee, whereas most of the classes in the insurance universe do not have 12b-1 fees. When excluding 12b-1 fees from both Fidelity and competitor classes, Service Class 2 of the fund ranked below the total peer group competitive median.

It was noted that, at a meeting on November 13, 2025, the Board approved a plan of liquidation for the fund. It is expected that the liquidation will occur on or about January 28, 2026.

<u>Other Contractual Arrangements</u>. The Board considered that FMR has contractually agreed to waive 0.05% of the fund's management fee through April 30, 2026.

The Board further considered that FMR has contractually agreed to reimburse 0.10% of "class-level" expenses for Service Class and Service Class 2 as long as these classes continue to be sold to unaffiliated insurance companies.

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

**Costs of the Services and Profitability**. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds, including the Fidelity funds in which the fund invests.

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

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contract should be renewed through September 30, 2026.

![](img123119_4.jpg)<br>

1.955015.112 VIPTV-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Strategic Income Portfolio**

**Annual Report**

**December 31, 2025**

![](img123120_1.jpg)

![](img123120_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIPSI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Strategic Income Portfolio](#Sub_Sec_Fund_1326_VIPSI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1326_VIPSI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPSI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPSI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPSI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPSI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPSI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPSI-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**VIP Strategic Income Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.2%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.2%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Golub Cap Partners Clo 76 B Ltd Series 2024-76A Class E, CME Term SOFR 3 month Index + 5.75%, 9.608% 10/25/2037 (c)(d)(k) | 175000 | 175663 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.2%  |  |  |
| Ares Loan Funding VII Ltd Series 2024-ALF7A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1074% 10/22/2037 (c)(d)(k) | 100000 | 99324 |
| Bayard Pk Clo Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 6.35%, 10.2154% 7/24/2038 (c)(d)(k) | 150000 | 153859 |
| Bbam US Clo I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 6.9045% 3/30/2038 (c)(d)(k) | 125000 | 125096 |
| Birch Grove Clo 12 Ltd Series 2025-12A Class D1, CME Term SOFR 3 month Index + 2.75%, 6.6074% 4/22/2038 (c)(d)(k) | 150000 | 150450 |
| Birch Grove Clo 5 LLC Series 2024-5A Class ER, CME Term SOFR 3 month Index + 6.75%, 10.6344% 10/20/2037 (c)(d)(k) | 100000 | 100410 |
| Carlyle US Clo Ltd Series 2024-6A Class E, CME Term SOFR 3 month Index + 5.75%, 9.608% 10/25/2037 (c)(d)(k) | 150000 | 151520 |
| Cifc Fdg 2025-Iii Ltd Series 2025-3A Class E, CME Term SOFR 3 month Index + 7.25%, 11.12% 7/21/2038 (c)(d)(k) | 250000 | 256598 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 7.6316% 1/17/2038 (c)(d)(k) | 100000 | 100031 |
| Croton Pk Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.55%, 9.4545% 10/15/2036 (c)(d)(k) | 239000 | 240440 |
| Diameter Cap Clo 7 Ltd / Diameter Cap Clo 7 LLC Series 2024-7A Class D, CME Term SOFR 3 month Index + 6.1%, 9.9844% 7/20/2037 (c)(d)(k) | 250000 | 252942 |
| Flatiron Rr Clo 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 9.1545% 4/15/2038 (c)(d)(k) | 200000 | 201407 |
| Midocean Cr Clo Xix Series 2025-19A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1344% 7/20/2036 (c)(d)(k) | 100000 | 100675 |
| OCP CLO Ltd Series 2024-14A Class ER, CME Term SOFR 3 month Index + 6.55%, 10.4344% 7/20/2037 (c)(d)(k) | 200000 | 200829 |
| Orchard Park Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.6%, 9.4844% 10/20/2037 (c)(d)(k) | 100000 | 100843 |
| Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.0445% 2/15/2038 (c)(d)(k) | 100000 | 98931 |
| Palmer Square Loan Funding Ltd Series 2024-2A Class D, CME Term SOFR 3 month Index + 4.7%, 8.6045% 1/15/2033 (c)(d)(k) | 250000 | 248329 |
| Rr 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 9.9045% 10/15/2039 (c)(d)(k) | 125000 | 127673 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 2709357 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $2,857,988) |  | <br> **2885020** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 4.3%** | &nbsp;&nbsp;**Bank Loan Obligations - 4.3%** | &nbsp;&nbsp;**Bank Loan Obligations - 4.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FINLAND - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Ahlstrom Holding 3 Oy Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.1836% 5/23/2030 (b)(c)(d) | 432828 | 434992 |
| FRANCE - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 6.875%, 10.8603% 5/31/2031 (b)(c)(d) | 737415 | 736338 |
| LUXEMBOURG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Accelya Lux Finco Sarl Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 8.9219% 10/1/2032 (b)(c)(d) | 575000 | 569969 |
| Materials - 0.0% |  |  |
| Containers & Packaging - 0.0% |  |  |
| Klockner Pentaplast of America Inc 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.7837% 8/7/2026 (b)(c)(d) | 19097 | 16937 |
| Klockner Pentaplast of America Inc Tranche B 1LN, term loan CME Term SOFR 6 month Index + 4.725%, 0% (b)(c)(d)(f) | 46179 | 7465 |
| Klockner Pentaplast of America Inc Tranche DIP ROLLUP, term loan CME Term SOFR 3 month Index + 3%, 6.7837% 7/27/2026 (b)(c)(d) | 30480 | 27032 |
| TOTAL MATERIALS |  | 51434 |
| TOTAL LUXEMBOURG |  | 621403 |
| NETHERLANDS - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Building Products - 0.1% |  |  |
| Hunter Douglas Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.6719% 1/17/2032 (b)(c)(d) | 919272 | 922719 |
| SWITZERLAND - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1975% 11/15/2030 (b)(c)(d) | 555113 | 452184 |
| UNITED KINGDOM - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Connect Finco SARL Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.2161% 9/27/2029 (b)(c)(d) | 458643 | 457304 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| EG America LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.3224% 2/7/2028 (b)(c)(d) | 2046922 | 2052899 |
| TOTAL UNITED KINGDOM |  | 2510203 |
| UNITED STATES - 4.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Aventiv Technologies LLC 1LN, term loan CME Term SOFR 3 month Index + 5.09%, 18.3767% 3/25/2026 (b)(c)(d) | 468467 | 308603 |
| Aventiv Technologies LLC Tranche DEC FLSO 1LN, term loan CME Term SOFR 3 month Index + 10%, 13.9562% 3/25/2026 (b)(c)(d)(e) | 12472 | 13044 |
| Aventiv Technologies LLC Tranche FLSO 1LN, term loan CME Term SOFR 1 month Index + 10%, 14.1552% 3/25/2026 (b)(c)(d) | 114588 | 119840 |
| Aventiv Technologies LLC Tranche FLSO 1LN, term loan CME Term SOFR 3 month Index + 7.5%, 11.4336% 3/25/2026 (b)(c)(d)(e) | 12498 | 12497 |
|  |  | 453984 |
| Media - 0.0% |  |  |
| Univision Communications Inc 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 7.9219% 6/24/2029 (b)(c)(d) | 33775 | 33766 |
| Univision Communications Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0806% 1/31/2029 (b)(c)(d) | 341688 | 338698 |
|  |  | 372464 |
| TOTAL COMMUNICATION SERVICES |  | 826448 |
| Consumer Discretionary - 0.7% |  |  |
| Automobile Components - 0.0% |  |  |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 5/6/2030 (b)(c)(d) | 133316 | 133332 |
| Broadline Retail - 0.0% |  |  |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 1/23/2032 (b)(c)(d) | 300532 | 302035 |
| Distributors - 0.0% |  |  |
| Solenis Holdings Ltd Tranche B6 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.6719% 6/20/2031 (b)(c)(d) | 151794 | 150328 |
| Diversified Consumer Services - 0.2% |  |  |
| Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.0217% 3/4/2028 (b)(c)(d) | 1562244 | 1200976 |
| TKC Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.7161% 5/15/2028 (b)(c)(d) | 1188026 | 1190996 |
|  |  | 2391972 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Fertitta Entertainment LLC/NV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 1/29/2029 (b)(c)(d) | 1361025 | 1360331 |
| United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.102% 12/30/2026 (b)(c)(d) | 419438 | 402836 |
|  |  | 1763167 |
| Household Durables - 0.0% |  |  |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7353% 10/1/2032 (b)(c)(d) | 575000 | 575288 |
| Specialty Retail - 0.4% |  |  |
| Belron Finance 2019 LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.1196% 10/16/2031 (b)(c)(d) | 212321 | 213382 |
| Kodiak BP LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.4661% 12/4/2031 (b)(c)(d) | 126922 | 123630 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5839% 6/6/2031 (b)(c)(d) | 5445287 | 5098695 |
| Park River Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.4853% 3/15/2031 (b)(c)(d) | 70000 | 70334 |
| Wand NewCo 3 Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 1/30/2031 (b)(c)(d) | 98608 | 98661 |
|  |  | 5604702 |
| TOTAL CONSUMER DISCRETIONARY |  | 10920824 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Naked Juice LLC Tranche EXCH FLSO FL20 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.0219% 1/24/2029 (b)(c)(d) | 82091 | 53975 |
| Naked Juice LLC Tranche NEW $$ FLFO 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.1719% 1/24/2029 (b)(c)(d) | 53539 | 53153 |
|  |  | 107128 |
| Food Products - 0.0% |  |  |
| Fiesta Purchaser Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4661% 2/12/2031 (b)(c)(d) | 98507 | 98373 |
| TOTAL CONSUMER STAPLES |  | 205501 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| CVR CHC LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.6719% 12/30/2027 (b)(c)(d) | 60288 | 60339 |
| Mesquite Energy Inc 1LN, term loan 0% (b)(c)(e)(f) | 122000 | 0 |
| Mesquite Energy Inc 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (b)(c)(d)(e)(f) | 283417 | 0 |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.5699% 10/30/2028 (b)(c)(d) | 1070873 | 436916 |
| TOTAL ENERGY |  | 497255 |
| Financials - 0.5% |  |  |
| Capital Markets - 0.1% |  |  |
| Citadel Securities Global Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6719% 10/31/2031 (b)(c)(d) | 516091 | 518609 |
| Focus Financial Partners LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 9/15/2031 (b)(c)(d) | 1113757 | 1115339 |
| PEX Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4219% 11/26/2031 (b)(c)(d) | 79400 | 79366 |
|  |  | 1713314 |
| Financial Services - 0.1% |  |  |
| CFC USA 2025 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7353% 7/1/2032 (b)(c)(d) | 670000 | 650738 |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7161% 7/31/2031 (b)(c)(d) | 573563 | 568664 |
| Orion US Finco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4274% 10/8/2032 (b)(c)(d) | 60000 | 60244 |
| WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.389% 2/20/2032 (b)(c)(d) | 606950 | 609511 |
|  |  | 1889157 |
| Insurance - 0.3% |  |  |
| Acrisure LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 6/21/2032 (b)(c)(d) | 787532 | 787201 |
| Acrisure LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.7161% 11/6/2030 (b)(c)(d) | 536387 | 535384 |
| Alera Group Intermediate Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 5/31/2032 (b)(c)(d) | 179550 | 180313 |
| Alliant Hldgs Intermediate LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 9/19/2031 (b)(c)(d) | 1598595 | 1601761 |
| CRC Insurance Group LLC 2LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.4219% 5/6/2032 (b)(c)(d) | 618421 | 625119 |
| CRC Insurance Group LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4219% 5/6/2031 (b)(c)(d) | 103427 | 103470 |
| HUB International Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.12% 6/20/2030 (b)(c)(d) | 188549 | 189443 |
|  |  | 4022691 |
| TOTAL FINANCIALS |  | 7625162 |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 7.9661% 1/15/2031 (b)(c)(d) | 154225 | 155613 |
| Medline Borrower LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.4661% 10/23/2028 (b)(c)(d) | 193967 | 194489 |
|  |  | 350102 |
| Health Care Technology - 0.2% |  |  |
| AthenaHealth Group Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4661% 2/15/2029 (b)(c)(d) | 1319901 | 1321273 |
| Cotiviti Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.6227% 5/1/2031 (b)(c)(d) | 1592340 | 1527325 |
|  |  | 2848598 |
| Life Sciences Tools & Services - 0.0% |  |  |
| PAREXEL International Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4661% 12/12/2031 (b)(c)(d) | 306189 | 307018 |
| Pharmaceuticals - 0.1% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 9.9661% 10/8/2030 (b)(c)(d) | 825850 | 804898 |
| Amneal Pharmaceuticals LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2161% 8/2/2032 (b)(c)(d) | 64838 | 65324 |
|  |  | 870222 |
| TOTAL HEALTH CARE |  | 4375940 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| TransDigm Group Inc Tranche M 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 8/19/2032 (b)(c)(d) | 1047375 | 1051523 |
| TransDigm Inc Tranche L 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.2161% 1/19/2032 (b)(c)(d) | 469063 | 470802 |
|  |  | 1522325 |
| Commercial Services & Supplies - 0.3% |  |  |
| ABG Intermediate Holdings 2 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9661% 2/14/2032 (b)(c)(d) | 858513 | 858513 |
| ABG Intermediate Holdings 2 LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9661% 12/21/2028 (b)(c)(d) | 855480 | 856018 |
| Artera Services LLC 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1719% 2/15/2031 (b)(c)(d) | 289838 | 233139 |
| Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.3538% 8/1/2030 (b)(c)(d) | 1473462 | 1339510 |
| Madison IAQ LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 2.5%, 6.7019% 6/21/2028 (b)(c)(d) | 134050 | 134624 |
| Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.0115% 4/11/2029 (b)(c)(d) | 770250 | 760814 |
| Sabert Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.8306% 12/10/2026 (b)(c)(d) | 255005 | 254367 |
|  |  | 4436985 |
| Machinery - 0.0% |  |  |
| Beach Acquisition Bidco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9219% 9/13/2032 (b)(c)(d) | 95000 | 95654 |
| STS Operating Inc 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.8161% 3/25/2031 (b)(c)(d) | 275100 | 274756 |
|  |  | 370410 |
| Passenger Airlines - 0.0% |  |  |
| AAdvantage Loyalty IP Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.1344% 5/28/2032 (b)(c)(d) | 59700 | 59961 |
| United Airlines Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 5.7317% 2/22/2031 (b)(c)(d) | 103064 | 103387 |
|  |  | 163348 |
| Professional Services - 0.0% |  |  |
| Amentum Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7161% 9/29/2031 (b)(c)(d) | 215325 | 215661 |
| TOTAL INDUSTRIALS |  | 6708729 |
| Information Technology - 1.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| DG Investment Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4661% 7/12/2032 (b)(c)(d) | 96005 | 96005 |
| Lightning Power LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9661% 8/18/2031 (b)(c)(d) | 133313 | 133870 |
|  |  | 229875 |
| IT Services - 0.6% |  |  |
| GTT Communications Inc Tranche NEW $ HOLDCO 1LN, term loan 14% 7/15/2031 (b)(c) | 213699 | 175768 |
| Kaseya Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.7161% 3/20/2032 (b)(c)(d) | 253088 | 253123 |
| X Corp 1LN, term loan 9.5% 10/26/2029 (b) | 6800000 | 6770828 |
| X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.4475% 10/26/2029 (b)(c)(d) | 2756582 | 2705392 |
|  |  | 9905111 |
| Software - 1.0% |  |  |
| Applied Systems Inc 2LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1719% 2/23/2032 (b)(c)(d) | 10000 | 10147 |
| Applied Systems Inc Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.1719% 2/24/2031 (b)(c)(d) | 541791 | 544614 |
| Avalara Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4219% 3/29/2032 (b)(c)(d) | 1293508 | 1298178 |
| Darktrace Finco US LLC 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.1853% 10/9/2031 (b)(c)(d) | 74812 | 75038 |
| KnowBe4 Inc 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5904% 7/26/2032 (b)(c)(d) | 80000 | 79950 |
| McAfee Corp 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.7161% 3/1/2029 (b)(c)(d) | 583398 | 536545 |
| Modena Buyer LLC 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.0904% 7/1/2031 (b)(c)(d) | 1341450 | 1333066 |
| Ping Identity Holding Corp 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.5909% 11/15/2032 (b)(c)(d) | 85000 | 85106 |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.852% 6/2/2028 (b)(c)(d) | 1015843 | 978135 |
| Project Alpha Intermediate Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9219% 10/26/2030 (b)(c)(d) | 524649 | 523490 |
| Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6719% 8/31/2028 (b)(c)(d) | 3917571 | 3934143 |
| Red Planet Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7161% 9/8/2032 (b)(c)(d) | 430000 | 430404 |
| UKG Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.3383% 2/10/2031 (b)(c)(d) | 3814375 | 3815901 |
| VS Buyer LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.0904% 4/14/2031 (b)(c)(d) | 1679829 | 1684029 |
| X.AI LLC 1LN, term loan 12.5% 6/28/2030 (b) | 1447725 | 1517998 |
|  |  | 16846744 |
| TOTAL INFORMATION TECHNOLOGY |  | 26981730 |
| Materials - 0.4% |  |  |
| Chemicals - 0.2% |  |  |
| Discovery Purchaser Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.6074% 10/4/2029 (b)(c)(d) | 2876506 | 2759404 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.5904% 8/25/2031 (b)(c)(d) | 1258118 | 1246794 |
|  |  | 4006198 |
| Containers & Packaging - 0.2% |  |  |
| Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 6.8911% 4/13/2029 (b)(c)(d) | 2959305 | 2959808 |
| TOTAL MATERIALS |  | 6966006 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Talen Energy Supply LLC Tranche TLB-EXIT 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.3531% 5/17/2030 (b)(c)(d) | 23728 | 23798 |
| TOTAL UNITED STATES |  | 65131393 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $72,013,708) |  | <br> **70809232** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.8%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.8%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.8%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.8%  |  |  |
| Fannie Mae Guaranteed REMIC Series 2021-66 Class DA, 2% 1/25/2048  | 130840 | 110558 |
| Fannie Mae Guaranteed REMIC Series 2021-66 Class DM, 2% 1/25/2048  | 139045 | 117491 |
| Fannie Mae Guaranteed REMIC Series 2021-85 Class L, 2.5% 8/25/2048  | 114645 | 102546 |
| Fannie Mae Guaranteed REMIC Series 2021-96 Class HA, 2.5% 2/25/2050  | 181030 | 161664 |
| Fannie Mae Guaranteed REMIC Series 2022-1 Class KA, 3% 5/25/2048  | 179493 | 168523 |
| Fannie Mae Guaranteed REMIC Series 2022-13 Class MA, 3% 5/25/2044  | 650687 | 628760 |
| Fannie Mae Guaranteed REMIC Series 2022-3 Class N, 2% 10/25/2047  | 1375963 | 1240847 |
| Fannie Mae Guaranteed REMIC Series 2022-4 Class B, 2.5% 5/25/2049  | 131810 | 117706 |
| Fannie Mae Guaranteed REMIC Series 2022-7 Class A, 3% 5/25/2048  | 253665 | 238232 |
| Fannie Mae Guaranteed REMIC Series 2023-54 Class FD, U.S. 30-Day Avg. SOFR Index + 1.45%, 5.3242% 11/25/2053 (c)(d) | 707964 | 716528 |
| Fannie Mae Guaranteed REMIC Series 2024-7 Class FB, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 9/25/2053 (c)(d) | 318243 | 320059 |
| Fannie Mae Mortgage pass-thru certificates Series 2024-100 Class EF, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 6/25/2054 (c)(d) | 563847 | 566735 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-4 Class FH, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 9/25/2054 (c)(d) | 281618 | 282738 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class AF, U.S. 30-Day Avg. SOFR Index + 1.4%, 5.2742% 2/25/2055 (c)(d) | 391930 | 394762 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class DF, U.S. 30-Day Avg. SOFR Index + 1.4%, 5.2742% 9/25/2054 (c)(d) | 425595 | 428058 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class FB, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 2/25/2055 (c)(d) | 586342 | 589186 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class FE, U.S. 30-Day Avg. SOFR Index + 1.15%, 5.0242% 2/25/2055 (c)(d) | 274144 | 274898 |
| Freddie Mac Multiclass Mortgage participation certificates Series 2021-5159 Class GC, 2% 11/25/2047  | 103680 | 92476 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5122 Class TE, 1.5% 6/25/2051  | 413501 | 350607 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5175 Class CB, 2.5% 4/25/2050  | 657338 | 579245 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5180 Class KA, 2.5% 10/25/2047  | 129598 | 118177 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5189 Class DA, 2.5% 5/25/2049  | 142915 | 127375 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5190 Class BA, 2.5% 11/25/2047  | 134941 | 122967 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5191 Class CA, 2.5% 4/25/2050  | 152580 | 134180 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5197 Class DA, 2.5% 11/25/2047  | 102340 | 93340 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5198 Class BA, 2.5% 11/25/2047  | 507985 | 465747 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5213 Class JM, 3.5% 9/25/2051  | 546232 | 537006 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5214 Class CG, 3.5% 4/25/2052  | 223755 | 214575 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5220 Class PK, 3.5% 1/25/2051  | 293298 | 279841 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5224 Class DQ, 3.75% 8/25/2044  | 314543 | 306527 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2023-5330 Class FA, U.S. 30-Day Avg. SOFR Index + 1.05%, 4.9242% 8/25/2053 (c)(d) | 444206 | 444787 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-5425 Class FK, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 6/25/2054 (c)(d) | 314920 | 316851 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5499 Class NF, U.S. 30-Day Avg. SOFR Index + 1.15%, 5.0242% 2/25/2055 (c)(d) | 762433 | 765663 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5499 Class WF, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 2/25/2055 (c)(d) | 236797 | 236774 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5500 Class FV, U.S. 30-Day Avg. SOFR Index + 1.25%, 5.1242% 10/25/2054 (c)(d) | 431655 | 433832 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5509 Class FB, U.S. 30-Day Avg. SOFR Index + 1.15%, 5.0242% 2/25/2055 (c)(d) | 450097 | 451342 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5529 Class CF, U.S. 30-Day Avg. SOFR Index + 1.05%, 4.9242% 4/25/2055 (c)(d) | 394506 | 394379 |
| TOTAL UNITED STATES |  | 12924982 |
| <br> **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> (Cost $12,724,556) |  | <br> **12924982** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 2.3%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 2.3%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 2.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 2.3%  |  |  |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K055 Class A2, 2.673% 3/25/2026  | 1881046 | 1873932 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K056 Class A2, 2.525% 5/25/2026  | 168186 | 167142 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K057 Class A2, 2.57% 7/25/2026  | 1736025 | 1723631 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K058 Class A2, 2.653% 8/25/2026  | 2300000 | 2280303 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K059 Class A2, 3.12% 9/25/2026 (c) | 493441 | 490392 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K060 Class A2, 3.3% 10/25/2026  | 1500000 | 1491198 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K061 Class A2, 3.347% 11/25/2026  | 6478720 | 6442647 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K062 Class A2, 3.413% 12/25/2026  | 1989765 | 1980232 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K063 Class A2, 3.43% 1/25/2027  | 600000 | 597265 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K065 Class A2, 3.243% 4/25/2027  | 2100000 | 2084576 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K067 Class A2, 3.194% 7/25/2027  | 600000 | 594692 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K068 Class A2, 3.244% 8/25/2027  | 700000 | 693911 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2019-K734 Class A2, 3.208% 2/25/2026  | 299074 | 298226 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2019-K735 Class A2, 2.862% 5/25/2026  | 841962 | 837531 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2019-K736 Class A2, 2.282% 7/25/2026  | 795413 | 788827 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-K737 Class A2, 2.525% 10/25/2026  | 3300000 | 3267309 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-K739 Class A2, 1.336% 9/25/2027  | 8229498 | 7943550 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-K523 Class AS, U.S. 30-Day Avg. SOFR Index + 0.55%, 4.5586% 4/25/2029 (c)(d) | 2197339 | 2198668 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K544 Class AS, U.S. 30-Day Avg. SOFR Index + 0.53%, 4.5386% 6/25/2030 (c)(d) | 1300000 | 1299472 |
| TOTAL UNITED STATES |  | 37053504 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $36,863,668) |  | <br> **37053504** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 7.3%** | &nbsp;&nbsp;**Common Stocks - 7.3%** | &nbsp;&nbsp;**Common Stocks - 7.3%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Shopify Inc Class A (n) | 10800 | 1738953 |
| CHINA - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| BYD Co Ltd H Shares  | 210000 | 2566359 |
| FRANCE - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Altice France Holding SA (e) | 46642 | 703260 |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 500 | 376867 |
| TOTAL FRANCE |  | 1080127 |
| HONG KONG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Studio City International Holdings Ltd ADR (n) | 11100 | 39405 |
| Studio City International Holdings Ltd ADR (k)(n) | 10083 | 35795 |
| TOTAL HONG KONG |  | 75200 |
| LUXEMBOURG - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Algoma Steel Sca (e)(n) | 10220 | 0 |
| NETHERLANDS - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| NXP Semiconductors NV  | 2300 | 499238 |
| TAIWAN - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 15100 | 4588739 |
| UNITED STATES - 6.7%  |  |  |
| Communication Services - 0.9% |  |  |
| Interactive Media & Services - 0.5% |  |  |
| Alphabet Inc Class A  | 7000 | 2191000 |
| Meta Platforms Inc Class A  | 9600 | 6336864 |
|  |  | 8527864 |
| Media - 0.4% |  |  |
| EchoStar Corp (n)(p) | 22127 | 2405205 |
| EchoStar Corp Class A (n)(o) | 36100 | 3924070 |
| iHeartMedia Inc Class A (n) | 5655 | 23525 |
|  |  | 6352800 |
| TOTAL COMMUNICATION SERVICES |  | 14880664 |
| Consumer Discretionary - 0.5% |  |  |
| Automobile Components - 0.0% |  |  |
| UC Holdings Inc (e)(n) | 33750 | 0 |
| Broadline Retail - 0.1% |  |  |
| Amazon.com Inc (n) | 10200 | 2354364 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Booking Holdings Inc  | 200 | 1071066 |
| Boyd Gaming Corp  | 12300 | 1048452 |
| New Cotai LLC / New Cotai Capital Corp (e)(n)(p) | 247076 | 76594 |
|  |  | 2196112 |
| Household Durables - 0.2% |  |  |
| TopBuild Corp (n) | 6300 | 2628297 |
| Specialty Retail - 0.1% |  |  |
| Dick's Sporting Goods Inc  | 5700 | 1128429 |
| TOTAL CONSUMER DISCRETIONARY |  | 8307202 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.0% |  |  |
| Celsius Holdings Inc (n) | 11200 | 512288 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Southeastern Grocers LLC rights (e)(n) | 40826 | 1600 |
| US Foods Holding Corp (n) | 9200 | 692944 |
|  |  | 694544 |
| TOTAL CONSUMER STAPLES |  | 1206832 |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Forbes Energy Services Ltd (e)(n) | 6562 | 0 |
| Superior Energy Services Inc Class A (e)(n) | 5560 | 393203 |
|  |  | 393203 |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| California Resources Corp  | 865 | 38674 |
| Energy Transfer LP  | 38700 | 638163 |
| EP Energy Corp (e)(n) | 52316 | 86321 |
| Expand Energy Corp  | 32 | 3531 |
| Expand Energy Corp warrants 2/9/2026 (n) | 61 | 6057 |
| Mesquite Energy Inc (e)(n) | 15322 | 3150573 |
| Unit Corp  | 2069 | 63829 |
|  |  | 3987148 |
| TOTAL ENERGY |  | 4380351 |
| Financials - 0.9% |  |  |
| Capital Markets - 0.1% |  |  |
| Ares Management Corp Class A  | 4400 | 711172 |
| Blue Owl Capital Inc Class A  | 33300 | 497502 |
| Moody's Corp  | 1600 | 817360 |
|  |  | 2026034 |
| Consumer Finance - 0.1% |  |  |
| OneMain Holdings Inc  | 29100 | 1965705 |
| Financial Services - 0.6% |  |  |
| Apollo Global Management Inc  | 20300 | 2938628 |
| Block Inc Class A (n) | 15200 | 989368 |
| Carnelian Point Holdings LP warrants 6/30/2027 (e)(n) | 54 | 158 |
| Mastercard Inc Class A  | 3000 | 1712640 |
| Visa Inc Class A  | 8800 | 3086248 |
|  |  | 8727042 |
| Insurance - 0.1% |  |  |
| Arthur J Gallagher & Co  | 8600 | 2225594 |
| TOTAL FINANCIALS |  | 14944375 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Medline Inc Class A  | 2900 | 121799 |
| Health Care Providers & Services - 0.0% |  |  |
| Cano Health LLC warrants (e)(n) | 493 | 1795 |
| Tenet Healthcare Corp (n) | 3700 | 735264 |
|  |  | 737059 |
| TOTAL HEALTH CARE |  | 858858 |
| Industrials - 1.6% |  |  |
| Building Products - 0.1% |  |  |
| Carlisle Cos Inc  | 1400 | 447804 |
| Simpson Manufacturing Co Inc  | 3800 | 613586 |
| Trane Technologies PLC  | 3600 | 1401120 |
|  |  | 2462510 |
| Construction & Engineering - 0.9% |  |  |
| Comfort Systems USA Inc  | 7700 | 7186333 |
| Construction Partners Inc Class A (n) | 6900 | 748995 |
| EMCOR Group Inc  | 4700 | 2875413 |
| IES Holdings Inc (n) | 4600 | 1789492 |
| WillScot Holdings Corp  | 28500 | 536655 |
|  |  | 13136888 |
| Electrical Equipment - 0.5% |  |  |
| Eaton Corp PLC  | 6500 | 2070315 |
| Nextpower Inc Class A (n) | 19000 | 1655090 |
| nVent Electric PLC  | 12100 | 1233837 |
| Vertiv Holdings Co Class A  | 20100 | 3256401 |
|  |  | 8215643 |
| Machinery - 0.1% |  |  |
| Parker-Hannifin Corp  | 2600 | 2285296 |
| Passenger Airlines - 0.0% |  |  |
| Spirit Aviation Holdings Inc  | 15141 | 3800 |
| Spirit Aviation Holdings Inc  | 3278 | 823 |
|  |  | 4623 |
| Trading Companies & Distributors - 0.0% |  |  |
| Penhall Acquisition Company (e)(n) | 428 | 0 |
| TOTAL INDUSTRIALS |  | 26104960 |
| Information Technology - 1.7% |  |  |
| Communications Equipment - 0.1% |  |  |
| Arista Networks Inc (n) | 14400 | 1886832 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Coherent Corp (n) | 6000 | 1107420 |
| IT Services - 0.0% |  |  |
| GTT Communications Inc (e)(n) | 4921 | 167265 |
| Semiconductors & Semiconductor Equipment - 1.2% |  |  |
| KLA Corp  | 2000 | 2430160 |
| Marvell Technology Inc  | 9500 | 807310 |
| Micron Technology Inc  | 5200 | 1484132 |
| NVIDIA Corp  | 66000 | 12309000 |
| ON Semiconductor Corp (n) | 25665 | 1389760 |
| Wolfspeed Inc  | 43692 | 760677 |
|  |  | 19181039 |
| Software - 0.3% |  |  |
| Autodesk Inc (n) | 2300 | 680823 |
| Microsoft Corp  | 6500 | 3143530 |
| Monday.com Ltd (n) | 6700 | 988652 |
| Terawulf Inc (n) | 45700 | 525093 |
|  |  | 5338098 |
| TOTAL INFORMATION TECHNOLOGY |  | 27680654 |
| Materials - 0.2% |  |  |
| Chemicals - 0.0% |  |  |
| Chemours Co/The (o) | 30845 | 363663 |
| Construction Materials - 0.2% |  |  |
| Eagle Materials Inc  | 5100 | 1054068 |
| James Hardie Industries PLC (n) | 41100 | 852825 |
| Martin Marietta Materials Inc  | 1100 | 684926 |
|  |  | 2591819 |
| Metals & Mining - 0.0% |  |  |
| Elah Holdings Inc (n) | 14 | 203 |
| TOTAL MATERIALS |  | 2955685 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.2% |  |  |
| Constellation Energy Corp  | 8500 | 3002795 |
| Portland General Electric Co  | 140 | 6718 |
|  |  | 3009513 |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| PureWest Energy LLC (e)(n) | 901 | 203 |
| Vistra Corp  | 30600 | 4936698 |
|  |  | 4936901 |
| TOTAL UTILITIES |  | 7946414 |
| TOTAL UNITED STATES |  | 109265995 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $66,524,080) |  | <br> **119814611** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.5%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.5%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.5%  |  |  |
| Communication Services - 0.4% |  |  |
| Media - 0.4% |  |  |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind (c) | 1992908 | 6656313 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| New Cotai LLC 5% 2/24/2027 (e) | 334254 | 393517 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Coinbase Global Inc 0.25% 4/1/2030  | 390000 | 398970 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Wolfspeed Inc 2.5% 6/15/2031 (k) | 472000 | 699150 |
| Wolfspeed Inc 2.5% 6/15/2031  | 417000 | 617681 |
| TOTAL INFORMATION TECHNOLOGY |  | 1316831 |
| TOTAL UNITED STATES |  | 8765631 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $3,626,233) |  | <br> **8765631** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Vale SA Series A6, 1.9554% (c) | 68058 | 512321 |
| UNITED STATES - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Financial Services - 0.4% |  |  |
| Acrisure Holdings Inc Series A-2 (e) | 241598 | 6581130 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $6,244,045) |  | <br> **7093451** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed-Income Funds - 7.6%** | &nbsp;&nbsp;**Fixed-Income Funds - 7.6%** | &nbsp;&nbsp;**Fixed-Income Funds - 7.6%** |
|  | Shares | Value ($)<br>|
| Fidelity Floating Rate Central Fund (r) | 1108063 | 105930830 |
| iShares Broad USD High Yield Corporate Bond ETF (o) | 527400 | 19722123 |
| <br> **TOTAL FIXED-INCOME FUNDS**<br> (Cost $127,579,505) |  | **125652953** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 14.7%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 14.7%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 14.7%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 14.7%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| ALBANIA - 0.0%  |  |  |  |
| Republic of Albania Ministry of Finance & Economy 4.75% 2/14/2035 (l) | EUR | 255000 | 303107 |
| ANGOLA - 0.1%  |  |  |  |
| Angola Republic 8.25% 5/9/2028 (k) |  | 650000 | 652882 |
| Angola Republic 8.75% 4/14/2032 (k) |  | 325000 | 316065 |
| Angola Republic 9.244% 1/15/2031 (k) |  | 200000 | 201562 |
| Angola Republic 9.375% 5/8/2048 (k) |  | 370000 | 324311 |
| Angola Republic 9.875% 10/15/2035 (k) |  | 200000 | 198188 |
| TOTAL ANGOLA |  |  | 1693008 |
| ARGENTINA - 0.7%  |  |  |  |
| Argentine Republic 0.75% 7/9/2030 (j) |  | 4708246 | 4011426 |
| Argentine Republic 1% 7/9/2029  |  | 751038 | 669551 |
| Argentine Republic 3.5% 7/9/2041 (j) |  | 1140000 | 788880 |
| Argentine Republic 4.125% 7/9/2035 (j) |  | 3632241 | 2702387 |
| Argentine Republic 5% 1/9/2038 (j) |  | 2032304 | 1579100 |
| TOTAL ARGENTINA |  |  | 9751344 |
| ARMENIA - 0.1%  |  |  |  |
| Republic of Armenia 3.6% 2/2/2031 (k) |  | 280000 | 255063 |
| Republic of Armenia 6.75% 3/12/2035 (k) |  | 570000 | 593159 |
| TOTAL ARMENIA |  |  | 848222 |
| AUSTRALIA - 0.2%  |  |  |  |
| Australian Commonwealth 0.5% 9/21/2026 (l) | AUD | 4420000 | 2879189 |
| Australian Commonwealth 1% 12/21/2030 (l) | AUD | 100000 | 56983 |
| Australian Commonwealth 4.75% 6/21/2054 (l) | AUD | 10000 | 6209 |
| TOTAL AUSTRALIA |  |  | 2942381 |
| BAHAMAS (NASSAU) - 0.0%  |  |  |  |
| Commonwealth of the Bahamas 8.25% 6/24/2036 (k) |  | 460000 | 512564 |
| BAHRAIN - 0.0%  |  |  |  |
| Bahrain Kingdom 5.625% 5/18/2034 (k) |  | 155000 | 148654 |
| Bahrain Kingdom 5.875% 2/6/2034 (k) |  | 245000 | 243873 |
| Bahrain Kingdom 6.625% 10/6/2037 (k) |  | 200000 | 199547 |
| Bahrain Kingdom 7.5% 2/12/2036 (k) |  | 200000 | 216192 |
| TOTAL BAHRAIN |  |  | 808266 |
| BENIN - 0.0%  |  |  |  |
| Republic of Benin 7.96% 2/13/2038 (k) |  | 445000 | 462382 |
| Republic of Benin 8.375% 1/23/2041 (k) |  | 180000 | 189394 |
| TOTAL BENIN |  |  | 651776 |
| BERMUDA - 0.1%  |  |  |  |
| Bermuda Government International Bond 2.375% 8/20/2030 (k) |  | 55000 | 50015 |
| Bermuda Government International Bond 3.375% 8/20/2050 (k) |  | 165000 | 114314 |
| Bermuda Government International Bond 3.717% 1/25/2027 (k) |  | 645000 | 640566 |
| Bermuda Government International Bond 4.75% 2/15/2029 (k) |  | 360000 | 362214 |
| Bermuda Government International Bond 5% 7/15/2032 (k) |  | 260000 | 262764 |
| TOTAL BERMUDA |  |  | 1429873 |
| BRAZIL - 0.2%  |  |  |  |
| Federative Republic of Brazil 3.875% 6/12/2030  |  | 830000 | 792650 |
| Federative Republic of Brazil 5.625% 2/21/2047  |  | 240000 | 203519 |
| Federative Republic of Brazil 6% 10/20/2033  |  | 335000 | 338601 |
| Federative Republic of Brazil 6.625% 3/15/2035  |  | 270000 | 278370 |
| Federative Republic of Brazil 7.125% 1/20/2037  |  | 565000 | 619619 |
| Federative Republic of Brazil 8.25% 1/20/2034  |  | 1045000 | 1212723 |
| TOTAL BRAZIL |  |  | 3445482 |
| CANADA - 0.4%  |  |  |  |
| Canadian Government 3.25% 6/1/2035  | CAD | 9700000 | 6990224 |
| Canadian Government 4.5% 2/1/2026  | CAD | 310000 | 226209 |
| TOTAL CANADA |  |  | 7216433 |
| CHILE - 0.2%  |  |  |  |
| Chilean Republic 2.45% 1/31/2031  |  | 1355000 | 1239148 |
| Chilean Republic 2.75% 1/31/2027  |  | 310000 | 304885 |
| Chilean Republic 3.1% 1/22/2061  |  | 700000 | 435050 |
| Chilean Republic 3.5% 1/31/2034  |  | 200000 | 183700 |
| Chilean Republic 4% 1/31/2052  |  | 200000 | 158149 |
| Chilean Republic 4.34% 3/7/2042  |  | 260000 | 232180 |
| Chilean Republic 5.33% 1/5/2054  |  | 505000 | 487578 |
| TOTAL CHILE |  |  | 3040690 |
| COLOMBIA - 0.3%  |  |  |  |
| Colombian Republic 3% 1/30/2030  |  | 1025000 | 921988 |
| Colombian Republic 3.125% 4/15/2031  |  | 535000 | 464113 |
| Colombian Republic 3.25% 4/22/2032  |  | 290000 | 244325 |
| Colombian Republic 4.125% 5/15/2051  |  | 220000 | 135904 |
| Colombian Republic 5% 6/15/2045  |  | 855000 | 626715 |
| Colombian Republic 5.2% 5/15/2049  |  | 650000 | 479050 |
| Colombian Republic 6.125% 1/18/2041  |  | 40000 | 35439 |
| Colombian Republic 7.375% 4/25/2030  |  | 250000 | 264000 |
| Colombian Republic 7.375% 9/18/2037  |  | 140000 | 142240 |
| Colombian Republic 7.5% 2/2/2034  |  | 250000 | 260250 |
| Colombian Republic 8% 11/14/2035  |  | 310000 | 330228 |
| Colombian Republic 8% 4/20/2033  |  | 280000 | 301000 |
| Colombian Republic 8.5% 4/25/2035  |  | 280000 | 308280 |
| Colombian Republic 8.75% 11/14/2053  |  | 290000 | 319073 |
| TOTAL COLOMBIA |  |  | 4832605 |
| COSTA RICA - 0.1%  |  |  |  |
| Costa Rica Government International Bond 5.625% 4/30/2043 (k) |  | 215000 | 207045 |
| Costa Rica Government International Bond 6.125% 2/19/2031 (k) |  | 130000 | 137020 |
| Costa Rica Government International Bond 6.55% 4/3/2034 (k) |  | 140000 | 152397 |
| Costa Rica Government International Bond 7.3% 11/13/2054 (k) |  | 305000 | 341753 |
| TOTAL COSTA RICA |  |  | 838215 |
| COTE D'IVOIRE - 0.1%  |  |  |  |
| Cote d'Ivoire Treasury Bill 6.125% 6/15/2033 (k) |  | 620000 | 620193 |
| Cote d'Ivoire Treasury Bill 6.375% 3/3/2028 (k) |  | 231000 | 234161 |
| Cote d'Ivoire Treasury Bill 8.075% 4/1/2036 (k) |  | 285000 | 307818 |
| Cote d'Ivoire Treasury Bill 8.25% 1/30/2037 (k) |  | 300000 | 325827 |
| TOTAL COTE D'IVOIRE |  |  | 1487999 |
| DOMINICAN REPUBLIC - 0.3%  |  |  |  |
| Dominican Republic Bond 4.5% 1/30/2030 (k) |  | 610000 | 596637 |
| Dominican Republic Bond 4.875% 9/23/2032 (k) |  | 860000 | 827655 |
| Dominican Republic Bond 5.95% 1/25/2027 (k) |  | 445000 | 449450 |
| Dominican Republic Bond 6% 7/19/2028 (k) |  | 360000 | 369315 |
| Dominican Republic Bond 6.5% 2/15/2048 (k) |  | 215000 | 215172 |
| Dominican Republic Bond 6.6% 6/1/2036 (k) |  | 224000 | 236040 |
| Dominican Republic Bond 6.85% 1/27/2045 (k) |  | 300000 | 312600 |
| Dominican Republic Bond 7.05% 2/3/2031 (k) |  | 375000 | 402728 |
| Dominican Republic Bond 7.15% 2/24/2055 (k) |  | 375000 | 400566 |
| Dominican Republic Bond 7.45% 4/30/2044 (k) |  | 335000 | 369924 |
| TOTAL DOMINICAN REPUBLIC |  |  | 4180087 |
| ECUADOR - 0.1%  |  |  |  |
| Ecuador Government International Bond 6.9% 7/31/2030 (j)(k) |  | 1319190 | 1304679 |
| Ecuador Government International Bond 6.9% 7/31/2035 (j)(k) |  | 705000 | 621105 |
| TOTAL ECUADOR |  |  | 1925784 |
| EGYPT - 0.3%  |  |  |  |
| Arab Republic of Egypt 6.375% 4/11/2031 (k) | EUR | 260000 | 313955 |
| Arab Republic of Egypt 7.0529% 1/15/2032 (k) |  | 30000 | 31218 |
| Arab Republic of Egypt 7.5% 1/31/2027 (k) |  | 830000 | 850991 |
| Arab Republic of Egypt 7.5% 2/16/2061 (k) |  | 480000 | 418464 |
| Arab Republic of Egypt 7.903% 2/21/2048 (k) |  | 460000 | 426926 |
| Arab Republic of Egypt 8.5% 1/31/2047 (k) |  | 580000 | 568472 |
| Arab Republic of Egypt 8.7002% 3/1/2049 (k) |  | 460000 | 458298 |
| Arab Republic of Egypt 9.45% 2/4/2033 (k) |  | 320000 | 366218 |
| Arab Republic of Egypt Treasury Bills 0% 2/17/2026 (m) | EGP | 14125000 | 286598 |
| Arab Republic of Egypt Treasury Bills 0% 4/14/2026 (m) | EGP | 10750000 | 210455 |
| Arab Republic of Egypt Treasury Bills 0% 6/9/2026 (m) | EGP | 14700000 | 277683 |
| Egyptian Financial Co for Sovereign Taskeek/The 7.95% 10/7/2032 (k) |  | 200000 | 211958 |
| TOTAL EGYPT |  |  | 4421236 |
| EL SALVADOR - 0.1%  |  |  |  |
| El Salvador Republic 0.25% 4/17/2030 (k) |  | 290000 | 7684 |
| El Salvador Republic 7.1246% 1/20/2050 (k) |  | 290000 | 266264 |
| El Salvador Republic 7.625% 2/1/2041 (k) |  | 90000 | 89697 |
| El Salvador Republic 7.65% 6/15/2035 (k) |  | 135000 | 139960 |
| El Salvador Republic 9.25% 4/17/2030 (k) |  | 290000 | 315263 |
| El Salvador Republic 9.65% 11/21/2054 (k) |  | 175000 | 200375 |
| TOTAL EL SALVADOR |  |  | 1019243 |
| GABON - 0.0%  |  |  |  |
| Gabonese Republic 6.625% 2/6/2031 (k) |  | 185000 | 142733 |
| Gabonese Republic 7% 11/24/2031 (k) |  | 180000 | 137696 |
| TOTAL GABON |  |  | 280429 |
| GEORGIA - 0.0%  |  |  |  |
| Georgia Republic 2.75% 4/22/2026 (k) |  | 290000 | 286738 |
| GERMANY - 5.4%  |  |  |  |
| German Federal Republic 2% 12/10/2026 (l) | EUR | 16060000 | 18871372 |
| German Federal Republic 2.4% 10/19/2028 (l) | EUR | 2570000 | 3035934 |
| German Federal Republic 2.4% 4/18/2030 (l) | EUR | 32000000 | 37613583 |
| German Federal Republic 2.5% 2/15/2035 (l) | EUR | 6265000 | 7174734 |
| German Federal Republic 2.5% 8/15/2054 (l) | EUR | 90000 | 87182 |
| German Federal Republic 2.6% 8/15/2035 (l) | EUR | 8650000 | 9949860 |
| German Federal Republic 2.7% 9/17/2026 (l) | EUR | 8920000 | 10531833 |
| TOTAL GERMANY |  |  | 87264498 |
| GHANA - 0.0%  |  |  |  |
| Ghana Republic 0% 1/3/2030 (k)(m) |  | 23701 | 20938 |
| Ghana Republic 0% 7/3/2026 (k)(m) |  | 16960 | 16642 |
| Ghana Republic 5% 7/3/2029 (j)(k) |  | 291520 | 286448 |
| Ghana Republic 5% 7/3/2035 (j)(k) |  | 333880 | 304742 |
| TOTAL GHANA |  |  | 628770 |
| GUATEMALA - 0.1%  |  |  |  |
| Republic of Guatemala 4.9% 6/1/2030 (k) |  | 230000 | 229023 |
| Republic of Guatemala 5.375% 4/24/2032 (k) |  | 120000 | 120959 |
| Republic of Guatemala 6.125% 6/1/2050 (k) |  | 350000 | 342346 |
| Republic of Guatemala 6.25% 8/15/2036 (k) |  | 460000 | 481280 |
| Republic of Guatemala 6.6% 6/13/2036 (k) |  | 190000 | 204016 |
| Republic of Guatemala 6.875% 8/15/2055 (k) |  | 280000 | 299650 |
| TOTAL GUATEMALA |  |  | 1677274 |
| HUNGARY - 0.1%  |  |  |  |
| Hungary Government 2.125% 9/22/2031 (k) |  | 205000 | 176190 |
| Hungary Government 3.125% 9/21/2051 (k) |  | 340000 | 209080 |
| Hungary Government 5.25% 6/16/2029 (k) |  | 295000 | 300568 |
| Hungary Government 5.5% 6/16/2034 (k) |  | 695000 | 704730 |
| Hungary Government 6.125% 5/22/2028 (k) |  | 225000 | 233505 |
| Hungary Government 6.75% 9/25/2052 (k) |  | 145000 | 153700 |
| Hungary Government 7% 10/24/2035  | HUF | 171390000 | 530956 |
| TOTAL HUNGARY |  |  | 2308729 |
| INDONESIA - 0.3%  |  |  |  |
| Indonesia Government 3.2% 9/23/2061  |  | 400000 | 257750 |
| Indonesia Government 4.35% 1/11/2048  |  | 300000 | 260100 |
| Indonesia Government 5.125% 1/15/2045 (k) |  | 1160000 | 1149490 |
| Indonesia Government 5.25% 1/17/2042 (k) |  | 305000 | 305991 |
| Indonesia Government 5.95% 1/8/2046 (k) |  | 350000 | 372138 |
| Indonesia Government 6.625% 2/17/2037 (k) |  | 220000 | 251075 |
| Indonesia Government 6.75% 1/15/2044 (k) |  | 330000 | 382008 |
| Indonesia Government 7.75% 1/17/2038 (k) |  | 930000 | 1165085 |
| Indonesia Government 8.5% 10/12/2035 (k) |  | 875000 | 1121969 |
| TOTAL INDONESIA |  |  | 5265606 |
| ISRAEL - 0.0%  |  |  |  |
| Israel Government 3.375% 1/15/2050  |  | 595000 | 399032 |
| Israel Government 5.75% 3/12/2054  |  | 315000 | 303032 |
| TOTAL ISRAEL |  |  | 702064 |
| ITALY - 0.3%  |  |  |  |
| Italian Republic 4.65% 10/1/2055 (k)(l) | EUR | 3400000 | 4166296 |
| JAMAICA - 0.0%  |  |  |  |
| Jamaican Government 7.875% 7/28/2045  |  | 160000 | 192879 |
| JAPAN - 0.3%  |  |  |  |
| Japan Government 0.7% 12/20/2048  | JPY | 1370000000 | 5269830 |
| JORDAN - 0.0%  |  |  |  |
| Jordan Government 7.375% 10/10/2047 (k) |  | 110000 | 110446 |
| Jordan Government 7.5% 1/13/2029 (k) |  | 270000 | 284089 |
| Jordan Government 7.75% 1/15/2028 (k) |  | 320000 | 333002 |
| TOTAL JORDAN |  |  | 727537 |
| KENYA - 0.1%  |  |  |  |
| Republic of Kenya Government Bond 6.3% 1/23/2034 (k) |  | 195000 | 178247 |
| Republic of Kenya Government Bond 8.8% 10/9/2038 (k) |  | 200000 | 202199 |
| Republic of Kenya Government Bond 9.5% 3/5/2036 (k) |  | 200000 | 212720 |
| Republic of Kenya Government Bond 9.75% 2/16/2031 (k) |  | 410000 | 447925 |
| TOTAL KENYA |  |  | 1041091 |
| LEBANON - 0.0%  |  |  |  |
| Lebanon Republic 5.8% (f)(l) |  | 625000 | 143750 |
| Lebanon Republic 6.375% (f)(l) |  | 400000 | 92452 |
| TOTAL LEBANON |  |  | 236202 |
| MEXICO - 0.3%  |  |  |  |
| United Mexican States 3.5% 2/12/2034  |  | 610000 | 527650 |
| United Mexican States 3.75% 4/19/2071  |  | 1000000 | 590000 |
| United Mexican States 4.875% 5/19/2033  |  | 345000 | 331200 |
| United Mexican States 5.375% 3/22/2033  |  | 330000 | 326941 |
| United Mexican States 5.75% 10/12/2110  |  | 600000 | 502200 |
| United Mexican States 6% 5/7/2036  |  | 600000 | 608850 |
| United Mexican States 6.05% 1/11/2040  |  | 670000 | 666918 |
| United Mexican States 6.338% 5/4/2053  |  | 305000 | 290208 |
| United Mexican States 6.35% 2/9/2035  |  | 465000 | 486497 |
| United Mexican States 6.4% 5/7/2054  |  | 200000 | 192599 |
| United Mexican States 6.875% 5/13/2037  |  | 245000 | 261538 |
| United Mexican States 7.375% 5/13/2055  |  | 500000 | 538000 |
| TOTAL MEXICO |  |  | 5322601 |
| MONGOLIA - 0.0%  |  |  |  |
| Mongolia Government 6.625% 2/25/2030 (k) |  | 230000 | 236469 |
| Mongolia Government 7.875% 6/5/2029 (k) |  | 200000 | 212750 |
| TOTAL MONGOLIA |  |  | 449219 |
| MONTENEGRO - 0.1%  |  |  |  |
| Republic of Montenegro 4.875% 4/1/2032 (k) | EUR | 195000 | 230740 |
| Republic of Montenegro 7.25% 3/12/2031 (k) |  | 745000 | 795057 |
| TOTAL MONTENEGRO |  |  | 1025797 |
| MOROCCO - 0.0%  |  |  |  |
| Moroccan Kingdom 6.5% 9/8/2033 (k) |  | 495000 | 537102 |
| NIGERIA - 0.2%  |  |  |  |
| Republic of Nigeria 0% 3/24/2026 (m) | NGN | 618000000 | 408429 |
| Republic of Nigeria 6.125% 9/28/2028 (k) |  | 1150000 | 1154865 |
| Republic of Nigeria 6.5% 11/28/2027 (k) |  | 445000 | 449704 |
| Republic of Nigeria 7.143% 2/23/2030 (k) |  | 360000 | 371729 |
| Republic of Nigeria 7.696% 2/23/2038 (k) |  | 280000 | 280308 |
| Republic of Nigeria 7.875% 2/16/2032 (k) |  | 160000 | 166655 |
| Republic of Nigeria 9.1297% 1/13/2046 (k) |  | 255000 | 273806 |
| Republic of Nigeria Treasury Bills 0% 3/17/2026 (m) | NGN | 375240000 | 249011 |
| TOTAL NIGERIA |  |  | 3354507 |
| OMAN - 0.1%  |  |  |  |
| Oman Sultanate 5.625% 1/17/2028 (k) |  | 365000 | 373327 |
| Oman Sultanate 6% 8/1/2029 (k) |  | 450000 | 472747 |
| Oman Sultanate 6.25% 1/25/2031 (k) |  | 425000 | 453887 |
| Oman Sultanate 6.5% 3/8/2047 (k) |  | 395000 | 422994 |
| Oman Sultanate 6.75% 1/17/2048 (k) |  | 455000 | 501779 |
| Oman Sultanate 7% 1/25/2051 (k) |  | 105000 | 119085 |
| TOTAL OMAN |  |  | 2343819 |
| PAKISTAN - 0.1%  |  |  |  |
| Islamic Republic of Pakistan 6% 4/8/2026 (k) |  | 730000 | 727722 |
| Islamic Republic of Pakistan 6.875% 12/5/2027 (k) |  | 430000 | 433494 |
| Islamic Republic of Pakistan 7.375% 4/8/2031 (k) |  | 480000 | 478200 |
| TOTAL PAKISTAN |  |  | 1639416 |
| PANAMA - 0.1%  |  |  |  |
| Panamanian Republic 3.298% 1/19/2033  |  | 140000 | 122987 |
| Panamanian Republic 3.87% 7/23/2060  |  | 715000 | 472258 |
| Panamanian Republic 4.5% 4/16/2050  |  | 780000 | 600498 |
| Panamanian Republic 7.875% 3/1/2057  |  | 290000 | 337322 |
| Panamanian Republic 8% 3/1/2038  |  | 305000 | 356507 |
| TOTAL PANAMA |  |  | 1889572 |
| PARAGUAY - 0.1%  |  |  |  |
| Republic of Paraguay 2.739% 1/29/2033 (k) |  | 225000 | 201149 |
| Republic of Paraguay 4.95% 4/28/2031 (k) |  | 480000 | 487066 |
| Republic of Paraguay 5.4% 3/30/2050 (k) |  | 265000 | 248007 |
| Republic of Paraguay 6% 2/9/2036 (k) |  | 260000 | 279240 |
| Republic of Paraguay 6.65% 3/4/2055 (k) |  | 200000 | 217975 |
| TOTAL PARAGUAY |  |  | 1433437 |
| PERU - 0.1%  |  |  |  |
| Peruvian Republic 2.783% 1/23/2031  |  | 740000 | 684870 |
| Peruvian Republic 3% 1/15/2034  |  | 440000 | 382800 |
| Peruvian Republic 3.3% 3/11/2041  |  | 360000 | 278460 |
| TOTAL PERU |  |  | 1346130 |
| PHILIPPINES - 0.1%  |  |  |  |
| Philippine Republic 2.65% 12/10/2045  |  | 390000 | 258521 |
| Philippine Republic 2.95% 5/5/2045  |  | 160000 | 112000 |
| Philippine Republic 5% 7/17/2033  |  | 210000 | 215447 |
| Philippine Republic 5.5% 1/17/2048  |  | 200000 | 200312 |
| Philippine Republic 5.6% 5/14/2049  |  | 295000 | 298780 |
| Philippine Republic 5.609% 4/13/2033  |  | 305000 | 323300 |
| Philippine Republic 5.95% 10/13/2047  |  | 490000 | 516460 |
| TOTAL PHILIPPINES |  |  | 1924820 |
| POLAND - 0.1%  |  |  |  |
| Bank Gospodarstwa Krajowego 5.375% 5/22/2033 (k) |  | 200000 | 206042 |
| Bank Gospodarstwa Krajowego 6.25% 10/31/2028 (k) |  | 200000 | 211396 |
| Bank Gospodarstwa Krajowego 6.25% 7/9/2054 (k) |  | 495000 | 511469 |
| Republic of Poland 5.5% 3/18/2054  |  | 285000 | 271866 |
| Republic of Poland 5.5% 4/4/2053  |  | 210000 | 200393 |
| Republic of Poland 5.75% 11/16/2032  |  | 425000 | 455048 |
| TOTAL POLAND |  |  | 1856214 |
| QATAR - 0.2%  |  |  |  |
| State of Qatar 4.4% 4/16/2050 (k) |  | 1045000 | 922777 |
| State of Qatar 4.625% 6/2/2046 (k) |  | 575000 | 531070 |
| State of Qatar 4.817% 3/14/2049 (k) |  | 1060000 | 995934 |
| State of Qatar 5.103% 4/23/2048 (k) |  | 975000 | 959566 |
| State of Qatar 9.75% 6/15/2030 (k) |  | 295000 | 363852 |
| TOTAL QATAR |  |  | 3773199 |
| ROMANIA - 0.2%  |  |  |  |
| Romanian Republic 3% 2/27/2027 (k) |  | 265000 | 260581 |
| Romanian Republic 3.625% 3/27/2032 (k) |  | 470000 | 429317 |
| Romanian Republic 4% 2/14/2051 (k) |  | 280000 | 191133 |
| Romanian Republic 5.75% 9/16/2030 (k) |  | 374000 | 385250 |
| Romanian Republic 6.125% 10/7/2037 (k) | EUR | 435000 | 513927 |
| Romanian Republic 6.625% 2/17/2028 (k) |  | 225000 | 234461 |
| Romanian Republic 6.85% 7/29/2030  | RON | 1075000 | 249524 |
| Romanian Republic 7.125% 1/17/2033 (k) |  | 290000 | 315405 |
| Romanian Republic 7.5% 2/10/2037 (k) |  | 572000 | 631564 |
| Romanian Republic 8% 4/29/2030  | RON | 1025000 | 247822 |
| TOTAL ROMANIA |  |  | 3458984 |
| RWANDA - 0.0%  |  |  |  |
| Rwanda Republic 5.5% 8/9/2031 (k) |  | 560000 | 519926 |
| SAUDI ARABIA - 0.2%  |  |  |  |
| Kingdom of Saudi Arabia 2.25% 2/2/2033 (k) |  | 665000 | 573230 |
| Kingdom of Saudi Arabia 3.45% 2/2/2061 (k) |  | 1120000 | 713580 |
| Kingdom of Saudi Arabia 3.75% 1/21/2055 (k) |  | 655000 | 462594 |
| Kingdom of Saudi Arabia 4.5% 10/26/2046 (k) |  | 640000 | 547200 |
| Kingdom of Saudi Arabia 4.5% 4/22/2060 (k) |  | 225000 | 179437 |
| Kingdom of Saudi Arabia 4.625% 10/4/2047 (k) |  | 330000 | 284889 |
| TOTAL SAUDI ARABIA |  |  | 2760930 |
| SENEGAL - 0.0%  |  |  |  |
| Republic of Senegal 4.75% 3/13/2028 (l) | EUR | 255000 | 208649 |
| Republic of Senegal 6.25% 5/23/2033 (k) |  | 290000 | 168290 |
| Republic of Senegal 6.75% 3/13/2048 (k) |  | 120000 | 63900 |
| TOTAL SENEGAL |  |  | 440839 |
| SERBIA - 0.1%  |  |  |  |
| Republic of Serbia 2.125% 12/1/2030 (k) |  | 580000 | 505615 |
| Republic of Serbia 6% 6/12/2034 (k) |  | 205000 | 211662 |
| Republic of Serbia 6.5% 9/26/2033 (k) |  | 405000 | 434363 |
| TOTAL SERBIA |  |  | 1151640 |
| SINGAPORE - 0.1%  |  |  |  |
| Republic of Singapore 2.75% 3/1/2035  | SGD | 2000000 | 1643964 |
| SOUTH AFRICA - 0.2%  |  |  |  |
| South African Republic 4.85% 9/27/2027  |  | 285000 | 288705 |
| South African Republic 4.85% 9/30/2029  |  | 235000 | 234959 |
| South African Republic 5% 10/12/2046  |  | 395000 | 309486 |
| South African Republic 5.65% 9/27/2047  |  | 190000 | 160604 |
| South African Republic 5.75% 9/30/2049  |  | 620000 | 523125 |
| South African Republic 5.875% 4/20/2032  |  | 280000 | 288016 |
| South African Republic 6.125% 12/11/2037 (k) |  | 200000 | 197350 |
| South African Republic 7.1% 11/19/2036 (k) |  | 475000 | 509647 |
| South African Republic 7.25% 12/11/2055 (k) |  | 200000 | 198000 |
| TOTAL SOUTH AFRICA |  |  | 2709892 |
| SPAIN - 0.6%  |  |  |  |
| Spanish Kingdom 3.15% 4/30/2035 (k)(l) | EUR | 6106000 | 7127450 |
| Spanish Kingdom 4% 10/31/2054 (k)(l) | EUR | 1700000 | 1956926 |
| TOTAL SPAIN |  |  | 9084376 |
| SRI LANKA - 0.1%  |  |  |  |
| Democratic Socialist Republic of Sri Lanka 3.1% 1/15/2030 (j)(k) |  | 225923 | 213780 |
| Democratic Socialist Republic of Sri Lanka 3.35% 3/15/2033 (j)(k) |  | 755264 | 646695 |
| Democratic Socialist Republic of Sri Lanka 3.6% 2/15/2038 (j)(k) |  | 314356 | 285278 |
| Democratic Socialist Republic of Sri Lanka 3.6% 5/15/2036 (j)(k) |  | 157112 | 142383 |
| Democratic Socialist Republic of Sri Lanka 3.6% 6/15/2035 (j)(k) |  | 91380 | 69315 |
| Democratic Socialist Republic of Sri Lanka 4% 4/15/2028 (k) |  | 165813 | 158766 |
| TOTAL SRI LANKA |  |  | 1516217 |
| SWITZERLAND - 0.3%  |  |  |  |
| Swiss Confederation 3.5% 4/8/2033 (l) | CHF | 3200000 | 4991895 |
| TURKEY - 0.6%  |  |  |  |
| Turkish Republic 32.6% 2/10/2027  | TRY | 21565000 | 492877 |
| Turkish Republic 4.25% 4/14/2026  |  | 590000 | 590184 |
| Turkish Republic 4.75% 1/26/2026  |  | 490000 | 490000 |
| Turkish Republic 4.875% 10/9/2026  |  | 650000 | 653250 |
| Turkish Republic 4.875% 4/16/2043  |  | 815000 | 627672 |
| Turkish Republic 5.125% 2/17/2028  |  | 255000 | 257104 |
| Turkish Republic 5.25% 3/13/2030  |  | 185000 | 183962 |
| Turkish Republic 5.75% 5/11/2047  |  | 360000 | 296010 |
| Turkish Republic 6% 1/14/2041  |  | 770000 | 693724 |
| Turkish Republic 6% 3/25/2027  |  | 170000 | 173527 |
| Turkish Republic 6.625% 2/17/2045  |  | 310000 | 288610 |
| Turkish Republic 6.8% 11/4/2036  |  | 510000 | 514111 |
| Turkish Republic 7.125% 2/12/2032  |  | 380000 | 402420 |
| Turkish Republic 7.25% 5/29/2032  |  | 200000 | 212890 |
| Turkish Republic 7.625% 5/15/2034  |  | 445000 | 482429 |
| Turkish Republic 9.125% 7/13/2030  |  | 350000 | 399975 |
| Turkish Republic 9.375% 1/19/2033  |  | 840000 | 991410 |
| Turkish Republic 9.375% 3/14/2029  |  | 490000 | 550015 |
| Turkish Republic 9.875% 1/15/2028  |  | 1165000 | 1282665 |
| TOTAL TURKEY |  |  | 9582835 |
| UKRAINE - 0.1%  |  |  |  |
| Ukraine Government 0% 2/1/2030 (j)(k) |  | 109055 | 64342 |
| Ukraine Government 0% 2/1/2034 (j)(k) |  | 407526 | 192556 |
| Ukraine Government 0% 2/1/2035 (j)(k) |  | 479387 | 270854 |
| Ukraine Government 0% 2/1/2036 (j)(k) |  | 286989 | 161431 |
| Ukraine Government 4% 2/1/2032 (j)(k) |  | 495800 | 374329 |
| Ukraine Government 4.5% 2/1/2029 (j)(k) |  | 457501 | 341982 |
| Ukraine Government 4.5% 2/1/2034 (j)(k) |  | 626091 | 380351 |
| Ukraine Government 4.5% 2/1/2035 (j)(k) |  | 428419 | 254909 |
| Ukraine Government 4.5% 2/1/2036 (j)(k) |  | 284447 | 166402 |
| TOTAL UKRAINE |  |  | 2207156 |
| UNITED ARAB EMIRATES - 0.2%  |  |  |  |
| Emirate of Abu Dhabi 3% 9/15/2051 (k) |  | 645000 | 438132 |
| Emirate of Abu Dhabi 3.125% 9/30/2049 (k) |  | 1915000 | 1367310 |
| Emirate of Abu Dhabi 3.875% 4/16/2050 (k) |  | 620000 | 497860 |
| Emirate of Abu Dhabi 5.5% 4/30/2054 (k) |  | 395000 | 402071 |
| Emirate of Dubai 3.9% 9/9/2050 (l) |  | 920000 | 695202 |
| Emirate of Dubai 5.25% 1/30/2043 (l) |  | 330000 | 336188 |
| TOTAL UNITED ARAB EMIRATES |  |  | 3736763 |
| UNITED KINGDOM - 0.4%  |  |  |  |
| United Kingdom of Great Britain and Northern Ireland 0.125% 1/30/2026 (l) | GBP | 3010000 | 4048363 |
| United Kingdom of Great Britain and Northern Ireland 1.625% 10/22/2054 (l) | GBP | 4805000 | 3039803 |
| TOTAL UNITED KINGDOM |  |  | 7088166 |
| URUGUAY - 0.1%  |  |  |  |
| Uruguay Republic 5.1% 6/18/2050  |  | 675000 | 637538 |
| Uruguay Republic 5.75% 10/28/2034  |  | 300000 | 319800 |
| TOTAL URUGUAY |  |  | 957338 |
| UZBEKISTAN - 0.0%  |  |  |  |
| Republic of Uzbekistan 3.7% 11/25/2030 (k) |  | 115000 | 106770 |
| Republic of Uzbekistan 3.9% 10/19/2031 (k) |  | 205000 | 188875 |
| TOTAL UZBEKISTAN |  |  | 295645 |
| VENEZUELA - 0.1%  |  |  |  |
| Venezuela Republic 11.95% (f)(l) |  | 1090000 | 346620 |
| Venezuela Republic 12.75% (f)(l) |  | 190000 | 60325 |
| Venezuela Republic 9.25% (f) |  | 2395000 | 773585 |
| TOTAL VENEZUELA |  |  | 1180530 |
| ZAMBIA - 0.0%  |  |  |  |
| Republic of Zambia 0.5% 12/31/2053 (k) |  | 567254 | 401248 |
| Republic of Zambia 5.75% 6/30/2033 (j)(k) |  | 55429 | 54494 |
| TOTAL ZAMBIA |  |  | 455742 |
| <br> **TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS**<br> (Cost $237,772,700) |  |  | <br> **242074929** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 27.7%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 27.7%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 27.7%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 27.7%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| ARGENTINA - 0.0%  |  |  |  |
| Energy - 0.0% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |  |
| Tecpetrol SA 7.625% 1/22/2033 (k) |  | 255000 | 258698 |
| Tecpetrol SA 7.625% 11/3/2030 (k) |  | 275000 | 273076 |
| YPF SA 8.25% 1/17/2034 (k) |  | 255000 | 259845 |
| TOTAL ARGENTINA |  |  | 791619 |
| AUSTRALIA - 0.2%  |  |  |  |
| Materials - 0.2% |  |  |  |
| Metals & Mining - 0.2% |  |  |  |
| Fortescue Treasury Pty Ltd 4.375% 4/1/2031 (k) |  | 250000 | 241781 |
| Fortescue Treasury Pty Ltd 4.5% 9/15/2027 (k) |  | 485000 | 483792 |
| Mineral Resources Ltd 7% 4/1/2031 (k) |  | 380000 | 396266 |
| Mineral Resources Ltd 8% 11/1/2027 (k) |  | 515000 | 525970 |
| Mineral Resources Ltd 8.5% 5/1/2030 (k) |  | 915000 | 951543 |
| Mineral Resources Ltd 9.25% 10/1/2028 (k) |  | 1005000 | 1054748 |
| TOTAL AUSTRALIA |  |  | 3654100 |
| AZERBAIJAN - 0.1%  |  |  |  |
| Energy - 0.1% |  |  |  |
| Energy Equipment & Services - 0.1% |  |  |  |
| Southern Gas Corridor CJSC 6.875% 3/24/2026 (k) |  | 825000 | 828894 |
| State Oil Co of the Azerbaijan Republic 6.95% 3/18/2030 (l) |  | 275000 | 297325 |
| TOTAL AZERBAIJAN |  |  | 1126219 |
| BAHRAIN - 0.1%  |  |  |  |
| Energy - 0.1% |  |  |  |
| Energy Equipment & Services - 0.1% |  |  |  |
| Bapco Energies BSC Closed 7.5% 10/25/2027 (k) |  | 665000 | 687570 |
| Bapco Energies BSC Closed 8.375% 11/7/2028 (k) |  | 180000 | 193509 |
| TOTAL BAHRAIN |  |  | 881079 |
| BELGIUM - 0.0%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |  |
| Telenet Finance Luxembourg Notes Sarl 5.5% 3/1/2028 (k) |  | 600000 | 596189 |
| BRAZIL - 0.9%  |  |  |  |
| Consumer Discretionary - 0.0% |  |  |  |
| Broadline Retail - 0.0% |  |  |  |
| MercadoLibre Inc 4.9% 1/15/2033  |  | 365000 | 361067 |
| Consumer Staples - 0.2% |  |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |  |
| Minerva Luxembourg SA 4.375% 3/18/2031 (k) |  | 115000 | 106778 |
| Minerva Luxembourg SA 8.875% 9/13/2033 (k) |  | 505000 | 551534 |
| NBM US Holdings Inc 6.625% 8/6/2029 (k) |  | 615000 | 621439 |
|  |  |  | 1279751 |
| Food Products - 0.0% |  |  |  |
| Marb Bondco PLC 3.95% 1/29/2031 (k) |  | 685000 | 619685 |
| TOTAL CONSUMER STAPLES |  |  | 1899436 |
| Energy - 0.2% |  |  |  |
| Energy Equipment & Services - 0.1% |  |  |  |
| Guara Norte Sarl 5.198% 6/15/2034 (k) |  | 368325 | 359485 |
| Yinson Boronia Production BV 8.947% 7/31/2042 (k) |  | 637709 | 694791 |
|  |  |  | 1054276 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |  |
| MC Brazil Downstream Trading SARL 7.25% 6/30/2031 (k) |  | 824746 | 722683 |
| PRIO Luxembourg Holding Sarl 6.75% 10/15/2030 (k) |  | 450000 | 438696 |
|  |  |  | 1161379 |
| TOTAL ENERGY |  |  | 2215655 |
| Financials - 0.0% |  |  |  |
| Financial Services - 0.0% |  |  |  |
| Cosan Luxembourg SA 7.25% 6/27/2031 (k) |  | 300000 | 308439 |
| Industrials - 0.0% |  |  |  |
| Marine Transportation - 0.0% |  |  |  |
| Yinson Bergenia Production BV 8.498% 1/31/2045 (k) |  | 285000 | 299430 |
| Passenger Airlines - 0.0% |  |  |  |
| Azul Secured Finance LLP 11.5% (f) |  | 413110 | 8262 |
| Azul Secured Finance LLP 11.93% (f) |  | 625292 | 314209 |
|  |  |  | 322471 |
| TOTAL INDUSTRIALS |  |  | 621901 |
| Materials - 0.5% |  |  |  |
| Chemicals - 0.0% |  |  |  |
| Braskem Netherlands Finance BV 5.875% 1/31/2050 (k) |  | 300000 | 103500 |
| Braskem Netherlands Finance BV 7.25% 2/13/2033 (k) |  | 555000 | 213675 |
| Braskem Netherlands Finance BV 8% 10/15/2034 (k) |  | 225000 | 87468 |
| Braskem Netherlands Finance BV 8.5% 1/12/2031 (k) |  | 595000 | 230191 |
|  |  |  | 634834 |
| Metals & Mining - 0.4% |  |  |  |
| CSN Inova Ventures 6.75% 1/28/2028 (k) |  | 485000 | 448603 |
| CSN Resources SA 5.875% 4/8/2032 (k) |  | 420000 | 329872 |
| CSN Resources SA 8.875% 12/5/2030 (k) |  | 200000 | 185222 |
| ERO Copper Corp 6.5% 2/15/2030 (k) |  | 415000 | 416297 |
| Nexa Resources SA 6.6% 4/8/2037 (k) |  | 235000 | 242377 |
| Nexa Resources SA 6.75% 4/9/2034 (k) |  | 200000 | 213250 |
| Samarco Mineracao SA 9% 6/30/2031 pay-in-kind (c)(k) |  | 1360506 | 1383890 |
| Usiminas International Sarl 7.5% 1/27/2032 (k) |  | 575000 | 596540 |
| Vale Overseas Ltd 6% 2/25/2056 (c)(k) |  | 305000 | 304329 |
| Vale Overseas Ltd 6.4% 6/28/2054  |  | 515000 | 525558 |
|  |  |  | 4645938 |
| Paper & Forest Products - 0.1% |  |  |  |
| LD Celulose International GmbH 7.95% 1/26/2032 (k) |  | 325000 | 340844 |
| Suzano Austria GmbH 3.75% 1/15/2031  |  | 245000 | 230937 |
| Suzano Austria GmbH 5% 1/15/2030  |  | 725000 | 725610 |
| Suzano Netherlands BV 5.5% 1/15/2036  |  | 460000 | 456035 |
|  |  |  | 1753426 |
| TOTAL MATERIALS |  |  | 7034198 |
| TOTAL BRAZIL |  |  | 12440696 |
| CANADA - 0.8%  |  |  |  |
| Consumer Discretionary - 0.3% |  |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |  |
| 1011778 BC ULC / New Red Finance Inc 3.875% 1/15/2028 (k) |  | 570000 | 561879 |
| 1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (k) |  | 2320000 | 2209578 |
| 1011778 BC ULC / New Red Finance Inc 4.375% 1/15/2028 (k) |  | 560000 | 556469 |
|  |  |  | 3327926 |
| Household Durables - 0.0% |  |  |  |
| Brookfield Residential Properties Inc / Brookfield Residential US LLC 4.875% 2/15/2030 (k) |  | 405000 | 377239 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 3705165 |
| Consumer Staples - 0.0% |  |  |  |
| Household Products - 0.0% |  |  |  |
| Kronos Acquisition Holdings Inc 8.25% 6/30/2031 (k) |  | 550000 | 361625 |
| Energy - 0.2% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |  |
| South Bow Canadian Infrastructure Holdings Ltd 7.5% 3/1/2055 (c) |  | 1953000 | 2087501 |
| Teine Energy Ltd 6.875% 4/15/2029 (k) |  | 445000 | 444917 |
| TOTAL ENERGY |  |  | 2532418 |
| Financials - 0.0% |  |  |  |
| Insurance - 0.0% |  |  |  |
| Sagicor Financial Co Ltd 5.3% 5/13/2028 (k) |  | 480000 | 479045 |
| Industrials - 0.1% |  |  |  |
| Aerospace & Defense - 0.1% |  |  |  |
| Bombardier Inc 6% 2/15/2028 (k) |  | 280000 | 280837 |
| Bombardier Inc 7.25% 7/1/2031 (k) |  | 280000 | 298381 |
| Bombardier Inc 8.75% 11/15/2030 (k) |  | 430000 | 464576 |
|  |  |  | 1043794 |
| Machinery - 0.0% |  |  |  |
| ATS Corp 4.125% 12/15/2028 (k) |  | 460000 | 448699 |
| Passenger Airlines - 0.0% |  |  |  |
| Air Canada 3.875% 8/15/2026 (k) |  | 425000 | 422974 |
| TOTAL INDUSTRIALS |  |  | 1915467 |
| Information Technology - 0.1% |  |  |  |
| Software - 0.1% |  |  |  |
| Open Text Corp 6.9% 12/1/2027 (k) |  | 530000 | 551367 |
| Open Text Holdings Inc 4.125% 12/1/2031 (k) |  | 245000 | 228561 |
| Open Text Holdings Inc 4.125% 2/15/2030 (k) |  | 300000 | 286747 |
| TOTAL INFORMATION TECHNOLOGY |  |  | 1066675 |
| Materials - 0.1% |  |  |  |
| Chemicals - 0.0% |  |  |  |
| NOVA Chemicals Corp 8.5% 11/15/2028 (k) |  | 385000 | 402535 |
| Containers & Packaging - 0.1% |  |  |  |
| Cascades Inc/Cascades USA Inc 5.375% 1/15/2028 (k) |  | 300000 | 299230 |
| Toucan FinCo Ltd/Toucan FinCo Can Inc/Toucan FinCo US LLC 9.5% 5/15/2030 (k) |  | 440000 | 439339 |
|  |  |  | 738569 |
| Metals & Mining - 0.0% |  |  |  |
| Hudbay Minerals Inc 4.5% 4/1/2026 (k) |  | 360000 | 360376 |
| TOTAL MATERIALS |  |  | 1501480 |
| TOTAL CANADA |  |  | 11561875 |
| CHILE - 0.3%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |  |
| VTR Comunicaciones SpA 4.375% 4/15/2029 (k) |  | 210000 | 203700 |
| Energy - 0.0% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |  |
| Empresa Nacional del Petroleo 5.95% 7/30/2034 (k) |  | 200000 | 208688 |
| Empresa Nacional del Petroleo 6.15% 5/10/2033 (k) |  | 305000 | 322114 |
| TOTAL ENERGY |  |  | 530802 |
| Materials - 0.3% |  |  |  |
| Metals & Mining - 0.3% |  |  |  |
| Antofagasta PLC 2.375% 10/14/2030 (k) |  | 685000 | 620192 |
| Antofagasta PLC 5.625% 9/9/2035 (k) |  | 250000 | 256750 |
| Antofagasta PLC 5.625% 5/13/2032 (k) |  | 260000 | 269498 |
| Corp Nacional del Cobre de Chile 3% 9/30/2029 (k) |  | 105000 | 99716 |
| Corp Nacional del Cobre de Chile 3.15% 1/14/2030 (k) |  | 280000 | 265628 |
| Corp Nacional del Cobre de Chile 3.7% 1/30/2050 (k) |  | 870000 | 617744 |
| Corp Nacional del Cobre de Chile 5.125% 2/2/2033 (k) |  | 290000 | 291450 |
| Corp Nacional del Cobre de Chile 5.95% 1/8/2034 (k) |  | 205000 | 214016 |
| Corp Nacional del Cobre de Chile 6.3% 9/8/2053 (k) |  | 290000 | 296769 |
| Corp Nacional del Cobre de Chile 6.33% 1/13/2035 (k) |  | 200000 | 212700 |
| Corp Nacional del Cobre de Chile 6.44% 1/26/2036 (k) |  | 205000 | 221661 |
| Corp Nacional del Cobre de Chile 6.78% 1/13/2055 (k) |  | 235000 | 252698 |
|  |  |  | 3618822 |
| Paper & Forest Products - 0.0% |  |  |  |
| Celulosa Arauco y Constitucion SA 6.18% 5/5/2032 (k) |  | 225000 | 232076 |
| Inversiones CMPC SA 3% 4/6/2031 (k) |  | 245000 | 218383 |
| Inversiones CMPC SA 6.7% 12/9/2057 (c)(k) |  | 200000 | 200862 |
|  |  |  | 651321 |
| TOTAL MATERIALS |  |  | 4270143 |
| Utilities - 0.0% |  |  |  |
| Electric Utilities - 0.0% |  |  |  |
| Chile Electricity Lux Mpc II Sarl 5.58% 10/20/2035 (k) |  | 195501 | 201245 |
| Chile Electricity Lux MPC Sarl 6.01% 1/20/2033 (k) |  | 179000 | 187558 |
| TOTAL UTILITIES |  |  | 388803 |
| TOTAL CHILE |  |  | 5393448 |
| CHINA - 0.2%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Interactive Media & Services - 0.1% |  |  |  |
| Tencent Holdings Ltd 1.81% 1/26/2026 (k) |  | 240000 | 239628 |
| Tencent Holdings Ltd 2.39% 6/3/2030 (k) |  | 495000 | 462617 |
| Tencent Holdings Ltd 3.975% 4/11/2029 (k) |  | 180000 | 179908 |
| TOTAL COMMUNICATION SERVICES |  |  | 882153 |
| Consumer Discretionary - 0.1% |  |  |  |
| Broadline Retail - 0.1% |  |  |  |
| JD.com Inc 3.375% 1/14/2030  |  | 405000 | 392712 |
| Prosus NV 3.061% 7/13/2031 (k) |  | 385000 | 349626 |
| Prosus NV 3.68% 1/21/2030 (k) |  | 370000 | 354275 |
| Prosus NV 4.027% 8/3/2050 (k) |  | 595000 | 413526 |
| Prosus NV 4.193% 1/19/2032 (k) |  | 305000 | 292324 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 1802463 |
| Utilities - 0.0% |  |  |  |
| Gas Utilities - 0.0% |  |  |  |
| ENN Energy Holdings Ltd 4.625% 5/17/2027 (k) |  | 640000 | 641734 |
| TOTAL CHINA |  |  | 3326350 |
| COLOMBIA - 0.4%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |  |
| Colombia Telecomunicaciones SA ESP 4.95% 7/17/2030 (k) |  | 845000 | 768773 |
| Energy - 0.3% |  |  |  |
| Energy Equipment & Services - 0.0% |  |  |  |
| Oleoducto Central SA 4% 7/14/2027 (k) |  | 454000 | 446908 |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |  |
| Canacol Energy Ltd 5.75% (f)(k) |  | 265000 | 74340 |
| Ecopetrol SA 4.625% 11/2/2031  |  | 335000 | 298401 |
| Ecopetrol SA 8.375% 1/19/2036  |  | 290000 | 297424 |
| Ecopetrol SA 8.875% 1/13/2033  |  | 1420000 | 1510881 |
| Geopark Ltd 5.5% 1/17/2027 (k) |  | 505000 | 477225 |
| Geopark Ltd 8.75% 1/31/2030 (k) |  | 430000 | 400975 |
| Gran Tierra Energy Inc 9.5% 10/15/2029 (k) |  | 350000 | 243250 |
|  |  |  | 3302496 |
| TOTAL ENERGY |  |  | 3749404 |
| Financials - 0.0% |  |  |  |
| Banks - 0.0% |  |  |  |
| Bancolombia SA 8.625% 12/24/2034 (c) |  | 295000 | 314977 |
| Materials - 0.0% |  |  |  |
| Metals & Mining - 0.0% |  |  |  |
| Aris Mining Corp 8% 10/31/2029 (k) |  | 580000 | 604941 |
| Utilities - 0.1% |  |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |  |
| EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 5.375% 12/30/2030 (k) |  | 1020000 | 947223 |
| Termocandelaria Power SA 7.75% 9/17/2031 (k) |  | 410000 | 423325 |
| TOTAL UTILITIES |  |  | 1370548 |
| TOTAL COLOMBIA |  |  | 6808643 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.0%  |  |  |  |
| Materials - 0.0% |  |  |  |
| Metals & Mining - 0.0% |  |  |  |
| Ivanhoe Mines Ltd 7.875% 1/23/2030 (k) |  | 390000 | 402368 |
| COSTA RICA - 0.0%  |  |  |  |
| Financials - 0.0% |  |  |  |
| Financial Services - 0.0% |  |  |  |
| Liberty Costa Rica Senior Secured Finance 10.875% 1/15/2031 (k) |  | 425000 | 445455 |
| COTE D'IVOIRE - 0.0%  |  |  |  |
| Materials - 0.0% |  |  |  |
| Metals & Mining - 0.0% |  |  |  |
| Endeavour Mining PLC 7% 5/28/2030 (k) |  | 450000 | 464909 |
| CZECH REPUBLIC - 0.0%  |  |  |  |
| Industrials - 0.0% |  |  |  |
| Aerospace & Defense - 0.0% |  |  |  |
| Czechoslovak Group AS 5.25% 1/10/2031 (k) | EUR | 110000 | 133797 |
| Czechoslovak Group AS 6.5% 1/10/2031 (k) |  | 400000 | 411000 |
| TOTAL CZECH REPUBLIC |  |  | 544797 |
| DOMINICAN REPUBLIC - 0.0%  |  |  |  |
| Industrials - 0.0% |  |  |  |
| Transportation Infrastructure - 0.0% |  |  |  |
| Aeropuertos Dominicanos Siglo XXI SA 7% 6/30/2034 (k) |  | 300000 | 315564 |
| FRANCE - 0.5%  |  |  |  |
| Communication Services - 0.5% |  |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |  |
| Altice France SA 6.5% 10/15/2031 (k) |  | 103963 | 98719 |
| Altice France SA 6.5% 4/15/2032 (k) |  | 3731134 | 3576972 |
| Altice France SA 6.875% 10/15/2030 (k) |  | 1043485 | 1011963 |
| Altice France SA 6.875% 7/15/2032 (k) |  | 2318001 | 2222822 |
| TOTAL COMMUNICATION SERVICES |  |  | 6910476 |
| Energy - 0.0% |  |  |  |
| Energy Equipment & Services - 0.0% |  |  |  |
| Vallourec SACA 7.5% 4/15/2032 (k) |  | 508000 | 539385 |
| TOTAL FRANCE |  |  | 7449861 |
| GEORGIA - 0.0%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |  |
| Silk Road Group Holding LLC 7.5% 9/15/2030 (k) |  | 315000 | 316772 |
| Industrials - 0.0% |  |  |  |
| Ground Transportation - 0.0% |  |  |  |
| Georgian Railway JSC 4% 6/17/2028 (k) |  | 191000 | 179719 |
| TOTAL GEORGIA |  |  | 496491 |
| GHANA - 0.0%  |  |  |  |
| Energy - 0.0% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |  |
| Kosmos Energy Ltd 7.5% 3/1/2028 (k) |  | 145000 | 97150 |
| Kosmos Energy Ltd 8.75% 10/1/2031 (k) |  | 1170000 | 661050 |
| TOTAL GHANA |  |  | 758200 |
| GUATEMALA - 0.2%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |  |
| CT Trust 5.125% 2/3/2032 (k) |  | 720000 | 687816 |
| Millicom International Cellular SA 4.5% 4/27/2031 (k) |  | 530000 | 492174 |
| Millicom International Cellular SA 7.375% 4/2/2032 (k) |  | 265000 | 275518 |
| TOTAL COMMUNICATION SERVICES |  |  | 1455508 |
| Consumer Staples - 0.0% |  |  |  |
| Beverages - 0.0% |  |  |  |
| Cntl Amr Bottling Corp 5.25% 4/27/2029 (k) |  | 600000 | 590309 |
| Utilities - 0.1% |  |  |  |
| Electric Utilities - 0.1% |  |  |  |
| Energuate Trust 2 0 6.35% 9/15/2035 (k) |  | 495000 | 494810 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |  |
| Investment Energy Resources Ltd 6.25% 4/26/2029 (k) |  | 485000 | 485606 |
| TOTAL UTILITIES |  |  | 980416 |
| TOTAL GUATEMALA |  |  | 3026233 |
| HONG KONG - 0.0%  |  |  |  |
| Industrials - 0.0% |  |  |  |
| Marine Transportation - 0.0% |  |  |  |
| Seaspan Corp 5.5% 8/1/2029 (k) |  | 425000 | 403598 |
| HUNGARY - 0.0%  |  |  |  |
| Financials - 0.0% |  |  |  |
| Banks - 0.0% |  |  |  |
| Magyar Export-Import Bank Zrt 6.125% 12/4/2027 (k) |  | 200000 | 205438 |
| OTP Bank Nyrt 8.75% 5/15/2033 (c)(l) |  | 215000 | 228035 |
| TOTAL FINANCIALS |  |  | 433473 |
| Utilities - 0.0% |  |  |  |
| Electric Utilities - 0.0% |  |  |  |
| MVM Energetika Zrt 6.5% 3/13/2031 (l) |  | 200000 | 211000 |
| TOTAL HUNGARY |  |  | 644473 |
| INDIA - 0.0%  |  |  |  |
| Financials - 0.0% |  |  |  |
| Consumer Finance - 0.0% |  |  |  |
| Shriram Finance Ltd 6.625% 4/22/2027 (k) |  | 230000 | 234600 |
| Health Care - 0.0% |  |  |  |
| Biotechnology - 0.0% |  |  |  |
| Biocon Biologics Global PLC 6.67% 10/9/2029 (k) |  | 255000 | 256275 |
| TOTAL INDIA |  |  | 490875 |
| INDONESIA - 0.2%  |  |  |  |
| Energy - 0.1% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |  |
| Medco Laurel Tree Pte Ltd 6.95% 11/12/2028 (k) |  | 640000 | 641965 |
| Medco Maple Tree Pte Ltd 8.96% 4/27/2029 (k) |  | 550000 | 573722 |
| Pertamina Persero PT 4.175% 1/21/2050 (k) |  | 395000 | 308471 |
| TOTAL ENERGY |  |  | 1524158 |
| Materials - 0.1% |  |  |  |
| Metals & Mining - 0.1% |  |  |  |
| Freeport Indonesia PT 4.763% 4/14/2027 (k) |  | 225000 | 225562 |
| Freeport Indonesia PT 5.315% 4/14/2032 (k) |  | 450000 | 457981 |
| Freeport Indonesia PT 6.2% 4/14/2052 (k) |  | 265000 | 270030 |
| Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT 5.45% 5/15/2030 (k) |  | 880000 | 905687 |
| TOTAL MATERIALS |  |  | 1859260 |
| Utilities - 0.0% |  |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |  |
| Pertamina Geothermal Energy PT 5.15% 4/27/2028 (k) |  | 205000 | 207819 |
| TOTAL INDONESIA |  |  | 3591237 |
| ISRAEL - 0.2%  |  |  |  |
| Energy - 0.1% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |  |
| Energean Israel Finance Ltd 5.375% 3/30/2028 (k)(l) |  | 215000 | 212045 |
| Energean Israel Finance Ltd 5.875% 3/30/2031 (k)(l) |  | 160000 | 154752 |
| Energean Israel Finance Ltd 8.5% 9/30/2033 (k)(l) |  | 200000 | 214000 |
| Leviathan Bond Ltd 6.5% 6/30/2027 (k)(l) |  | 520000 | 523001 |
| Leviathan Bond Ltd 6.75% 6/30/2030 (k)(l) |  | 205000 | 208612 |
| TOTAL ENERGY |  |  | 1312410 |
| Health Care - 0.1% |  |  |  |
| Pharmaceuticals - 0.1% |  |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027  |  | 280000 | 280715 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  |  | 275000 | 278108 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029  |  | 550000 | 605016 |
| TOTAL HEALTH CARE |  |  | 1163839 |
| Utilities - 0.0% |  |  |  |
| Electric Utilities - 0.0% |  |  |  |
| Israel Electric Corp Ltd 3.75% 2/22/2032 (k)(l) |  | 295000 | 275846 |
| TOTAL ISRAEL |  |  | 2752095 |
| JAMAICA - 0.0%  |  |  |  |
| Industrials - 0.0% |  |  |  |
| Transportation Infrastructure - 0.0% |  |  |  |
| Kingston Airport Revenue Finance Ltd 6.75% 12/15/2036 (k) |  | 215000 | 220442 |
| Montego Bay Airport Revenue Finance Ltd 6.6% 6/15/2035 (k) |  | 200000 | 199688 |
| TOTAL JAMAICA |  |  | 420130 |
| KAZAKHSTAN - 0.1%  |  |  |  |
| Energy - 0.1% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |  |
| KazMunayGas National Co JSC 3.5% 4/14/2033 (k) |  | 335000 | 302234 |
| KazMunayGas National Co JSC 5.375% 4/24/2030 (k) |  | 165000 | 168630 |
| KazMunayGas National Co JSC 5.75% 4/19/2047 (k) |  | 170000 | 160347 |
| Tengizchevroil Finance Co International Ltd 3.25% 8/15/2030 (k) |  | 440000 | 407277 |
| TOTAL KAZAKHSTAN |  |  | 1038488 |
| KOREA (SOUTH) - 0.0%  |  |  |  |
| Materials - 0.0% |  |  |  |
| Metals & Mining - 0.0% |  |  |  |
| POSCO 5.75% 1/17/2028 (k) |  | 420000 | 432757 |
| POSCO 5.875% 1/17/2033 (k) |  | 200000 | 211114 |
| TOTAL KOREA (SOUTH) |  |  | 643871 |
| KUWAIT - 0.0%  |  |  |  |
| Materials - 0.0% |  |  |  |
| Chemicals - 0.0% |  |  |  |
| MEGlobal BV 2.625% 4/28/2028 (k) |  | 275000 | 264000 |
| LUXEMBOURG - 0.0%  |  |  |  |
| Materials - 0.0% |  |  |  |
| Metals & Mining - 0.0% |  |  |  |
| Algoma Steel Sca 0% 12/31/2049 (e) |  | 102200 | 0 |
| MACAU - 0.0%  |  |  |  |
| Consumer Discretionary - 0.0% |  |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |  |
| Studio City Finance Ltd 5% 1/15/2029 (k) |  | 320000 | 308070 |
| MALAYSIA - 0.1%  |  |  |  |
| Consumer Discretionary - 0.0% |  |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |  |
| GENM Capital Labuan Ltd 3.882% 4/19/2031 (k) |  | 595000 | 538659 |
| Energy - 0.0% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |  |
| Petronas Capital Ltd 3.404% 4/28/2061 (k) |  | 500000 | 339515 |
| Petronas Capital Ltd 3.5% 4/21/2030 (k) |  | 230000 | 223622 |
| TOTAL ENERGY |  |  | 563137 |
| Industrials - 0.1% |  |  |  |
| Marine Transportation - 0.1% |  |  |  |
| MISC Capital Two Labuan Ltd 3.75% 4/6/2027 (k) |  | 570000 | 565988 |
| TOTAL MALAYSIA |  |  | 1667784 |
| MAURITIUS - 0.0%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |  |
| Axian Telecom Holding & Management PLC 7.25% 7/11/2030 (k) |  | 280000 | 282450 |
| MEXICO - 0.9%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Media - 0.0% |  |  |  |
| TV Azteca SAB de CV 8.25% (f)(l) |  | 1500000 | 510000 |
| Consumer Discretionary - 0.0% |  |  |  |
| Automobile Components - 0.0% |  |  |  |
| Metalsa Sapi De Cv 3.75% 5/4/2031 (k) |  | 455000 | 389912 |
| Consumer Staples - 0.0% |  |  |  |
| Food Products - 0.0% |  |  |  |
| Gruma SAB de CV 5.761% 12/9/2054 (k) |  | 195000 | 195240 |
| Energy - 0.6% |  |  |  |
| Energy Equipment & Services - 0.1% |  |  |  |
| Borr IHC Ltd / Borr Finance LLC 10% 11/15/2028 (k) |  | 371342 | 373433 |
| Borr IHC Ltd / Borr Finance LLC 10.375% 11/15/2030 (k) |  | 130922 | 130759 |
|  |  |  | 504192 |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |  |
| FEL Energy VI SARL 5.75% 12/1/2040 (k) |  | 240375 | 236277 |
| Petroleos Mexicanos 6.5% 6/2/2041  |  | 170000 | 147559 |
| Petroleos Mexicanos 6.625% 6/15/2035  |  | 1965000 | 1860364 |
| Petroleos Mexicanos 6.7% 2/16/2032  |  | 821000 | 818644 |
| Petroleos Mexicanos 6.75% 9/21/2047  |  | 798000 | 654520 |
| Petroleos Mexicanos 6.95% 1/28/2060  |  | 535000 | 434206 |
| Petroleos Mexicanos 7.69% 1/23/2050  |  | 3478000 | 3117471 |
|  |  |  | 7269041 |
| TOTAL ENERGY |  |  | 7773233 |
| Financials - 0.1% |  |  |  |
| Banks - 0.0% |  |  |  |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX 5.25% 9/10/2029 (k) |  | 440000 | 452056 |
| Capital Markets - 0.1% |  |  |  |
| Eagle Funding Luxco Sarl 5.5% 8/17/2030 (k) |  | 970000 | 986490 |
| TOTAL FINANCIALS |  |  | 1438546 |
| Materials - 0.1% |  |  |  |
| Chemicals - 0.1% |  |  |  |
| Braskem Idesa SAPI 7.45% (f)(k) |  | 415000 | 242343 |
| Orbia Advance Corp SAB de CV 2.875% 5/11/2031 (k) |  | 340000 | 276240 |
| Orbia Advance Corp SAB de CV 6.8% 5/13/2030 (k) |  | 670000 | 660621 |
|  |  |  | 1179204 |
| Metals & Mining - 0.0% |  |  |  |
| Fresnillo PLC 4.25% 10/2/2050 (k) |  | 360000 | 287550 |
| TOTAL MATERIALS |  |  | 1466754 |
| Real Estate - 0.0% |  |  |  |
| Real Estate Management & Development - 0.0% |  |  |  |
| Corp Inmobiliaria Vesta SAB de CV 5.5% 1/30/2033 (k) |  | 355000 | 358413 |
| Utilities - 0.1% |  |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |  |
| Buffalo Energy Mexico Holdings / Buffalo Energy Infrastructure / Buffalo Energy 7.875% 2/15/2039 (k) |  | 487506 | 532751 |
| Saavi Energia Sarl 8.875% 2/10/2035 (k) |  | 740000 | 800255 |
| TOTAL UTILITIES |  |  | 1333006 |
| TOTAL MEXICO |  |  | 13465104 |
| MOROCCO - 0.1%  |  |  |  |
| Materials - 0.1% |  |  |  |
| Chemicals - 0.1% |  |  |  |
| OCP SA 3.75% 6/23/2031 (k) |  | 365000 | 341155 |
| OCP SA 5.125% 6/23/2051 (k) |  | 305000 | 251555 |
| OCP SA 6.1% 4/30/2030 (k) |  | 280000 | 292354 |
| OCP SA 6.75% 5/2/2034 (k) |  | 255000 | 275005 |
| OCP SA 6.875% 4/25/2044 (k) |  | 325000 | 338361 |
| OCP SA 7.5% 5/2/2054 (k) |  | 200000 | 220995 |
| TOTAL MOROCCO |  |  | 1719425 |
| NETHERLANDS - 0.1%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Media - 0.1% |  |  |  |
| VZ Secured Financing BV 5% 1/15/2032 (k) |  | 1105000 | 999974 |
| Ziggo BV 4.875% 1/15/2030 (k) |  | 430000 | 406449 |
| TOTAL NETHERLANDS |  |  | 1406423 |
| NIGERIA - 0.0%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |  |
| IHS Holding Ltd 7.875% 5/29/2030 (k) |  | 465000 | 478113 |
| Information Technology - 0.0% |  |  |  |
| Communications Equipment - 0.0% |  |  |  |
| IHS Netherlands Holdco BV 8% 9/18/2027 (k) |  | 268115 | 268067 |
| TOTAL NIGERIA |  |  | 746180 |
| NORWAY - 0.0%  |  |  |  |
| Energy - 0.0% |  |  |  |
| Energy Equipment & Services - 0.0% |  |  |  |
| Seadrill Finance Ltd 8.375% 8/1/2030 (k) |  | 595000 | 618773 |
| PANAMA - 0.1%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |  |
| Sable International Finance Ltd 7.125% 10/15/2032 (k) |  | 540000 | 547425 |
| Media - 0.1% |  |  |  |
| Telecomunicaciones Digitales SA 4.5% 1/30/2030 (k) |  | 1020000 | 970275 |
| Wireless Telecommunication Services - 0.0% |  |  |  |
| C&W Senior Finance Ltd 9% 1/15/2033 (k) |  | 470000 | 484258 |
| TOTAL COMMUNICATION SERVICES |  |  | 2001958 |
| Industrials - 0.0% |  |  |  |
| Air Freight & Logistics - 0.0% |  |  |  |
| Aeropuerto Internacional de Tocumen SA 5.125% 8/11/2061 (k) |  | 205000 | 165334 |
| TOTAL PANAMA |  |  | 2167292 |
| PARAGUAY - 0.0%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |  |
| Telefonica Celular del Paraguay SA 5.875% 4/15/2027 (k) |  | 200000 | 198876 |
| PERU - 0.2%  |  |  |  |
| Consumer Discretionary - 0.0% |  |  |  |
| Broadline Retail - 0.0% |  |  |  |
| InRetail Shopping Malls 5.65% 10/16/2032 (k) |  | 365000 | 366142 |
| Financials - 0.0% |  |  |  |
| Banks - 0.0% |  |  |  |
| Banco de Credito del Peru S.A. 5.8% 3/10/2035 (c)(k) |  | 485000 | 491354 |
| Materials - 0.2% |  |  |  |
| Metals & Mining - 0.2% |  |  |  |
| Cia de Minas Buenaventura SAA 6.8% 2/4/2032 (k) |  | 515000 | 535667 |
| Volcan Cia Minera SAA 8.5% 10/28/2032 (k) |  | 640000 | 656723 |
| TOTAL MATERIALS |  |  | 1192390 |
| Utilities - 0.0% |  |  |  |
| Electric Utilities - 0.0% |  |  |  |
| Kallpa Generacion SA 5.5% 9/11/2035 (k) |  | 240000 | 240732 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |  |
| Niagara Energy SAC 5.746% 10/3/2034 (k) |  | 495000 | 506113 |
| TOTAL UTILITIES |  |  | 746845 |
| TOTAL PERU |  |  | 2796731 |
| POLAND - 0.0%  |  |  |  |
| Energy - 0.0% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |  |
| ORLEN SA 6% 1/30/2035 (k) |  | 630000 | 663867 |
| QATAR - 0.2%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |  |
| Ooredoo International Finance Ltd 2.625% 4/8/2031 (k) |  | 385000 | 354993 |
| Energy - 0.2% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |  |
| QatarEnergy 1.375% 9/12/2026 (k) |  | 900000 | 881847 |
| QatarEnergy 2.25% 7/12/2031 (k) |  | 1255000 | 1126112 |
| QatarEnergy 3.125% 7/12/2041 (k) |  | 1235000 | 950950 |
| QatarEnergy 3.3% 7/12/2051 (k) |  | 930000 | 651074 |
| TOTAL ENERGY |  |  | 3609983 |
| TOTAL QATAR |  |  | 3964976 |
| RUSSIA - 0.0%  |  |  |  |
| Materials - 0.0% |  |  |  |
| Metals & Mining - 0.0% |  |  |  |
| TMK OAO Via TMK Capital SA loan participation 4.3% (e)(f)(l) |  | 400000 | 20000 |
| SAUDI ARABIA - 0.8%  |  |  |  |
| Energy - 0.5% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |  |
| EIG Pearl Holdings Sarl 3.545% 8/31/2036 (k) |  | 1322742 | 1225533 |
| Saudi Arabian Oil Co 2.25% 11/24/2030 (k) |  | 1010000 | 912641 |
| Saudi Arabian Oil Co 3.25% 11/24/2050 (k) |  | 800000 | 532696 |
| Saudi Arabian Oil Co 3.5% 11/24/2070 (k) |  | 460000 | 290518 |
| Saudi Arabian Oil Co 3.5% 4/16/2029 (k) |  | 1400000 | 1363733 |
| Saudi Arabian Oil Co 4.25% 4/16/2039 (k) |  | 1705000 | 1547049 |
| Saudi Arabian Oil Co 4.375% 4/16/2049 (k) |  | 215000 | 177127 |
| Saudi Arabian Oil Co 5.875% 7/17/2064 (k) |  | 200000 | 194250 |
| Saudi Arabian Oil Co 6.375% 6/2/2055 (k) |  | 780000 | 814928 |
| TOTAL ENERGY |  |  | 7058475 |
| Financials - 0.1% |  |  |  |
| Financial Services - 0.1% |  |  |  |
| Gaci First Investment Co 5% 10/13/2027 (l) |  | 635000 | 642303 |
| Gaci First Investment Co 5.25% 10/13/2032 (l) |  | 315000 | 324056 |
| TOTAL FINANCIALS |  |  | 966359 |
| Industrials - 0.2% |  |  |  |
| Construction & Engineering - 0.2% |  |  |  |
| Greensaif Pipelines Bidco Sarl 5.8528% 2/23/2036 (k) |  | 510000 | 532404 |
| Greensaif Pipelines Bidco Sarl 6.1027% 8/23/2042 (k) |  | 380000 | 396625 |
| Greensaif Pipelines Bidco Sarl 6.129% 2/23/2038 (k) |  | 1015000 | 1078910 |
| Greensaif Pipelines Bidco Sarl 6.51% 2/23/2042 (k) |  | 305000 | 333499 |
| TOTAL INDUSTRIALS |  |  | 2341438 |
| Materials - 0.0% |  |  |  |
| Chemicals - 0.0% |  |  |  |
| Ma'aden Sukuk Ltd 5.25% 2/13/2030 (k) |  | 585000 | 598824 |
| Real Estate - 0.0% |  |  |  |
| Real Estate Management & Development - 0.0% |  |  |  |
| Dar Al-Arkan Sukuk Co Ltd 7.25% 7/2/2030 (l) |  | 375000 | 380088 |
| TOTAL SAUDI ARABIA |  |  | 11345184 |
| SERBIA - 0.0%  |  |  |  |
| Consumer Discretionary - 0.0% |  |  |  |
| Distributors - 0.0% |  |  |  |
| Telecommunications co Telekom Srbija AD Belgrade 7% 10/28/2029 (k) |  | 465000 | 464420 |
| SOUTH AFRICA - 0.2%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |  |
| Liquid Telecommunications Financing Plc 5.5% 9/4/2026 (k) |  | 725000 | 652877 |
| Wireless Telecommunication Services - 0.0% |  |  |  |
| MTN Mauritius Investments Ltd 6.5% 10/13/2026 (k) |  | 315000 | 318348 |
| TOTAL COMMUNICATION SERVICES |  |  | 971225 |
| Materials - 0.1% |  |  |  |
| Chemicals - 0.1% |  |  |  |
| Sasol Financing USA LLC 4.375% 9/18/2026  |  | 530000 | 526688 |
| Sasol Financing USA LLC 5.5% 3/18/2031  |  | 200000 | 169770 |
| Sasol Financing USA LLC 6.5% 9/27/2028  |  | 90000 | 88334 |
| Sasol Financing USA LLC 8.75% 5/3/2029 (k) |  | 370000 | 375633 |
|  |  |  | 1160425 |
| Metals & Mining - 0.0% |  |  |  |
| Windfall Mining Group Inc / Groupe Minier Windfall Inc 5.854% 5/13/2032 (k) |  | 330000 | 344655 |
| TOTAL MATERIALS |  |  | 1505080 |
| Utilities - 0.1% |  |  |  |
| Electric Utilities - 0.1% |  |  |  |
| Eskom Holdings 6.35% 8/10/2028 (k) |  | 590000 | 610281 |
| Eskom Holdings 8.45% 8/10/2028 (k) |  | 460000 | 493640 |
| TOTAL UTILITIES |  |  | 1103921 |
| TOTAL SOUTH AFRICA |  |  | 3580226 |
| SPAIN - 0.0%  |  |  |  |
| Health Care - 0.0% |  |  |  |
| Biotechnology - 0.0% |  |  |  |
| Grifols SA 4.75% 10/15/2028 (k) |  | 280000 | 276527 |
| Utilities - 0.0% |  |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |  |
| Atlantica Sustainable Infrastructure Ltd 4.125% 6/15/2028 (k) |  | 283000 | 274450 |
| TOTAL SPAIN |  |  | 550977 |
| SWITZERLAND - 0.0%  |  |  |  |
| Materials - 0.0% |  |  |  |
| Chemicals - 0.0% |  |  |  |
| Consolidated Energy Finance SA 12% 2/15/2031 (k) |  | 450000 | 318150 |
| THAILAND - 0.0%  |  |  |  |
| Financials - 0.0% |  |  |  |
| Financial Services - 0.0% |  |  |  |
| PTT Treasury Center Co Ltd 3.7% 7/16/2070 (k) |  | 230000 | 157403 |
| TURKEY - 0.1%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |  |
| Turk Telekomunikasyon AS 6.95% 10/7/2032 (k) |  | 250000 | 255078 |
| Financials - 0.1% |  |  |  |
| Banks - 0.1% |  |  |  |
| Turkiye Garanti Bankasi AS 8.125% 1/8/2036 (c)(k) |  | 380000 | 394277 |
| Turkiye Ihracat Kredi Bankasi AS 6.375% 10/3/2030 (k) |  | 300000 | 301125 |
| Turkiye Ihracat Kredi Bankasi AS 6.875% 7/3/2028 (k) |  | 360000 | 371700 |
| TOTAL FINANCIALS |  |  | 1067102 |
| Industrials - 0.0% |  |  |  |
| Transportation Infrastructure - 0.0% |  |  |  |
| TAV Havalimanlari Holding AS 8.5% 12/7/2028 (k) |  | 185000 | 192862 |
| Materials - 0.0% |  |  |  |
| Metals & Mining - 0.0% |  |  |  |
| Eldorado Gold Corp 6.25% 9/1/2029 (k) |  | 420000 | 422066 |
| TOTAL TURKEY |  |  | 1937108 |
| UKRAINE - 0.0%  |  |  |  |
| Energy - 0.0% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |  |
| NAK Naftogaz Ukraine via Kondor Finance PLC loan participation 7.625% 11/8/2028 pay-in-kind (k) |  | 268539 | 205335 |
| UNITED ARAB EMIRATES - 0.6%  |  |  |  |
| Energy - 0.1% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |  |
| Adnoc Murban Rsc Ltd 5.125% 9/11/2054 (k) |  | 375000 | 352650 |
| Galaxy Pipeline Assets Bidco Ltd 2.16% 3/31/2034 (k) |  | 419514 | 379933 |
| Galaxy Pipeline Assets Bidco Ltd 2.625% 3/31/2036 (k) |  | 1210000 | 1067680 |
| TOTAL ENERGY |  |  | 1800263 |
| Financials - 0.2% |  |  |  |
| Financial Services - 0.2% |  |  |  |
| Abu Dhabi Developmental Holding Co PJSC 5.25% 10/2/2054 (k) |  | 470000 | 455754 |
| Abu Dhabi Developmental Holding Co PJSC 5.5% 5/8/2034 (k) |  | 230000 | 242450 |
| MDGH GMTN RSC Ltd 2.875% 11/7/2029 (k) |  | 530000 | 504433 |
| MDGH GMTN RSC Ltd 4.375% 11/22/2033 (k) |  | 305000 | 300044 |
| MDGH GMTN RSC Ltd 5.084% 5/22/2053 (k) |  | 345000 | 327450 |
| MDGH GMTN RSC Ltd Series 1, 5.5% 4/28/2033 (k) |  | 300000 | 316782 |
| TOTAL FINANCIALS |  |  | 2146913 |
| Industrials - 0.0% |  |  |  |
| Transportation Infrastructure - 0.0% |  |  |  |
| DP World Crescent Ltd 3.7495% 1/30/2030 (k) |  | 425000 | 412648 |
| DP World Ltd/United Arab Emirates 5.625% 9/25/2048 (k) |  | 400000 | 393623 |
| TOTAL INDUSTRIALS |  |  | 806271 |
| Real Estate - 0.2% |  |  |  |
| Real Estate Management & Development - 0.2% |  |  |  |
| Aldar Properties PJSC 6.6227% 4/15/2055 (c)(l) |  | 755000 | 788303 |
| Alpha Star Holding IX Ltd 7% 8/26/2028 (l) |  | 400000 | 408828 |
| Alpha Star Holding VIII Ltd 8.375% 4/12/2027 (l) |  | 445000 | 458764 |
| Sobha Sukuk Ltd 8.75% 7/17/2028 (l) |  | 235000 | 244318 |
| TOTAL REAL ESTATE |  |  | 1900213 |
| Utilities - 0.1% |  |  |  |
| Multi-Utilities - 0.1% |  |  |  |
| Abu Dhabi National Energy Co PJSC 4% 10/3/2049 (k) |  | 448000 | 361962 |
| Abu Dhabi National Energy Co PJSC 4.375% 1/24/2029 (k) |  | 315000 | 317101 |
| Abu Dhabi National Energy Co PJSC 4.696% 4/24/2033 (k) |  | 350000 | 352947 |
| Abu Dhabi National Energy Co PJSC 4.75% 3/9/2037 (k) |  | 470000 | 460896 |
| Abu Dhabi National Energy Co PJSC 4.875% 4/23/2030 (k) |  | 195000 | 200146 |
| TOTAL UTILITIES |  |  | 1693052 |
| TOTAL UNITED ARAB EMIRATES |  |  | 8346712 |
| UNITED KINGDOM - 0.6%  |  |  |  |
| Communication Services - 0.1% |  |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |  |
| Vmed O2 UK Financing I PLC 4.75% 7/15/2031 (k) |  | 995000 | 918597 |
| Consumer Discretionary - 0.0% |  |  |  |
| Automobile Components - 0.0% |  |  |  |
| Macquarie Airfinance Holdings Ltd 6.4% 3/26/2029 (k) |  | 195000 | 204340 |
| Macquarie Airfinance Holdings Ltd 6.5% 3/26/2031 (k) |  | 295000 | 315495 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 519835 |
| Energy - 0.5% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |  |
| EG Global Finance PLC 12% 11/30/2028 (k) |  | 5765000 | 6265241 |
| Health Care - 0.0% |  |  |  |
| Health Care Providers & Services - 0.0% |  |  |  |
| 180 Medical Inc 3.875% 10/15/2029 (k) |  | 300000 | 292002 |
| Industrials - 0.0% |  |  |  |
| Aerospace & Defense - 0.0% |  |  |  |
| Rolls-Royce PLC 5.75% 10/15/2027 (k) |  | 650000 | 666318 |
| Materials - 0.0% |  |  |  |
| Metals & Mining - 0.0% |  |  |  |
| Celtic Resources Holdings DAC 4.125% (e)(f)(k) |  | 445000 | 63794 |
| TOTAL UNITED KINGDOM |  |  | 8725787 |
| UNITED STATES - 19.2%  |  |  |  |
| Communication Services - 2.1% |  |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |  |
| APLD ComputeCo LLC 9.25% 12/15/2030 (k) |  | 1430000 | 1402688 |
| Cipher Compute LLC 7.125% 11/15/2030 (k) |  | 620000 | 631459 |
| Frontier Communications Holdings LLC 5% 5/1/2028 (k) |  | 1165000 | 1167004 |
| Frontier Communications Holdings LLC 5.875% 10/15/2027 (k) |  | 620000 | 622002 |
| Level 3 Financing Inc 7% 3/31/2034 (k) |  | 1920000 | 1978698 |
| WULF Compute LLC 7.75% 10/15/2030 (k) |  | 1410000 | 1452650 |
|  |  |  | 7254501 |
| Entertainment - 0.1% |  |  |  |
| ROBLOX Corp 3.875% 5/1/2030 (k) |  | 1160000 | 1109048 |
| Interactive Media & Services - 0.1% |  |  |  |
| Alphabet Inc 4.375% 11/6/2064  | EUR | 1519000 | 1700289 |
| Media - 1.5% |  |  |  |
| CSC Holdings LLC 3.375% 2/15/2031 (k) |  | 1326000 | 802970 |
| CSC Holdings LLC 4.125% 12/1/2030 (k) |  | 1249000 | 765891 |
| CSC Holdings LLC 4.5% 11/15/2031 (k) |  | 3060000 | 1866600 |
| CSC Holdings LLC 6.5% 2/1/2029 (k) |  | 700000 | 463726 |
| DISH Network Corp 11.75% 11/15/2027 (k) |  | 2920000 | 3039078 |
| EchoStar Corp 10.75% 11/30/2029  |  | 7297195 | 8069247 |
| EchoStar Corp 6.75% 11/30/2030 pay-in-kind (c) |  | 2249516 | 2304558 |
| Scripps Escrow II Inc 3.875% 1/15/2029 (k) |  | 165000 | 151823 |
| Sirius XM Radio LLC 3.875% 9/1/2031 (k) |  | 570000 | 524932 |
| Sirius XM Radio LLC 4% 7/15/2028 (k) |  | 580000 | 566989 |
| Sirius XM Radio LLC 5% 8/1/2027 (k) |  | 485000 | 486181 |
| Univision Communications Inc 4.5% 5/1/2029 (k) |  | 570000 | 547530 |
| Univision Communications Inc 7.375% 6/30/2030 (k) |  | 2900000 | 2947694 |
| Univision Communications Inc 8.5% 7/31/2031 (k) |  | 1930000 | 2016134 |
|  |  |  | 24553353 |
| TOTAL COMMUNICATION SERVICES |  |  | 34617191 |
| Consumer Discretionary - 2.4% |  |  |  |
| Automobile Components - 0.2% |  |  |  |
| Adient Global Holdings Ltd 7% 4/15/2028 (k) |  | 300000 | 308303 |
| Clarios Global LP / Clarios US Finance Co 6.75% 5/15/2028 (k) |  | 600000 | 615225 |
| Dana Inc 4.5% 2/15/2032  |  | 410000 | 393562 |
| Hertz Corp/The 12.625% 7/15/2029 (k) |  | 130000 | 131126 |
| Hertz Corp/The 5.5% (e)(f)(q) |  | 650000 | 42250 |
| Hertz Corp/The 6% (e)(f)(q) |  | 575000 | 110688 |
| Hertz Corp/The 6.25% (e)(f)(q) |  | 670000 | 50250 |
| Hertz Corp/The 7.125% (e)(f)(q) |  | 620000 | 127100 |
| Nesco Holdings II Inc 5.5% 4/15/2029 (k) |  | 715000 | 704316 |
|  |  |  | 2482820 |
| Automobiles - 0.0% |  |  |  |
| Nissan Motor Acceptance Co LLC 2.45% 9/15/2028 (k) |  | 175000 | 161843 |
| Nissan Motor Acceptance Co LLC 5.55% 9/13/2029 (k) |  | 200000 | 199292 |
| Nissan Motor Acceptance Co LLC 7.05% 9/15/2028 (k) |  | 85000 | 87910 |
|  |  |  | 449045 |
| Broadline Retail - 0.1% |  |  |  |
| ANGI Group LLC 3.875% 8/15/2028 (k) |  | 335000 | 309422 |
| Wayfair LLC 6.75% 11/15/2032 (k) |  | 450000 | 462636 |
| Wayfair LLC 7.25% 10/31/2029 (k) |  | 610000 | 636639 |
|  |  |  | 1408697 |
| Distributors - 0.0% |  |  |  |
| Windsor Holdings III LLC 8.5% 6/15/2030 (k) |  | 295000 | 311626 |
| Diversified Consumer Services - 0.1% |  |  |  |
| Adtalem Global Education Inc 5.5% 3/1/2028 (k) |  | 420000 | 418954 |
| Service Corp International/US 4% 5/15/2031  |  | 570000 | 544810 |
| TKC Holdings Inc 6.875% 5/15/2028 (k) |  | 950000 | 959262 |
|  |  |  | 1923026 |
| Hotels, Restaurants & Leisure - 1.1% |  |  |  |
| Bloomin' Brands Inc / OSI Restaurant Partners LLC 5.125% 4/15/2029 (k) |  | 270000 | 245695 |
| Boyd Gaming Corp 4.75% 6/15/2031 (k) |  | 715000 | 698546 |
| Carnival Corp 4% 8/1/2028 (k) |  | 3420000 | 3369622 |
| Carnival Corp 5.125% 5/1/2029 (k) |  | 575000 | 581376 |
| Carnival Corp 5.875% 6/15/2031 (k) |  | 435000 | 449313 |
| Carnival Corp 7% 8/15/2029 (k) |  | 300000 | 314891 |
| Churchill Downs Inc 5.75% 4/1/2030 (k) |  | 725000 | 732061 |
| Churchill Downs Inc 6.75% 5/1/2031 (k) |  | 600000 | 622156 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (k) |  | 1175000 | 1141199 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (k) |  | 1600000 | 1521240 |
| Hilton Domestic Operating Co Inc 3.75% 5/1/2029 (k) |  | 330000 | 320530 |
| Hilton Domestic Operating Co Inc 4% 5/1/2031 (k) |  | 500000 | 478690 |
| Hilton Domestic Operating Co Inc 4.875% 1/15/2030  |  | 975000 | 978288 |
| Hilton Domestic Operating Co Inc 5.5% 3/31/2034 (k) |  | 425000 | 427919 |
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 4/1/2027  |  | 435000 | 435198 |
| Jacobs Entertainment Inc 6.75% 2/15/2029 (k) |  | 395000 | 387041 |
| Light & Wonder International Inc 7.5% 9/1/2031 (k) |  | 295000 | 307782 |
| Lindblad Expeditions LLC 7% 9/15/2030 (k) |  | 390000 | 406840 |
| MGM Resorts International 4.75% 10/15/2028  |  | 665000 | 663402 |
| Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 8.25% 4/15/2030 (k) |  | 795000 | 828710 |
| Neogen Food Safety Corp 8.625% 7/20/2030 (k) |  | 260000 | 277293 |
| Papa John's International Inc 3.875% 9/15/2029 (k) |  | 255000 | 241855 |
| Premier Entertainment Sub LLC / Premier Entertainment Finance Corp 5.625% 9/1/2029 (k) |  | 510000 | 386325 |
| Premier Entertainment Sub LLC / Premier Entertainment Finance Corp 5.875% 9/1/2031 (k) |  | 110000 | 72875 |
| Royal Caribbean Cruises Ltd 5.375% 7/15/2027 (k) |  | 415000 | 418145 |
| Royal Caribbean Cruises Ltd 6.25% 3/15/2032 (k) |  | 565000 | 584635 |
| Station Casinos LLC 4.625% 12/1/2031 (k) |  | 410000 | 388703 |
| VOC Escrow Ltd 5% 2/15/2028 (k) |  | 990000 | 989962 |
| Yum! Brands Inc 4.625% 1/31/2032  |  | 590000 | 578197 |
|  |  |  | 18848489 |
| Household Durables - 0.3% |  |  |  |
| Ashton Woods USA LLC / Ashton Woods Finance Co 4.625% 4/1/2030 (k) |  | 410000 | 391545 |
| LGI Homes Inc 8.75% 12/15/2028 (k) |  | 285000 | 297273 |
| Newell Brands Inc 6.375% 5/15/2030  |  | 290000 | 283203 |
| Newell Brands Inc 6.625% 9/15/2029  |  | 320000 | 318835 |
| Newell Brands Inc 8.5% 6/1/2028 (k) |  | 365000 | 382722 |
| Somnigroup International Inc 3.875% 10/15/2031 (k) |  | 735000 | 686997 |
| Somnigroup International Inc 4% 4/15/2029 (k) |  | 790000 | 769685 |
| TopBuild Corp 3.625% 3/15/2029 (k) |  | 305000 | 295384 |
| TopBuild Corp 5.625% 1/31/2034 (k) |  | 430000 | 434983 |
| Tri Pointe Homes Inc 5.7% 6/15/2028  |  | 865000 | 879944 |
|  |  |  | 4740571 |
| Specialty Retail - 0.5% |  |  |  |
| Asbury Automotive Group Inc 4.5% 3/1/2028  |  | 184000 | 183472 |
| Asbury Automotive Group Inc 4.625% 11/15/2029 (k) |  | 450000 | 442418 |
| Asbury Automotive Group Inc 4.75% 3/1/2030  |  | 184000 | 181386 |
| Asbury Automotive Group Inc 5% 2/15/2032 (k) |  | 485000 | 471322 |
| Bath & Body Works Inc 6.625% 10/1/2030 (k) |  | 925000 | 945717 |
| Bath & Body Works Inc 6.75% 7/1/2036  |  | 870000 | 863573 |
| Bath & Body Works Inc 7.5% 6/15/2029  |  | 500000 | 512349 |
| LBM Acquisition LLC 6.25% 1/15/2029 (k) |  | 900000 | 809991 |
| LBM Acquisition LLC 9.5% 6/15/2031 (k) |  | 1240000 | 1292626 |
| LCM Investments Holdings II LLC 8.25% 8/1/2031 (k) |  | 355000 | 375481 |
| Park River Holdings Inc 8% 3/15/2031 (k) |  | 265000 | 273213 |
| PetSmart LLC / PetSmart Finance Corp 7.5% 9/15/2032 (k) |  | 720000 | 732733 |
| SGUS LLC 11% 12/15/2029 (k) |  | 85000 | 31449 |
| Wand NewCo 3 Inc 7.625% 1/30/2032 (k) |  | 565000 | 597954 |
|  |  |  | 7713684 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |  |
| Crocs Inc 4.125% 8/15/2031 (k) |  | 280000 | 258669 |
| Crocs Inc 4.25% 3/15/2029 (k) |  | 435000 | 420980 |
| Kontoor Brands Inc 4.125% 11/15/2029 (k) |  | 240000 | 229018 |
|  |  |  | 908667 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 38786625 |
| Consumer Staples - 1.2% |  |  |  |
| Beverages - 0.0% |  |  |  |
| Primo Water Holdings Inc / Triton Water Holdings Inc 6.25% 4/1/2029 (k) |  | 315000 | 316523 |
| Consumer Staples Distribution & Retail - 0.7% |  |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (k) |  | 525000 | 504206 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.625% 1/15/2027 (k) |  | 1310000 | 1308738 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (k) |  | 5365000 | 5320740 |
| C&S Group Enterprises LLC 5% 12/15/2028 (k) |  | 510000 | 472040 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (k) |  | 1595000 | 1674270 |
| Performance Food Group Inc 4.25% 8/1/2029 (k) |  | 400000 | 391073 |
| Performance Food Group Inc 5.5% 10/15/2027 (k) |  | 475000 | 475702 |
| US Foods Inc 7.25% 1/15/2032 (k) |  | 290000 | 304826 |
|  |  |  | 10451595 |
| Food Products - 0.5% |  |  |  |
| Chobani LLC / Chobani Finance Corp Inc 4.625% 11/15/2028 (k) |  | 375000 | 375069 |
| Darling Ingredients Inc 6% 6/15/2030 (k) |  | 675000 | 686023 |
| Fiesta Purchaser Inc 7.875% 3/1/2031 (k) |  | 535000 | 557953 |
| Fiesta Purchaser Inc 9.625% 9/15/2032 (k) |  | 340000 | 356325 |
| Lamb Weston Holdings Inc 4.125% 1/31/2030 (k) |  | 555000 | 536860 |
| Lamb Weston Holdings Inc 4.375% 1/31/2032 (k) |  | 275000 | 261986 |
| Post Holdings Inc 4.5% 9/15/2031 (k) |  | 1215000 | 1151877 |
| Post Holdings Inc 4.625% 4/15/2030 (k) |  | 3850000 | 3748994 |
| Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed 4.625% 3/1/2029 (k) |  | 430000 | 414279 |
|  |  |  | 8089366 |
| Household Products - 0.0% |  |  |  |
| Spectrum Brands Inc 3.875% 3/15/2031 (k) |  | 103000 | 84122 |
| Personal Care Products - 0.0% |  |  |  |
| BellRing Brands Inc 7% 3/15/2030 (k) |  | 685000 | 708205 |
| TOTAL CONSUMER STAPLES |  |  | 19649811 |
| Energy - 3.1% |  |  |  |
| Energy Equipment & Services - 0.3% |  |  |  |
| Diamond Foreign Asset Co / Diamond Finance LLC 8.5% 10/1/2030 (k) |  | 290000 | 307209 |
| Nabors Industries Inc 7.625% 11/15/2032 (k) |  | 285000 | 280120 |
| Nabors Industries Inc 9.125% 1/31/2030 (k) |  | 575000 | 601197 |
| Nabors Industries Ltd 7.5% 1/15/2028 (k) |  | 510000 | 509921 |
| Noble Finance II LLC 8% 4/15/2030 (k) |  | 300000 | 311674 |
| Nustar Logistics LP 6% 6/1/2026  |  | 640000 | 641304 |
| SESI LLC 7.875% 9/30/2030 (k) |  | 290000 | 285487 |
| Transocean International Ltd 7.875% 10/15/2032 (k) |  | 195000 | 203658 |
| Transocean International Ltd 8.25% 5/15/2029 (k) |  | 205000 | 206610 |
| Transocean International Ltd 8.5% 5/15/2031 (k) |  | 205000 | 203058 |
| Transocean International Ltd 8.75% 2/15/2030 (k) |  | 1106250 | 1155930 |
| Transocean Titan Financing Ltd 8.375% 2/1/2028 (k) |  | 502714 | 513413 |
| Valaris Ltd 8.375% 4/30/2030 (k) |  | 295000 | 306937 |
|  |  |  | 5526518 |
| Oil, Gas & Consumable Fuels - 2.8% |  |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.375% 6/15/2029 (k) |  | 430000 | 430011 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 1/15/2028 (k) |  | 955000 | 956828 |
| California Resources Corp 8.25% 6/15/2029 (k) |  | 275000 | 287645 |
| Chesapeake Energy Corp 7% (e)(f) |  | 360000 | 0 |
| Chesapeake Energy Corp 8% (e)(f) |  | 180000 | 0 |
| Chesapeake Energy Corp 8% (e)(f) |  | 115000 | 0 |
| CITGO Petroleum Corp 8.375% 1/15/2029 (k) |  | 1280000 | 1330975 |
| Civitas Resources Inc 8.625% 11/1/2030 (k) |  | 580000 | 607875 |
| CNX Midstream Partners LP 4.75% 4/15/2030 (k) |  | 295000 | 285987 |
| CNX Resources Corp 6% 1/15/2029 (k) |  | 315000 | 317122 |
| CNX Resources Corp 7.375% 1/15/2031 (k) |  | 295000 | 305478 |
| Comstock Resources Inc 5.875% 1/15/2030 (k) |  | 1525000 | 1483299 |
| Comstock Resources Inc 6.75% 3/1/2029 (k) |  | 1030000 | 1032288 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/2031 (k) |  | 1265000 | 1251488 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (k) |  | 760000 | 814316 |
| CVR Energy Inc 5.75% 2/15/2028 (k) |  | 2320000 | 2287695 |
| CVR Energy Inc 8.5% 1/15/2029 (k) |  | 2000000 | 2055695 |
| DT Midstream Inc 4.125% 6/15/2029 (k) |  | 430000 | 424331 |
| DT Midstream Inc 4.375% 6/15/2031 (k) |  | 430000 | 420988 |
| Energy Transfer LP 5.5% 6/1/2027  |  | 860000 | 873695 |
| Energy Transfer LP 5.625% 5/1/2027 (k) |  | 2960000 | 2959716 |
| Energy Transfer LP 6% 2/1/2029 (k) |  | 2415000 | 2441300 |
| Expand Energy Corp 5.375% 3/15/2030  |  | 560000 | 567610 |
| Expand Energy Corp 5.875% 2/1/2029 (k) |  | 310000 | 310021 |
| Expand Energy Corp 6.75% 4/15/2029 (k) |  | 440000 | 442577 |
| Global Partners LP / GLP Finance Corp 7.125% 7/1/2033 (k) |  | 255000 | 259652 |
| Global Partners LP / GLP Finance Corp 8.25% 1/15/2032 (k) |  | 355000 | 373913 |
| Hess Midstream Operations LP 4.25% 2/15/2030 (k) |  | 460000 | 449919 |
| Hess Midstream Operations LP 5.125% 6/15/2028 (k) |  | 595000 | 597402 |
| Hess Midstream Operations LP 5.5% 10/15/2030 (k) |  | 275000 | 278413 |
| HF Sinclair Corp 5% 2/1/2028  |  | 400000 | 400073 |
| Hilcorp Energy I LP / Hilcorp Finance Co 6.25% 11/1/2028 (k) |  | 590000 | 593349 |
| Kinetik Holdings LP 5.875% 6/15/2030 (k) |  | 425000 | 428808 |
| Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (k) |  | 280000 | 268100 |
| Murphy Oil USA Inc 4.75% 9/15/2029  |  | 370000 | 367810 |
| Murphy Oil USA Inc 5.625% 5/1/2027  |  | 305000 | 305163 |
| NGPL PipeCo LLC 4.875% 8/15/2027 (k) |  | 150000 | 150574 |
| Northern Oil & Gas Inc 7.875% 10/15/2033 (k) |  | 530000 | 516037 |
| Northern Oil & Gas Inc 8.75% 6/15/2031 (k) |  | 590000 | 595661 |
| Occidental Petroleum Corp 7.2% 3/15/2029  |  | 240000 | 258526 |
| ONEOK Inc 6.5% 9/1/2030 (k) |  | 895000 | 959538 |
| PBF Holding Co LLC / PBF Finance Corp 6% 2/15/2028  |  | 1445000 | 1431252 |
| PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (k) |  | 1230000 | 1184537 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (k) |  | 700000 | 720123 |
| Permian Resources Operating LLC 5.875% 7/1/2029 (k) |  | 405000 | 406519 |
| SM Energy Co 6.625% 1/15/2027  |  | 1125000 | 1128293 |
| SM Energy Co 6.75% 9/15/2026  |  | 250000 | 250363 |
| Sunoco LP / Sunoco Finance Corp 4.5% 4/30/2030  |  | 555000 | 541971 |
| Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029  |  | 605000 | 593970 |
| Sunoco LP / Sunoco Finance Corp 7% 9/15/2028 (k) |  | 290000 | 299139 |
| Sunoco LP 4.5% 10/1/2029 (k) |  | 440000 | 428849 |
| Sunoco LP 4.625% 5/1/2030 (k) |  | 550000 | 534313 |
| Sunoco LP 6.625% 8/15/2032 (k) |  | 280000 | 287789 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 5.5% 1/15/2028 (k) |  | 30000 | 30016 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 9/1/2031 (k) |  | 540000 | 537475 |
| Talos Production Inc 9% 2/1/2029 (k) |  | 250000 | 259659 |
| Talos Production Inc 9.375% 2/1/2031 (k) |  | 285000 | 297257 |
| Targa Resources Partners LP / Targa Resources Partners Finance Corp 4.875% 2/1/2031  |  | 625000 | 628821 |
| Unit Corp 0% 12/1/2029 (Escrow) (e) |  | 120000 | 0 |
| Venture Global Calcasieu Pass LLC 3.875% 8/15/2029 (k) |  | 355000 | 332792 |
| Venture Global Calcasieu Pass LLC 4.125% 8/15/2031 (k) |  | 355000 | 323040 |
| Venture Global Plaquemines LNG LLC 6.125% 12/15/2030 (k) |  | 425000 | 432796 |
| Venture Global Plaquemines LNG LLC 6.5% 1/15/2034 (k) |  | 1460000 | 1495391 |
| Venture Global Plaquemines LNG LLC 6.5% 6/15/2034 (k) |  | 450000 | 459802 |
| Venture Global Plaquemines LNG LLC 6.75% 1/15/2036 (k) |  | 1455000 | 1490343 |
| Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (k) |  | 635000 | 686118 |
| Venture Global Plaquemines LNG LLC 7.75% 5/1/2035 (k) |  | 645000 | 706245 |
|  |  |  | 44176751 |
| TOTAL ENERGY |  |  | 49703269 |
| Financials - 2.2% |  |  |  |
| Capital Markets - 0.3% |  |  |  |
| Broadstreet Partners Group LLC 5.875% 4/15/2029 (k) |  | 725000 | 723863 |
| Coinbase Global Inc 3.375% 10/1/2028 (k) |  | 1445000 | 1376571 |
| Coinbase Global Inc 3.625% 10/1/2031 (k) |  | 865000 | 771208 |
| Hightower Holding LLC 6.75% 4/15/2029 (k) |  | 285000 | 283849 |
| Jane Street Group / JSG Finance Inc 4.5% 11/15/2029 (k) |  | 395000 | 389020 |
| MSCI Inc 3.25% 8/15/2033 (k) |  | 420000 | 376634 |
| MSCI Inc 4% 11/15/2029 (k) |  | 340000 | 332415 |
|  |  |  | 4253560 |
| Consumer Finance - 0.6% |  |  |  |
| Ally Financial Inc 8% 11/1/2031  |  | 5045000 | 5726104 |
| Ally Financial Inc 8% 11/1/2031  |  | 823000 | 933769 |
| OneMain Finance Corp 4% 9/15/2030  |  | 330000 | 309329 |
| OneMain Finance Corp 5.375% 11/15/2029  |  | 500000 | 500338 |
| OneMain Finance Corp 6.625% 1/15/2028  |  | 385000 | 395324 |
| OneMain Finance Corp 7.125% 3/15/2026  |  | 1154000 | 1162503 |
| OneMain Finance Corp 7.875% 3/15/2030  |  | 285000 | 301333 |
|  |  |  | 9328700 |
| Financial Services - 0.4% |  |  |  |
| Block Inc 3.5% 6/1/2031  |  | 570000 | 535752 |
| Block Inc 5.625% 8/15/2030 (k) |  | 645000 | 658108 |
| Block Inc 6% 8/15/2033 (k) |  | 510000 | 523570 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (k) |  | 1080000 | 1080000 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029  |  | 630000 | 543558 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027  |  | 1730000 | 1706222 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.25% 5/15/2026  |  | 261000 | 260819 |
| James Hardie International Finance DAC 5% 1/15/2028 (k) |  | 455000 | 455103 |
| MGIC Investment Corp 5.25% 8/15/2028  |  | 465000 | 465010 |
| NCR Atleos Corp 9.5% 4/1/2029 (k) |  | 435000 | 472139 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 6.75% 8/15/2032 (k) |  | 240000 | 247797 |
|  |  |  | 6948078 |
| Insurance - 0.9% |  |  |  |
| Acrisure LLC / Acrisure Finance Inc 6% 8/1/2029 (k) |  | 425000 | 419816 |
| Acrisure LLC / Acrisure Finance Inc 6.75% 7/1/2032 (k) |  | 335000 | 345086 |
| Acrisure LLC / Acrisure Finance Inc 7.5% 11/6/2030 (k) |  | 275000 | 286453 |
| Acrisure LLC / Acrisure Finance Inc 8.25% 2/1/2029 (k) |  | 1335000 | 1386736 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 4.25% 10/15/2027 (k) |  | 665000 | 660773 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 5.875% 11/1/2029 (k) |  | 415000 | 414634 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 10/15/2027 (k) |  | 1985000 | 1996660 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (k) |  | 1760000 | 1791989 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 7% 1/15/2031 (k) |  | 490000 | 508363 |
| AmWINS Group Inc 4.875% 6/30/2029 (k) |  | 415000 | 408130 |
| Asurion LLC and Asurion Co-Issuer Inc 8% 12/31/2032 (k) |  | 710000 | 736704 |
| HUB International Ltd 5.625% 12/1/2029 (k) |  | 1705000 | 1704714 |
| HUB International Ltd 7.25% 6/15/2030 (k) |  | 1915000 | 2010607 |
| HUB International Ltd 7.375% 1/31/2032 (k) |  | 710000 | 745183 |
| Panther Escrow Issuer LLC 7.125% 6/1/2031 (k) |  | 970000 | 1005161 |
| USI Inc/NY 7.5% 1/15/2032 (k) |  | 380000 | 398270 |
|  |  |  | 14819279 |
| TOTAL FINANCIALS |  |  | 35349617 |
| Health Care - 1.3% |  |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |  |
| Avantor Funding Inc 3.875% 11/1/2029 (k) |  | 275000 | 262970 |
| Bausch + Lomb Corp 8.375% 10/1/2028 (k) |  | 580000 | 605375 |
| Hologic Inc 4.625% 2/1/2028 (k) |  | 215000 | 214991 |
|  |  |  | 1083336 |
| Health Care Providers & Services - 0.8% |  |  |  |
| CHS/Community Health Systems Inc 10.875% 1/15/2032 (k) |  | 823000 | 898255 |
| CHS/Community Health Systems Inc 4.75% 2/15/2031 (k) |  | 1150000 | 1024518 |
| CHS/Community Health Systems Inc 5.25% 5/15/2030 (k) |  | 825000 | 774834 |
| CHS/Community Health Systems Inc 6% 1/15/2029 (k) |  | 485000 | 484862 |
| CHS/Community Health Systems Inc 6.125% 4/1/2030 (k) |  | 670000 | 536823 |
| DaVita Inc 3.75% 2/15/2031 (k) |  | 210000 | 194013 |
| DaVita Inc 4.625% 6/1/2030 (k) |  | 1590000 | 1546100 |
| HAH Group Holding Co LLC 9.75% 10/1/2031 (k) |  | 420000 | 394949 |
| HealthEquity Inc 4.5% 10/1/2029 (k) |  | 295000 | 289806 |
| Molina Healthcare Inc 3.875% 11/15/2030 (k) |  | 640000 | 593850 |
| Molina Healthcare Inc 3.875% 5/15/2032 (k) |  | 550000 | 499498 |
| Molina Healthcare Inc 4.375% 6/15/2028 (k) |  | 465000 | 457302 |
| National Mentor Holdings Inc 10.5% 12/15/2030 (k) |  | 570000 | 573020 |
| Surgery Center Holdings Inc 7.25% 4/15/2032 (k) |  | 325000 | 328727 |
| Tenet Healthcare Corp 5.125% 11/1/2027  |  | 975000 | 977181 |
| Tenet Healthcare Corp 6.125% 6/15/2030  |  | 1430000 | 1463310 |
| Tenet Healthcare Corp 6.75% 5/15/2031  |  | 2040000 | 2122638 |
|  |  |  | 13159686 |
| Health Care Technology - 0.0% |  |  |  |
| IQVIA Inc 5% 5/15/2027 (k) |  | 640000 | 639825 |
| Life Sciences Tools & Services - 0.1% |  |  |  |
| Charles River Laboratories International Inc 3.75% 3/15/2029 (k) |  | 525000 | 506904 |
| Charles River Laboratories International Inc 4% 3/15/2031 (k) |  | 605000 | 573237 |
| Charles River Laboratories International Inc 4.25% 5/1/2028 (k) |  | 185000 | 183336 |
|  |  |  | 1263477 |
| Pharmaceuticals - 0.3% |  |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (k) |  | 3130000 | 3255253 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (k) |  | 1015000 | 989051 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (k) |  | 885000 | 732953 |
|  |  |  | 4977257 |
| TOTAL HEALTH CARE |  |  | 21123581 |
| Industrials - 2.7% |  |  |  |
| Aerospace & Defense - 0.8% |  |  |  |
| ATI Inc 4.875% 10/1/2029  |  | 280000 | 279541 |
| ATI Inc 5.125% 10/1/2031  |  | 245000 | 245164 |
| ATI Inc 7.25% 8/15/2030  |  | 295000 | 311661 |
| BWX Technologies Inc 4.125% 6/30/2028 (k) |  | 630000 | 620286 |
| Moog Inc 4.25% 12/15/2027 (k) |  | 185000 | 183227 |
| TransDigm Inc 4.625% 1/15/2029  |  | 930000 | 923834 |
| TransDigm Inc 6.25% 1/31/2034 (k) |  | 230000 | 238666 |
| TransDigm Inc 6.375% 3/1/2029 (k) |  | 780000 | 803400 |
| TransDigm Inc 6.375% 5/31/2033 (k) |  | 1500000 | 1539191 |
| TransDigm Inc 6.625% 3/1/2032 (k) |  | 280000 | 291317 |
| TransDigm Inc 6.75% 1/31/2034 (k) |  | 865000 | 901057 |
| TransDigm Inc 6.75% 8/15/2028 (k) |  | 3560000 | 3617850 |
| TransDigm Inc 6.875% 12/15/2030 (k) |  | 2350000 | 2459291 |
| TransDigm Inc 7.125% 12/1/2031 (k) |  | 575000 | 604308 |
|  |  |  | 13018793 |
| Air Freight & Logistics - 0.0% |  |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (k) |  | 745000 | 776181 |
| Building Products - 0.1% |  |  |  |
| Advanced Drainage Systems Inc 5% 9/30/2027 (k) |  | 125000 | 125062 |
| Advanced Drainage Systems Inc 6.375% 6/15/2030 (k) |  | 280000 | 286320 |
| Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC 6.75% 4/1/2032 (k) |  | 420000 | 430580 |
| MIWD Holdco II LLC / MIWD Finance Corp 5.5% 2/1/2030 (k) |  | 185000 | 179192 |
| Shea Homes LP / Shea Homes Funding Corp 4.75% 4/1/2029  |  | 475000 | 467824 |
|  |  |  | 1488978 |
| Commercial Services & Supplies - 1.1% |  |  |  |
| Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl 4.625% 6/1/2028 (k) |  | 348000 | 342401 |
| Artera Services LLC 8.5% 2/15/2031 (k) |  | 1315000 | 1091898 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (k) |  | 2225000 | 2181929 |
| Brink's Co/The 4.625% 10/15/2027 (k) |  | 620000 | 619955 |
| Clean Harbors Inc 6.375% 2/1/2031 (k) |  | 250000 | 257281 |
| CoreCivic Inc 8.25% 4/15/2029  |  | 1575000 | 1655753 |
| GEO Group Inc/The 10.25% 4/15/2031  |  | 695000 | 760805 |
| GEO Group Inc/The 8.625% 4/15/2029  |  | 970000 | 1020249 |
| GFL Environmental Inc 4% 8/1/2028 (k) |  | 420000 | 414288 |
| GFL Environmental Inc 4.75% 6/15/2029 (k) |  | 575000 | 573831 |
| GFL Environmental Inc 6.75% 1/15/2031 (k) |  | 425000 | 445898 |
| Madison IAQ LLC 4.125% 6/30/2028 (k) |  | 535000 | 525694 |
| Madison IAQ LLC 5.875% 6/30/2029 (k) |  | 425000 | 422418 |
| Neptune Bidco US Inc 10.375% 5/15/2031 (k) |  | 430000 | 440897 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (k) |  | 3955000 | 3955000 |
| Reworld Holding Corp 4.875% 12/1/2029 (k) |  | 995000 | 956374 |
| Williams Scotsman Inc 7.375% 10/1/2031 (k) |  | 260000 | 271620 |
|  |  |  | 15936291 |
| Construction & Engineering - 0.0% |  |  |  |
| Arcosa Inc 4.375% 4/15/2029 (k) |  | 415000 | 407935 |
| Electrical Equipment - 0.0% |  |  |  |
| Sensata Technologies BV 4% 4/15/2029 (k) |  | 365000 | 356128 |
| Ground Transportation - 0.1% |  |  |  |
| Uber Technologies Inc 4.5% 8/15/2029 (k) |  | 1260000 | 1260155 |
| XPO Inc 6.25% 6/1/2028 (k) |  | 300000 | 305889 |
| XPO Inc 7.125% 2/1/2032 (k) |  | 430000 | 452269 |
|  |  |  | 2018313 |
| Machinery - 0.1% |  |  |  |
| Allison Transmission Inc 5.875% 6/1/2029 (k) |  | 420000 | 426410 |
| Beach Acquisition Bidco LLC 10% 7/15/2033 pay-in-kind (c)(k) |  | 875000 | 965810 |
| Chart Industries Inc 7.5% 1/1/2030 (k) |  | 790000 | 823374 |
|  |  |  | 2215594 |
| Passenger Airlines - 0.4% |  |  |  |
| Allegiant Travel Co 7.25% 8/15/2027 (k) |  | 343000 | 347790 |
| American Airlines Inc 7.25% 2/15/2028 (k) |  | 990000 | 1012078 |
| American Airlines Inc 8.5% 5/15/2029 (k) |  | 945000 | 988368 |
| American Airlines Inc/AAdvantage Loyalty IP Ltd 5.75% 4/20/2029 (k) |  | 1485000 | 1512233 |
| United Airlines Inc 4.375% 4/15/2026 (k) |  | 1450000 | 1448189 |
| United Airlines Inc 4.625% 4/15/2029 (k) |  | 870000 | 866226 |
|  |  |  | 6174884 |
| Professional Services - 0.1% |  |  |  |
| ION Platform Finance US Inc / ION Platform Finance SARL 5% 5/1/2028 (k) |  | 430000 | 399150 |
| ION Platform Finance US Inc / ION Platform Finance SARL 5.75% 5/15/2028 (k) |  | 575000 | 542212 |
| ION Platform Finance US Inc / ION Platform Finance SARL 9.5% 5/30/2029 (k) |  | 415000 | 420270 |
| TriNet Group Inc 3.5% 3/1/2029 (k) |  | 455000 | 429957 |
|  |  |  | 1791589 |
| Trading Companies & Distributors - 0.0% |  |  |  |
| FTAI Aviation Investors LLC 7.875% 12/1/2030 (k) |  | 430000 | 457264 |
| Synergy Infrastructure Holdings LLC 7.875% 12/1/2030 (k) |  | 335000 | 347302 |
|  |  |  | 804566 |
| TOTAL INDUSTRIALS |  |  | 44989252 |
| Information Technology - 1.3% |  |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |  |
| Coherent Corp 5% 12/15/2029 (k) |  | 435000 | 433528 |
| CPI CG Inc 10% 7/15/2029 (k) |  | 256000 | 271236 |
| Lightning Power LLC 7.25% 8/15/2032 (k) |  | 545000 | 579527 |
| TTM Technologies Inc 4% 3/1/2029 (k) |  | 455000 | 444367 |
|  |  |  | 1728658 |
| IT Services - 0.4% |  |  |  |
| ASGN Inc 4.625% 5/15/2028 (k) |  | 510000 | 501129 |
| CoreWeave Inc 9% 2/1/2031 (k) |  | 1215000 | 1113572 |
| CoreWeave Inc 9.25% 6/1/2030 (k) |  | 2180000 | 2026904 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (k) |  | 610000 | 584918 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 5.25% 12/1/2027 (k) |  | 500000 | 501362 |
| Sabre GLBL Inc 11.125% 7/15/2030 (k) |  | 1475000 | 1222878 |
|  |  |  | 5950763 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |  |
| ON Semiconductor Corp 3.875% 9/1/2028 (k) |  | 690000 | 674721 |
| Synaptics Inc 4% 6/15/2029 (k) |  | 350000 | 338825 |
| Wolfspeed Inc 7% 6/15/2031 pay-in-kind (c) |  | 527869 | 422296 |
| Wolfspeed Inc 9.875% 6/23/2030 pay-in-kind (c)(k) |  | 306250 | 332281 |
|  |  |  | 1768123 |
| Software - 0.6% |  |  |  |
| Cloud Software Group Inc 6.5% 3/31/2029 (k) |  | 3325000 | 3368517 |
| Elastic NV 4.125% 7/15/2029 (k) |  | 1165000 | 1128264 |
| Fair Isaac Corp 4% 6/15/2028 (k) |  | 580000 | 572026 |
| NCR Voyix Corp 5% 10/1/2028 (k) |  | 335000 | 332612 |
| PTC Inc 4% 2/15/2028 (k) |  | 345000 | 339815 |
| UKG Inc 6.875% 2/1/2031 (k) |  | 425000 | 436566 |
| X.AI LLC / X.AI Co Issuer Corp 12.5% 6/30/2030  |  | 4055000 | 4316372 |
|  |  |  | 10494172 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |  |
| Seagate Data Storage Technology Pte Ltd 8.25% 12/15/2029 (k) |  | 985000 | 1044530 |
| Seagate Data Storage Technology Pte Ltd 8.5% 7/15/2031 (k) |  | 640000 | 680424 |
|  |  |  | 1724954 |
| TOTAL INFORMATION TECHNOLOGY |  |  | 21666670 |
| Materials - 1.0% |  |  |  |
| Chemicals - 0.3% |  |  |  |
| Ingevity Corp 3.875% 11/1/2028 (k) |  | 665000 | 647520 |
| LSB Industries Inc 6.25% 10/15/2028 (k) |  | 960000 | 958468 |
| Olympus Water US Holding Corp 4.25% 10/1/2028 (k) |  | 720000 | 698915 |
| Olympus Water US Holding Corp 7.25% 2/15/2033 (k) |  | 1440000 | 1447116 |
| Scih Salt Hldgs Inc 4.875% 5/1/2028 (k) |  | 375000 | 375091 |
| Scotts Miracle-Gro Co/The 4% 4/1/2031  |  | 595000 | 559813 |
| WR Grace Holdings LLC 7.375% 3/1/2031 (k) |  | 300000 | 307210 |
|  |  |  | 4994133 |
| Construction Materials - 0.1% |  |  |  |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (k) |  | 1150000 | 1230077 |
| Containers & Packaging - 0.4% |  |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 3.25% 9/1/2028 (k) |  | 300000 | 288445 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (k) |  | 605000 | 569538 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6.25% 1/30/2031 (k) |  | 285000 | 291491 |
| Clydesdale Acquisition Holdings Inc 6.625% 4/15/2029 (k) |  | 915000 | 930966 |
| Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (k) |  | 2175000 | 2211277 |
| Crown Cork & Seal Co Inc 7.5% 12/15/2096  |  | 160000 | 158003 |
| Graham Packaging Co Inc 7.125% 8/15/2028 (k) |  | 365000 | 365311 |
| Graphic Packaging International LLC 3.75% 2/1/2030 (k) |  | 355000 | 335577 |
| Mauser Packaging Solutions Holding Co 7.875% 4/15/2030 (k) |  | 305000 | 302594 |
| Sealed Air Corp/Sealed Air Corp US 6.125% 2/1/2028 (k) |  | 300000 | 304984 |
| Trident TPI Holdings Inc 12.75% 12/31/2028 (k) |  | 295000 | 302263 |
|  |  |  | 6060449 |
| Metals & Mining - 0.2% |  |  |  |
| Alcoa Nederland Holding BV 4.125% 3/31/2029 (k) |  | 775000 | 759685 |
| Alcoa Nederland Holding BV 7.125% 3/15/2031 (k) |  | 230000 | 244376 |
| Arsenal AIC Parent LLC 8% 10/1/2030 (k) |  | 350000 | 371406 |
| Cleveland-Cliffs Inc 4.625% 3/1/2029 (k) |  | 465000 | 457851 |
| Cleveland-Cliffs Inc 4.875% 3/1/2031 (k) |  | 465000 | 446169 |
| Cleveland-Cliffs Inc 7.5% 9/15/2031 (k) |  | 965000 | 1017922 |
| Compass Minerals International Inc 6.75% 12/1/2027 (k) |  | 392000 | 391987 |
| Roller Bearing Co of America Inc 4.375% 10/15/2029 (k) |  | 200000 | 196780 |
|  |  |  | 3886176 |
| TOTAL MATERIALS |  |  | 16170835 |
| Real Estate - 0.9% |  |  |  |
| Diversified REITs - 0.3% |  |  |  |
| Iron Mountain Information Management Services Inc 5% 7/15/2032 (k) |  | 415000 | 396186 |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (k) |  | 335000 | 311563 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 4.75% 4/15/2028 (k) |  | 940000 | 934221 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (k) |  | 655000 | 629007 |
| Vici Properties LP / Vici Note Co Inc 3.875% 2/15/2029 (k) |  | 665000 | 652074 |
| Vici Properties LP / Vici Note Co Inc 4.25% 12/1/2026 (k) |  | 1140000 | 1139808 |
| Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (k) |  | 650000 | 648731 |
|  |  |  | 4711590 |
| Health Care REITs - 0.3% |  |  |  |
| MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031  |  | 665000 | 483516 |
| MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029  |  | 970000 | 812656 |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  |  | 2850000 | 2751337 |
| MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (k) |  | 410000 | 437853 |
|  |  |  | 4485362 |
| Real Estate Management & Development - 0.1% |  |  |  |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 9.75% 4/15/2030 (k) |  | 585000 | 634884 |
| Greystar Real Estate Partners LLC 7.75% 9/1/2030 (k) |  | 260000 | 274083 |
| Taylor Morrison Communities Inc 5.125% 8/1/2030 (k) |  | 635000 | 638828 |
| Weekley Homes LLC / Weekley Finance Corp 4.875% 9/15/2028 (k) |  | 300000 | 295856 |
|  |  |  | 1843651 |
| Specialized REITs - 0.2% |  |  |  |
| Iron Mountain Inc 4.875% 9/15/2029 (k) |  | 1300000 | 1282513 |
| Iron Mountain Inc 5% 7/15/2028 (k) |  | 630000 | 629197 |
| Iron Mountain Inc 5.25% 7/15/2030 (k) |  | 585000 | 577924 |
| Iron Mountain Inc 5.625% 7/15/2032 (k) |  | 585000 | 575799 |
| SBA Communications Corp 3.875% 2/15/2027  |  | 890000 | 883295 |
|  |  |  | 3948728 |
| TOTAL REAL ESTATE |  |  | 14989331 |
| Utilities - 1.0% |  |  |  |
| Electric Utilities - 0.8% |  |  |  |
| Clearway Energy Operating LLC 3.75% 1/15/2032 (k) |  | 280000 | 254499 |
| Clearway Energy Operating LLC 4.75% 3/15/2028 (k) |  | 365000 | 364205 |
| NRG Energy Inc 3.375% 2/15/2029 (k) |  | 305000 | 291821 |
| NRG Energy Inc 3.625% 2/15/2031 (k) |  | 605000 | 565362 |
| NRG Energy Inc 3.875% 2/15/2032 (k) |  | 58000 | 54158 |
| NRG Energy Inc 5.75% 1/15/2028  |  | 1665000 | 1671362 |
| NRG Energy Inc 5.75% 1/15/2034 (k) |  | 575000 | 580980 |
| NRG Energy Inc 6% 1/15/2036 (k) |  | 1150000 | 1165230 |
| Pacific Gas and Electric Co 3.95% 12/1/2047  |  | 578000 | 430314 |
| Pacific Gas and Electric Co 4% 12/1/2046  |  | 743000 | 556510 |
| Pacific Gas and Electric Co 4.3% 3/15/2045  |  | 315000 | 249868 |
| PG&E Corp 5% 7/1/2028  |  | 1345000 | 1341275 |
| PG&E Corp 5.25% 7/1/2030  |  | 510000 | 506388 |
| Vistra Operations Co LLC 4.375% 5/1/2029 (k) |  | 1105000 | 1091126 |
| Vistra Operations Co LLC 5% 7/31/2027 (k) |  | 1220000 | 1222807 |
| Vistra Operations Co LLC 5.625% 2/15/2027 (k) |  | 1495000 | 1495650 |
| Vistra Operations Co LLC 7.75% 10/15/2031 (k) |  | 580000 | 614323 |
| XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (k) |  | 285000 | 292014 |
| XPLR Infrastructure Operating Partners LP 7.75% 4/15/2034 (k) |  | 815000 | 828278 |
|  |  |  | 13576170 |
| Gas Utilities - 0.1% |  |  |  |
| Southern Natural Gas Co LLC 7.35% 2/15/2031  |  | 175000 | 193459 |
| Southern Natural Gas Co LLC 8% 3/1/2032  |  | 335000 | 386748 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp 5% 6/1/2031 (k) |  | 570000 | 547216 |
|  |  |  | 1127423 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |  |
| Alpha Generation LLC 6.25% 1/15/2034 (k) |  | 430000 | 433860 |
| Sunnova Energy Corp 11.75% (e)(f)(k) |  | 860000 | 4300 |
| Sunnova Energy Corp 5.875% (e)(f)(k) |  | 145000 | 362 |
| Talen Energy Supply LLC 6.25% 2/1/2034 (k) |  | 430000 | 438563 |
| Talen Energy Supply LLC 6.5% 2/1/2036 (k) |  | 430000 | 444659 |
|  |  |  | 1321744 |
| TOTAL UTILITIES |  |  | 16025337 |
| TOTAL UNITED STATES |  |  | 313071519 |
| UZBEKISTAN - 0.1%  |  |  |  |
| Materials - 0.1% |  |  |  |
| Metals & Mining - 0.1% |  |  |  |
| Navoi Mining & Metallurgical Combinat 6.7% 10/17/2028 (k) |  | 200000 | 207000 |
| Navoi Mining & Metallurgical Combinat 6.75% 5/14/2030 (k) |  | 480000 | 502526 |
| Navoi Mining & Metallurgical Combinat 6.95% 10/17/2031 (k) |  | 235000 | 250422 |
| Navoiyuran State Enterprise 6.7% 7/2/2030 (k) |  | 365000 | 367643 |
| TOTAL UZBEKISTAN |  |  | 1327591 |
| VENEZUELA - 0.0%  |  |  |  |
| Energy - 0.0% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |  |
| Petroleos de Venezuela SA 12.75% (f)(k) |  | 110000 | 31240 |
| Petroleos de Venezuela SA 5.375% (f)(l) |  | 480000 | 110822 |
| Petroleos de Venezuela SA 6% (f)(k) |  | 930000 | 216225 |
| Petroleos de Venezuela SA 6% (f)(k) |  | 585000 | 136013 |
| TOTAL VENEZUELA |  |  | 494300 |
| VIETNAM - 0.0%  |  |  |  |
| Utilities - 0.0% |  |  |  |
| Electric Utilities - 0.0% |  |  |  |
| Mong Duong Finance Holdings BV 5.125% 5/7/2029 (k) |  | 379495 | 376056 |
| ZAMBIA - 0.2%  |  |  |  |
| Materials - 0.2% |  |  |  |
| Metals & Mining - 0.2% |  |  |  |
| First Quantum Minerals Ltd 7.25% 2/15/2034 (k) |  | 840000 | 883096 |
| First Quantum Minerals Ltd 8.625% 6/1/2031 (k) |  | 1120000 | 1177750 |
| First Quantum Minerals Ltd 9.375% 3/1/2029 (k) |  | 665000 | 700245 |
| TOTAL ZAMBIA |  |  | 2761091 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $455,564,053) |  |  | <br> **454420673** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.3%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Summit Midstream Corp 3 month U.S. LIBOR + 7.43%, 12.2837% (c)(d) | 148 | 234555 |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Strategy Inc 11% (j) | 24760 | 2446177 |
| Strategy Inc Series A, 10%  | 14504 | 1468820 |
| TOTAL INFORMATION TECHNOLOGY |  | 3914997 |
| TOTAL UNITED STATES |  | 4149552 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $3,764,346) |  | <br> **4149552** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 1.6%** | &nbsp;&nbsp;**Preferred Securities - 1.6%** | &nbsp;&nbsp;**Preferred Securities - 1.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BRAZIL - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Cosan Overseas Ltd 8.25% (l)(q) | 710000 | 721146 |
| CHILE - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Banco de Credito e Inversiones SA 7.5% (c)(k)(q) | 295000 | 319944 |
| Banco de Credito e Inversiones SA 8.75% (c)(k)(q) | 290000 | 322344 |
| Banco del Estado de Chile 7.95% (c)(k)(q) | 260000 | 278295 |
| TOTAL CHILE |  | 920583 |
| HONG KONG - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| CAS Capital No 1 Ltd 4% (c)(l)(q) | 800000 | 804098 |
| INDIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Network i2i Ltd 3.975% (c)(k)(q) | 315000 | 314816 |
| KUWAIT - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| NBK Tier 1 Ltd 3.625% (c)(k)(q) | 230000 | 228543 |
| MEXICO - 0.2%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Banco Mercantil del Norte SA/Grand Cayman 7.625% (c)(k)(q) | 610000 | 634203 |
| Banco Mercantil del Norte SA/Grand Cayman 8.375% (c)(k)(q) | 200000 | 211311 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX 5.125% 1/18/2033 (c)(k) | 340000 | 340871 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX 8.45% 6/29/2038 (c)(k) | 310000 | 343048 |
| TOTAL FINANCIALS |  | 1529433 |
| Materials - 0.1% |  |  |
| Construction Materials - 0.1% |  |  |
| Cemex SAB de CV 5.125% (c)(k)(q) | 1195000 | 1212222 |
| Cemex SAB de CV 7.2% (c)(k)(q) | 460000 | 489842 |
| TOTAL MATERIALS |  | 1702064 |
| TOTAL MEXICO |  | 3231497 |
| RUSSIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Tinkoff Bank JSC Via TCS Finance Ltd loan participation 6% (c)(e)(f)(k)(q) | 275000 | 13750 |
| SAUDI ARABIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| NCB Tier 1 Sukuk Ltd 3.5% (c)(l)(q) | 330000 | 328727 |
| UNITED ARAB EMIRATES - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Emirates NBD Bank PJSC 6.25% (c)(l)(q) | 380000 | 393322 |
| UNITED STATES - 1.3%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Energy Transfer LP 6.5% (c)(q) | 505000 | 511304 |
| Energy Transfer LP 6.625% (c)(q) | 1730000 | 1764530 |
| Energy Transfer LP Series G, 7.125% (c)(q) | 2710000 | 2798914 |
| Mesquite Energy Inc 7.25% (e)(f)(q) | 1063000 | 106 |
| TOTAL ENERGY |  | 5074854 |
| Financials - 0.9% |  |  |
| Banks - 0.7% |  |  |
| Bank of America Corp 5.875% (c)(q) | 5125000 | 5302480 |
| Bank of America Corp 6.25% (c)(q) | 870000 | 893564 |
| JPMorgan Chase & Co CME Term SOFR 3 month Index + 2.745%, 6.7303% (c)(d)(q) | 4005000 | 4083836 |
|  |  | 10279880 |
| Insurance - 0.2% |  |  |
| Alliant Holdings LP 10.5% (c)(e)(q) | 2227279 | 2261264 |
| TOTAL FINANCIALS |  | 12541144 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Edison International 5% (c)(q) | 115000 | 116302 |
| Edison International 5.375% (c)(q) | 1505000 | 1523244 |
| TOTAL UTILITIES |  | 1639546 |
| TOTAL UNITED STATES |  | 19255544 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $26,330,510) |  | <br> **26212026** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 4.6%** | &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 4.6%** | &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 4.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 4.6%  |  |  |
| Fannie Mae 2% 2/1/2052  | 277503 | 228963 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2041  | 403881 | 353376 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2028  | 42528 | 41824 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2042  | 38094 | 34215 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2042  | 17227 | 15479 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2040  | 327626 | 307992 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2041  | 118194 | 110003 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 3/1/2052 (i) | 404386 | 375772 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 3/1/2052  | 309461 | 286790 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2052 (i) | 160247 | 161759 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2053 (i) | 403753 | 421139 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2053 (h) | 272183 | 283478 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2055 (i) | 337715 | 353339 |
| Fannie Mae Mortgage pass-thru certificates 6% 8/1/2055  | 534288 | 557671 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 1/1/2055 (h) | 175159 | 185451 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 3/1/2054 (i) | 115246 | 120271 |
| Freddie Mac Gold Pool 2.5% 11/1/2041  | 1203729 | 1084986 |
| Freddie Mac Gold Pool 2.5% 2/1/2042  | 225274 | 202831 |
| Freddie Mac Gold Pool 2.5% 5/1/2041  | 481089 | 435984 |
| Freddie Mac Gold Pool 3.5% 3/1/2050 (i) | 358351 | 332513 |
| Freddie Mac Gold Pool 5.5% 9/1/2052 (h) | 283670 | 291439 |
| Freddie Mac Gold Pool 6.5% 10/1/2053 (i) | 313580 | 330143 |
| Freddie Mac Gold Pool 6.5% 10/1/2053 (h)(i) | 311315 | 328245 |
| Freddie Mac Non Gold Pool 6.5% 1/1/2055 (h)(i) | 331221 | 349233 |
| Ginnie Mae I Pool 2.5% 12/20/2051  | 451431 | 386718 |
| Ginnie Mae I Pool 2.5% 8/20/2051  | 382373 | 327798 |
| Ginnie Mae I Pool 2.5% 9/20/2051  | 339109 | 290710 |
| Ginnie Mae II Pool 2% 1/20/2051  | 774735 | 641666 |
| Ginnie Mae II Pool 2% 12/20/2050  | 19999990 | 16563222 |
| Ginnie Mae II Pool 2% 3/20/2052  | 207589 | 171966 |
| Ginnie Mae II Pool 2% 8/20/2051  | 4999502 | 4140005 |
| Ginnie Mae II Pool 2% 9/20/2050  | 141141 | 116964 |
| Ginnie Mae II Pool 2.5% 12/20/2051  | 17498257 | 15099242 |
| Ginnie Mae II Pool 2.5% 6/20/2051  | 6999301 | 6039695 |
| Ginnie Mae II Pool 5.5% 1/1/2056 (g) | 3000000 | 3028957 |
| Ginnie Mae II Pool 5.5% 12/20/2054  | 173744 | 175636 |
| Ginnie Mae II Pool 5.5% 2/1/2056 (g) | 2850000 | 2875283 |
| Ginnie Mae II Pool 5.5% 3/1/2056 (g) | 500000 | 503811 |
| Ginnie Mae II Pool 6% 1/1/2056 (g) | 3325000 | 3388189 |
| Ginnie Mae II Pool 6% 2/1/2056 (g) | 2800000 | 2851133 |
| Ginnie Mae II Pool 6% 3/1/2056 (g) | 900000 | 915487 |
| Uniform Mortgage Backed Securities 3% 1/1/2056 (g) | 9000000 | 7954453 |
| Uniform Mortgage Backed Securities 3.5% 1/1/2056 (g) | 3800000 | 3510398 |
| TOTAL UNITED STATES |  | 76174229 |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES**<br> (Cost $76,015,587) |  | <br> **76174229** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government Agency Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Government Agency Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Government Agency Obligations - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Tennessee Valley Authority 5.25% 9/15/2039  | 126000 | 133091 |
| Tennessee Valley Authority 5.375% 4/1/2056  | 302000 | 305683 |
| TOTAL UNITED STATES |  | 438774 |
| <br> **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (Cost $440,192) |  | <br> **438774** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 19.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 19.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 19.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 19.4%** |
|  | Yield (%) (s) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 2/12/2026 (i) | 3.84 | 2290000 | 2280639 |
| US Treasury Bills 0% 2/5/2026 (i) | 3.81 | 610000 | 607959 |
| US Treasury Bonds 2% 8/15/2051  | 1.95 to 2.09 | 8416000 | 4821119 |
| US Treasury Bonds 2.25% 2/15/2052  | 2.15 to 2.99 | 11920000 | 7232088 |
| US Treasury Bonds 2.5% 2/15/2045  | 2.98 to 3.04 | 17524000 | 12410551 |
| US Treasury Bonds 2.875% 5/15/2052  | 3.09 to 3.12 | 2520000 | 1760850 |
| US Treasury Bonds 3% 2/15/2049  | 2.99 to 3.10 | 13241000 | 9753858 |
| US Treasury Bonds 3% 5/15/2045  | 1.80 | 1800000 | 1385297 |
| US Treasury Bonds 3.25% 5/15/2042  | 3.37 to 5.18 | 1428000 | 1190930 |
| US Treasury Bonds 3.625% 2/15/2053  | 3.80 to 4.32 | 15779000 | 12774826 |
| US Treasury Bonds 4.125% 8/15/2044  | 4.63 to 4.66 | 4010000 | 3680271 |
| US Treasury Bonds 4.375% 8/15/2043  | 5.10 to 5.28 | 9625000 | 9193755 |
| US Treasury Bonds 4.5% 11/15/2054  | 4.77 to 4.82 | 2240000 | 2112775 |
| US Treasury Bonds 4.5% 2/15/2044  | 4.58 | 1010000 | 977096 |
| US Treasury Bonds 4.625% 11/15/2044  | 4.76 to 4.85 | 2050000 | 2008840 |
| US Treasury Bonds 4.625% 5/15/2054  | 4.02 to 4.31 | 1460000 | 1406105 |
| US Treasury Bonds 4.75% 2/15/2037  | 2.93 to 5.00 | 1636000 | 1713582 |
| US Treasury Bonds 4.75% 5/15/2055  | 4.67 | 1840000 | 1808088 |
| US Treasury Bonds 4.75% 8/15/2055  | 4.63 to 4.81 | 2350000 | 2310344 |
| US Treasury Bonds 5% 5/15/2045  | 4.87 | 1020000 | 1047094 |
| US Treasury Bonds Inflation-Indexed 2.375% 2/15/2055  | 2.47 to 2.62 | 1888322 | 1793086 |
| US Treasury Notes 0.75% 3/31/2026  | 0.92 | 4000 | 3974 |
| US Treasury Notes 1% 7/31/2028  | 0.96 to 1.13 | 4418000 | 4145327 |
| US Treasury Notes 1.125% 8/31/2028  | 1.13 to 1.14 | 40242000 | 37803901 |
| US Treasury Notes 1.25% 12/31/2026  | 1.26 | 698000 | 682540 |
| US Treasury Notes 1.25% 9/30/2028  | 1.37 to 1.45 | 2930000 | 2756146 |
| US Treasury Notes 1.375% 10/31/2028  | 1.45 to 1.52 | 3514000 | 3310572 |
| US Treasury Notes 1.5% 1/31/2027  | 1.50 to 1.57 | 4595000 | 4496818 |
| US Treasury Notes 1.5% 11/30/2028  | 1.37 to 1.46 | 860000 | 811692 |
| US Treasury Notes 1.625% 9/30/2026  | 1.63 to 1.68 | 3000 | 2957 |
| US Treasury Notes 1.75% 1/31/2029  | 1.74 to 1.81 | 2583000 | 2447393 |
| US Treasury Notes 1.875% 2/28/2027  | 1.71 to 2.55 | 24950000 | 24489010 |
| US Treasury Notes 2.5% 3/31/2027  | 2.72 | 900000 | 888855 |
| US Treasury Notes 2.625% 7/31/2029  | 2.83 | 1210000 | 1170202 |
| US Treasury Notes 2.75% 7/31/2027  | 2.71 | 1240000 | 1226002 |
| US Treasury Notes 2.75% 8/15/2032  | 2.79 to 3.99 | 6935000 | 6464449 |
| US Treasury Notes 2.875% 4/30/2029  | 2.97 to 3.14 | 3300000 | 3227039 |
| US Treasury Notes 2.875% 5/15/2032  | 2.84 to 2.95 | 4068000 | 3835679 |
| US Treasury Notes 3.125% 11/15/2028  | 2.69 | 1180000 | 1166817 |
| US Treasury Notes 3.375% 5/15/2033  | 3.83 | 250000 | 240342 |
| US Treasury Notes 3.5% 1/31/2028  | 3.60 to 3.83 | 4190000 | 4190818 |
| US Treasury Notes 3.5% 10/15/2028  | 3.50 | 4470000 | 4465663 |
| US Treasury Notes 3.5% 10/31/2027  | 3.58 | 907000 | 907213 |
| US Treasury Notes 3.5% 12/15/2028  | 3.51 | 4480000 | 4474750 |
| US Treasury Notes 3.5% 2/15/2033  | 3.91 | 3800000 | 3692977 |
| US Treasury Notes 3.625% 3/31/2030  | 3.31 to 3.55 | 7767000 | 7752437 |
| US Treasury Notes 3.75% 10/31/2032  | 3.89 | 3310000 | 3273280 |
| US Treasury Notes 3.75% 11/30/2032  | 3.95 | 1760000 | 1745150 |
| US Treasury Notes 3.75% 4/15/2028  | 3.80 | 11440000 | 11499434 |
| US Treasury Notes 3.75% 5/31/2030  | 3.84 | 189000 | 189465 |
| US Treasury Notes 3.75% 8/31/2031  | 3.65 to 4.10 | 3170000 | 3159475 |
| US Treasury Notes 3.875% 1/15/2026  | 3.92 | 50000 | 50002 |
| US Treasury Notes 3.875% 11/30/2027  | 3.74 | 850000 | 856043 |
| US Treasury Notes 3.875% 12/31/2027  | 3.68 to 4.01 | 2500000 | 2518500 |
| US Treasury Notes 3.875% 5/31/2027  | 3.90 to 3.91 | 5000000 | 5025586 |
| US Treasury Notes 3.875% 8/15/2033  | 4.57 to 4.77 | 2923000 | 2898680 |
| US Treasury Notes 3.875% 8/15/2034  | 3.75 to 3.80 | 3680000 | 3625375 |
| US Treasury Notes 4% 1/31/2031  | 3.89 to 3.96 | 680000 | 687836 |
| US Treasury Notes 4% 10/31/2029  | 4.15 | 1300000 | 1317012 |
| US Treasury Notes 4% 7/31/2029  | 3.83 | 260000 | 263372 |
| US Treasury Notes 4% 7/31/2030  | 4.08 | 1650000 | 1670947 |
| US Treasury Notes 4% 7/31/2032  | 4.16 | 270000 | 271413 |
| US Treasury Notes 4.125% 10/31/2029  | 3.63 | 136000 | 138327 |
| US Treasury Notes 4.125% 10/31/2031  | 4.39 | 4390000 | 4457565 |
| US Treasury Notes 4.125% 2/15/2027  | 4.40 to 4.49 | 11380000 | 11454681 |
| US Treasury Notes 4.125% 3/31/2031  | 4.36 to 4.71 | 3858000 | 3923556 |
| US Treasury Notes 4.125% 7/31/2028  | 4.19 | 850000 | 862684 |
| US Treasury Notes 4.125% 8/31/2030  | 4.19 to 4.61 | 3320000 | 3378359 |
| US Treasury Notes 4.25% 1/15/2028  | 4.24 to 4.33 | 11860000 | 12034657 |
| US Treasury Notes 4.25% 11/15/2034  | 4.31 | 1824000 | 1843166 |
| US Treasury Notes 4.25% 2/15/2028  | 4.17 | 2100000 | 2132198 |
| US Treasury Notes 4.25% 2/28/2031  | 4.25 to 4.36 | 2840000 | 2905342 |
| US Treasury Notes 4.25% 6/30/2029  | 4.11 to 4.12 | 4440000 | 4534003 |
| US Treasury Notes 4.25% 6/30/2031  | 3.99 to 4.45 | 3080000 | 3149781 |
| US Treasury Notes 4.25% 8/15/2035  | 4.04 to 4.23 | 2510000 | 2528041 |
| US Treasury Notes 4.375% 11/30/2028  | 4.15 | 3230000 | 3303306 |
| US Treasury Notes 4.375% 11/30/2030  | 4.16 to 4.36 | 791000 | 813772 |
| US Treasury Notes 4.375% 5/15/2034  | 3.84 | 230000 | 235040 |
| US Treasury Notes 4.625% 2/15/2035  | 4.27 to 4.31 | 2156000 | 2239208 |
| US Treasury Notes 4.625% 9/30/2030  | 5.00 | 399000 | 414617 |
| US Treasury Notes 4.75% 2/15/2045  | 4.61 to 4.99 | 8450000 | 8407090 |
| US Treasury Notes 4.875% 10/31/2030  | 4.31 to 4.92 | 4520000 | 4748119 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $342,191,804) |  |  | **319477808** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.9%** | &nbsp;&nbsp;**Money Market Funds - 8.9%** | &nbsp;&nbsp;**Money Market Funds - 8.9%** | &nbsp;&nbsp;**Money Market Funds - 8.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (t) | 3.79 | 139783331 | 139811288 |
| Fidelity Securities Lending Cash Central Fund (t)(u) | 3.77 | 5923663 | 5924256 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $145,730,830) |  |  | **145735544** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchased Swaptions - 0.1%** | &nbsp;&nbsp;**Purchased Swaptions - 0.1%** | &nbsp;&nbsp;**Purchased Swaptions - 0.1%** | &nbsp;&nbsp;**Purchased Swaptions - 0.1%** |
|  | Expiration<br> Date | Notional<br> Amount  | Value ($) |
| Put Swaptions - 0.1% |  |  |  |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 4.025% and receive annually a floating rate based on US SOFR Index, expiring April 2035 | 4/2030 | 1540000 | 51943 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 3.95% and receive annually a floating rate based on US SOFR Index, expiring May 2035 | 4/2030 | 1370000 | 48209 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 4.065% and receive annually a floating rate based on US SOFR Index, expiring May 2035 | 5/2030 | 590000 | 19575 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 4.01% and receive annually a floating rate based on US SOFR Index, expiring May 2035 | 5/2030 | 2360000 | 80864 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 3.565% and receive annually a floating rate based on US SOFR Index, expiring September 2036 | 9/2026 | 3040000 | 110191 |
| Option on an interest rate swap with Citibank NA to pay annually a fixed rate of 3.855% and receive annually a floating rate based on US SOFR Index, expiring September 2035 | 9/2030 | 2390000 | 91641 |
| Option on an interest rate swap with Goldman Sachs Bank USA to pay annually a fixed rate of 3.9025% and receive annually a floating rate based on US SOFR Index, expiring April 2036 | 4/2026 | 2960000 | 28326 |
| Option on an interest rate swap with Morgan Stanley Capital Services LLC to pay annually a fixed rate of 3.853% and receive annually a floating rate based on US SOFR Index, expiring September 2035 | 9/2030 | 1800000 | 69075 |
| TOTAL PUT SWAPTIONS |  |  | 499824 |
| Call Swaptions - 0.0% |  |  |  |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 4.025% and pay annually a floating rate based on US SOFR Index, expiring April 2035 | 4/2030 | 1540000 | 46993 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 3.95% and pay annually a floating rate based on US SOFR Index, expiring May 2035 | 4/2030 | 1370000 | 39678 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 4.065% and pay annually a floating rate based on US SOFR Index, expiring May 2035 | 5/2030 | 590000 | 18492 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 4.01% and pay annually a floating rate based on US SOFR Index, expiring May 2035 | 5/2030 | 2360000 | 71395 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 3.565% and pay annually a floating rate based on US SOFR Index, expiring September 2036 | 9/2026 | 3040000 | 34477 |
| Option on an interest rate swap with Citibank NA to receive annually a fixed rate of 3.855% and pay annually a floating rate based on US SOFR Index, expiring September 2035 | 9/2030 | 2390000 | 63211 |
| Option on an interest rate swap with Goldman Sachs Bank USA to receive annually a fixed rate of 3.9025% and pay annually a floating rate based on US SOFR Index, expiring April 2036 | 4/2026 | 2960000 | 47790 |
| Option on an interest rate swap with Morgan Stanley Capital Services LLC to receive annually a fixed rate of 3.853% and pay annually a floating rate based on US SOFR Index, expiring September 2035 | 9/2030 | 1800000 | 47502 |
| TOTAL CALL SWAPTIONS |  |  | 369538 |
| **TOTAL PURCHASED SWAPTIONS**<br> (Cost $1,121,034) |  |  | <br> **869362** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.7%**<br> (Cost $1,617,364,839)<br>| <br>**1654552281** |
| **NET OTHER ASSETS (LIABILITIES) - (0.7)%**  | **(11546875)** |
| **NET ASSETS - 100.0%** | **1643005406** |

---

---

| | | |
|:---|:---|:---|
| **TBA Sale Commitments**  | **TBA Sale Commitments**  | **TBA Sale Commitments**  |
|  | Principal<br> Amount (a) | Value ($) |
| U.S. Government Agency - Mortgage Securities |  |  |
| Ginnie Mae II Pool 2% 1/1/2056 | (25000000) | (20691198) |
| Ginnie Mae II Pool 2.5% 1/1/2056 | (24500000) | (21128388) |
| Ginnie Mae II Pool 5.5% 1/1/2056 | (2850000) | (2877509) |
| Ginnie Mae II Pool 5.5% 2/1/2056 | (500000) | (504435) |
| Ginnie Mae II Pool 6% 1/1/2056 | (3325000) | (3388189) |
| Ginnie Mae II Pool 6% 2/1/2056 | (900000) | (916436) |
| Uniform Mortgage Backed Securities 2% 1/1/2056 | (3800000) | (3069984) |
| Uniform Mortgage Backed Securities 2.5% 1/1/2056 | (4350000) | (3676260) |
| Uniform Mortgage Backed Securities 3% 1/1/2056 | (9000000) | (7954453) |
| Uniform Mortgage Backed Securities 3% 2/1/2056 | (4500000) | (3974414) |
| Uniform Mortgage Backed Securities 3.5% 1/1/2056 | (3800000) | (3510399) |
| Uniform Mortgage Backed Securities 3.5% 2/1/2056 | (1900000) | (1749261) |
| TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES  |  | (73440926) |
| **TOTAL TBA SALE COMMITMENTS**<br> (Proceeds $73,475,716) |  | <br> **(73440926)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |
| CBOT 10Y US Treasury Notes Contracts (United States) | 1045 | 3/2026 | 117333906 | (566434) |
| CBOT 2Y US Treasury Notes Contracts (United States) | 206 | 3/2026 | 43005719 | 4131 |
| CBOT 5Y US Treasury Notes Contracts (United States) | 62 | 3/2026 | 6770594 | (16568) |
| CBOT US Treasury Long Bond Contracts (United States) | 68 | 3/2026 | 7834875 | (99173) |
| CBOT US Treasury Ultra Bond Contracts (United States) | 390 | 3/2026 | 45812813 | (923992) |
| TOTAL LONG |  |  |  | (1602036) |
| SHORT |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |
| CBOT US Treasury Ultra Bond Contracts (United States) | 1 | 3/2026 | 117469 | 3280 |
| Eurex Euro-Buxl Contracts (Germany) | 30 | 3/2026 | 3882391 | 57682 |
| TOTAL SHORT |  |  |  | 60962 |
| **TOTAL FUTURES CONTRACTS** |  |  |  | **(1541074)** |
| The notional amount of long futures as a percentage of Net Assets is 13.3%. | The notional amount of long futures as a percentage of Net Assets is 13.3%. | The notional amount of long futures as a percentage of Net Assets is 13.3%. | The notional amount of long futures as a percentage of Net Assets is 13.3%. | The notional amount of long futures as a percentage of Net Assets is 13.3%. |
| The notional amount of short futures as a percentage of Net Assets is 0.2%. | The notional amount of short futures as a percentage of Net Assets is 0.2%. | The notional amount of short futures as a percentage of Net Assets is 0.2%. | The notional amount of short futures as a percentage of Net Assets is 0.2%. | The notional amount of short futures as a percentage of Net Assets is 0.2%. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| Currency<br> Purchased | Currency<br> Purchased | Currency<br> Sold | Currency<br> Sold | Counterparty | Settlement<br> Date | Unrealized <br> Appreciation/<br> (Depreciation) ($)  |
| AUD | 6425000 | USD | 4285441 | HSBC Bank PLC | 1/2026 | 2531 |
| EUR | 2428000 | USD | 2857436 | Brown Brothers Harriman & Co. | 1/2026 | (2652) |
| EUR | 4341000 | USD | 5100966 | State Street Bank & Trust Co | 1/2026 | 3076 |
| USD | 7282562 | AUD | 10952000 | Barclays Bank PLC | 1/2026 | (26679) |
| USD | 7213905 | CAD | 9977000 | Barclays Bank PLC | 1/2026 | (58443) |
| USD | 5020135 | CHF | 4025000 | JPMorgan Chase Bank NA | 1/2026 | (66970) |
| USD | 100805119 | EUR | 86438000 | JPMorgan Chase Bank NA | 1/2026 | (826578) |
| USD | 9153197 | EUR | 7778000 | JPMorgan Chase Bank NA | 1/2026 | 8014 |
| USD | 1051361 | EUR | 901000 | State Street Bank & Trust Co | 1/2026 | (8013) |
| USD | 7010059 | GBP | 5266000 | JPMorgan Chase Bank NA | 1/2026 | (88151) |
| USD | 5391523 | JPY | 842562000 | JPMorgan Chase Bank NA | 1/2026 | 7595 |
| USD | 1674559 | SGD | 2165000 | BNP Paribas SA | 1/2026 | (10908) |
| **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** |  | **(1067178)** |
| Unrealized Appreciation | Unrealized Appreciation | Unrealized Appreciation |  |  |  | 21216 |
| Unrealized Depreciation | Unrealized Depreciation | Unrealized Depreciation |  |  |  | (1088394) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** |
| Underlying Reference | Maturity <br> Date | Clearinghouse / <br> Counterparty(1) | Fixed<br> Payment<br> Received/<br> (Paid) | Payment<br> Frequency | Notional<br> Amount(3) | Value ($) | Upfront<br> Premium<br> Received/<br> (Paid) ($)(2) | Unrealized <br> Appreciation/<br> (Depreciation) ($) |
| Buy Protection |  |  |  |  |  |  |  |  |
| 5Y CDX EMIG CDSI Series 44 Index | 12/2030 | ICE | (1%) | Quarterly | 2440000 | (3064) | 0 | (3064) |

---

(1)Swaps with Intercontinental Exchange (ICE) are centrally cleared swaps.

(2)Any premiums for centrally cleared swaps are recorded periodically throughout the term of the swap to variation margin and included in unrealized appreciation (depreciation).

(3)Notional amount is stated in U.S. Dollars unless otherwise noted.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** |
| Payment Received | Payment<br> Frequency | Payment Paid | Payment<br> Frequency | Clearinghouse /<br> Counterparty(1) | Maturity<br> Date | Notional<br> Amount(3) | Value ($)<br>| Upfront<br> Premium<br> Received/<br> (Paid) ($)(2) | Unrealized <br> Appreciation/<br> (Depreciation) ($)<br>|
| U.S. SOFR Index(4) | Annual | 3.5% | Annual | LCH | 3/2028 | 19966000 | (24442) | 0 | (24442) |
| 4% | Annual | U.S. SOFR Index(4) | Annual | LCH | 3/2036 | 967000 | (3552) | 0 | (3552) |
| U.S. SOFR Index(4) | Annual | 3.75% | Annual | LCH | 3/2033 | 666000 | 835 | 0 | 835 |
| 3.5% | Annual | U.S. SOFR Index(4) | Annual | LCH | 3/2031 | 2714000 | (110) | 0 | (110) |
| 3.5% | Annual | U.S. SOFR Index(4) | Annual | LCH | 3/2030 | 5780000 | (6057) | 0 | (6057) |
| U.S. SOFR Index(4) | Annual | 3.5% | Annual | LCH | 3/2030 | 4003000 | (4475) | 0 | (4475) |
| U.S. SOFR Index(4) | Annual | 3.5% | Annual | LCH | 3/2029 | 23514000 | (35831) | 0 | (35831) |
| **TOTAL INTEREST RATE SWAPS** |  |  |  |  |  |  | **(73632)** | **0** | **(73632)** |

---

(1)Swaps with LCH Clearnet Group (LCH) are centrally cleared swaps.

(2)Any premiums for centrally cleared swaps are recorded periodically throughout the term of the swap to variation margin and included in unrealized appreciation (depreciation).

(3)Notional amount is stated in U.S. Dollars unless otherwise noted.

(4)Represents floating rate.

**Currency Abbreviations**

---

| | | |
|:---|:---|:---|
| AUD | - | Australian Dollar |
| CAD | - | Canadian Dollar |
| CHF | - | Swiss Franc |
| EGP | - | Egyptian Pound |
| EUR | - | European Monetary Unit (Euro) |
| GBP | - | British Pound Sterling |
| HUF | - | Hungarian Forint |
| JPY | - | Japanese Yen |
| NGN | - | Nigerian Naira |
| RON | - | Romanian Leu |
| SGD | - | Singapore Dollar |
| TRY | - | New Turkish Lira |
| USD | - | United States Dollar |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

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

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

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

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

(e) Level 3 security.

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

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

(h) Security or a portion of the security was pledged to cover margin requirements for centrally cleared swaps. At period end, the value of securities pledged amounted to $936,742.

(i) 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 $4,767,822.

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

(k) 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 $449,619,325 or 27.4% of net assets.

(l) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $126,183,296 or 7.7% of net assets.

(m) Zero coupon bond which is issued at a discount.

(n) Non-income producing.

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

(p) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,481,799 or 0.2% of net assets.

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

(r) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements,which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(s) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(t) 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.

(u) 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>|
| EchoStar Corp | 9/30/2024 | 620441 |
| New Cotai LLC / New Cotai Capital Corp | 9/11/2020 | 1223948 |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 97542736 | 400581612 | 358314559 | 5365124 | 1730 | (231) | 139811288 | 139783331 | 0.3% |
| Fidelity Floating Rate Central Fund | 76205739 | 34112893 | 2490459 | 7855893 | (80677) | (1816666) | 105930830 | 1108063 | 5.3% |
| Fidelity Securities Lending Cash Central Fund | 960975 | 113582030 | 108619530 | 5822 | 781 | - | 5924256 | 5923663 | 0.0% |
| Total | 174709450 | 548276535 | 469424548 | 13226839 | (78166) | (1816897) | 251666374 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Asset-Backed Securities** | 2885020 | - | 2885020 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 2020090 | - | 1994549 | 25541 |
| Consumer Discretionary | 10920824 | - | 10920824 | - |
| Consumer Staples | 205501 | - | 205501 | - |
| Energy | 2550154 | - | 2550154 | - |
| Financials | 8195131 | - | 8195131 | - |
| Health Care | 4375940 | - | 4375940 | - |
| Industrials | 7631448 | - | 7631448 | - |
| Information Technology | 26981730 | - | 26981730 | - |
| Materials | 7904616 | - | 7904616 | - |
| Utilities | 23798 | - | 23798 | - |
|  **Collateralized Mortgage Obligations** | 12924982 | - | 12924982 | - |
|  **Commercial Mortgage Securities** | 37053504 | - | 37053504 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 15583924 | 14880664 | - | 703260 |
| Consumer Discretionary | 11325628 | 8305808 | 2943226 | 76594 |
| Consumer Staples | 1206832 | 1205232 | - | 1600 |
| Energy | 4380351 | 750254 | - | 3630097 |
| Financials | 14944375 | 14944217 | - | 158 |
| Health Care | 858858 | 857063 | - | 1795 |
| Industrials | 26104960 | 26104960 | - | - |
| Information Technology | 34507584 | 34340319 | - | 167265 |
| Materials | 2955685 | 2955685 | - | - |
| Utilities | 7946414 | 7946211 | - | 203 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 6656313 | - | 6656313 | - |
| Consumer Discretionary | 393517 | - | - | 393517 |
| Financials | 398970 | - | 398970 | - |
| Information Technology | 1316831 | - | 1316831 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 6581130 | - | - | 6581130 |
| Materials | 512321 | - | 512321 | - |
|  **Fixed-Income Funds** | 125652953 | 125652953 | - | - |
|  **Foreign Government and Government Agency Obligations** | 242074929 | - | 242074929 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 53128475 | - | 53128475 | - |
| Consumer Discretionary | 47242358 | - | 46912070 | 330288 |
| Consumer Staples | 22696421 | - | 22696421 | - |
| Energy | 95755713 | - | 95755713 | - |
| Financials | 43833283 | - | 43833283 | - |
| Health Care | 23112224 | - | 23112224 | - |
| Industrials | 54128639 | - | 54128639 | - |
| Information Technology | 23001412 | - | 23001412 | - |
| Materials | 48265270 | - | 48181476 | 83794 |
| Real Estate | 17628045 | - | 17628045 | - |
| Utilities | 25628833 | - | 25624171 | 4662 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Energy | 234555 | - | 234555 | - |
| Information Technology | 3914997 | 3914997 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Communication Services | 804098 | - | 804098 | - |
| Consumer Staples | 721146 | - | 721146 | - |
| Energy | 5074854 | - | 5074748 | 106 |
| Financials | 15955502 | - | 13680488 | 2275014 |
| Information Technology | 314816 | - | 314816 | - |
| Materials | 1702064 | - | 1702064 | - |
| Utilities | 1639546 | - | 1639546 | - |
|  **U.S. Government Agency - Mortgage Securities** | 76174229 | - | 76174229 | - |
|  **U.S. Government Agency Obligations** |  |  |  |  |
| Utilities | 438774 | - | 438774 | - |
|  **U.S. Treasury Obligations** | 319477808 | - | 319477808 | - |
|  **Money Market Funds** | 145735544 | 145735544 | - | - |
|  **Purchased Swaptions** | 869362 | - | 869362 | - |
| **Total Investments in Securities:** | 1654552281 | 387593907 | 1252683350 | 14275024 |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 65093 | 65093 | - | - |
| Forward Foreign Currency Contracts | 21216 | - | 21216 | - |
| Swaps | 835 | - | 835 | - |
| Total Assets | 87144 | 65093 | 22051 | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (1606167) | (1606167) | - | - |
| Forward Foreign Currency Contracts | (1088394) | - | (1088394) | - |
| Swaps | (77531) | - | (77531) | - |
| Total Liabilities | (2772092) | (1606167) | (1165925) | - |
| **Total Derivative Instruments:** | (2684948) | (1541074) | (1143874) | - |
| **<u>Other Financial Instruments:</u>** |  |  |  |  |
|  **TBA Sale Commitments** | (73440926) | - | (73440926) | - |
| **Total Other Financial Instruments:** | (73440926) | - | (73440926) | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Credit Risk** |  |  |
| Swaps (a)  | - | (3064) |
| **Total Credit Risk**  | - | (3064) |
| **Foreign Exchange Risk** |  |  |
| Forward Foreign Currency Contracts (b)  | 21216 | (1088394) |
| **Total Foreign Exchange Risk**  | 21216 | (1088394) |
| **Interest Rate Risk** |  |  |
| Futures Contracts (c)  | 65093 | (1606167) |
| Purchased Swaptions (d)  | 869362 | - |
| Swaps (a)  | 835 | (74467) |
| **Total Interest Rate Risk**  | 935290 | (1680634) |
| **Total Value of Derivatives** | 956506 | (2772092) |

---

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

(b)Gross value is presented in the Statement of Assets and Liabilities in the unrealized appreciation/depreciation on forward foreign currency contracts line-item(s).

(c)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).

(d)Gross value is included in the Statement of Assets and Liabilities in the investments in securities, at value line-item.

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $5,776,493) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,363,405,319) | $1402885907 |  |
| Fidelity Central Funds (cost $253,959,520) | 251666374 |  |
| Total Investment in Securities (cost $1,617,364,839) |  | $1654552281 |
| Segregated cash with brokers for derivative instruments |  | 369891 |
| Cash |  | 4077279 |
| Foreign currency held at value (cost $42,712) |  | 43640 |
| Receivable for investments sold |  | 9667623 |
| Receivable for TBA sale commitments |  | 73475716 |
| Unrealized appreciation on forward foreign currency contracts |  | 21216 |
| Receivable for fund shares sold |  | 359172 |
| Dividends receivable |  | 109016 |
| Interest receivable |  | 15390352 |
| Distributions receivable from Fidelity Central Funds |  | 480920 |
| Receivable for daily variation margin on centrally cleared swaps |  | 31137 |
| Prepaid expenses |  | 1130 |
| Other receivables |  | 644467 |
| **Total assets** |  | 1759223840 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $7744341 |  |
| Delayed delivery | 25025497 |  |
| TBA sale commitments, at value | 73440926 |  |
| Unrealized depreciation on forward foreign currency contracts | 1088394 |  |
| Payable for fund shares redeemed | 1058856 |  |
| Accrued management fee | 860879 |  |
| Distribution and service plan fees payable | 147430 |  |
| Payable for daily variation margin on futures contracts | 802557 |  |
| Other payables and accrued expenses | 126079 |  |
| Collateral on securities loaned | 5923475 |  |
| **Total liabilities** |  | 116218434 |
| **Net Assets**  |  | $1643005406 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1647584714 |
| Total accumulated earnings (loss) |  | (4579308) |
| **Net Assets** |  | $1643005406 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($94,285,645 ÷ 8,396,614 shares) |  | $11.23 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,708,689 ÷ 152,586 shares) |  | $11.20 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($713,625,019 ÷ 64,466,789 shares) |  | $11.07 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($833,386,053 ÷ 74,539,485 shares) |  | $11.18 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $3707085 |
| Interest  |  | 61414005 |
| Income from Fidelity Central Funds (including $5,822 from security lending)  |  | 13226839 |
| **Total income** |  | 78347929 |
| **Expenses** |  |  |
| Management fee | $9967085 |  |
| Distribution and service plan fees | 1686345 |  |
| Custodian fees and expenses | 46929 |  |
| Independent trustees' fees and expenses | 3793 |  |
| Audit fees | 106468 |  |
| Legal | 27440 |  |
| Miscellaneous | 16615 |  |
| Total expenses before reductions | 11854675 |  |
| Expense reductions | (42439) |  |
| Total expenses after reductions |  | 11812236 |
| **Net Investment income (loss)** |  | 66535693 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2664553 |  |
| Fidelity Central Funds | (78166) |  |
| Forward foreign currency contracts | (7990234) |  |
| Foreign currency transactions | (70841) |  |
| Futures contracts | 6801425 |  |
| Swaps | 109243 |  |
| Written options | 10524 |  |
| Total net realized gain (loss) |  | 1446504 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $8,493)  | 68932539 |  |
| Fidelity Central Funds  | (1816897) |  |
| Forward foreign currency contracts | (3919265) |  |
| Assets and liabilities in foreign currencies | 83817 |  |
| Futures contracts | 324672 |  |
| Swaps | (425307) |  |
| TBA sale commitments | (525317) |  |
| Total change in net unrealized appreciation (depreciation) |  | 62654242 |
| **Net gain (loss)** |  | 64100746 |
| **Net increase (decrease) in net assets resulting from operations** |  | $130636439 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $66535693 | $65674800 |
| &nbsp;&nbsp;Net realized gain (loss) | 1446504<br>| 2296344<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 62654242 | 15091985<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 130636439<br>| 83063129<br>|
| Distributions to shareholders | (59020540)<br>| (53920932)<br>|
| Share transactions - net increase (decrease) | 62595620<br>| 62177599<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 134211519<br>| 91319796<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1508793887 | 1417474091<br>|
| &nbsp;&nbsp;End of period | $1643005406 | $1508793887 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.72 | $10.48 | $10.02 | $11.74 | $11.81 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .485  | .498  | .475  | .377  | .327  |
| Net realized and unrealized gain (loss)  | .456  | .146  | .460  | (1.690)  | .113  |
| Total from investment operations  | .941  | .644  | .935  | (1.313)  | .440  |
| Distributions from net investment income  | (.431)  | (.404)  | (.475)  | (.380)  | (.320)  |
| Distributions from net realized gain  | -  | -  | -  | (.011)  | (.190)  |
| Distributions from tax return of capital  | - | - | - | (.016) | - |
| Total distributions  | (.431)  | (.404)  | (.475)  | (.407)  | (.510)  |
| Net asset value, end of period  | $11.23 | $10.72 | $10.48 | $10.02 | $11.74 |
| **Total Return** C,D | 8.85% <br>| 6.08%  | 9.41%  | (11.26)%  | 3.74%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .63%  | .64%  | .67%  | .67%  | .66%  |
| Expenses net of fee waivers, if any  | .63% <br>| .64%  | .67%  | .66%  | .66%  |
| Expenses net of all reductions, if any  | .63%  | .64%  | .66%  | .66%  | .66%  |
| Net investment income (loss)  | 4.38%  | 4.61%  | 4.59%  | 3.52%  | 2.72%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $94286 | $83381 | $76209 | $71244 | $84605 |
| Portfolio turnover rate G | 76% <br>| 77%  | 78%  | 75%  | 103%  |

---

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

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.69 | $10.47 | $10.00 | $11.73 | $11.81 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .472  | .486  | .464  | .356  | .315  |
| Net realized and unrealized gain (loss)  | .461  | .135  | .470  | (1.682)  | .105  |
| Total from investment operations  | .933  | .621  | .934  | (1.326)  | .420  |
| Distributions from net investment income  | (.423)  | (.401)  | (.464)  | (.377)  | (.310)  |
| Distributions from net realized gain  | -  | -  | -  | (.011)  | (.190)  |
| Distributions from tax return of capital  | - | - | - | (.016) | - |
| Total distributions  | (.423)  | (.401)  | (.464)  | (.404)  | (.500)  |
| Net asset value, end of period  | $11.20 | $10.69 | $10.47 | $10.00 | $11.73 |
| **Total Return** C,D | 8.79% <br>| 5.86%  | 9.42%  | (11.38)%  | 3.57%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .73%  | .75%  | .77%  | .77%  | .76%  |
| Expenses net of fee waivers, if any  | .73% <br>| .75%  | .77%  | .76%  | .76%  |
| Expenses net of all reductions, if any  | .73%  | .75%  | .76%  | .76%  | .76%  |
| Net investment income (loss)  | 4.28%  | 4.50%  | 4.49%  | 3.42%  | 2.62%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1709 | $896 | $1356 | $1446 | $502 |
| Portfolio turnover rate G | 76% <br>| 77%  | 78%  | 75%  | 103%  |

---

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

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

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

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

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

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

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

**VIP Strategic Income Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.57 | $10.35 | $9.90 | $11.61 | $11.69 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .450  | .464  | .443  | .346  | .293  |
| Net realized and unrealized gain (loss)  | .450  | .141  | .458  | (1.675)  | .108  |
| Total from investment operations  | .900  | .605  | .901  | (1.329)  | .401  |
| Distributions from net investment income  | (.400)  | (.385)  | (.451)  | (.355)  | (.292)  |
| Distributions from net realized gain  | -  | -  | -  | (.011)  | (.189)  |
| Distributions from tax return of capital  | - | - | - | (.015) | - |
| Total distributions  | (.400)  | (.385)  | (.451)  | (.381)  | (.481)  |
| Net asset value, end of period  | $11.07 | $10.57 | $10.35 | $9.90 | $11.61 |
| **Total Return** C,D | 8.58% <br>| 5.78%  | 9.18%  | (11.52)%  | 3.44%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .88%  | .90%  | .92%  | .92%  | .91%  |
| Expenses net of fee waivers, if any  | .88% <br>| .89%  | .92%  | .91%  | .91%  |
| Expenses net of all reductions, if any  | .88%  | .89%  | .91%  | .91%  | .91%  |
| Net investment income (loss)  | 4.13%  | 4.36%  | 4.34%  | 3.27%  | 2.47%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $713625 | $639058 | $562099 | $507410 | $619208 |
| Portfolio turnover rate G | 76% <br>| 77%  | 78%  | 75%  | 103%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Strategic Income Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.67 | $10.44 | $9.98 | $11.70 | $11.77 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .478  | .492  | .470  | .372  | .322  |
| Net realized and unrealized gain (loss)  | .456  | .138  | .462  | (1.689)  | .114  |
| Total from investment operations  | .934  | .630  | .932  | (1.317)  | .436  |
| Distributions from net investment income  | (.424)  | (.400)  | (.472)  | (.376)  | (.316)  |
| Distributions from net realized gain  | -  | -  | -  | (.011)  | (.190)  |
| Distributions from tax return of capital  | - | - | - | (.016) | - |
| Total distributions  | (.424)  | (.400)  | (.472)  | (.403)  | (.506)  |
| Net asset value, end of period  | $11.18 | $10.67 | $10.44 | $9.98 | $11.70 |
| **Total Return** C,D | 8.82% <br>| 5.97%  | 9.42%  | (11.33)%  | 3.72%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .67%  | .68%  | .70%  | .70%  | .69%  |
| Expenses net of fee waivers, if any  | .67% <br>| .67%  | .70%  | .70%  | .69%  |
| Expenses net of all reductions, if any  | .67%  | .67%  | .70%  | .70%  | .69%  |
| Net investment income (loss)  | 4.34%  | 4.58%  | 4.56%  | 3.49%  | 2.69%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $833386 | $785459 | $777810 | $797276 | $986699 |
| Portfolio turnover rate G | 76% <br>| 77%  | 78%  | 75%  | 103%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

VIP Strategic Income Portfolio (the Fund) is a fund of Variable Insurance Products Fund V (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Floating Rate Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of income by normally investing in floating rate loans and other floating rate securities. | Foreign Securities<br> Loans & Direct Debt Instruments<br> Restricted Securities | .01% |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

An unaudited holdings listing for the investing fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations, foreign government and government agency obligations, preferred securities and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Swaps are marked-to-market daily based on valuations from third party pricing services, registered derivatives clearing organizations (clearinghouses) or broker-supplied valuations. These pricing sources may utilize inputs such as interest rate curves, credit spread curves, default possibilities and recovery rates. When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities and swaps are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

The U.S. dollar value of forward foreign currency contracts is determined using currency exchange rates supplied by a pricing service and are categorized as Level 2 in the hierarchy. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Options traded over-the-counter are valued using service or broker-supplied valuations and are categorized as Level 2 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** 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.

Realized gains and losses on foreign currency transactions arise from the disposition of foreign currency, realized changes in the value of foreign currency between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized gains and losses on assets and liabilities in foreign currencies arise from changes in the value of foreign currency, and from assets and liabilities denominated in foreign currencies, other than investments, which are held at period end.

**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. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. The principal amount on inflation-indexed securities is periodically adjusted to the rate of inflation and interest is accrued based on the principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to Interest in the accompanying Statement of Operations. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends and interest, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets and Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, swaps, foreign currency transactions, defaulted bonds, market discount, partnerships, capital loss carryforwards, losses deferred due to wash sales and futures transactions.

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**  | $102610702 |
| **Gross unrealized depreciation**  | <u>(62267113)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$40343589</u> |
| **Tax Cost**  | <u>$1609717483</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$20172599</u> |
| **Capital loss carryforward**  | <u>$(64766825)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$40023412</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 | $(29581188) |
| Long-term | <u>(35185637)</u> |
| **Total capital loss carryforward** | <u>$(64766825)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | <u>$59020540</u> | <u>$53920932</u> |
| **Total**  | <u>$59020540</u> | <u>$53920932</u> |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**To-Be-Announced (TBA) Securities and Mortgage Dollar Rolls.** TBA securities involve buying or selling mortgage-backed securities (MBS) on a forward commitment basis. A TBA transaction typically does not designate the actual security to be delivered and only includes an approximate principal amount; however delivered securities must meet specified terms defined by industry guidelines, including issuer, rate and current principal amount outstanding on underlying mortgage pools. Funds may enter into a TBA transaction with the intent to take possession of or deliver the underlying MBS, or a fund may elect to extend the settlement by entering into either a mortgage or reverse mortgage dollar roll. Mortgage dollar rolls are transactions where a fund sells TBA securities and simultaneously agrees to repurchase MBS on a later date at a lower price and with the same counterparty. Reverse mortgage dollar rolls involve the purchase and simultaneous agreement to sell TBA securities on a later date at a lower price. Transactions in mortgage dollar rolls and reverse mortgage dollar rolls are accounted for as purchases and sales and may result in an increase to a fund's portfolio turnover rate.

Purchases and sales of TBA securities involve risks similar to those discussed above for delayed delivery and when-issued securities. Also, if the counterparty in a mortgage dollar roll or a reverse mortgage dollar roll transaction files for bankruptcy or becomes insolvent, a fund's right to repurchase or sell securities may be limited. Additionally, when a fund sells TBA securities without already owning or having the right to obtain the deliverable securities (an uncovered forward commitment to sell), it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold them. A fund may be unable to purchase the deliverable securities if the corresponding market is illiquid.

TBA securities subject to a forward commitment to sell at period end are included at the end of the Schedule of Investments under the caption "TBA Sale Commitments." The value of these commitments and proceeds to be received at contractual settlement date are reflected in the Statement of Assets and Liabilities as "TBA sale commitments, at value" and "Receivable for TBA sale commitments," respectively. A fund realizes a gain or loss on settlement, either through the acquisition of an offsetting TBA purchase commitment on or before the sale commitment date, or by delivery of the securities under the commitment.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**Loans and Other Direct Debt Instruments.** Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.

**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, forward foreign currency contracts, options and swaps. 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, to gain exposure to certain types of assets, to facilitate transactions in foreign-denominated securities 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):

---

| | |
|:---|:---|
| Credit Risk | Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to a fund.<br>|
| Foreign Exchange Risk  | Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.<br>|
| Interest Rate Risk  | Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates. |

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as forward foreign currency contracts, options and bi-lateral swaps, a fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives a fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, a fund receives collateral in the form of cash or securities once net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the custodian bank in accordance with the collateral agreements entered into between a fund, the counterparty and the custodian bank. A fund could experience delays and costs in gaining access to the collateral even though it is held by the custodian bank. The maximum risk of loss to a fund from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to a fund. For OTC written options with upfront premiums received, a fund is obligated to perform and therefore does not have counterparty risk. For OTC written options with premiums to be received at a future date, the maximum risk of loss from counterparty credit risk is the amount of the premium in excess of any collateral pledged by the counterparty. A fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Exchange-traded contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to these contracts may be mitigated by the protection provided by the exchange on which they trade. Counterparty credit risk related to centrally cleared swaps may be mitigated by the protection provided by the clearinghouse.

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.

**Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives.** The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **VIP Strategic Income Portfolio** |  |  |
| **Credit Risk** |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; <u>(2377)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(3064)</u> |
| **Total Credit Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(2377)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(3064)</u> |
| **Foreign Exchange Risk** |  |  |
| Forward Foreign Currency Contracts | <u>(7990234)</u> | <u>(3919265)</u> |
| **Total Foreign Exchange Risk** | <u>(7990234)</u> | <u>(3919265)</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | 6801425 | 324672 |
| Purchased Options | (35061) | (253164) |
| Written Options | 10524 | - |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; <u>111620</u> | <u>(422243)</u> |
| **Total Interest Rate Risk** | <u>6888508</u> | <u>(350735)</u> |
| **Totals** | <u>(1104103)</u> | <u>(4273064)</u> |

---

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.

**Forward Foreign Currency Contracts.** Forward foreign currency contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Forward foreign currency contracts were used to facilitate transactions in foreign-denominated securities and to manage exposure to certain foreign currencies.

Forward foreign currency contracts are valued daily and fluctuations in exchange rates on open contracts are recorded as unrealized appreciation or (depreciation) and reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When the contract is closed, a gain or loss is realized equal to the difference between the closing value and the value at the time it was opened. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on forward foreign currency contracts during the period is presented in the Statement of Operations.

Any open forward foreign currency contracts at period end are presented in the Schedule of Investments under the caption "Forward Foreign Currency Contracts." The contract amount and unrealized appreciation (depreciation) reflects each contract's exposure to the underlying currency at period end, and is representative of volume of activity during the period, unless an average contract value is presented in the table below.

---

| | |
|:---|:---|
|  | **Average Contracts Amount ($)** |
| **VIP Strategic Income Portfolio** | 149887206 |

---

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the bond market and fluctuations in interest rates.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period, unless an average notional amount is presented in the table below.

---

| | |
|:---|:---|
|  | **Average Notional Amount ($)** |
| **VIP Strategic Income Portfolio** | 209969476 |

---

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.

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date. OTC options, such as swaptions, which are options where the underlying instrument is a swap, were used to manage exposure to fluctuations in interest rates.

Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable, and are representative of volume of activity during the period.

Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.

**Swaps.** A swap is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount. A bi-lateral OTC swap is a transaction between a fund and a dealer counterparty where cash flows are exchanged between the two parties for the life of the swap. A centrally cleared swap is a transaction executed between a fund and a dealer counterparty, then cleared by a futures commission merchant (FCM) through a clearinghouse. Once cleared, the clearinghouse serves as a central counterparty, with whom a fund exchanges cash flows for the life of the transaction, similar to transactions in futures contracts.

Bi-lateral OTC swaps are marked-to-market daily and changes in value are reflected in the Statement of Assets and Liabilities in the bi-lateral OTC swaps at value line items. Any upfront premiums paid or received upon entering a bi-lateral OTC swap to compensate for differences between stated terms of the swap and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded in total accumulated earnings (loss) in the Statement of Assets and Liabilities and amortized to realized gain or (loss) ratably over the term of the swap. Any unamortized upfront premiums are presented in the Schedule of Investments.

Centrally cleared swaps require a fund to deposit either cash or securities (initial margin) with the FCM, at the instruction of and for the benefit of the clearinghouse. 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 in segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities. Centrally cleared swaps are marked-to-market daily and subsequent payments (variation margin) are made or received depending on the daily fluctuations in the value of the swaps and are recorded as unrealized appreciation or (depreciation). These daily payments, if any, are included in receivable or payable for daily variation margin on centrally cleared swaps in the Statement of Assets and Liabilities. Any premiums for centrally cleared swaps are recorded periodically throughout the term of the swap to variation margin and included in total accumulated earnings (loss) in the Statement of Assets and Liabilities. Any premiums are recognized as realized gain (loss) upon termination or maturity of the swap.

For both bi-lateral and centrally cleared swaps, payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Some swaps may be terminated prior to the effective date and realize a gain or loss upon termination. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on swaps during the period is presented in the Statement of Operations.

Any open swaps at period end are included in the Schedule of Investments under the caption "Swaps", and are representative of volume of activity during the period.

**Credit Default Swaps.** Credit default swaps enable a fund to buy or sell protection against specified credit events on a single-name issuer or a traded credit index. Under the terms of a credit default swap the buyer of protection (buyer) receives credit protection in exchange for making periodic payments to the seller of protection (seller) based on a fixed percentage applied to a notional principal amount. In return for these payments, the seller will be required to make a payment upon the occurrence of one or more specified credit events. A fund enters into credit default swaps as a seller to gain credit exposure to an issuer and/or as a buyer to obtain a measure of protection against defaults of an issuer. Periodic payments are made over the life of the contract by the buyer provided that no credit event occurs.

For credit default swaps on most corporate and sovereign issuers, credit events include bankruptcy, failure to pay or repudiation/moratorium. For credit default swaps on corporate or sovereign issuers, the obligation that may be put to the seller is not limited to the specific reference obligation described in the Schedule of Investments. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down. For credit default swaps on asset-backed securities, the reference obligation described represents the security that may be put to the seller. For credit default swaps on a traded credit index, a specified credit event may affect all or individual underlying securities included in the index.

As a seller, if an underlying credit event occurs, a fund will pay a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising an index. Only in the event of the industry's inability to value the underlying asset will a fund be required to take delivery of the reference obligation or underlying securities comprising an index and pay an amount equal to the notional amount of the swap.

As a buyer, if an underlying credit event occurs, a fund will receive a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising an index. Only in the event of the industry's inability to value the underlying asset will a fund be required to deliver the reference obligation or underlying securities comprising an index in exchange for payment of an amount equal to the notional amount of the swap.

Typically, the value of each credit default swap and credit rating disclosed for each reference obligation in the Schedule of Investments, where a fund is the seller, can be used as measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. In addition to these measures, the investment adviser monitors a variety of factors including cash flow assumptions, market activity and market sentiment as part of its ongoing process of assessing payment/performance risk.

**Interest Rate Swaps.** Interest rate swaps are agreements between counterparties to exchange cash flows, one based on a fixed rate, and the other on a floating rate. A fund enters into interest rate swaps to manage its exposure to interest rate changes. Changes in interest rates can have an effect on both the value of bond holdings as well as the amount of interest income earned. In general, the value of bonds can fall when interest rates rise and can rise when interest rates fall.

**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 Strategic Income Portfolio** | 792708855 | 761670649 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .63 |
| **Service Class** | .63 |
| **Service Class 2** | .63 |
| **Investor Class** | .66 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .62 |
| **Service Class** | .62 |
| **Service Class 2** | .62 |
| **Investor Class** | .66 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's average net assets.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:

---

| | |
|:---|:---|
| **Service Class** | $1305 |
| **Service Class 2** | <u>1685040</u> |
|  | <u>$1686345</u> |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Strategic Income Portfolio** | 348 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Strategic Income Portfolio** | 1212447 | 105993 | 21020 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Strategic Income Portfolio** | 2102 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of interest. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Strategic Income Portfolio** | 628 | - | - |

---

**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 $42,439.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Strategic Income Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $3490577 | $2983430 |
| Service Class | 58291 | 66822 |
| Service Class 2 | 24726681 | 22343547 |
| Investor Class | <u>30744991</u> | <u>28527133</u> |
| Total  | <u>$59020540</u> | <u>$53920932</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** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Strategic Income Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 1654900 | 1308611 | $18275376 | $14205903 |
| Reinvestment of distributions  | 314098 | 273327 | 3490577 | 2983430 |
| Shares redeemed | <u>(1352463)</u> | <u>(1070922)</u> | <u>(14854653)</u> | <u>(11567367)</u> |
| Net increase (decrease) | <u>616535</u> | <u>511016</u> | <u>$6911300</u> | <u>$5621966</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 120703 | 62881 | $1339961 | $678622 |
| Reinvestment of distributions  | 4423 | 5340 | 49180 | 58185 |
| Shares redeemed | <u>(56354)</u> | <u>(113929)</u> | <u>(627046)</u> | <u>(1230866)</u> |
| Net increase (decrease) | <u>68772</u> | <u>(45708)</u> | <u>$762095</u> | <u>$(494059)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 9982290 | 10246349 | $109278413 | $109333726 |
| Reinvestment of distributions  | 2257885 | 2075515 | 24726681 | 22343547 |
| Shares redeemed | <u>(8245384)</u> | <u>(6153550)</u> | <u>(90226231)</u> | <u>(65529570)</u> |
| Net increase (decrease) | <u>3994791</u> | <u>6168314</u> | <u>$43778863</u> | <u>$66147703</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 4177273 | 3527642 | $46151058 | $38182302 |
| Reinvestment of distributions  | 2779987 | 2625617 | 30744991 | 28527133 |
| Shares redeemed | <u>(6031256)</u> | <u>(7048736)</u> | <u>(65752687)</u> | <u>(75807446)</u> |
| Net increase (decrease) | <u>926004</u> | <u>(895477)</u> | <u>$11143362</u> | <u>$(9098011)</u> |

---

**12. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %**  | **Number of Unaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| **VIP Strategic Income Portfolio** <br>| 53% | 1 | 14% |

---

**13. Credit Risk.**

The Fund's relatively large investment in countries with limited or developing capital markets may involve greater risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of the Fund's investments and the income they generate, as well as the Fund's ability to repatriate such amounts.

**14. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund V and Shareholders of VIP Strategic Income Portfolio

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Strategic Income Portfolio (one of the funds constituting Variable Insurance Products Fund V, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, issuers of privately offered securities, agent banks and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 11, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

A total of 16.55% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $55,996,784 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Initial Class designates 3%; Service Class designates 3%; Service Class 2 designates 4%; and Investor Class designates 3% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**VIP Strategic Income Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, managing, training, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity and derivatives risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against one or more appropriate indices, including a customized blended index that reflects the respective weights of the fund's asset classes (each a benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the representative class of the fund (Investor Class), the Board considered the effective management fee rate for Investor Class from March 2024 to December 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) for Investor Class of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of Investor Class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Investor Class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Investor Class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that the management fee rate of Investor Class of the fund ranked above the competitive median of the total peer group for 2024 and above the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund's Investor Class ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

The Board considered that the fund has a variable management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its competitive medians.

The Board also considered that the total expenses for Service Class 2 of the fund ranked in the 3rd quartile of the total peer group. The Board considered that Service Class 2 has a 0.25% 12b-1 fee, whereas most of the classes in the insurance universe do not have 12b-1 fees.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability**. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img123120_4.jpg)<br>

1.796350.123 VIPSI-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Investor Freedom Income Portfolio℠**

**VIP Investor Freedom 2010 Portfolio℠**

**VIP Investor Freedom 2015 Portfolio℠**

**VIP Investor Freedom 2020 Portfolio℠**

**VIP Investor Freedom 2025 Portfolio℠**

**VIP Investor Freedom 2030 Portfolio℠**

**VIP Investor Freedom 2035 Portfolio℠**

**VIP Investor Freedom 2040 Portfolio℠**

**VIP Investor Freedom 2045 Portfolio℠**

**VIP Investor Freedom 2050 Portfolio℠**

**(VIP Investor Freedom Income Portfolio℠ to be renamed VIP Investor Freedom Retirement Portfolio℠ effective April 30, 2026)**

**Annual Report**

**December 31, 2025**

![](img123125_1.jpg)

![](img123125_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIPIFF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Investor Freedom Income Portfolio℠](#Sub_Sec_Fund_1502_VIPIFF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Investor Freedom 2010 Portfolio℠](#Sub_Sec_Fund_1496_VIPIFF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Investor Freedom 2015 Portfolio℠](#Sub_Sec_Fund_1497_VIPIFF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Investor Freedom 2020 Portfolio℠](#Sub_Sec_Fund_1498_VIPIFF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Investor Freedom 2025 Portfolio℠](#Sub_Sec_Fund_1499_VIPIFF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Investor Freedom 2030 Portfolio℠](#Sub_Sec_Fund_1501_VIPIFF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Investor Freedom 2035 Portfolio℠](#Sub_Sec_Fund_6574_VIPIFF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Investor Freedom 2040 Portfolio℠](#Sub_Sec_Fund_6575_VIPIFF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Investor Freedom 2045 Portfolio℠](#Sub_Sec_Fund_6576_VIPIFF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Investor Freedom 2050 Portfolio℠](#Sub_Sec_Fund_6577_VIPIFF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1502_VIPIFF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPIFF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPIFF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPIFF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPIFF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPIFF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPIFF-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the 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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**VIP Investor Freedom Income Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 61.4%** | &nbsp;&nbsp;**Bond Funds - 61.4%** | &nbsp;&nbsp;**Bond Funds - 61.4%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 1316704 | 12008340 |
| Fidelity International Bond Index Fund (a) | 300019 | 2751172 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 244879 | 2274922 |
| VIP High Income Portfolio - Investor Class (a) | 194166 | 939763 |
| VIP Investment Grade Bond II Portfolio - Investor Class (a) | 3118804 | 29535069 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $49,674,631) |  | **47509266** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 12.0%** | &nbsp;&nbsp;**Domestic Equity Funds - 12.0%** | &nbsp;&nbsp;**Domestic Equity Funds - 12.0%** |
|  | Shares | Value ($)<br>|
| Fidelity Commodity Strategy Fund (a) | 8800 | 895729 |
| VIP Contrafund Portfolio - Investor Class (a) | 24957 | 1476231 |
| VIP Equity Income Portfolio - Investor Class (a) | 41083 | 1197171 |
| VIP Growth & Income Portfolio - Investor Class (a) | 49660 | 1643246 |
| VIP Growth Portfolio - Investor Class (a) | 25383 | 2448914 |
| VIP Mid Cap Portfolio - Investor Class (a) | 10139 | 375652 |
| VIP Value Portfolio - Investor Class (a) | 43498 | 836035 |
| VIP Value Strategies Portfolio - Investor Class (a) | 26326 | 414368 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $6,274,702) |  | **9287346** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 12.4%** | &nbsp;&nbsp;**International Equity Funds - 12.4%** | &nbsp;&nbsp;**International Equity Funds - 12.4%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Investor Class (a) | 191714 | 3013737 |
| VIP Overseas Portfolio - Investor Class (a) | 241265 | 6608256 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $5,623,428) |  | **9621993** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 14.2%** | &nbsp;&nbsp;**Money Market Funds - 14.2%** | &nbsp;&nbsp;**Money Market Funds - 14.2%** | &nbsp;&nbsp;**Money Market Funds - 14.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Investor Class (a)(b)<br>(Cost $11,014,767)<br>| 3.60 | 11014767 | **11014767** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $72,587,528)<br>| <br>**77433372** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **1** |
| **NET ASSETS - 100.0%** | **77433373** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Commodity Strategy Fund | - | 895518 | 8973 | 4396 | 15 | 9169 | 895729 | 8800 |
| Fidelity Inflation-Protected Bond Index Fund | 12017224 | 1903679 | 2222150 | 473406 | (54452) | 379213 | 12008340 | 1316704 |
| Fidelity International Bond Index Fund | 2429057 | 756697 | 394380 | 101798 | (12226) | (27976) | 2751172 | 300019 |
| Fidelity Long-Term Treasury Bond Index Fund | 2311549 | 995617 | 1086869 | 103370 | (168560) | 223185 | 2274922 | 244879 |
| VIP Contrafund Portfolio - Investor Class | 1265673 | 839612 | 623194 | 226361 | (39249) | 33389 | 1476231 | 24957 |
| VIP Emerging Markets Portfolio - Investor Class | 4110350 | 1359225 | 3502156 | 87384 | 642644 | 403674 | 3013737 | 191714 |
| VIP Equity Income Portfolio - Investor Class | 1032656 | 615407 | 537513 | 85116 | (12828) | 99449 | 1197171 | 41083 |
| VIP Government Money Market Portfolio - Investor Class | 11794889 | 4416645 | 5196767 | 482818 | - | - | 11014767 | 11014767 |
| VIP Growth & Income Portfolio - Investor Class | 1416853 | 880820 | 738309 | 171038 | (16744) | 100626 | 1643246 | 49660 |
| VIP Growth Portfolio - Investor Class | 2097597 | 1313983 | 901330 | 306613 | (78992) | 17656 | 2448914 | 25383 |
| VIP High Income Portfolio - Investor Class | 928159 | 120742 | 141706 | 60197 | (5216) | 37784 | 939763 | 194166 |
| VIP Investment Grade Bond II Portfolio - Investor Class | 30023772 | 4874371 | 6206932 | 1193263 | (145169) | 989027 | 29535069 | 3118804 |
| VIP Mid Cap Portfolio - Investor Class | 325119 | 193149 | 136701 | 40459 | (8033) | 2118 | 375652 | 10139 |
| VIP Overseas Portfolio - Investor Class | 5665206 | 3108989 | 2771665 | 650173 | 180325 | 425401 | 6608256 | 241265 |
| VIP Value Portfolio - Investor Class | 725619 | 430544 | 321995 | 71544 | (15126) | 16993 | 836035 | 43498 |
| VIP Value Strategies Portfolio - Investor Class | 360651 | 188127 | 140866 | 19759 | (8471) | 14927 | 414368 | 26326 |
|  | 76504374 | 22893125 | 24931506 | 4077695 | 257918 | 2724635 | 77433372 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 47509266 | 47509266 | - | - |
|  **Domestic Equity Funds** | 9287346 | 9287346 | - | - |
|  **International Equity Funds** | 9621993 | 9621993 | - | - |
|  **Money Market Funds** | 11014767 | 11014767 | - | - |
| **Total Investments in Securities:** | 77433372 | 77433372 | - | - |

---

**VIP Investor Freedom Income Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $72,587,528) | $77433372 |  |
| Total Investment in Securities (cost $72,587,528) |  | $77433372 |
| Receivable for investments sold |  | 882553 |
| **Total assets** |  | 78315925 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $878887 |  |
| Payable for fund shares redeemed | 3665 |  |
| **Total liabilities** |  | 882552 |
| **Net Assets**  |  | $77433373 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $73413265 |
| Total accumulated earnings (loss) |  | 4020108 |
| **Net Assets** |  | $77433373 |
| **Net Asset Value**, offering price and redemption price per share ($77,433,373 ÷ 6,713,731 shares) |  | $11.53 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $2645601 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $188 |  |
| **Total expenses** |  | 188 |
| **Net Investment income (loss)** |  | 2645413 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | 257918 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 1432094 |  |
| Total net realized gain (loss) |  | 1690012 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 2724635 |  |
| Total change in net unrealized appreciation (depreciation) |  | 2724635 |
| **Net gain (loss)** |  | 4414647 |
| **Net increase (decrease) in net assets resulting from operations** |  | $7060060 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2645413 | $2636164 |
| &nbsp;&nbsp;Net realized gain (loss) | 1690012<br>| 736923<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2724635 | (398061)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 7060060<br>| 2975026<br>|
| Distributions to shareholders | (2640697)<br>| (2820718)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 3676577 | 3208805 |
| Net asset value of shares issued in exchange for the net assets of the Acquired Fund(s) (see Reorganization Information note) | -<br>| 18112866<br>|
| Reinvestment of distributions | 2640697<br>| 2820718<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (9807639) | (11158884) |
| **Net increase (decrease) in net assets resulting from share transactions** | (3490365)<br>| 12983505<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 928998<br>| 13137813<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 76504375 | 63366562<br>|
| &nbsp;&nbsp;End of period | $77433373 | $76504375 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 317364 | 288309 |
| Issued in exchange for the shares of the Acquired Fund(s) (see Reorganization Information note) | -<br>| 1648130<br>|
| Issued in reinvestment of distributions | 231220<br>| 259155<br>|
| &nbsp;&nbsp;Redeemed | (858576) | (1012282) |
| &nbsp;&nbsp;Net increase (decrease) | (309992) | 1183312 |

---

**Financial Highlights** 

**VIP Investor Freedom Income Portfolio℠** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.89 | $10.85 | $10.52 | $12.62 | $12.68 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .39  | .41  | .36  | .27  | .24  |
| Net realized and unrealized gain (loss)  | .65  | .06  | .46  | (1.74)  | .17  |
| Total from investment operations  | 1.04  | .47  | .82  | (1.47)  | .41  |
| Distributions from net investment income  | (.40)  | (.42)  | (.49)  | (.25)  | (.13)  |
| Distributions from net realized gain  | (.01)  | (.01)  | -  | (.38)  | (.34)  |
| Total distributions  | (.40) C | (.43)  | (.49)  | (.63)  | (.47)  |
| Net asset value, end of period  | $11.53 | $10.89 | $10.85 | $10.52 | $12.62 |
| **Total Return** D,E | 9.63% <br>| 4.31%  | 7.88%  | (12.03)%  | 3.28%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 3.44%  | 3.72%  | 3.36%  | 2.44%  | 1.88%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $77433 | $76504 | $63367 | $72948 | $102427 |
| Portfolio turnover rate I | 30% <br>| 25% J | 20%  | 65%  | 27%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

J*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**VIP Investor Freedom 2010 Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 60.2%** | &nbsp;&nbsp;**Bond Funds - 60.2%** | &nbsp;&nbsp;**Bond Funds - 60.2%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 838425 | 7646435 |
| Fidelity International Bond Index Fund (a) | 203535 | 1866419 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 173080 | 1607910 |
| VIP High Income Portfolio - Investor Class (a) | 128097 | 619987 |
| VIP Investment Grade Bond II Portfolio - Investor Class (a) | 2004204 | 18979815 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $32,033,456) |  | **30720566** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 14.3%** | &nbsp;&nbsp;**Domestic Equity Funds - 14.3%** | &nbsp;&nbsp;**Domestic Equity Funds - 14.3%** |
|  | Shares | Value ($)<br>|
| Fidelity Commodity Strategy Fund (a) | 5462 | 555947 |
| VIP Contrafund Portfolio - Investor Class (a) | 20016 | 1183958 |
| VIP Equity Income Portfolio - Investor Class (a) | 32951 | 960192 |
| VIP Growth & Income Portfolio - Investor Class (a) | 39828 | 1317905 |
| VIP Growth Portfolio - Investor Class (a) | 20357 | 1964082 |
| VIP Mid Cap Portfolio - Investor Class (a) | 8131 | 301264 |
| VIP Value Portfolio - Investor Class (a) | 34886 | 670504 |
| VIP Value Strategies Portfolio - Investor Class (a) | 21113 | 332316 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $4,178,516) |  | **7286168** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 14.0%** | &nbsp;&nbsp;**International Equity Funds - 14.0%** | &nbsp;&nbsp;**International Equity Funds - 14.0%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Investor Class (a) | 142079 | 2233489 |
| VIP Overseas Portfolio - Investor Class (a) | 179500 | 4916504 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $4,406,591) |  | **7149993** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 11.5%** | &nbsp;&nbsp;**Money Market Funds - 11.5%** | &nbsp;&nbsp;**Money Market Funds - 11.5%** | &nbsp;&nbsp;**Money Market Funds - 11.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Investor Class (a)(b)<br>(Cost $5,914,559)<br>| 3.60 | 5914559 | **5914559** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $46,533,122)<br>| <br>**51071286** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **1** |
| **NET ASSETS - 100.0%** | **51071287** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Commodity Strategy Fund | - | 558365 | 8131 | 2582 | (30) | 5743 | 555947 | 5462 |
| Fidelity Inflation-Protected Bond Index Fund | 7834035 | 1364639 | 1757234 | 304983 | (125113) | 340018 | 7646435 | 838425 |
| Fidelity International Bond Index Fund | 1781449 | 469279 | 357678 | 71372 | (10375) | (16256) | 1866419 | 203535 |
| Fidelity Long-Term Treasury Bond Index Fund | 1711047 | 705813 | 844348 | 75149 | (153721) | 189119 | 1607910 | 173080 |
| VIP Contrafund Portfolio - Investor Class | 1231234 | 524693 | 595349 | 191351 | 44730 | (21350) | 1183958 | 20016 |
| VIP Emerging Markets Portfolio - Investor Class | 3237857 | 954693 | 2796034 | 64623 | 655126 | 181847 | 2233489 | 142079 |
| VIP Equity Income Portfolio - Investor Class | 1004627 | 356192 | 491354 | 70842 | 18871 | 71856 | 960192 | 32951 |
| VIP Government Money Market Portfolio - Investor Class | 5940504 | 3276652 | 3302597 | 254700 | - | - | 5914559 | 5914559 |
| VIP Growth & Income Portfolio - Investor Class | 1378369 | 513284 | 675643 | 142161 | 94782 | 7113 | 1317905 | 39828 |
| VIP Growth Portfolio - Investor Class | 2040511 | 769138 | 836871 | 254840 | (28752) | 20056 | 1964082 | 20357 |
| VIP High Income Portfolio - Investor Class | 638416 | 73964 | 115954 | 40028 | (5351) | 28912 | 619987 | 128097 |
| VIP Investment Grade Bond II Portfolio - Investor Class | 19574176 | 3619017 | 4763736 | 768758 | (109837) | 660195 | 18979815 | 2004204 |
| VIP Mid Cap Portfolio - Investor Class | 316290 | 120974 | 132874 | 35338 | (4084) | 958 | 301264 | 8131 |
| VIP Overseas Portfolio - Investor Class | 4864240 | 1889191 | 2382444 | 501447 | 337206 | 208311 | 4916504 | 179500 |
| VIP Value Portfolio - Investor Class | 705943 | 257554 | 298237 | 62739 | (6941) | 12185 | 670504 | 34886 |
| VIP Value Strategies Portfolio - Investor Class | 350884 | 111648 | 136611 | 17159 | (4633) | 11028 | 332316 | 21113 |
|  | 52609582 | 15565096 | 19495095 | 2858072 | 701878 | 1699735 | 51071286 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 30720566 | 30720566 | - | - |
|  **Domestic Equity Funds** | 7286168 | 7286168 | - | - |
|  **International Equity Funds** | 7149993 | 7149993 | - | - |
|  **Money Market Funds** | 5914559 | 5914559 | - | - |
| **Total Investments in Securities:** | 51071286 | 51071286 | - | - |

---

**VIP Investor Freedom 2010 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $46,533,122) | $51071286 |  |
| Total Investment in Securities (cost $46,533,122) |  | $51071286 |
| Receivable for investments sold |  | 423323 |
| **Total assets** |  | 51494609 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $423009 |  |
| Payable for fund shares redeemed | 313 |  |
| **Total liabilities** |  | 423322 |
| **Net Assets**  |  | $51071287 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $44846101 |
| Total accumulated earnings (loss) |  | 6225186 |
| **Net Assets** |  | $51071287 |
| **Net Asset Value**, offering price and redemption price per share ($51,071,287 ÷ 3,982,065 shares) |  | $12.83 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $1692987 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $129 |  |
| **Total expenses** |  | 129 |
| **Net Investment income (loss)** |  | 1692858 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | 701878 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 1165085 |  |
| Total net realized gain (loss) |  | 1866963 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 1699735 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1699735 |
| **Net gain (loss)** |  | 3566698 |
| **Net increase (decrease) in net assets resulting from operations** |  | $5259556 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1692858 | $1753320 |
| &nbsp;&nbsp;Net realized gain (loss) | 1866963<br>| 1189505<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1699735 | (46305)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 5259556<br>| 2896520<br>|
| Distributions to shareholders | (1783264)<br>| (1961913)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1577982 | 216949 |
| Reinvestment of distributions | 1783263<br>| 1961913<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (8375834) | (6879923) |
| **Net increase (decrease) in net assets resulting from share transactions** | (5014589)<br>| (4701061)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (1538297)<br>| (3766454)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 52609584 | 56376038<br>|
| &nbsp;&nbsp;End of period | $51071287 | $52609584 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 127033 | 17708 |
| Issued in reinvestment of distributions | 140552<br>| 163592<br>|
| &nbsp;&nbsp;Redeemed | (661147) | (564087) |
| &nbsp;&nbsp;Net increase (decrease) | (393562) | (382787) |

---

**Financial Highlights** 

**VIP Investor Freedom 2010 Portfolio℠** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.02 | $11.85 | $11.27 | $13.93 | $13.73 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .41  | .39  | .35  | .29  | .26  |
| Net realized and unrealized gain (loss)  | .85  | .23  | .70  | (2.10)  | .52  |
| Total from investment operations  | 1.26  | .62  | 1.05  | (1.81)  | .78  |
| Distributions from net investment income  | (.43)  | (.44)  | (.47)  | (.26)  | (.14)  |
| Distributions from net realized gain  | (.03)  | (.01)  | -  | (.59)  | (.44)  |
| Total distributions  | (.45) C | (.45)  | (.47)  | (.85)  | (.58)  |
| Net asset value, end of period  | $12.83 | $12.02 | $11.85 | $11.27 | $13.93 |
| **Total Return** D,E | 10.57% <br>| 5.27%  | 9.40%  | (13.50)%  | 5.81%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 3.22%  | 3.17%  | 3.03%  | 2.40%  | 1.87%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $51071 | $52610 | $56376 | $62719 | $85277 |
| Portfolio turnover rate I | 30% <br>| 22%  | 18%  | 64%  | 23%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**VIP Investor Freedom 2015 Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 57.6%** | &nbsp;&nbsp;**Bond Funds - 57.6%** | &nbsp;&nbsp;**Bond Funds - 57.6%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 1357004 | 12375874 |
| Fidelity International Bond Index Fund (a) | 372005 | 3411286 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 322640 | 2997322 |
| VIP High Income Portfolio - Investor Class (a) | 223159 | 1080088 |
| VIP Investment Grade Bond II Portfolio - Investor Class (a) | 3308546 | 31331932 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $53,704,590) |  | **51196502** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 18.9%** | &nbsp;&nbsp;**Domestic Equity Funds - 18.9%** | &nbsp;&nbsp;**Domestic Equity Funds - 18.9%** |
|  | Shares | Value ($)<br>|
| Fidelity Commodity Strategy Fund (a) | 8984 | 914487 |
| VIP Contrafund Portfolio - Investor Class (a) | 47294 | 2797447 |
| VIP Equity Income Portfolio - Investor Class (a) | 77858 | 2268785 |
| VIP Growth & Income Portfolio - Investor Class (a) | 94105 | 3113934 |
| VIP Growth Portfolio - Investor Class (a) | 48100 | 4640692 |
| VIP Mid Cap Portfolio - Investor Class (a) | 19213 | 711844 |
| VIP Value Portfolio - Investor Class (a) | 82425 | 1584214 |
| VIP Value Strategies Portfolio - Investor Class (a) | 49887 | 785214 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $9,060,052) |  | **16816617** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 17.2%** | &nbsp;&nbsp;**International Equity Funds - 17.2%** | &nbsp;&nbsp;**International Equity Funds - 17.2%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Investor Class (a) | 301900 | 4745873 |
| VIP Overseas Portfolio - Investor Class (a) | 383755 | 10511045 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $8,981,297) |  | **15256918** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 6.3%** | &nbsp;&nbsp;**Money Market Funds - 6.3%** | &nbsp;&nbsp;**Money Market Funds - 6.3%** | &nbsp;&nbsp;**Money Market Funds - 6.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Investor Class (a)(b)<br>(Cost $5,654,311)<br>| 3.60 | 5654311 | **5654311** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $77,400,250)<br>| <br>**88924348** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(4)** |
| **NET ASSETS - 100.0%** | **88924344** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Commodity Strategy Fund | - | 928394 | 23700 | 4222 | 117 | 9676 | 914487 | 8984 |
| Fidelity Inflation-Protected Bond Index Fund | 12273551 | 2278488 | 2488194 | 491152 | (206914) | 534550 | 12375874 | 1357004 |
| Fidelity International Bond Index Fund | 3254536 | 791449 | 584845 | 132062 | (13679) | (36175) | 3411286 | 372005 |
| Fidelity Long-Term Treasury Bond Index Fund | 2983746 | 1173623 | 1226607 | 131507 | (180282) | 246842 | 2997322 | 322640 |
| VIP Contrafund Portfolio - Investor Class | 2939169 | 1003508 | 1214686 | 459532 | 42749 | 26707 | 2797447 | 47294 |
| VIP Emerging Markets Portfolio - Investor Class | 6448513 | 1523959 | 4953381 | 136123 | 1107030 | 619752 | 4745873 | 301900 |
| VIP Equity Income Portfolio - Investor Class | 2398220 | 589575 | 944153 | 170088 | 22696 | 202447 | 2268785 | 77858 |
| VIP Government Money Market Portfolio - Investor Class | 5149993 | 5031915 | 4527597 | 236996 | - | - | 5654311 | 5654311 |
| VIP Growth & Income Portfolio - Investor Class | 3290409 | 886941 | 1319402 | 341587 | 146218 | 109768 | 3113934 | 94105 |
| VIP Growth Portfolio - Investor Class | 4871051 | 1560051 | 1792608 | 612476 | (46857) | 49055 | 4640692 | 48100 |
| VIP High Income Portfolio - Investor Class | 1080050 | 126666 | 163695 | 70399 | (11022) | 48089 | 1080088 | 223159 |
| VIP Investment Grade Bond II Portfolio - Investor Class | 30492859 | 6406609 | 6373185 | 1275386 | (233067) | 1038716 | 31331932 | 3308546 |
| VIP Mid Cap Portfolio - Investor Class | 755039 | 237383 | 275784 | 84750 | (7842) | 3048 | 711844 | 19213 |
| VIP Overseas Portfolio - Investor Class | 10515475 | 3149750 | 4237888 | 1095164 | 601379 | 482329 | 10511045 | 383755 |
| VIP Value Portfolio - Investor Class | 1685213 | 452821 | 570827 | 150970 | (13068) | 30075 | 1584214 | 82425 |
| VIP Value Strategies Portfolio - Investor Class | 837631 | 201985 | 272744 | 41239 | (8771) | 27113 | 785214 | 49887 |
|  | 88975455 | 26343117 | 30969296 | 5433653 | 1198687 | 3391992 | 88924348 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 51196502 | 51196502 | - | - |
|  **Domestic Equity Funds** | 16816617 | 16816617 | - | - |
|  **International Equity Funds** | 15256918 | 15256918 | - | - |
|  **Money Market Funds** | 5654311 | 5654311 | - | - |
| **Total Investments in Securities:** | 88924348 | 88924348 | - | - |

---

**VIP Investor Freedom 2015 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $77,400,250) | $88924348 |  |
| Total Investment in Securities (cost $77,400,250) |  | $88924348 |
| Receivable for investments sold |  | 807409 |
| **Total assets** |  | 89731757 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $806886 |  |
| Payable for fund shares redeemed | 527 |  |
| **Total liabilities** |  | 807413 |
| **Net Assets**  |  | $88924344 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $73769630 |
| Total accumulated earnings (loss) |  | 15154714 |
| **Net Assets** |  | $88924344 |
| **Net Asset Value**, offering price and redemption price per share ($88,924,344 ÷ 6,957,051 shares) |  | $12.78 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $2733213 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $219 |  |
| **Total expenses** |  | 219 |
| **Net Investment income (loss)** |  | 2732994 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | 1198687 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 2700440 |  |
| Total net realized gain (loss) |  | 3899127 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 3391992 |  |
| Total change in net unrealized appreciation (depreciation) |  | 3391992 |
| **Net gain (loss)** |  | 7291119 |
| **Net increase (decrease) in net assets resulting from operations** |  | $10024113 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2732994 | $2638149 |
| &nbsp;&nbsp;Net realized gain (loss) | 3899127<br>| 3078089<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 3391992 | (53012)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 10024113<br>| 5663226<br>|
| Distributions to shareholders | (5496430)<br>| (3214348)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1813615 | 3233859 |
| Reinvestment of distributions | 5496430<br>| 3214348<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (11888835) | (10936786) |
| **Net increase (decrease) in net assets resulting from share transactions** | (4578790)<br>| (4488579)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (51107)<br>| (2039701)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 88975451 | 91015152<br>|
| &nbsp;&nbsp;End of period | $88924344 | $88975451 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 141115 | 267490 |
| Issued in reinvestment of distributions | 444362<br>| 265509<br>|
| &nbsp;&nbsp;Redeemed | (950736) | (899007) |
| &nbsp;&nbsp;Net increase (decrease) | (365259) | (366008) |

---

**Financial Highlights** 

**VIP Investor Freedom 2015 Portfolio℠** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.15 | $11.84 | $11.07 | $14.02 | $13.73 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .38  | .36  | .31  | .28  | .25  |
| Net realized and unrealized gain (loss)  | 1.03  | .40  | .88  | (2.23)  | .78  |
| Total from investment operations  | 1.41  | .76  | 1.19  | (1.95)  | 1.03  |
| Distributions from net investment income  | (.38)  | (.40)  | (.42)  | (.25)  | (.15)  |
| Distributions from net realized gain  | (.39)  | (.05)  | -  | (.75)  | (.59)  |
| Total distributions  | (.78) C | (.45)  | (.42)  | (1.00)  | (.74)  |
| Net asset value, end of period  | $12.78 | $12.15 | $11.84 | $11.07 | $14.02 |
| **Total Return** D,E | 11.87% <br>| 6.43%  | 10.85%  | (14.58)%  | 7.64%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 3.06%  | 2.90%  | 2.74%  | 2.34%  | 1.78%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $88924 | $88975 | $91015 | $99068 | $123323 |
| Portfolio turnover rate I | 29% <br>| 25%  | 19%  | 69%  | 31%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**VIP Investor Freedom 2020 Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 54.3%** | &nbsp;&nbsp;**Bond Funds - 54.3%** | &nbsp;&nbsp;**Bond Funds - 54.3%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 2558526 | 23333758 |
| Fidelity International Bond Index Fund (a) | 787788 | 7224020 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 681830 | 6334203 |
| VIP High Income Portfolio - Investor Class (a) | 450243 | 2179176 |
| VIP Investment Grade Bond II Portfolio - Investor Class (a) | 6156202 | 58299231 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $101,926,426) |  | **97370388** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 23.9%** | &nbsp;&nbsp;**Domestic Equity Funds - 23.9%** | &nbsp;&nbsp;**Domestic Equity Funds - 23.9%** |
|  | Shares | Value ($)<br>|
| Fidelity Commodity Strategy Fund (a) | 16207 | 1649728 |
| VIP Contrafund Portfolio - Investor Class (a) | 122301 | 7234077 |
| VIP Equity Income Portfolio - Investor Class (a) | 201338 | 5867001 |
| VIP Growth & Income Portfolio - Investor Class (a) | 243351 | 8052485 |
| VIP Growth Portfolio - Investor Class (a) | 124389 | 12001084 |
| VIP Mid Cap Portfolio - Investor Class (a) | 49683 | 1840760 |
| VIP Value Portfolio - Investor Class (a) | 213145 | 4096651 |
| VIP Value Strategies Portfolio - Investor Class (a) | 129002 | 2030489 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $22,977,419) |  | **42772275** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 20.5%** | &nbsp;&nbsp;**International Equity Funds - 20.5%** | &nbsp;&nbsp;**International Equity Funds - 20.5%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Investor Class (a) | 725680 | 11407682 |
| VIP Overseas Portfolio - Investor Class (a) | 928179 | 25422832 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $22,186,106) |  | **36830514** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Investor Class (a)(b)<br>(Cost $2,345,858)<br>| 3.60 | 2345858 | **2345858** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $149,435,809)<br>| <br>**179319035** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(3)** |
| **NET ASSETS - 100.0%** | **179319032** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Commodity Strategy Fund | - | 1642540 | 9045 | 6484 | 82 | 16151 | 1649728 | 16207 |
| Fidelity Inflation-Protected Bond Index Fund | 22143870 | 5157704 | 4525280 | 900187 | (381447) | 967265 | 23333758 | 2558526 |
| Fidelity International Bond Index Fund | 6805122 | 1676362 | 1158548 | 274232 | (25647) | (73269) | 7224020 | 787788 |
| Fidelity Long-Term Treasury Bond Index Fund | 6523087 | 1941970 | 2274355 | 269374 | (428554) | 572055 | 6334203 | 681830 |
| VIP Contrafund Portfolio - Investor Class | 7320687 | 2388854 | 2704055 | 1154862 | 208885 | 19706 | 7234077 | 122301 |
| VIP Emerging Markets Portfolio - Investor Class | 14281938 | 3115762 | 10009350 | 313621 | 2180779 | 1838553 | 11407682 | 725680 |
| VIP Equity Income Portfolio - Investor Class | 5973379 | 1344995 | 2041661 | 427639 | 90339 | 499949 | 5867001 | 201338 |
| VIP Government Money Market Portfolio - Investor Class | 1274653 | 8740729 | 7669524 | 89964 | - | - | 2345858 | 2345858 |
| VIP Growth & Income Portfolio - Investor Class | 8195593 | 2011347 | 2844004 | 858745 | 387894 | 301655 | 8052485 | 243351 |
| VIP Growth Portfolio - Investor Class | 12132490 | 3695619 | 3912423 | 1540001 | (23244) | 108642 | 12001084 | 124389 |
| VIP High Income Portfolio - Investor Class | 2081550 | 282285 | 258991 | 138233 | (10864) | 85196 | 2179176 | 450243 |
| VIP Investment Grade Bond II Portfolio - Investor Class | 51830730 | 14973503 | 9923835 | 2306735 | (243682) | 1662515 | 58299231 | 6156202 |
| VIP Mid Cap Portfolio - Investor Class | 1880616 | 568321 | 604601 | 212552 | (12618) | 9042 | 1840760 | 49683 |
| VIP Overseas Portfolio - Investor Class | 24706883 | 6658812 | 8389000 | 2599870 | 1229338 | 1216799 | 25422832 | 928179 |
| VIP Value Portfolio - Investor Class | 4197458 | 1032250 | 1194071 | 378279 | (12806) | 73820 | 4096651 | 213145 |
| VIP Value Strategies Portfolio - Investor Class | 2086345 | 471293 | 583841 | 103324 | (14777) | 71469 | 2030489 | 129002 |
|  | 171434401 | 55702346 | 58102584 | 11574102 | 2943678 | 7369548 | 179319035 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 97370388 | 97370388 | - | - |
|  **Domestic Equity Funds** | 42772275 | 42772275 | - | - |
|  **International Equity Funds** | 36830514 | 36830514 | - | - |
|  **Money Market Funds** | 2345858 | 2345858 | - | - |
| **Total Investments in Securities:** | 179319035 | 179319035 | - | - |

---

**VIP Investor Freedom 2020 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $149,435,809) | $179319035 |  |
| Total Investment in Securities (cost $149,435,809) |  | $179319035 |
| Receivable for investments sold |  | 1702147 |
| Receivable for fund shares sold |  | 55073 |
| **Total assets** |  | 181076255 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1757139 |  |
| Payable for fund shares redeemed | 84 |  |
| **Total liabilities** |  | 1757223 |
| **Net Assets**  |  | $179319032 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $140610385 |
| Total accumulated earnings (loss) |  | 38708647 |
| **Net Assets** |  | $179319032 |
| **Net Asset Value**, offering price and redemption price per share ($179,319,032 ÷ 13,385,990 shares) |  | $13.40 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $4926594 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $430 |  |
| **Total expenses** |  | 430 |
| **Net Investment income (loss)** |  | 4926164 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | 2943678 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 6647508 |  |
| Total net realized gain (loss) |  | 9591186 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 7369548 |  |
| Total change in net unrealized appreciation (depreciation) |  | 7369548 |
| **Net gain (loss)** |  | 16960734 |
| **Net increase (decrease) in net assets resulting from operations** |  | $21886898 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4926164 | $4594168 |
| &nbsp;&nbsp;Net realized gain (loss) | 9591186<br>| 9367976<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 7369548 | (405302)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 21886898<br>| 13556842<br>|
| Distributions to shareholders | (13864867)<br>| (7061848)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 5350099 | 4994584 |
| Reinvestment of distributions | 13864867<br>| 7061848<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (19352364) | (35913648) |
| **Net increase (decrease) in net assets resulting from share transactions** | (137398)<br>| (23857216)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 7884633<br>| (17362222)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 171434399 | 188796621<br>|
| &nbsp;&nbsp;End of period | $179319032 | $171434399 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 410790 | 394188 |
| Issued in reinvestment of distributions | 1082722<br>| 557243<br>|
| &nbsp;&nbsp;Redeemed | (1482210) | (2796889) |
| &nbsp;&nbsp;Net increase (decrease) | 11302 | (1845458) |

---

**Financial Highlights** 

**VIP Investor Freedom 2020 Portfolio℠** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.82 | $12.40 | $11.39 | $14.83 | $14.36 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .37  | .33  | .30  | .27  | .26  |
| Net realized and unrealized gain (loss)  | 1.27  | .61  | 1.10  | (2.49)  | 1.07  |
| Total from investment operations  | 1.64  | .94  | 1.40  | (2.22)  | 1.33  |
| Distributions from net investment income  | (.37)  | (.38)  | (.39)  | (.26)  | (.16)  |
| Distributions from net realized gain  | (.69)  | (.14)  | -  | (.97)  | (.71)  |
| Total distributions  | (1.06)  | (.52)  | (.39)  | (1.22) C | (.86) C |
| Net asset value, end of period  | $13.40 | $12.82 | $12.40 | $11.39 | $14.83 |
| **Total Return** D,E | 13.29% <br>| 7.65%  | 12.39%  | (15.83)%  | 9.54%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.80%  | 2.52%  | 2.49%  | 2.23%  | 1.78%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $179319 | $171434 | $188797 | $189971 | $252026 |
| Portfolio turnover rate I | 32% <br>| 25%  | 22%  | 61%  | 32%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**VIP Investor Freedom 2025 Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 45.8%** | &nbsp;&nbsp;**Bond Funds - 45.8%** | &nbsp;&nbsp;**Bond Funds - 45.8%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 2787865 | 25425333 |
| Fidelity International Bond Index Fund (a) | 311818 | 2859372 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 1564015 | 14529700 |
| VIP High Income Portfolio - Investor Class (a) | 530664 | 2568413 |
| VIP Investment Grade Bond II Portfolio - Investor Class (a) | 5424521 | 51370215 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $101,656,655) |  | **96753033** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 28.6%** | &nbsp;&nbsp;**Domestic Equity Funds - 28.6%** | &nbsp;&nbsp;**Domestic Equity Funds - 28.6%** |
|  | Shares | Value ($)<br>|
| Fidelity Commodity Strategy Fund (a) | 10256 | 1043976 |
| VIP Contrafund Portfolio - Investor Class (a) | 176770 | 10455948 |
| VIP Equity Income Portfolio - Investor Class (a) | 291009 | 8479995 |
| VIP Growth & Income Portfolio - Investor Class (a) | 351733 | 11638853 |
| VIP Growth Portfolio - Investor Class (a) | 179795 | 17346665 |
| VIP Mid Cap Portfolio - Investor Class (a) | 71810 | 2660555 |
| VIP Value Portfolio - Investor Class (a) | 308073 | 5921172 |
| VIP Value Strategies Portfolio - Investor Class (a) | 186454 | 2934781 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $30,969,561) |  | **60481945** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 24.1%** | &nbsp;&nbsp;**International Equity Funds - 24.1%** | &nbsp;&nbsp;**International Equity Funds - 24.1%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Investor Class (a) | 987301 | 15520375 |
| VIP Overseas Portfolio - Investor Class (a) | 1291593 | 35376736 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $31,309,773) |  | **50897111** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Investor Class (a)(b)<br>(Cost $3,167,524)<br>| 3.60 | 3167524 | **3167524** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $167,103,513)<br>| <br>**211299613** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **5** |
| **NET ASSETS - 100.0%** | **211299618** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Commodity Strategy Fund | - | 1039222 | 2597 | - | 17 | 7334 | 1043976 | 10256 |
| Fidelity Inflation-Protected Bond Index Fund | 24443439 | 6031290 | 5650289 | 977769 | (499827) | 1131957 | 25425333 | 2787865 |
| Fidelity International Bond Index Fund | 8054779 | 1082446 | 6249748 | 120353 | (253430) | 225325 | 2859372 | 311818 |
| Fidelity Long-Term Treasury Bond Index Fund | 14197565 | 3398087 | 3314395 | 571599 | (395338) | 643781 | 14529700 | 1564015 |
| VIP Contrafund Portfolio - Investor Class | 10474182 | 3235978 | 3599328 | 1663351 | 212300 | 132816 | 10455948 | 176770 |
| VIP Emerging Markets Portfolio - Investor Class | 18882555 | 3602329 | 12334284 | 420923 | 2344293 | 3025482 | 15520375 | 987301 |
| VIP Equity Income Portfolio - Investor Class | 8546540 | 1758870 | 2683216 | 615922 | 83684 | 774117 | 8479995 | 291009 |
| VIP Government Money Market Portfolio - Investor Class | - | 9030787 | 5863263 | 80909 | - | - | 3167524 | 3167524 |
| VIP Growth & Income Portfolio - Investor Class | 11726014 | 2629257 | 3726508 | 1237285 | 431416 | 578674 | 11638853 | 351733 |
| VIP Growth Portfolio - Investor Class | 17358720 | 5066177 | 5241366 | 2219052 | (8937) | 172071 | 17346665 | 179795 |
| VIP High Income Portfolio - Investor Class | 2470053 | 357067 | 347088 | 163146 | (14450) | 102831 | 2568413 | 530664 |
| VIP Investment Grade Bond II Portfolio - Investor Class | 41280549 | 17162586 | 8287480 | 2041106 | (140851) | 1355411 | 51370215 | 5424521 |
| VIP Mid Cap Portfolio - Investor Class | 2690729 | 775891 | 805349 | 305915 | (19752) | 19036 | 2660555 | 71810 |
| VIP Overseas Portfolio - Investor Class | 34323064 | 8705421 | 10976676 | 3639727 | 1442423 | 1882504 | 35376736 | 1291593 |
| VIP Value Portfolio - Investor Class | 6005609 | 1454040 | 1635970 | 545247 | (18575) | 116068 | 5921172 | 308073 |
| VIP Value Strategies Portfolio - Investor Class | 2985092 | 642748 | 780387 | 148865 | (19460) | 106788 | 2934781 | 186454 |
|  | 203438890 | 65972196 | 71497944 | 14751169 | 3143513 | 10274195 | 211299613 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 96753033 | 96753033 | - | - |
|  **Domestic Equity Funds** | 60481945 | 60481945 | - | - |
|  **International Equity Funds** | 50897111 | 50897111 | - | - |
|  **Money Market Funds** | 3167524 | 3167524 | - | - |
| **Total Investments in Securities:** | 211299613 | 211299613 | - | - |

---

**VIP Investor Freedom 2025 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $167,103,513) | $211299613 |  |
| Total Investment in Securities (cost $167,103,513) |  | $211299613 |
| Cash |  | 2 |
| Receivable for investments sold |  | 1509133 |
| Receivable for fund shares sold |  | 4545 |
| **Total assets** |  | 212813293 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1513586 |  |
| Payable for fund shares redeemed | 89 |  |
| **Total liabilities** |  | 1513675 |
| **Net Assets**  |  | $211299618 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $155578224 |
| Total accumulated earnings (loss) |  | 55721394 |
| **Net Assets** |  | $211299618 |
| **Net Asset Value**, offering price and redemption price per share ($211,299,618 ÷ 13,783,216 shares) |  | $15.33 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $5273179 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $508 |  |
| **Total expenses** |  | 508 |
| **Net Investment income (loss)** |  | 5272671 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | 3143513 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 9477990 |  |
| Total net realized gain (loss) |  | 12621503 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 10274195 |  |
| Total change in net unrealized appreciation (depreciation) |  | 10274195 |
| **Net gain (loss)** |  | 22895698 |
| **Net increase (decrease) in net assets resulting from operations** |  | $28168369 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $5272671 | $4828966 |
| &nbsp;&nbsp;Net realized gain (loss) | 12621503<br>| 13846146<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 10274195 | (562221)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 28168369<br>| 18112891<br>|
| Distributions to shareholders | (18686315)<br>| (6840076)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 5331831 | 3063692 |
| Reinvestment of distributions | 18686316<br>| 6840076<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (25639475) | (43150238) |
| **Net increase (decrease) in net assets resulting from share transactions** | (1621328)<br>| (33246470)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 7860726<br>| (21973655)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 203438892 | 225412547<br>|
| &nbsp;&nbsp;End of period | $211299618 | $203438892 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 365955 | 209349 |
| Issued in reinvestment of distributions | 1285514<br>| 471308<br>|
| &nbsp;&nbsp;Redeemed | (1730323) | (2934100) |
| &nbsp;&nbsp;Net increase (decrease) | (78854) | (2253443) |

---

**Financial Highlights** 

**VIP Investor Freedom 2025 Portfolio℠** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.68 | $13.99 | $12.67 | $16.55 | $15.74 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .38  | .33  | .30  | .27  | .28  |
| Net realized and unrealized gain (loss)  | 1.64  | .85  | 1.40  | (2.85)  | 1.38  |
| Total from investment operations  | 2.02  | 1.18  | 1.70  | (2.58)  | 1.66  |
| Distributions from net investment income  | (.39)  | (.38)  | (.38)  | (.28)  | (.18)  |
| Distributions from net realized gain  | (.98)  | (.11)  | -  | (1.02)  | (.67)  |
| Total distributions  | (1.37)  | (.49)  | (.38)  | (1.30)  | (.85)  |
| Net asset value, end of period  | $15.33 | $14.68 | $13.99 | $12.67 | $16.55 |
| **Total Return** C,D | 14.44% <br>| 8.46%  | 13.55%  | (16.45)%  | 10.78%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions G | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.54%  | 2.21%  | 2.25%  | 2.02%  | 1.74%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $211300 | $203439 | $225413 | $232947 | $317596 |
| Portfolio turnover rate H | 32% <br>| 26%  | 19%  | 60%  | 30%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount represents less than .005%.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**VIP Investor Freedom 2030 Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 39.4%** | &nbsp;&nbsp;**Bond Funds - 39.4%** | &nbsp;&nbsp;**Bond Funds - 39.4%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 3574060 | 32595430 |
| Fidelity International Bond Index Fund (a) | 454925 | 4171665 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 3185262 | 29591079 |
| VIP High Income Portfolio - Investor Class (a) | 985961 | 4772050 |
| VIP Investment Grade Bond II Portfolio - Investor Class (a) | 8833918 | 83657201 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $162,286,886) |  | **154787425** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 32.5%** | &nbsp;&nbsp;**Domestic Equity Funds - 32.5%** | &nbsp;&nbsp;**Domestic Equity Funds - 32.5%** |
|  | Shares | Value ($)<br>|
| Fidelity Commodity Strategy Fund (a) | 19040 | 1938037 |
| VIP Contrafund Portfolio - Investor Class (a) | 373575 | 22096942 |
| VIP Equity Income Portfolio - Investor Class (a) | 615000 | 17921087 |
| VIP Growth & Income Portfolio - Investor Class (a) | 743331 | 24596824 |
| VIP Growth Portfolio - Investor Class (a) | 379976 | 36660113 |
| VIP Mid Cap Portfolio - Investor Class (a) | 151757 | 5622581 |
| VIP Value Portfolio - Investor Class (a) | 651060 | 12513380 |
| VIP Value Strategies Portfolio - Investor Class (a) | 394035 | 6202116 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $78,309,683) |  | **127551080** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 26.7%** | &nbsp;&nbsp;**International Equity Funds - 26.7%** | &nbsp;&nbsp;**International Equity Funds - 26.7%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Investor Class (a) | 2032099 | 31944590 |
| VIP Overseas Portfolio - Investor Class (a) | 2659382 | 72840486 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $71,239,164) |  | **104785076** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Investor Class (a)(b)<br>(Cost $5,372,249)<br>| 3.60 | 5372249 | **5372249** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $317,207,982)<br>| <br>**392495830** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **0** |
| **NET ASSETS - 100.0%** | **392495830** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Commodity Strategy Fund | - | 1948082 | 24685 | - | (55) | 14695 | 1938037 | 19040 |
| Fidelity Inflation-Protected Bond Index Fund | 29790422 | 8886681 | 6774804 | 1235570 | (698332) | 1428907 | 32595430 | 3574060 |
| Fidelity International Bond Index Fund | 12330691 | 2676311 | 10793090 | 159068 | (387176) | 344929 | 4171665 | 454925 |
| Fidelity Long-Term Treasury Bond Index Fund | 26460389 | 7424213 | 4745560 | 1109677 | (479864) | 931901 | 29591079 | 3185262 |
| VIP Contrafund Portfolio - Investor Class | 20871003 | 6583358 | 6058122 | 3481058 | (16783) | 717486 | 22096942 | 373575 |
| VIP Emerging Markets Portfolio - Investor Class | 35984823 | 7011584 | 21687889 | 861501 | 2473507 | 8162565 | 31944590 | 2032099 |
| VIP Equity Income Portfolio - Investor Class | 17030054 | 3617031 | 4474363 | 1295963 | 20503 | 1727862 | 17921087 | 615000 |
| VIP Government Money Market Portfolio - Investor Class | - | 15600185 | 10227936 | 139548 | - | - | 5372249 | 5372249 |
| VIP Growth & Income Portfolio - Investor Class | 23365536 | 5406863 | 6226331 | 2605593 | 147659 | 1903097 | 24596824 | 743331 |
| VIP Growth Portfolio - Investor Class | 34589217 | 10569827 | 8818546 | 4673754 | (61577) | 381192 | 36660113 | 379976 |
| VIP High Income Portfolio - Investor Class | 4341900 | 835819 | 556232 | 303303 | (15590) | 166153 | 4772050 | 985961 |
| VIP Investment Grade Bond II Portfolio - Investor Class | 62631158 | 31675977 | 12469207 | 3325710 | (166003) | 1985276 | 83657201 | 8833918 |
| VIP Mid Cap Portfolio - Investor Class | 5361613 | 1602863 | 1357333 | 632380 | (31058) | 46496 | 5622581 | 151757 |
| VIP Overseas Portfolio - Investor Class | 66913884 | 17443257 | 17724157 | 7474943 | 1440375 | 4767127 | 72840486 | 2659382 |
| VIP Value Portfolio - Investor Class | 11966941 | 3042280 | 2727109 | 1126695 | (13118) | 244386 | 12513380 | 651060 |
| VIP Value Strategies Portfolio - Investor Class | 5948182 | 1378087 | 1328674 | 308479 | (30938) | 235459 | 6202116 | 394035 |
|  | 357585813 | 125702418 | 115994038 | 28733242 | 2181550 | 23057531 | 392495830 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 154787425 | 154787425 | - | - |
|  **Domestic Equity Funds** | 127551080 | 127551080 | - | - |
|  **International Equity Funds** | 104785076 | 104785076 | - | - |
|  **Money Market Funds** | 5372249 | 5372249 | - | - |
| **Total Investments in Securities:** | 392495830 | 392495830 | - | - |

---

**VIP Investor Freedom 2030 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $317,207,982) | $392495830 |  |
| Total Investment in Securities (cost $317,207,982) |  | $392495830 |
| Receivable for investments sold |  | 3229705 |
| **Total assets** |  | 395725535 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3227509 |  |
| Payable for fund shares redeemed | 2196 |  |
| **Total liabilities** |  | 3229705 |
| **Net Assets**  |  | $392495830 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $297370858 |
| Total accumulated earnings (loss) |  | 95124972 |
| **Net Assets** |  | $392495830 |
| **Net Asset Value**, offering price and redemption price per share ($392,495,830 ÷ 23,840,113 shares) |  | $16.46 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $9010797 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $913 |  |
| Total expenses before reductions | 913 |  |
| Expense reductions | (7) |  |
| Total expenses after reductions |  | 906 |
| **Net Investment income (loss)** |  | 9009891 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | 2181550 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 19722445 |  |
| Total net realized gain (loss) |  | 21903995 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 23057531 |  |
| Total change in net unrealized appreciation (depreciation) |  | 23057531 |
| **Net gain (loss)** |  | 44961526 |
| **Net increase (decrease) in net assets resulting from operations** |  | $53971417 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $9009891 | $7696382 |
| &nbsp;&nbsp;Net realized gain (loss) | 21903995<br>| 19764626<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 23057531 | 5500408<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 53971417<br>| 32961416<br>|
| Distributions to shareholders | (25036743)<br>| (8820132)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 12931735 | 13033735 |
| Reinvestment of distributions | 25036743<br>| 8820132<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (31993136) | (41497006) |
| **Net increase (decrease) in net assets resulting from share transactions** | 5975342<br>| (19643139)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 34910016<br>| 4498145<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 357585814 | 353087669<br>|
| &nbsp;&nbsp;End of period | $392495830 | $357585814 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 839775 | 862678 |
| Issued in reinvestment of distributions | 1605269<br>| 580911<br>|
| &nbsp;&nbsp;Redeemed | (2024428) | (2691085) |
| &nbsp;&nbsp;Net increase (decrease) | 420616 | (1247496) |

---

**Financial Highlights** 

**VIP Investor Freedom 2030 Portfolio℠** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.27 | $14.31 | $12.79 | $16.73 | $15.70 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .38  | .32  | .29  | .26  | .28  |
| Net realized and unrealized gain (loss)  | 1.89  | 1.02  | 1.57  | (2.95)  | 1.60  |
| Total from investment operations  | 2.27  | 1.34  | 1.86  | (2.69)  | 1.88  |
| Distributions from net investment income  | (.39)  | (.35)  | (.34)  | (.27)  | (.17)  |
| Distributions from net realized gain  | (.69)  | (.03)  | -  | (.99)  | (.68)  |
| Total distributions  | (1.08)  | (.38)  | (.34)  | (1.25) C | (.85)  |
| Net asset value, end of period  | $16.46 | $15.27 | $14.31 | $12.79 | $16.73 |
| **Total Return** D,E | 15.37% <br>| 9.40%  | 14.63%  | (16.91)%  | 12.25%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.39%  | 2.10%  | 2.11%  | 1.88%  | 1.71%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $392496 | $357586 | $353088 | $340875 | $415184 |
| Portfolio turnover rate I | 31% <br>| 29%  | 21%  | 57%  | 23%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**VIP Investor Freedom 2035 Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 31.3%** | &nbsp;&nbsp;**Bond Funds - 31.3%** | &nbsp;&nbsp;**Bond Funds - 31.3%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 174692 | 1593190 |
| Fidelity International Bond Index Fund (a) | 23352 | 214136 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 318196 | 2956042 |
| VIP High Income Portfolio - Investor Class (a) | 94109 | 455489 |
| VIP Investment Grade Bond II Portfolio - Investor Class (a) | 685973 | 6496165 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $11,798,035) |  | **11715022** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 37.4%** | &nbsp;&nbsp;**Domestic Equity Funds - 37.4%** | &nbsp;&nbsp;**Domestic Equity Funds - 37.4%** |
|  | Shares | Value ($)<br>|
| Fidelity Commodity Strategy Fund (a) | 1817 | 184986 |
| VIP Contrafund Portfolio - Investor Class (a) | 41088 | 2430355 |
| VIP Equity Income Portfolio - Investor Class (a) | 67642 | 1971074 |
| VIP Growth & Income Portfolio - Investor Class (a) | 81756 | 2705311 |
| VIP Growth Portfolio - Investor Class (a) | 41793 | 4032176 |
| VIP Mid Cap Portfolio - Investor Class (a) | 16691 | 618400 |
| VIP Value Portfolio - Investor Class (a) | 71608 | 1376304 |
| VIP Value Strategies Portfolio - Investor Class (a) | 43338 | 682144 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $13,446,725) |  | **14000750** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 30.0%** | &nbsp;&nbsp;**International Equity Funds - 30.0%** | &nbsp;&nbsp;**International Equity Funds - 30.0%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Investor Class (a) | 217611 | 3420848 |
| VIP Overseas Portfolio - Investor Class (a) | 284916 | 7803848 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $10,125,227) |  | **11224696** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Investor Class (a)(b)<br>(Cost $512,822)<br>| 3.60 | 512822 | **512822** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $35,882,809)<br>| <br>**37453290** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(2)** |
| **NET ASSETS - 100.0%** | **37453288** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Commodity Strategy Fund | - | 195012 | 11765 | - | 234 | 1505 | 184986 | 1817 |
| Fidelity Inflation-Protected Bond Index Fund | 876220 | 1137111 | 429143 | 56169 | (5566) | 15465 | 1593190 | 174692 |
| Fidelity International Bond Index Fund | 626862 | 291456 | 701480 | 7029 | 4578 | (7280) | 214136 | 23352 |
| Fidelity Long-Term Treasury Bond Index Fund | 1669104 | 1865918 | 606188 | 91085 | (11141) | 38349 | 2956042 | 318196 |
| VIP Contrafund Portfolio - Investor Class | 1462699 | 1611158 | 676847 | 367278 | (17567) | 50912 | 2430355 | 41088 |
| VIP Emerging Markets Portfolio - Investor Class | 2393575 | 2149437 | 2043667 | 94229 | 18735 | 902768 | 3420848 | 217611 |
| VIP Equity Income Portfolio - Investor Class | 1193549 | 1134027 | 502888 | 141311 | (2067) | 148453 | 1971074 | 67642 |
| VIP Government Money Market Portfolio - Investor Class | - | 1430833 | 918011 | 11178 | - | - | 512822 | 512822 |
| VIP Growth & Income Portfolio - Investor Class | 1637561 | 1617424 | 706274 | 285271 | (7287) | 163887 | 2705311 | 81756 |
| VIP Growth Portfolio - Investor Class | 2424110 | 2630246 | 1001349 | 511966 | (28433) | 7602 | 4032176 | 41793 |
| VIP High Income Portfolio - Investor Class | 259154 | 265476 | 75944 | 29478 | (1052) | 7855 | 455489 | 94109 |
| VIP Investment Grade Bond II Portfolio - Investor Class | 2591026 | 4885016 | 1012404 | 264099 | (10202) | 42729 | 6496165 | 685973 |
| VIP Mid Cap Portfolio - Investor Class | 375767 | 393419 | 159213 | 61720 | (3617) | 12044 | 618400 | 16691 |
| VIP Overseas Portfolio - Investor Class | 4576582 | 4922019 | 1985793 | 796529 | (41968) | 333008 | 7803848 | 284916 |
| VIP Value Portfolio - Investor Class | 838707 | 839390 | 336344 | 109124 | (3434) | 37985 | 1376304 | 71608 |
| VIP Value Strategies Portfolio - Investor Class | 416882 | 400758 | 167189 | 30497 | (4104) | 35797 | 682144 | 43338 |
|  | 21341798 | 25768700 | 11334499 | 2856963 | (112891) | 1791079 | 37453290 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 11715022 | 11715022 | - | - |
|  **Domestic Equity Funds** | 14000750 | 14000750 | - | - |
|  **International Equity Funds** | 11224696 | 11224696 | - | - |
|  **Money Market Funds** | 512822 | 512822 | - | - |
| **Total Investments in Securities:** | 37453290 | 37453290 | - | - |

---

**VIP Investor Freedom 2035 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $35,882,809) | $37453290 |  |
| Total Investment in Securities (cost $35,882,809) |  | $37453290 |
| Receivable for investments sold |  | 315325 |
| **Total assets** |  | 37768615 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $306732 |  |
| Payable for fund shares redeemed | 8595 |  |
| **Total liabilities** |  | 315327 |
| **Net Assets**  |  | $37453288 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $34305900 |
| Total accumulated earnings (loss) |  | 3147388 |
| **Net Assets** |  | $37453288 |
| **Net Asset Value**, offering price and redemption price per share ($37,453,288 ÷ 3,021,976 shares) |  | $12.39 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $760584 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $67 |  |
| Total expenses before reductions | 67 |  |
| Expense reductions | (4) |  |
| Total expenses after reductions |  | 63 |
| **Net Investment income (loss)** |  | 760521 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | (112891) |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 2096379 |  |
| Total net realized gain (loss) |  | 1983488 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 1791079 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1791079 |
| **Net gain (loss)** |  | 3774567 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4535088 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $760521 | $364892 |
| &nbsp;&nbsp;Net realized gain (loss) | 1983488<br>| 1121501<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1791079 | (494374)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4535088<br>| 992019<br>|
| Distributions to shareholders | (2168395)<br>| (537694)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 16739853 | 16451210 |
| Reinvestment of distributions | 2072995<br>| 502493<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (5068049) | (2500761) |
| **Net increase (decrease) in net assets resulting from share transactions** | 13744799<br>| 14452942<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 16111492<br>| 14907267<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 21341796 | 6434529<br>|
| &nbsp;&nbsp;End of period | $37453288 | $21341796 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1417947 | 1420788 |
| Issued in reinvestment of distributions | 174122<br>| 43979<br>|
| &nbsp;&nbsp;Redeemed | (425619) | (211166) |
| &nbsp;&nbsp;Net increase (decrease) | 1166450 | 1253601 |

---

**Financial Highlights** 

**VIP Investor Freedom 2035 Portfolio℠** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $11.50 | $10.69 | $10.00 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .31  | .29  | .24  |
| Net realized and unrealized gain (loss)  | 1.53  | .87  | .63  |
| Total from investment operations  | 1.84  | 1.16  | .87  |
| Distributions from net investment income  | (.26)  | (.20)  | (.17)  |
| Distributions from net realized gain  | (.69)  | (.15)  | - D |
| Total distributions  | (.95)  | (.35)  | (.18) E |
| Net asset value, end of period  | $12.39 | $11.50 | $10.69 |
| **Total Return** F,G,H | 16.61% <br>| 10.94%  | 8.66%  |
| **Ratios to Average Net Assets** C,I,J |  |  |  |
| Expenses before reductions K | -%  | -%  | -% L |
| Expenses net of fee waivers, if any K | -% <br>| -%  | -% L |
| Expenses net of all reductions, if any K | -%  | -%  | -% L |
| Net investment income (loss)  | 2.59%  | 2.52%  | 3.25% L |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $37453 | $21342 | $6435 |
| Portfolio turnover rate M | 39% <br>| 37%  | 37% L |

---

A*For the period April 13, 2023 (commencement of operations) through December 31, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

E*Total distributions per share do not sum due to rounding.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Amount represents less than .005%.*

L*Annualized.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**VIP Investor Freedom 2040 Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 16.3%** | &nbsp;&nbsp;**Bond Funds - 16.3%** | &nbsp;&nbsp;**Bond Funds - 16.3%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 43730 | 398819 |
| Fidelity International Bond Index Fund (a) | 8259 | 75733 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 227278 | 2111415 |
| VIP High Income Portfolio - Investor Class (a) | 63218 | 305974 |
| VIP Investment Grade Bond II Portfolio - Investor Class (a) | 127457 | 1207022 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $4,143,448) |  | **4098963** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 46.3%** | &nbsp;&nbsp;**Domestic Equity Funds - 46.3%** | &nbsp;&nbsp;**Domestic Equity Funds - 46.3%** |
|  | Shares | Value ($)<br>|
| Fidelity Commodity Strategy Fund (a) | 1221 | 124279 |
| VIP Contrafund Portfolio - Investor Class (a) | 34280 | 2027651 |
| VIP Equity Income Portfolio - Investor Class (a) | 56430 | 1644361 |
| VIP Growth & Income Portfolio - Investor Class (a) | 68205 | 2256916 |
| VIP Growth Portfolio - Investor Class (a) | 34865 | 3363796 |
| VIP Mid Cap Portfolio - Investor Class (a) | 13928 | 516038 |
| VIP Value Portfolio - Investor Class (a) | 59738 | 1148163 |
| VIP Value Strategies Portfolio - Investor Class (a) | 36163 | 569209 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $10,916,337) |  | **11650413** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 36.0%** | &nbsp;&nbsp;**International Equity Funds - 36.0%** | &nbsp;&nbsp;**International Equity Funds - 36.0%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Investor Class (a) | 175384 | 2757040 |
| VIP Overseas Portfolio - Investor Class (a) | 229929 | 6297759 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $8,052,553) |  | **9054799** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Investor Class (a)(b)<br>(Cost $344,346)<br>| 3.60 | 344346 | **344346** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $23,456,684)<br>| <br>**25148521** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **3** |
| **NET ASSETS - 100.0%** | **25148524** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Commodity Strategy Fund | - | 123945 | 565 | - | (12) | 911 | 124279 | 1221 |
| Fidelity Inflation-Protected Bond Index Fund | 193554 | 266338 | 64035 | 14015 | (6) | 3201 | 398819 | 43730 |
| Fidelity International Bond Index Fund | 307584 | 123341 | 354964 | 2426 | 2138 | (2366) | 75733 | 8259 |
| Fidelity Long-Term Treasury Bond Index Fund | 1073284 | 1363900 | 345708 | 64711 | (10013) | 29952 | 2111415 | 227278 |
| VIP Contrafund Portfolio - Investor Class | 1132672 | 1296214 | 451911 | 286516 | (62) | 50738 | 2027651 | 34280 |
| VIP Emerging Markets Portfolio - Investor Class | 1750108 | 1588736 | 1330760 | 70223 | 16380 | 732576 | 2757040 | 175384 |
| VIP Equity Income Portfolio - Investor Class | 924249 | 934846 | 339506 | 110200 | (1892) | 126664 | 1644361 | 56430 |
| VIP Government Money Market Portfolio - Investor Class | - | 946115 | 601769 | 7804 | - | - | 344346 | 344346 |
| VIP Growth & Income Portfolio - Investor Class | 1268079 | 1297546 | 452302 | 222409 | (939) | 144532 | 2256916 | 68205 |
| VIP Growth Portfolio - Investor Class | 1877156 | 2152948 | 691698 | 399172 | (8678) | 34068 | 3363796 | 34865 |
| VIP High Income Portfolio - Investor Class | 164134 | 179865 | 44059 | 18550 | 117 | 5917 | 305974 | 63218 |
| VIP Investment Grade Bond II Portfolio - Investor Class | 110823 | 1424447 | 318374 | 44424 | (1200) | (8674) | 1207022 | 127457 |
| VIP Mid Cap Portfolio - Investor Class | 290983 | 326872 | 111474 | 48129 | (3201) | 12858 | 516038 | 13928 |
| VIP Overseas Portfolio - Investor Class | 3451469 | 3762628 | 1152743 | 603604 | (10714) | 247119 | 6297759 | 229929 |
| VIP Value Portfolio - Investor Class | 649468 | 711752 | 245830 | 85073 | (7376) | 40149 | 1148163 | 59738 |
| VIP Value Strategies Portfolio - Investor Class | 322819 | 346999 | 128982 | 23770 | (5793) | 34166 | 569209 | 36163 |
|  | 13516382 | 16846492 | 6634680 | 2001026 | (31251) | 1451811 | 25148521 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 4098963 | 4098963 | - | - |
|  **Domestic Equity Funds** | 11650413 | 11650413 | - | - |
|  **International Equity Funds** | 9054799 | 9054799 | - | - |
|  **Money Market Funds** | 344346 | 344346 | - | - |
| **Total Investments in Securities:** | 25148521 | 25148521 | - | - |

---

**VIP Investor Freedom 2040 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $23,456,684) | $25148521 |  |
| Total Investment in Securities (cost $23,456,684) |  | $25148521 |
| Receivable for investments sold |  | 198767 |
| **Total assets** |  | 25347288 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $183347 |  |
| Payable for fund shares redeemed | 15417 |  |
| **Total liabilities** |  | 198764 |
| **Net Assets**  |  | $25148524 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $22106657 |
| Total accumulated earnings (loss) |  | 3041867 |
| **Net Assets** |  | $25148524 |
| **Net Asset Value**, offering price and redemption price per share ($25,148,524 ÷ 1,941,695 shares) |  | $12.95 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $382063 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $45 |  |
| **Total expenses** |  | 45 |
| **Net Investment income (loss)** |  | 382018 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | (31251) |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 1618963 |  |
| Total net realized gain (loss) |  | 1587712 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 1451811 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1451811 |
| **Net gain (loss)** |  | 3039523 |
| **Net increase (decrease) in net assets resulting from operations** |  | $3421541 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $382018 | $172774 |
| &nbsp;&nbsp;Net realized gain (loss) | 1587712<br>| 906376<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1451811 | (81767)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 3421541<br>| 997383<br>|
| Distributions to shareholders | (1427739)<br>| (370121)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 11004269 | 5887982 |
| Reinvestment of distributions | 1324039<br>| 331121<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (2689970) | (542645) |
| **Net increase (decrease) in net assets resulting from share transactions** | 9638338<br>| 5676458<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 11632140<br>| 6303720<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 13516384 | 7212664<br>|
| &nbsp;&nbsp;End of period | $25148524 | $13516384 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 903930 | 493672 |
| Issued in reinvestment of distributions | 108046<br>| 28455<br>|
| &nbsp;&nbsp;Redeemed | (209651) | (47182) |
| &nbsp;&nbsp;Net increase (decrease) | 802325 | 474945 |

---

**Financial Highlights** 

**VIP Investor Freedom 2040 Portfolio℠** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $11.86 | $10.86 | $10.00 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .24  | .20  | .21  |
| Net realized and unrealized gain (loss)  | 1.89  | 1.19  | .79  |
| Total from investment operations  | 2.13  | 1.39  | 1.00  |
| Distributions from net investment income  | (.20)  | (.15)  | (.14)  |
| Distributions from net realized gain  | (.84)  | (.24)  | - D |
| Total distributions  | (1.04)  | (.39)  | (.14)  |
| Net asset value, end of period  | $12.95 | $11.86 | $10.86 |
| **Total Return** E,F,G | 18.69% <br>| 12.93%  | 10.01%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |
| Expenses before reductions J | -%  | -%  | -% K |
| Expenses net of fee waivers, if any J | -% <br>| -%  | -% K |
| Expenses net of all reductions, if any J | -%  | -%  | -% K |
| Net investment income (loss)  | 1.91%  | 1.65%  | 2.94% K |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $25149 | $13516 | $7213 |
| Portfolio turnover rate L | 33% <br>| 27%  | 14% K |

---

A*For the period April 13, 2023 (commencement of operations) through December 31, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Amount represents less than .005%.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**VIP Investor Freedom 2045 Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 7.4%** | &nbsp;&nbsp;**Bond Funds - 7.4%** | &nbsp;&nbsp;**Bond Funds - 7.4%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 92 | 840 |
| Fidelity International Bond Index Fund (a) | 2111 | 19358 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 56267 | 522721 |
| VIP Investment Grade Bond II Portfolio - Investor Class (a) | 8064 | 76370 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $631,933) |  | **619289** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 51.6%** | &nbsp;&nbsp;**Domestic Equity Funds - 51.6%** | &nbsp;&nbsp;**Domestic Equity Funds - 51.6%** |
|  | Shares | Value ($)<br>|
| Fidelity Commodity Strategy Fund (a) | 407 | 41417 |
| VIP Contrafund Portfolio - Investor Class (a) | 12727 | 752798 |
| VIP Equity Income Portfolio - Investor Class (a) | 20950 | 610494 |
| VIP Growth & Income Portfolio - Investor Class (a) | 25322 | 837920 |
| VIP Growth Portfolio - Investor Class (a) | 12944 | 1248853 |
| VIP Mid Cap Portfolio - Investor Class (a) | 5171 | 191589 |
| VIP Value Portfolio - Investor Class (a) | 22179 | 426281 |
| VIP Value Strategies Portfolio - Investor Class (a) | 13426 | 211331 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $4,054,488) |  | **4320683** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 39.6%** | &nbsp;&nbsp;**International Equity Funds - 39.6%** | &nbsp;&nbsp;**International Equity Funds - 39.6%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Investor Class (a) | 63475 | 997826 |
| VIP Overseas Portfolio - Investor Class (a) | 84680 | 2319391 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $2,962,344) |  | **3317217** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Investor Class (a)(b)<br>(Cost $114,588)<br>| 3.60 | 114588 | **114588** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $7,763,353)<br>| <br>**8371777** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **1** |
| **NET ASSETS - 100.0%** | **8371778** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Commodity Strategy Fund | - | 41303 | 181 | - | 2 | 293 | 41417 | 407 |
| Fidelity Inflation-Protected Bond Index Fund | - | 1047 | 197 | 30 | (1) | (9) | 840 | 92 |
| Fidelity International Bond Index Fund | 46726 | 26601 | 53972 | 323 | (378) | 381 | 19358 | 2111 |
| Fidelity Long-Term Treasury Bond Index Fund | 308037 | 381941 | 172785 | 15760 | (1330) | 6858 | 522721 | 56267 |
| VIP Contrafund Portfolio - Investor Class | 420445 | 528691 | 205403 | 105934 | 337 | 8728 | 752798 | 12727 |
| VIP Emerging Markets Portfolio - Investor Class | 609567 | 673641 | 537430 | 25171 | 5933 | 246115 | 997826 | 63475 |
| VIP Equity Income Portfolio - Investor Class | 343077 | 386006 | 160460 | 40702 | (653) | 42524 | 610494 | 20950 |
| VIP Government Money Market Portfolio - Investor Class | - | 318749 | 204161 | 2409 | - | - | 114588 | 114588 |
| VIP Growth & Income Portfolio - Investor Class | 470706 | 539771 | 217689 | 82181 | 673 | 44459 | 837920 | 25322 |
| VIP Growth Portfolio - Investor Class | 696798 | 899101 | 341152 | 147520 | 3373 | (9267) | 1248853 | 12944 |
| VIP Investment Grade Bond II Portfolio - Investor Class | - | 130792 | 51714 | 2865 | 128 | (2836) | 76370 | 8064 |
| VIP Mid Cap Portfolio - Investor Class | 108011 | 134534 | 52445 | 17823 | (1313) | 2802 | 191589 | 5171 |
| VIP Overseas Portfolio - Investor Class | 1296019 | 1600051 | 652111 | 221598 | (1222) | 76654 | 2319391 | 84680 |
| VIP Value Portfolio - Investor Class | 241074 | 291353 | 114725 | 31793 | (1547) | 10126 | 426281 | 22179 |
| VIP Value Strategies Portfolio - Investor Class | 119822 | 142764 | 59727 | 8877 | (1861) | 10333 | 211331 | 13426 |
|  | 4660282 | 6096345 | 2824152 | 702986 | 2141 | 437161 | 8371777 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 619289 | 619289 | - | - |
|  **Domestic Equity Funds** | 4320683 | 4320683 | - | - |
|  **International Equity Funds** | 3317217 | 3317217 | - | - |
|  **Money Market Funds** | 114588 | 114588 | - | - |
| **Total Investments in Securities:** | 8371777 | 8371777 | - | - |

---

**VIP Investor Freedom 2045 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $7,763,353) | $8371777 |  |
| Total Investment in Securities (cost $7,763,353) |  | $8371777 |
| Receivable for investments sold |  | 52816 |
| Receivable for fund shares sold |  | 1957 |
| **Total assets** |  | 8426550 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $54772 |  |
| **Total liabilities** |  | 54772 |
| **Net Assets**  |  | $8371778 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $7258567 |
| Total accumulated earnings (loss) |  | 1113211 |
| **Net Assets** |  | $8371778 |
| **Net Asset Value**, offering price and redemption price per share ($8,371,778 ÷ 635,161 shares) |  | $13.18 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $105567 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $15 |  |
| **Total expenses** |  | 15 |
| **Net Investment income (loss)** |  | 105552 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | 2141 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 597419 |  |
| Total net realized gain (loss) |  | 599560 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 437161 |  |
| Total change in net unrealized appreciation (depreciation) |  | 437161 |
| **Net gain (loss)** |  | 1036721 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1142273 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $105552 | $54155 |
| &nbsp;&nbsp;Net realized gain (loss) | 599560<br>| 339998<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 437161 | 34691<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1142273<br>| 428844<br>|
| Distributions to shareholders | (506718)<br>| (124508)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 4318242 | 2119582 |
| Reinvestment of distributions | 396418<br>| 87108<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1638722) | (561881) |
| **Net increase (decrease) in net assets resulting from share transactions** | 3075938<br>| 1644809<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 3711493<br>| 1949145<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4660285 | 2711140<br>|
| &nbsp;&nbsp;End of period | $8371778 | $4660285 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 343151 | 178590 |
| Issued in reinvestment of distributions | 31978<br>| 7402<br>|
| &nbsp;&nbsp;Redeemed | (127777) | (46753) |
| &nbsp;&nbsp;Net increase (decrease) | 247352 | 139239 |

---

**Financial Highlights** 

**VIP Investor Freedom 2045 Portfolio℠** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $12.02 | $10.91 | $10.00 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .21  | .17  | .19  |
| Net realized and unrealized gain (loss)  | 2.05  | 1.31  | .85  |
| Total from investment operations  | 2.26  | 1.48  | 1.04  |
| Distributions from net investment income  | (.17)  | (.14)  | (.12)  |
| Distributions from net realized gain  | (.93)  | (.23)  | (.01)  |
| Total distributions  | (1.10)  | (.37)  | (.13)  |
| Net asset value, end of period  | $13.18 | $12.02 | $10.91 |
| **Total Return** D,E,F | 19.69% <br>| 13.74%  | 10.39%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |
| Expenses before reductions I | -%  | -%  | -% J |
| Expenses net of fee waivers, if any I | -% <br>| -%  | -% J |
| Expenses net of all reductions, if any I | -%  | -%  | -% J |
| Net investment income (loss)  | 1.64%  | 1.39%  | 2.53% J |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $8372 | $4660 | $2711 |
| Portfolio turnover rate K | 44% <br>| 36%  | 19% J |

---

A*For the period April 13, 2023 (commencement of operations) through December 31, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount represents less than .005%.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**VIP Investor Freedom 2050 Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 6.5%** | &nbsp;&nbsp;**Bond Funds - 6.5%** | &nbsp;&nbsp;**Bond Funds - 6.5%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 149 | 1359 |
| Fidelity International Bond Index Fund (a) | 1186 | 10880 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 91972 | 854416 |
| VIP Investment Grade Bond II Portfolio - Investor Class (a) | 1707 | 16167 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $895,612) |  | **882822** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 52.1%** | &nbsp;&nbsp;**Domestic Equity Funds - 52.1%** | &nbsp;&nbsp;**Domestic Equity Funds - 52.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Commodity Strategy Fund (a) | 658 | 66953 |
| VIP Contrafund Portfolio - Investor Class (a) | 20786 | 1229493 |
| VIP Equity Income Portfolio - Investor Class (a) | 34217 | 997075 |
| VIP Growth & Income Portfolio - Investor Class (a) | 41358 | 1368520 |
| VIP Growth Portfolio - Investor Class (a) | 21141 | 2039668 |
| VIP Mid Cap Portfolio - Investor Class (a) | 8446 | 312914 |
| VIP Value Portfolio - Investor Class (a) | 36224 | 696224 |
| VIP Value Strategies Portfolio - Investor Class (a) | 21928 | 345154 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $6,756,321) |  | **7056001** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 40.0%** | &nbsp;&nbsp;**International Equity Funds - 40.0%** | &nbsp;&nbsp;**International Equity Funds - 40.0%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Investor Class (a) | 103472 | 1626587 |
| VIP Overseas Portfolio - Investor Class (a) | 138073 | 3781830 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $4,920,540) |  | **5408417** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Investor Class (a)(b)<br>(Cost $185,296)<br>| 3.60 | 185296 | **185296** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $12,757,769)<br>| <br>**13532536** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **0** |
| **NET ASSETS - 100.0%** | **13532536** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Commodity Strategy Fund | - | 66675 | 208 | - | 1 | 485 | 66953 | 658 |
| Fidelity Inflation-Protected Bond Index Fund | - | 1550 | 176 | 50 | (1) | (14) | 1359 | 149 |
| Fidelity International Bond Index Fund | 72514 | 19008 | 80946 | 195 | (648) | 952 | 10880 | 1186 |
| Fidelity Long-Term Treasury Bond Index Fund | 478001 | 539380 | 171667 | 24766 | (3220) | 11922 | 854416 | 91972 |
| VIP Contrafund Portfolio - Investor Class | 652494 | 778899 | 221344 | 166015 | (268) | 19712 | 1229493 | 20786 |
| VIP Emerging Markets Portfolio - Investor Class | 945993 | 960551 | 681017 | 39636 | 6192 | 394868 | 1626587 | 103472 |
| VIP Equity Income Portfolio - Investor Class | 532423 | 578231 | 181677 | 63959 | (1094) | 69192 | 997075 | 34217 |
| VIP Government Money Market Portfolio - Investor Class | - | 499186 | 313890 | 3798 | - | - | 185296 | 185296 |
| VIP Growth & Income Portfolio - Investor Class | 730492 | 791631 | 227146 | 129130 | (940) | 74483 | 1368520 | 41358 |
| VIP Growth Portfolio - Investor Class | 1081368 | 1288805 | 329688 | 231800 | (2716) | 1899 | 2039668 | 21141 |
| VIP Investment Grade Bond II Portfolio - Investor Class | - | 168570 | 151226 | 1542 | (704) | (473) | 16167 | 1707 |
| VIP Mid Cap Portfolio - Investor Class | 167624 | 199709 | 59085 | 27741 | (809) | 5475 | 312914 | 8446 |
| VIP Overseas Portfolio - Investor Class | 2011303 | 2285739 | 620870 | 347959 | (3676) | 109334 | 3781830 | 138073 |
| VIP Value Portfolio - Investor Class | 374132 | 430435 | 125637 | 49343 | (2054) | 19348 | 696224 | 36224 |
| VIP Value Strategies Portfolio - Investor Class | 185962 | 211076 | 67596 | 13806 | (2008) | 17720 | 345154 | 21928 |
|  | 7232306 | 8819445 | 3232173 | 1099740 | (11945) | 724903 | 13532536 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 882822 | 882822 | - | - |
|  **Domestic Equity Funds** | 7056001 | 7056001 | - | - |
|  **International Equity Funds** | 5408417 | 5408417 | - | - |
|  **Money Market Funds** | 185296 | 185296 | - | - |
| **Total Investments in Securities:** | 13532536 | 13532536 | - | - |

---

**VIP Investor Freedom 2050 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $12,757,769) | $13532536 |  |
| Total Investment in Securities (cost $12,757,769) |  | $13532536 |
| Receivable for investments sold |  | 102759 |
| **Total assets** |  | 13635295 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $97325 |  |
| Payable for fund shares redeemed | 5434 |  |
| **Total liabilities** |  | 102759 |
| **Net Assets**  |  | $13532536 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $11975188 |
| Total accumulated earnings (loss) |  | 1557348 |
| **Net Assets** |  | $13532536 |
| **Net Asset Value**, offering price and redemption price per share ($13,532,536 ÷ 1,022,235 shares) |  | $13.24 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $162852 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $23 |  |
| Total expenses before reductions | 23 |  |
| Expense reductions | (3) |  |
| Total expenses after reductions |  | 20 |
| **Net Investment income (loss)** |  | 162832 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | (11945) |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 936888 |  |
| Total net realized gain (loss) |  | 924943 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 724903 |  |
| Total change in net unrealized appreciation (depreciation) |  | 724903 |
| **Net gain (loss)** |  | 1649846 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1812678 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $162832 | $78322 |
| &nbsp;&nbsp;Net realized gain (loss) | 924943<br>| 500669<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 724903 | (104605)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1812678<br>| 474386<br>|
| Distributions to shareholders | (752188)<br>| (166569)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 6076917 | 5190105 |
| Reinvestment of distributions | 644988<br>| 129369<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1482165) | (1259779) |
| **Net increase (decrease) in net assets resulting from share transactions** | 5239740<br>| 4059695<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 6300230<br>| 4367512<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 7232306 | 2864794<br>|
| &nbsp;&nbsp;End of period | $13532536 | $7232306 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 485457 | 433569 |
| Issued in reinvestment of distributions | 51900<br>| 10873<br>|
| &nbsp;&nbsp;Redeemed | (115894) | (105932) |
| &nbsp;&nbsp;Net increase (decrease) | 421463 | 338510 |

---

**Financial Highlights** 

**VIP Investor Freedom 2050 Portfolio℠** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $12.04 | $10.92 | $10.00 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .20  | .18  | .18  |
| Net realized and unrealized gain (loss)  | 2.07  | 1.31  | .85  |
| Total from investment operations  | 2.27  | 1.49  | 1.03  |
| Distributions from net investment income  | (.16)  | (.13)  | (.11)  |
| Distributions from net realized gain  | (.91)  | (.24)  | (.01)  |
| Total distributions  | (1.07)  | (.37)  | (.11) D |
| Net asset value, end of period  | $13.24 | $12.04 | $10.92 |
| **Total Return** E,F,G | 19.73% <br>| 13.80%  | 10.31%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |
| Expenses before reductions J | -%  | -%  | -% K |
| Expenses net of fee waivers, if any J | -% <br>| -%  | -% K |
| Expenses net of all reductions, if any J | -%  | -%  | -% K |
| Net investment income (loss)  | 1.61%  | 1.53%  | 2.40% K |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $13533 | $7232 | $2865 |
| Portfolio turnover rate L | 32% <br>| 44%  | 12% K |

---

A*For the period April 13, 2023 (commencement of operations) through December 31, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Amount represents less than .005%.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

VIP Investor Freedom Income Portfolio (to be renamed VIP Investor Freedom Retirement Portfolio effective April 30, 2026), VIP Investor Freedom 2010 Portfolio, VIP Investor Freedom 2015 Portfolio, VIP Investor Freedom 2020 Portfolio, VIP Investor Freedom 2025 Portfolio, VIP Investor Freedom 2030 Portfolio, VIP Investor Freedom 2035 Portfolio, VIP Investor Freedom 2040 Portfolio, VIP Investor Freedom 2045 Portfolio and VIP Investor Freedom 2050 Portfolio (the Funds) are funds of Variable Insurance Products Fund V (the Trust). 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. Each Fund is authorized to issue an unlimited number of shares. 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 is a fund of funds, and therefore invests in other funds instead of individual securities. Each Fund invests primarily in a combination of Fidelity U.S. equity funds, international equity funds, bond funds, and short-term funds.

**2. 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. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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:

Investments in open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The aggregate value of investments by input level as of December 31, 2025 is included at the end of each Fund's Schedule of Investments.

**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. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds are recorded on the ex-dividend date. Distributions from any underlying mutual funds or exchange-traded funds that are deemed to be return of capital are recorded as a reduction of cost of investments.

**Expenses.** 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, 2025, 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.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to the short-term gain distributions from the underlying mutual funds or exchange-traded funds (ETFs), capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **VIP Investor Freedom Income Portfolio**  | 73061997 | 7104821 | (2733446) | 4371375 |
| **VIP Investor Freedom 2010 Portfolio**  | 46813398 | 5885926 | (1628038) | 4257888 |
| **VIP Investor Freedom 2015 Portfolio**  | 77904167 | 14035526 | (3015345) | 11020181 |
| **VIP Investor Freedom 2020 Portfolio**  | 150374204 | 34469437 | (5524606) | 28944831 |
| **VIP Investor Freedom 2025 Portfolio**  | 168169711 | 49171680 | (6041778) | 43129902 |
| **VIP Investor Freedom 2030 Portfolio**  | 319040622  | 82921879 | (9466671) | 73455208 |
| **VIP Investor Freedom 2035 Portfolio**  | 36166249 | 2126332 | (839291) | 1287041 |
| **VIP Investor Freedom 2040 Portfolio**  | 23560229 | 1947922 | (359630) | 1588292 |
| **VIP Investor Freedom 2045 Portfolio**  | 7789267 | 717166 | (134656) | 582510 |
| **VIP Investor Freedom 2050 Portfolio**  | 12807619 | 969665 | (244748) | 724917 |

---

The tax-based components of distributable earnings as of period end were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Undistributed long-term capital gain ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **VIP Investor Freedom Income Portfolio**  | 309678 | - | (660943) | 4371375 |
| **VIP Investor Freedom 2010 Portfolio**  | 211750 | 1755548 | - | 4257888 |
| **VIP Investor Freedom 2015 Portfolio**  | 352482 | 3782051 | - | 11020181 |
| **VIP Investor Freedom 2020 Portfolio**  | 653948 | 9109868 | - | 28944831 |
| **VIP Investor Freedom 2025 Portfolio**  | 575497 | 12015995 | - | 43129902 |
| **VIP Investor Freedom 2030 Portfolio**  | 824539 | 20845224 | - | 73455208 |
| **VIP Investor Freedom 2035 Portfolio**  | 65580 | 1794767 | - | 1287041 |
| **VIP Investor Freedom 2040 Portfolio**  | 9784 | 1443790 | - | 1588292 |
| **VIP Investor Freedom 2045 Portfolio**  | 5159 | 525543 | - | 582510 |
| **VIP Investor Freedom 2050 Portfolio**  | 4610 | 827822 | - | 724917 |

---

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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **VIP Investor Freedom Income Portfolio**  | (660943) | - | (660943) |

---

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2025** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **VIP Investor Freedom Income Portfolio**  | 2640697 | - | 2640697 |
| **VIP Investor Freedom 2010 Portfolio**  | 1753112 | 30152 | 1783264 |
| **VIP Investor Freedom 2015 Portfolio**  | 2799038 | 2697392 | 5496430 |
| **VIP Investor Freedom 2020 Portfolio**  | 5107276 | 8757591 | 13864867 |
| **VIP Investor Freedom 2025 Portfolio**  | 5803866 | 12882449 | 18686315 |
| **VIP Investor Freedom 2030 Portfolio**  | 9717913 | 15318830 | 25036743 |
| **VIP Investor Freedom 2035 Portfolio**  | 870016 | 1298379 | 2168395 |
| **VIP Investor Freedom 2040 Portfolio**  | 441643 | 986096 | 1427739 |
| **VIP Investor Freedom 2045 Portfolio**  | 136024 | 370694 | 506718 |
| **VIP Investor Freedom 2050 Portfolio**  | 201416 | 550772 | 752188 |

---

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2024** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **VIP Investor Freedom Income Portfolio**  | 2820718 | - | 2820718 |
| **VIP Investor Freedom 2010 Portfolio**  | 1961913 | - | 1961913 |
| **VIP Investor Freedom 2015 Portfolio**  | 3146754 | 67594 | 3214348 |
| **VIP Investor Freedom 2020 Portfolio**  | 5625648 | 1436200 | 7061848 |
| **VIP Investor Freedom 2025 Portfolio**  | 5942407 | 897669 | 6840076 |
| **VIP Investor Freedom 2030 Portfolio**  | 8820132 | - | 8820132 |
| **VIP Investor Freedom 2035 Portfolio**  | 425384 | 112310 | 537694 |
| **VIP Investor Freedom 2040 Portfolio**  | 222021 | 148100 | 370121 |
| **VIP Investor Freedom 2045 Portfolio**  | 71158 | 53350 | 124508 |
| **VIP Investor Freedom 2050 Portfolio**  | 116099 | 50470 | 166569 |

---

**3. 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 Investor Freedom Income Portfolio** | 22893125 | 24931506 |
| **VIP Investor Freedom 2010 Portfolio** | 15565096 | 19495095 |
| **VIP Investor Freedom 2015 Portfolio** | 26343117 | 30969296 |
| **VIP Investor Freedom 2020 Portfolio** | 55702346 | 58102584 |
| **VIP Investor Freedom 2025 Portfolio** | 65972196 | 71497944 |
| **VIP Investor Freedom 2030 Portfolio** | 125702418 | 115994038 |
| **VIP Investor Freedom 2035 Portfolio** | 25768700 | 11334499 |
| **VIP Investor Freedom 2040 Portfolio** | 16846492 | 6634680 |
| **VIP Investor Freedom 2045 Portfolio** | 6096345 | 2824152 |
| **VIP Investor Freedom 2050 Portfolio** | 8819445 | 3232173 |

---

**4. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) provides the Funds with investment management related services. The Funds do not pay any fees for these services. Under the management contract, the investment adviser pays all expenses, except the compensation of the independent Trustees, and certain miscellaneous expenses such as interest expense.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**5. 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 expenses. All of the applicable expense reductions are noted in the table below.

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **VIP Investor Freedom 2030 Portfolio**  | 7 |
| **VIP Investor Freedom 2035 Portfolio**  | 4 |
| **VIP Investor Freedom 2050 Portfolio**  | 3 |

---

**6. 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 Investor Freedom Income Portfolio**  | 100% |
| **VIP Investor Freedom 2010 Portfolio**  | 100% |
| **VIP Investor Freedom 2015 Portfolio**  | 100% |
| **VIP Investor Freedom 2020 Portfolio**  | 100% |
| **VIP Investor Freedom 2025 Portfolio**  | 100% |
| **VIP Investor Freedom 2030 Portfolio**  | 100% |
| **VIP Investor Freedom 2035 Portfolio**  | 100% |
| **VIP Investor Freedom 2040 Portfolio**  | 100% |
| **VIP Investor Freedom 2045 Portfolio**  | 100% |
| **VIP Investor Freedom 2050 Portfolio**  | 100% |

---

**7. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**8. Prior Fiscal Year Reorganization Information.**

On June 7, 2024, VIP Investor Freedom Income Portfolio acquired all of the assets and assumed all of the liabilities of VIP Investor Freedom 2005 Portfolio ("Acquired Fund") pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees ("The Board"). The securities held by the Acquired Fund were the primary assets acquired by VIP Investor Freedom Income Portfolio. The acquisition was accomplished by an exchange of shares of VIP Investor Freedom Income Portfolio for shares then outstanding of the Acquired Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by VIP Investor Freedom Income Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the VIP Investor Freedom Income Portfolio's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Fund and Share Class** | **Investments $** | **Unrealized appreciation (depreciation) $** | **Net Assets $** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **VIP Investor Freedom 2005 Portfolio** | 18110255 | 841155 | 18112866 | 1648130 | .9900181984 |

---

---

| | | |
|:---|:---|:---|
| **Surviving Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| **VIP Investor Freedom Income Portfolio** | 59587991 | 77700857 |

---

Pro forma results of operations of the combined entity for the entire period ended December 31, 2024, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| **Net investment income (loss)** | $2728803 |
| **Total net realized gain (loss)** | 698838 |
| **Total change in net unrealized appreciation (depreciation)** | <u>(92134)</u> |
| **Net increase (decrease) in net assets resulting from operations** | <u>$3335507</u> |

---

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired funds that have been included in the VIP Freedom Income Portfolio's Statement of Operations since June 7, 2024.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund V and Shareholders of each of the ten funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (ten of the funds constituting Variable Insurance Products Fund V, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2025, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Statement of Operations**  | &nbsp;&nbsp;**Statement of Changes in Net Assets**  | &nbsp;&nbsp;**Financial Highlights**  |
| &nbsp;&nbsp;VIP Investor Freedom Income Portfolio<br> VIP Investor Freedom 2010 Portfolio<br> VIP Investor Freedom 2015 Portfolio<br> VIP Investor Freedom 2020 Portfolio<br> VIP Investor Freedom 2025 Portfolio<br> VIP Investor Freedom 2030 Portfolio | &nbsp;&nbsp;For the year ended December 31, 2025 | &nbsp;&nbsp;For the years ended December 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| &nbsp;&nbsp;VIP Investor Freedom 2035 Portfolio<br> VIP Investor Freedom 2040 Portfolio<br> VIP Investor Freedom 2045 Portfolio<br> VIP Investor Freedom 2050 Portfolio | &nbsp;&nbsp;For the year ended December 31, 2025<br>| &nbsp;&nbsp;For the years ended December 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended December 31, 2025 and 2024, and for the period April 13, 2023 (commencement of operations) through December 31, 2023 |

---

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' 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 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 of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 11, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended December 31, 2025, or, if subsequently determined to be different, the net capital gain of such year.

---

| | |
|:---|:---|
| **VIP Investor Freedom 2010 Portfolio** | $1759287 |
| **VIP Investor Freedom 2015 Portfolio** | $3784117 |
| **VIP Investor Freedom 2020 Portfolio** | $9123577 |
| **VIP Investor Freedom 2025 Portfolio** | $12029238 |
| **VIP Investor Freedom 2030 Portfolio** | $20866533 |
| **VIP Investor Freedom 2035 Portfolio** | $1994552 |
| **VIP Investor Freedom 2040 Portfolio** | $1591394 |
| **VIP Investor Freedom 2045 Portfolio** | $579849 |
| **VIP Investor Freedom 2050 Portfolio** | $910739 |

---

A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax:

---

| | |
|:---|:---|
| **VIP Investor Freedom Income Portfolio** | 32.69% |
| **VIP Investor Freedom 2010 Portfolio** | 28.72% |
| **VIP Investor Freedom 2015 Portfolio** | 23.24% |
| **VIP Investor Freedom 2020 Portfolio** | 18.49% |
| **VIP Investor Freedom 2025 Portfolio** | 16.18% |
| **VIP Investor Freedom 2030 Portfolio** | 13.11% |
| **VIP Investor Freedom 2035 Portfolio** | 9.00% |
| **VIP Investor Freedom 2040 Portfolio** | 5.07% |
| **VIP Investor Freedom 2045 Portfolio** | 2.64% |
| **VIP Investor Freedom 2050 Portfolio** | 2.57% |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| **VIP Investor Freedom Income Portfolio** |  |
| February 2025 | 0% |
| December 2025 | 3% |
| **VIP Investor Freedom 2010 Portfolio** |  |
| February 2025 | 0% |
| December 2025 | 4% |
| **VIP Investor Freedom 2015 Portfolio** |  |
| February 2025 | 0% |
| December 2025 | 6% |
| **VIP Investor Freedom 2020 Portfolio** |  |
| February 2025 | 0% |
| December 2025 | 8% |
| **VIP Investor Freedom 2025 Portfolio** |  |
| February 2025 | 0% |
| December 2025 | 10% |
| **VIP Investor Freedom 2030 Portfolio** |  |
| February 2025 | 0% |
| December 2025 | 12% |
| **VIP Investor Freedom 2035 Portfolio** |  |
| February 2025 | 0% |
| December 2025 | 14% |
| **VIP Investor Freedom 2040 Portfolio** |  |
| February 2025 | 1% |
| December 2025 | 21% |
| **VIP Investor Freedom 2045 Portfolio** |  |
| February 2025 | 0% |
| December 2025 | 26% |
| **VIP Investor Freedom 2050 Portfolio** |  |
| February 2025 | 1% |
| December 2025 | 28% |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **VIP Investor Freedom Income Portfolio** | $2363560 |
| **VIP Investor Freedom 2010 Portfolio** | $1482758 |
| **VIP Investor Freedom 2015 Portfolio** | $2276911 |
| **VIP Investor Freedom 2020 Portfolio** | $3851074 |
| **VIP Investor Freedom 2025 Portfolio** | $3948007 |
| **VIP Investor Freedom 2030 Portfolio** | $6291294 |
| **VIP Investor Freedom 2035 Portfolio** | $465204 |
| **VIP Investor Freedom 2040 Portfolio** | $158269 |
| **VIP Investor Freedom 2045 Portfolio** | $23988 |
| **VIP Investor Freedom 2050 Portfolio** | $34622 |

---

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:

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| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income** | **Taxes** |
| **VIP Investor Freedom Income Portfolio** | 12/17/2025 | $0.0357 | $0.0032 |
| **VIP Investor Freedom 2010 Portfolio** | 12/17/2025 | $0.0444 | $0.0040 |
| **VIP Investor Freedom 2015 Portfolio** | 12/17/2025 | $0.0508 | $0.0048 |
| **VIP Investor Freedom 2020 Portfolio** | 12/17/2025 | $0.0609 | $0.0059 |
| **VIP Investor Freedom 2025 Portfolio** | 12/17/2025 | $0.0672 | $0.0079 |
| **VIP Investor Freedom 2030 Portfolio** | 12/17/2025 | $0.0792 | $0.0094 |
| **VIP Investor Freedom 2035 Portfolio** | 12/30/2025 | $0.0721 | $0.0082 |
| **VIP Investor Freedom 2040 Portfolio** | 12/30/2025 | $0.0832 | $0.0095 |
| **VIP Investor Freedom 2045 Portfolio** | 12/30/2025 | $0.0923 | $0.0105 |
| **VIP Investor Freedom 2050 Portfolio** | 12/30/2025 | $0.0903 | $0.0103 |

---

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**VIP Investor Freedom Income Portfolio**

**VIP Investor Freedom 2010 Portfolio**

**VIP Investor Freedom 2015 Portfolio**

**VIP Investor Freedom 2020 Portfolio**

**VIP Investor Freedom 2025 Portfolio**

**VIP Investor Freedom 2030 Portfolio**

**VIP Investor Freedom 2035 Portfolio**

**VIP Investor Freedom 2040 Portfolio**

**VIP Investor Freedom 2045 Portfolio**

**VIP Investor Freedom 2050 Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) for each fund (the Advisory Contract, and each Advisory Contract collectively, the Advisory Contracts). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contract, including the services and support provided to each fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of each fund's Advisory Contract before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew each fund's Advisory Contract. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in that fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contract was in the best interests of each fund and its shareholders and that the fact that no fees are payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds and experience of investment personnel, and also considered FMR's implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups with responsibility for the underlying Fidelity funds in which each fund invests. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, such as size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by Fidelity under the Advisory Contract and under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the investment adviser, or reports it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against one or more appropriate indices, including a customized blended index that reflects the respective weights of the fund's asset classes (each a benchmark index). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board noted that the funds do not pay FMR a management fee for investment advisory services, and that each fund bears indirectly the fees and expenses, including the management fees, paid by the underlying Fidelity funds in which it invests. In its review of each fund's total expense ratio, the Board considered each fund's all-inclusive (subject to certain limited exceptions) fee rate. the Board noted that each fund invests in a class of shares of the underlying Fidelity funds that does not charge a 12b-1 fee. The Board considered that the funds do not pay transfer agent fees. Instead, the applicable class of each underlying Fidelity fund bears its pro rata portion of each fund's transfer agent fee according to the percentage of each fund's assets invested in that underlying fund. The Board further noted that FMR pays all other expenses of each fund, with limited exceptions. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) for the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that the management fee rate of each fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of each fund (except VIP Investor Freedom 2040 Portfolio) ranked below the competitive median of the total peer group for 2024. For VIP Investor Freedom 2040 Portfolio, the information provided to the Board indicated that the total expense ratio of the fund ranked above the competitive median of the total peer group for 2024. The information presented to the Board indicated that the total expense ratio of each fund (except VIP Investor Freedom 2040 Portfolio, VIP Investor Freedom 2045 Portfolio, and VIP Investor Freedom 2050 Portfolio) ranked below the competitive median of the asset-sized peer group for 2024 and, for VIP Investor Freedom 2040 Portfolio, VIP Investor Freedom 2045 Portfolio, and VIP Investor Freedom 2050 Portfolio, ranked above the competitive median of the asset-sized peer group for 2024. The Board considered that the VIP target date total peer groups contain a combination of active, blend and passive competitors.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that each fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each 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 considered the level of Fidelity's profits in respect of the funds and all the Fidelity funds, including the Fidelity funds in which the funds invest.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund were not relevant to the renewal of each fund's Advisory Contract because the funds do not pay management fees and FMR pays all other expenses of each fund, with limited exceptions.

**Economies of Scale.** The Board concluded that because the funds do not pay management fees and FMR pays all other expenses of each fund, with limited exceptions, economies of scale cannot be realized by the funds, but may be realized by the other Fidelity funds in which each fund invests, many of which may benefit from breakpoints under the group fee arrangement.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contract should be renewed through September 30, 2026.

![](img123125_4.jpg)<br>

1.814507.120 VIPIFF-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Investment Grade Bond Portfolio**

**Annual Report**

**December 31, 2025**

![](img123126_1.jpg)

![](img123126_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIPIGB-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Investment Grade Bond Portfolio](#Sub_Sec_Fund_227_VIPIGB-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements227_VIPIGB-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPIGB-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPIGB-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPIGB-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPIGB-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPIGB-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPIGB-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**VIP Investment Grade Bond Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 9.2%** | &nbsp;&nbsp;**Asset-Backed Securities - 9.2%** | &nbsp;&nbsp;**Asset-Backed Securities - 9.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BAILIWICK OF JERSEY - 0.7%  |  |  |
| Aimco Clo 17 Ltd / Aimco Clo 17 LLC Series 2024-17A Class A1R, CME Term SOFR 3 month Index + 1.35%, 5.2074% 7/20/2037 (c)(d)(h) | 2994000 | 3000814 |
| Aimco Clo 19 Ltd / Aimco Clo 19 LLC Series 2024-19A Class A, CME Term SOFR 3 month Index + 1.35%, 5.2344% 10/20/2037 (c)(d)(h) | 1106000 | 1108723 |
| Aimco Clo 22 Ltd / Aimco Clo 22 LLC Series 2024-22A Class A, CME Term SOFR 3 month Index + 1.5%, 5.3844% 4/19/2037 (c)(d)(h) | 800000 | 802072 |
| Ares Lxx Clo Ltd / Ares Lxx Clo LLC Series 2025-70A Class A1R, CME Term SOFR 3 month Index + 1.25%, 4.9707% 1/25/2039 (c)(d)(h) | 3127000 | 3128385 |
| Bain Cap Cr Clo Ltd / Bain Cap Cr Clo LLC Series 2025-2A Class A1R, CME Term SOFR 3 month Index + 1.32%, 5.2044% 7/18/2038 (c)(d)(h) | 3552000 | 3560763 |
| Bain Capital Credit Clo Ltd Series 2025-4A Class A1R, CME Term SOFR 3 month Index + 1.23%, 4.9597% 1/21/2039 (c)(d)(h) | 3652000 | 3655820 |
| Blueberry Park Clo Ltd Series 2024-1A Class A, CME Term SOFR 3 month Index + 1.35%, 5.2344% 10/20/2037 (c)(d)(h) | 3422000 | 3427578 |
| Dryden 108 Clo Ltd / Dryden 108 Clo LLC Series 2024-108A Class A1R, CME Term SOFR 3 month Index + 1.36%, 5.2444% 7/18/2037 (c)(d)(h) | 5437000 | 5445390 |
| Flatiron Clo 26 Ltd / Flatiron Clo 26 LLC Series 2024-4A Class A, CME Term SOFR 3 month Index + 1.33%, 5.2345% 1/15/2038 (c)(d)(h) | 3037000 | 3043818 |
| Hamlin Pk Clo Ltd / Hamlin Pk Clo LLC Series 2024-1A Class A, CME Term SOFR 3 month Index + 1.34%, 5.2244% 10/20/2037 (c)(d)(h) | 3080000 | 3090469 |
| Invesco US CLO Ltd Series 2024-3A Class A, CME Term SOFR 3 month Index + 1.51%, 5.3944% 7/20/2037 (c)(d)(h) | 2568000 | 2576310 |
| TOTAL BAILIWICK OF JERSEY |  | 32840142 |
| CANADA - 0.0%  |  |  |
| Chesapeake Funding II LLC Series 2023-2A Class A1, 6.16% 10/15/2035 (h) | 426121 | 430625 |
| Chesapeake Funding II LLC Series 2024-1A Class A1, 5.52% 5/15/2036 (h) | 719597 | 728155 |
| TOTAL CANADA |  | 1158780 |
| GRAND CAYMAN (UK OVERSEAS TER) - 4.8%  |  |  |
| Aimco CDO Series 2024-10A Class ARR, CME Term SOFR 3 month Index + 1.41%, 5.2674% 7/22/2037 (c)(d)(h) | 1752000 | 1754134 |
| Aimco CLO 11 Ltd Series 2024-11A Class A1R2, CME Term SOFR 3 month Index + 1.34%, 5.2216% 7/17/2037 (c)(d)(h) | 3101000 | 3108610 |
| Aimco Clo 14 Ltd / Aimco Clo 14 LLC Series 2025-14A Class A1R, CME Term SOFR 3 month Index + 1.22%, 5.1375% 10/20/2038 (c)(d)(h) | 5797905 | 5797709 |
| Allegro Clo Ltd Series 2025-1A Class A1R, CME Term SOFR 3 month Index + 1.34%, 5.2244% 7/20/2038 (c)(d)(h) | 2836000 | 2842843 |
| Allegro Clo Xii Ltd Series 2024-1A Class A1R, CME Term SOFR 3 month Index + 1.44%, 5.31% 7/21/2037 (c)(d)(h) | 4612000 | 4622857 |
| Ares LIV CLO Ltd Series 2025-54A Class AR2, CME Term SOFR 3 month Index + 1.31%, 5.2145% 7/15/2038 (c)(d)(h) | 3701000 | 3711814 |
| Ares Lix Clo Ltd Series 2021-59A Class A, CME Term SOFR 3 month Index + 1.2916%, 5.1496% 4/25/2034 (c)(d)(h) | 1923930 | 1925284 |
| Ares Lv Clo Ltd Series 2024-55A Class A1R2, CME Term SOFR 3 month Index + 1.37%, 5.2745% 10/15/2037 (c)(d)(h) | 2566000 | 2574622 |
| Ares Lviii Clo Ltd / Ares Lviii Clo LLC Series 2025-58A Class A1R2, CME Term SOFR 3 month Index + 1.24%, 5.1445% 4/15/2038 (c)(d)(h) | 3194000 | 3196261 |
| Ares XLI Clo Ltd Series 2021-41A Class AR2, CME Term SOFR 3 month Index + 1.3316%, 5.2362% 4/15/2034 (c)(d)(h) | 4022144 | 4024734 |
| Ares XXXIV CLO Ltd Series 2025-2A Class A1R4, CME Term SOFR 3 month Index + 1.29%, 5.1716% 7/17/2038 (c)(d)(h) | 4644000 | 4654840 |
| Babson CLO Ltd/Cayman Islands Series 2025-1A Class A1R2, CME Term SOFR 3 month Index + 1.26%, 5.1645% 1/15/2038 (c)(d)(h) | 2392000 | 2397502 |
| Barings Clo Ltd Series 2024-4A Class AR, CME Term SOFR 3 month Index + 1.37%, 5.2544% 10/20/2037 (c)(d)(h) | 3594000 | 3601353 |
| Barings Clo Ltd Series 2021-1A Class A, CME Term SOFR 3 month Index + 1.2816%, 5.1396% 4/25/2034 (c)(d)(h) | 4224812 | 4229810 |
| BCRED BSL Static Clo Ltd / LLC Series 2025-1A Class AR, CME Term SOFR 3 month Index + 1.25%, 5.5413% 7/24/2035 (c)(d)(h) | 3127000 | 3127725 |
| Benefit Street Partners Clo 44 Ltd / LLC Series 2025-44A Class A1, CME Term SOFR 3 month Index + 1.22%, 4.944% 1/15/2039 (c)(d)(h) | 3127000 | 3129533 |
| Benefit Street Partners CLO Ltd Series 2025-43A Class A, CME Term SOFR 3 month Index + 1.27%, 5.1875% 10/20/2038 (c)(d)(h) | 3313000 | 3318397 |
| BETHP Series 2021-1A Class A, CME Term SOFR 3 month Index + 1.3916%, 5.2962% 1/15/2035 (c)(d)(h) | 2964104 | 2967296 |
| Carlyle US CLO Ltd Series 2024-10A Class A1R, CME Term SOFR 3 month Index + 1.31%, 5.1944% 1/20/2038 (c)(d)(h) | 2444000 | 2450902 |
| Carlyle US CLO Ltd Series 2024-11A Class A1R, CME Term SOFR 3 month Index + 1.41%, 5.268% 7/25/2037 (c)(d)(h) | 3967000 | 3977203 |
| Carlyle US Clo Ltd Series 2025-6A Class A1, CME Term SOFR 3 month Index + 1.22%, 4.8789% 1/20/2039 (c)(d)(h) | 3540000 | 3541409 |
| Cedar Fdg Xii Clo Ltd / Cedar Fdg Xii Clo LLC Series 2025-12A Class ARR, CME Term SOFR 3 month Index + 1.2%, 5.058% 1/25/2038 (c)(d)(h) | 2935000 | 2935279 |
| Cedar Funding Ltd Series 2022-15A Class A, CME Term SOFR 3 month Index + 1.32%, 5.2044% 4/20/2035 (c)(d)(h) | 4498016 | 4498016 |
| Cedar Funding Ltd Series 2024-10A Class AR2, CME Term SOFR 3 month Index + 1.36%, 5.2444% 10/20/2037 (c)(d)(h) | 2890000 | 2895312 |
| Cifc Funding 2021-Iii Ltd Series 2025-3A Class A1R, CME Term SOFR 3 month Index + 1.23%, 5.1345% 10/15/2038 (c)(d)(h) | 5746000 | 5745869 |
| Cifc Funding 2025-Vi Ltd Series 2025-6A Class A1, CME Term SOFR 3 month Index + 1.25%, 5.1098% 10/23/2038 (c)(d)(h) | 2099000 | 2101189 |
| CIFC Funding Ltd Series 2025-5A Class A1R2, CME Term SOFR 3 month Index + 1.27%, 5.3593% 10/15/2038 (c)(d)(h) | 3145000 | 3154275 |
| Clover Clo Ltd Series 2025-1A Class ARR, CME Term SOFR 3 month Index + 1%, 4.8844% 4/18/2035 (c)(d)(h) | 3636000 | 3636876 |
| Dryden CLO Ltd Series 2022-98A Class A, CME Term SOFR 3 month Index + 1.3%, 5.1844% 4/20/2035 (c)(d)(h) | 2526193 | 2527486 |
| Dryden CLO Ltd Series 2024-83A Class AR, CME Term SOFR 3 month Index + 1.53%, 5.4144% 4/18/2037 (c)(d)(h) | 3244000 | 3251649 |
| Dryden CLO Ltd Series 2024-85A Class A1R2, CME Term SOFR 3 month Index + 1.38%, 5.2845% 7/15/2037 (c)(d)(h) | 3958000 | 3967183 |
| Eaton Vance CLO Ltd Series 2024-1A Class ARR, CME Term SOFR 3 month Index + 1.39%, 5.2945% 10/15/2037 (c)(d)(h) | 3105000 | 3113089 |
| Eaton Vance CLO Ltd Series 2024-2A Class AR2, CME Term SOFR 3 month Index + 1.38%, 5.2845% 10/15/2037 (c)(d)(h) | 4331000 | 4337120 |
| Flat Series 2025-30A Class A1, CME Term SOFR 3 month Index + 1.16%, 5.0645% 4/15/2038 (c)(d)(h) | 3186000 | 3181074 |
| Flatiron Clo 20 Ltd / Flatiron Clo 20 LLC Series 2025-1A Class A1R2, CME Term SOFR 3 month Index + 1.24%, 5.129% 11/20/2038 (c)(d)(h) | 1600000 | 1599056 |
| Flatiron CLO 31 Ltd Series 2025-31A Class A1, CME Term SOFR 3 month Index + 1.2%, 4.8969% 1/18/2039 (c)(d)(h) | 3126000 | 3126000 |
| Flatiron Clo 32 Ltd Series 2025-32A Class A1, CME Term SOFR 3 month Index + 1.29%, 5.6063% 10/22/2038 (c)(d)(h) | 3042000 | 3051807 |
| Flatiron Clo Ltd Series 2024-1A Class A1R, CME Term SOFR 3 month Index + 1.36%, 5.2444% 10/19/2037 (c)(d)(h) | 4033000 | 4042877 |
| Horizon Aircraft Finance Ltd Series 2019-1 Class A, 3.721% 7/15/2039 (h) | 442609 | 435065 |
| Invesco US CLO Series 2024-1RA Class AR, CME Term SOFR 3 month Index + 1.55%, 5.4545% 4/15/2037 (c)(d)(h) | 2010000 | 2013085 |
| Lakeside Pk Clo Ltd / Lakeside Pk Clo LLC Series 2025-1A Class A, CME Term SOFR 3 month Index + 1.15%, 5.0545% 4/15/2038 (c)(d)(h) | 2304000 | 2302816 |
| Madison Park Funding 2015 Series 2024-19A Class AR3, CME Term SOFR 3 month Index + 1.6%, 5.4574% 1/22/2037 (c)(d)(h) | 1852000 | 1853296 |
| Madison Pk Fdg L Ltd / Madison Pk Fdg L LLC Series 2021-50A Class A, CME Term SOFR 3 month Index + 1.4016%, 5.2861% 4/19/2034 (c)(d)(h) | 4047691 | 4049772 |
| Madison Pk Fdg Xlv Ltd / Madison Pk Fdg Xlv LLC Series 2024-45A Class ARR, CME Term SOFR 3 month Index + 1.08%, 4.9845% 7/15/2034 (c)(d)(h) | 2572810 | 2573867 |
| Magnetite CLO Ltd Series 2024-30A Class AR, CME Term SOFR 3 month Index + 1.35%, 5.208% 10/25/2037 (c)(d)(h) | 4363331 | 4370958 |
| Magnetite CLO LTD Series 2025-36A Class AR, CME Term SOFR 3 month Index + 1.32%, 5.178% 7/25/2038 (c)(d)(h) | 3094000 | 3101543 |
| Magnetite Clo Ltd Series 2025-45A Class A1, CME Term SOFR 3 month Index + 1.15%, 5.0545% 4/15/2038 (c)(d)(h) | 2224000 | 2223947 |
| Magnetite Xli Ltd Series 2024-41A Class A, CME Term SOFR 3 month Index + 1.29%, 5.148% 1/25/2038 (c)(d)(h) | 2000000 | 2003556 |
| Magnetite XXI Ltd Series 2021-21A Class AR, CME Term SOFR 3 month Index + 1.2816%, 5.1661% 4/20/2034 (c)(d)(h) | 3374400 | 3375439 |
| Magnetite Xxix Ltd / Magnetite Xxix LLC Series 2024-29A Class AR, CME Term SOFR 3 month Index + 1.35%, 5.2545% 7/15/2037 (c)(d)(h) | 3646000 | 3654462 |
| Magnetite Xxvi Ltd / Magnetite Xxvi LLC Series 2025-26A Class AR2, CME Term SOFR 3 month Index + 1.15%, 5.008% 1/25/2038 (c)(d)(h) | 2985000 | 2982624 |
| Magnetite Xxviii Ltd Series 2025-28A Class A1RR, CME Term SOFR 3 month Index + 1.24%, 5.1445% 1/15/2038 (c)(d)(h) | 4029000 | 4029411 |
| Morgan Stanley Eaton Vance CLO Ltd / LLC Series 2025-21A Class A1, CME Term SOFR 3 month Index + 1.17%, 5.0745% 4/15/2038 (c)(d)(h) | 3802000 | 3796175 |
| Neuberger Berman Loan Advisers Clo 25 Ltd Series 2024-25A Class AR2, CME Term SOFR 3 month Index + 1.4%, 5.2844% 7/18/2038 (c)(d)(h) | 2994000 | 3001449 |
| Oak Hill Credit Partners Series 2024-13A Class AR, CME Term SOFR 3 month Index + 1.35%, 5.2344% 7/20/2037 (c)(d)(h) | 5025000 | 5033634 |
| Ocp Aegis Clo Ltd Series 2025-47A Class A1, CME Term SOFR 3 month Index + 1.11%, 4.8574% 1/21/2038 (c)(d)(h) | 2832000 | 2832702 |
| OCP Clo Ltd Series 2025-44A Class A, CME Term SOFR 3 month Index + 1.3%, 5.5622% 10/24/2038 (c)(d)(h) | 3244000 | 3252136 |
| OCP CLO Ltd Series 2025-46A Class A, CME Term SOFR 3 month Index + 1.2%, 5.0473% 10/15/2038 (c)(d)(h) | 2195000 | 2194712 |
| Oha Cr Fdg 4 Ltd / Oha Cr Fdg 4 LLC Series 2024-4A Class AR2, CME Term SOFR 3 month Index + 1.29%, 5.1474% 1/22/2038 (c)(d)(h) | 3652000 | 3658333 |
| Oha Credit Funding 14-R Ltd Series 2025-14RA Class A, CME Term SOFR 3 month Index + 1.23%, 5.1144% 4/20/2038 (c)(d)(h) | 2099000 | 2099877 |
| OHA Credit Funding 6 Ltd Series 2024-6A Class AR2, CME Term SOFR 3 month Index + 1.33%, 5.2144% 10/20/2037 (c)(d)(h) | 2820000 | 2823722 |
| OHA Credit Partners Ltd Series 2024-18A Class A1, CME Term SOFR 3 month Index + 1.5%, 5.3844% 4/20/2037 (c)(d)(h) | 800000 | 802126 |
| Oha Credit Partners VII Ltd Series 2025-7A Class AR4, CME Term SOFR 3 month Index + 1.14%, 5.029% 2/20/2038 (c)(d)(h) | 2891000 | 2885218 |
| OHA Credit Partners XVII Ltd Series 2024-17A Class A, CME Term SOFR 3 month Index + 1.32%, 5.2044% 1/18/2038 (c)(d)(h) | 1231000 | 1232956 |
| Palmer Square Clo Ltd Series 2025-5A Class A, CME Term SOFR 3 month Index + 1.21%, 5.0937% 10/20/2038 (c)(d)(h) | 3416000 | 3413455 |
| Palmer Square Ln Fdg 2025-2 Ltd / Palmer Square Ln Fdg 2025-2 LLC Series 2025-2A Class A1, CME Term SOFR 3 month Index + 0.94%, 5.2277% 7/15/2033 (c)(d)(h) | 3079000 | 3079644 |
| Palmer Square Loan Funding Ltd Series 2024-2A Class A1N, CME Term SOFR 3 month Index + 1%, 4.9045% 1/15/2033 (c)(d)(h) | 1414454 | 1414808 |
| Palmer Square Loan Funding Ltd Series 2025-1A Class A1, CME Term SOFR 3 month Index + 0.8%, 4.6518% 2/15/2033 (c)(d)(h) | 3148305 | 3143145 |
| Peace Park Clo Ltd Series 2025-1A Class AR, CME Term SOFR 3 month Index + 1.25%, 5.1344% 10/20/2038 (c)(d)(h) | 1408000 | 1409402 |
| Project Silver Series 2019-1 Class A, 3.967% 7/15/2044 (h) | 1743324 | 1725978 |
| Rr 34 Ltd Series 2024-34RA Class A1R, CME Term SOFR 3 month Index + 1.35%, 5.2545% 10/15/2039 (c)(d)(h) | 1572000 | 1576314 |
| Rr 7 Ltd Series 2022-7A Class A1AB, CME Term SOFR 3 month Index + 1.34%, 5.2445% 1/15/2037 (c)(d)(h) | 4874693 | 4879218 |
| Sixth Street Clo Xix Ltd Series 2025-19A Class A1R, CME Term SOFR 3 month Index + 1.28%, 5.1616% 7/17/2038 (c)(d)(h) | 2045000 | 2049900 |
| Sixth Street Clo Xviii Ltd Series 2025-18A Class A1R, CME Term SOFR 3 month Index + 1.25%, 5.1316% 10/17/2038 (c)(d)(h) | 3143000 | 3147001 |
| Sixth Street CLO XX Ltd Series 2025-20A Class A1R, CME Term SOFR 3 month Index + 1.32%, 5.2016% 7/17/2038 (c)(d)(h) | 2523000 | 2528952 |
| Symphony Clo 43 Ltd Series 2024-43A Class A1, CME Term SOFR 3 month Index + 1.52%, 5.4245% 4/15/2037 (c)(d)(h) | 2544000 | 2549650 |
| Symphony Clo Xxvi Ltd / Symphony Clo Xxvi LLC Series 2021-26A Class AR, CME Term SOFR 3 month Index + 1.3416%, 5.2261% 4/20/2033 (c)(d)(h) | 2345588 | 2345966 |
| Thunderbolt Aircraft Lease Series 2018-A Class A, 5.96% 9/15/2038 (d)(h) | 672045 | 672380 |
| Thunderbolt III Aircraft Lease Ltd Series 2019-1 Class A, 3.671% 11/15/2039 (h) | 1700616 | 1687933 |
| Voya Clo Ltd Series 2024-1A Class A1, CME Term SOFR 3 month Index + 1.52%, 5.4245% 4/15/2037 (c)(d)(h) | 2428000 | 2433895 |
| Voya CLO Ltd/Voya CLO LLC Series 2025-2A Class A1RR, CME Term SOFR 3 month Index + 1.31%, 5.1944% 1/20/2038 (c)(d)(h) | 1201000 | 1202310 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 239961827 |
| IRELAND - 0.0%  |  |  |
| Volofin Finance Designated Activity Co Series 2024-1A Class A, 5.935% 6/15/2037 (h) | 1053495 | 1073688 |
| MULTI-NATIONAL - 0.2%  |  |  |
| Aimco Clo 21 Ltd / Aimco Clo 21 LLC Series 2024-21A Class A1, CME Term SOFR 3 month Index + 1.5%, 5.3844% 4/18/2037 (c)(d)(h) | 2499000 | 2505440 |
| Allegro Clo Xv Ltd / Allegro Clo Vx LLC Series 2025-1A Class A1R, CME Term SOFR 3 month Index + 1.18%, 5.0644% 4/20/2038 (c)(d)(h) | 3019000 | 3019371 |
| Ares Ln Fdg V Ltd / Ares Ln Fdg V LLC Series 2024-ALF5A Class A1, CME Term SOFR 3 month Index + 1.5%, 5.358% 7/27/2037 (c)(d)(h) | 3329000 | 3337689 |
| Ocp Clo 2018-15 Ltd Series 2025-15A Class AR, CME Term SOFR 3 month Index + 1.25%, 5.1344% 1/20/2038 (c)(d)(h) | 2075000 | 2079173 |
| TOTAL MULTI-NATIONAL |  | 10941673 |
| UNITED STATES - 3.5%  |  |  |
| Aaset 2024-1 US Ltd / Aaset 2024-1 Intl Ltd Series 2024-1A Class A1, 6.261% 5/16/2049 (h) | 2136443 | 2195270 |
| Aaset 2024-1 US Ltd / Aaset 2024-1 Intl Ltd Series 2024-1A Class A2, 6.261% 5/16/2049 (h) | 1953058 | 2006835 |
| Aaset 2025-1 Ltd / Aaset 2025-1 LLC Series 2025-1A Class A, 5.943% 2/16/2050 (h) | 1862454 | 1898064 |
| AASET Trust Series 2019-2 Class A, 3.376% 10/16/2039 (h) | 163981 | 163829 |
| AASET Trust Series 2019-2 Class B, 4.458% 10/16/2039 (h) | 138659 | 136848 |
| AASET Trust Series 2021-1A Class A, 2.95% 11/16/2041 (h) | 1576720 | 1518175 |
| AASET Trust Series 2021-2A Class A, 2.798% 1/15/2047 (h) | 4329191 | 4107668 |
| Achv Abs Trust Series 2024-3AL Class A, 5.01% 12/26/2031 (h) | 221630 | 223794 |
| Affirm Asset Securitization Trust Series 2024-A Class 1A, 5.61% 2/15/2029 (h) | 600000 | 600934 |
| Affirm Master Trust Series 2025-2A Class A, 4.67% 7/15/2033 (h) | 1300000 | 1308894 |
| Affirm Master Trust Series 2025-3A Class A, 4.45% 10/16/2034 (h) | 800000 | 802824 |
| Ally Auto Receivables Trust Series 2024-1 Class A3, 5.08% 12/15/2028  | 1377888 | 1387155 |
| Altde Trust Series 2025-1A Class A, 5.9% 8/15/2050 (h) | 2547671 | 2605436 |
| Apollo Aviation Securitization Equity Trust Series 2020-1A Class A, 3.351% 1/16/2040 (h) | 276090 | 274158 |
| Apollo Aviation Securitization Equity Trust Series 2020-1A Class B, 4.335% 1/16/2040 (h) | 102516 | 100722 |
| ARI Fleet Lease Trust Series 2023-A Class A3, 5.33% 2/17/2032 (h) | 1700000 | 1710039 |
| Autonation Finance Trust Series 2025-1A Class A2, 4.72% 4/10/2028 (h) | 940535 | 942588 |
| Avis Budget Rental Car Funding AESOP LLC Series 2025-1A Class A, 4.8% 8/20/2029 (h) | 240000 | 243817 |
| BHG Series 2025-2CON Class A, 4.84% 9/17/2036 (h) | 626624 | 632750 |
| Blackbird Cap II Aircraft Lease Ltd / Blackbird Cap II Aircraft Lease Us L Series 2021-1A Class A, 2.443% 7/15/2046 (h) | 3289559 | 3124050 |
| Blackbird Capital Aircraft Lease Securitization Ltd Series 2016-1A Class A, 4.213% 12/16/2041 (h)(i) | 560398 | 561519 |
| BofA Auto Trust Series 2024-1A Class A3, 5.35% 11/15/2028 (h) | 613130 | 619339 |
| BofA Auto Trust Series 2025-1A Class A2A, 4.52% 11/22/2027 (h) | 1448794 | 1451311 |
| BofA Auto Trust Series 2025-1A Class A3, 4.35% 11/20/2029 (h) | 700000 | 704689 |
| CarMax Auto Owner Trust Series 2023-4 Class A3, 6% 7/17/2028  | 1280944 | 1297464 |
| CarMax Auto Owner Trust Series 2024-2 Class A3, 5.5% 1/16/2029  | 1374000 | 1392875 |
| CarMax Auto Owner Trust Series 2024-4 Class A3, 4.6% 10/15/2029  | 300000 | 303182 |
| CarMax Auto Owner Trust Series 2025-2 Class A2A, 4.59% 7/17/2028  | 1480561 | 1484936 |
| Carmax Auto Owner Trust Series 2025-4 Class A3, 3.97% 12/16/2030  | 800000 | 801479 |
| Carmax Auto Owner Trust Series 2025-4 Class B, 4.42% 7/15/2031  | 200000 | 200924 |
| Castlelake Aircraft Securitization Series 2018-1 Class A, 4.125% 6/15/2043 (h) | 432806 | 428479 |
| Castlelake Aircraft Securitization Trust Series 2019-1A Class A, 3.967% 4/15/2039 (h) | 1079894 | 1058296 |
| Castlelake Aircraft Securitization Trust Series 2019-1A Class B, 5.095% 4/15/2039 (h) | 1232658 | 1171103 |
| Castlelake Aircraft Structured Trust Series 2021-1A Class A, 3.474% 1/15/2046 (h) | 88159 | 87411 |
| Chase Auto Owner Trust Series 2024-1A Class A3, 5.13% 5/25/2029 (h) | 1474488 | 1487838 |
| Citizens Auto Receivables Trust Series 2024-2 Class A3, 5.33% 8/15/2028 (h) | 745082 | 750229 |
| DB Master Finance LLC Series 2017-1A Class A2II, 4.03% 11/20/2047 (h) | 3156795 | 3136187 |
| DB Master Finance LLC Series 2021-1A Class A2I, 2.045% 11/20/2051 (h) | 1262400 | 1238321 |
| DB Master Finance LLC Series 2025-1A Class A2I, 4.891% 8/20/2055 (h) | 2625000 | 2632743 |
| DB Master Finance LLC Series 2025-1A Class A2II, 5.165% 8/20/2055 (h) | 2130000 | 2135195 |
| Dext Abs LLC Series 2025-2 Class A2, 4.1% 4/17/2028 (h) | 900000 | 900195 |
| DLLAA Series 2023-1A Class A3, 5.64% 2/22/2028 (h) | 611047 | 617527 |
| DLLAD Series 2023-1A Class A3, 4.79% 1/20/2028 (h) | 391791 | 394055 |
| DLLAD Series 2024-1A Class A3, 5.3% 7/20/2029 (h) | 598000 | 610509 |
| Domino's Pizza Master Issuer LLC Series 2021-1A Class A2II, 3.151% 4/25/2051 (h) | 3625480 | 3325576 |
| Eaton Vance CLO Ltd Series 2024-1A Class AR2, CME Term SOFR 3 month Index + 1.51%, 5.4145% 7/15/2037 (c)(d)(h) | 3140000 | 3145683 |
| Enterprise Fleet Financing LLC Series 2023-3 Class A2, 6.4% 3/20/2030 (h) | 1224891 | 1239956 |
| Enterprise Fleet Financing Series 2024-2 Class A2, 5.74% 12/20/2026 (h) | 363169 | 364473 |
| Enterprise Fleet Financing Series 2024-2 Class A3, 5.61% 4/20/2028 (h) | 1100000 | 1118711 |
| Exeter Select Automobile Receivables Trust Series 2025-1 Class A2, 4.83% 10/16/2028  | 278991 | 279871 |
| Exeter Select Automobile Receivables Trust Series 2025-1 Class A3, 4.69% 4/15/2030  | 370000 | 374107 |
| Ford Credit Floorplan Master Owner Trust A Series 2023-1 Class A1, 4.92% 5/15/2028 (h) | 4200000 | 4213393 |
| Ggam Master Tr Internationa Ltd / LLC Series 2025-1A Class A, 5.923% 9/30/2060 (h) | 7330000 | 7380227 |
| Gilead Aviation LLC Series 2025-1A Class A, 5.789% 3/15/2050 (h) | 4347672 | 4415247 |
| GMF Floorplan Owner Revolving Trust Series 2024-4A Class A1, 4.73% 11/15/2029 (h) | 2515000 | 2549824 |
| Green Lakes Park Clo LLC Series 2025-1A Class ARR, CME Term SOFR 3 month Index + 1.18%, 5.038% 1/25/2038 (c)(d)(h) | 3110000 | 3106924 |
| Horizon Aircraft Finance I Limited Series 2018-1 Class A, 4.458% 12/15/2038 (h) | 906033 | 897270 |
| HPEFS Equipment Trust Series 2024-2A Class A3, 5.36% 10/20/2031 (h) | 677322 | 681158 |
| Hyundai Auto Lease Securitization Trust Series 2025-B Class A2A, 4.58% 9/15/2027 (h) | 1256949 | 1261614 |
| Jersey Mike's Funding Series 2024-1A Class A2, 5.636% 2/15/2055 (h) | 2654938 | 2709274 |
| Jersey Mike's Funding Series 2025-1A Class A2, 5.61% 8/16/2055 (h) | 1945125 | 1982555 |
| John Deere Owner Trust Series 2025-A Class A2A, 4.23% 3/15/2028  | 856801 | 858358 |
| Mercedes-Benz Auto Lease Trust Series 2024-A Class A3, 5.32% 1/18/2028  | 2000000 | 2019441 |
| Mercedes-Benz Auto Lease Trust Series 2024-B Class A3, 4.23% 2/15/2028  | 1300000 | 1302885 |
| Merchants Fleet Funding LLC Series 2023-1A Class A, 7.21% 5/20/2036 (h) | 475387 | 477500 |
| Merchants Fleet Funding LLC Series 2024-1A Class A, 5.82% 4/20/2037 (h) | 1159006 | 1166496 |
| Merchants Fleet Funding LLC Series 2025-1A Class A, 4.49% 1/20/2039 (h) | 1500000 | 1505075 |
| Navigator Aircraft Abs Ltd Series 2025-1 Class A, 5.107% 10/15/2050 (h) | 4803534 | 4759928 |
| OCCU Auto Receivables Trust Series 2025-1A Class A3, 4.81% 11/15/2029 (h) | 400000 | 403546 |
| OCP CLO Ltd Series 2025-8RA Class AR2, CME Term SOFR 3 month Index + 1.22%, 5.1016% 10/17/2038 (c)(d)(h) | 3130000 | 3133030 |
| Oportun Issuance Trust 2025-B Series 2025-B Class A, 4.88% 5/9/2033 (h) | 700000 | 702639 |
| Oportun Issuance Trust Series 2025-C Class A, 4.49% 7/8/2033 (h) | 2500000 | 2504619 |
| Oportun Issuance Trust Series 2025-D Class A, 4.53% 2/8/2033 (h) | 1300000 | 1301716 |
| OWN Equipment Fund I LLC Series 2024-2M Class A, 5.7% 12/20/2032 (h) | 818982 | 830802 |
| Pk Alift Loan Funding 3 LP Series 2024-1 Class A1, 5.842% 9/15/2039 (h) | 500396 | 511487 |
| Planet Fitness Master Issuer LLC Series 2019-1A Class A2, 3.858% 12/5/2049 (h) | 7285940 | 6980127 |
| Planet Fitness Master Issuer LLC Series 2022-1A Class A2II, 4.008% 12/5/2051 (h) | 2535225 | 2405904 |
| Planet Fitness Master Issuer LLC Series 2025-1A Class A2I, 5.274% 12/6/2055 (h) | 2160000 | 2171082 |
| PRMI Securitization Trust Series 2024-CMG1 Class A1, U.S. 30-Day Avg. SOFR Index + 1.3%, 5.4747% 7/25/2054 (c)(d)(h) | 871596 | 868968 |
| PRPM Trust Series 2023-RCF2 Class A1, 4% 11/25/2053 (d)(h) | 594575 | 589507 |
| SBA Tower Trust Series 2020, 1.884% 7/15/2050 (h) | 1356000 | 1354487 |
| SBA Tower Trust Series 2020, 2.328% 7/15/2052 (h) | 1037000 | 996616 |
| SBNA Auto Lease Trust Series 2024-B Class A3, 5.56% 11/22/2027 (h) | 1311405 | 1318384 |
| SBNA Auto Lease Trust Series 2024-C Class A3, 4.56% 2/22/2028 (h) | 1311914 | 1315010 |
| Sclp 2025-2 Series 2025-2 Class A, 4.82% 6/25/2034 (h) | 1092540 | 1098849 |
| SFS Auto Receivables Securitization Trust Series 2024-2A Class A3, 5.33% 11/20/2029 (h) | 1015856 | 1026836 |
| SLAM Ltd Series 2025-1A Class A, 5.807% 5/15/2050 (h) | 2079605 | 2133117 |
| Sofi Consumer Loan Program Series 2025-3 Class A, 4.47% 8/15/2034 (h) | 1442742 | 1446889 |
| Subway Funding LLC Series 2024-1A Class A23, 6.505% 7/30/2054 (h) | 2706660 | 2799332 |
| Subway Funding LLC Series 2024-1A Class A2I, 6.028% 7/30/2054 (h) | 5191560 | 5263333 |
| Subway Funding LLC Series 2024-1A Class A2II, 6.268% 7/30/2054 (h) | 3085830 | 3151576 |
| Subway Funding LLC Series 2024-3A Class A23, 5.914% 7/30/2054 (h) | 3827340 | 3801094 |
| Subway Funding LLC Series 2024-3A Class A2I, 5.246% 7/30/2054 (h) | 3990690 | 3978490 |
| Subway Funding LLC Series 2024-3A Class A2II, 5.566% 7/30/2054 (h) | 1887930 | 1873500 |
| Taco Bell Fdg LLC Series 2025-1A Class A2I, 4.821% 8/25/2055 (h) | 4555000 | 4533366 |
| Terwin Mortgage Trust Series 2003-4HE Class A1, CME Term SOFR 1 month Index + 0.9745%, 4.7062% 9/25/2034 (c)(d) | 3696 | 3971 |
| Towd PT Mtg Trust Series 2018-5 Class A1A, 3.25% 7/25/2058 (h) | 1113460 | 1103915 |
| Upgrade Receivables Trust Series 2024-1A Class A, 5.37% 2/18/2031 (h) | 7501 | 7503 |
| Verd Series 2025-1A Class A2, 4.85% 3/13/2028 (h) | 1310215 | 1316329 |
| Volvo Financial Equipment LLC Series 2025-1A Class A2, 4.41% 11/15/2027 (h) | 487358 | 488323 |
| Westf 2025-A Series 2025-A Class A, 5.582% 6/15/2050 (h) | 2495016 | 2535494 |
| Wheels Fleet Lease Funding 1 LLC Series 2024-1A Class A1, 5.49% 2/18/2039 (h) | 920125 | 931518 |
| Wheels Fleet Lease Funding 1 LLC Series 2024-2A Class A1, 4.87% 6/21/2039 (h) | 2260298 | 2282598 |
| Wheels Fleet Lease Funding 1 LLC Series 2025-3A Class A1, 4.08% 9/18/2040 (h) | 500000 | 501388 |
| Willis Engine Structured Tr VII Series 2023-A Class A, 8% 10/15/2048 (h) | 826087 | 849254 |
| Willis Engine Structured Trust VII Series 2025-B Class A, 5.159% 12/15/2050 (h) | 1800000 | 1804761 |
| World Omni Auto Receivables Trust 2023-B Series 2023-B Class A3, 4.66% 5/15/2028  | 843164 | 845058 |
| World Omni Auto Receivables Trust 2023-C Series 2023-C Class A3, 5.15% 11/15/2028  | 577882 | 581267 |
| TOTAL UNITED STATES |  | 174330887 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $459,641,540) |  | <br> **460306997** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Notes - 0.1%** | &nbsp;&nbsp;**Bank Notes - 0.1%** | &nbsp;&nbsp;**Bank Notes - 0.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Capital One NA ICE IBA - USD SOFR Spread-Adj ICE Swap Rate 5Y + 1.73%, 5.974% 8/9/2028 (c)(d) | 1567000 | 1628093 |
| KeyBank NA/Cleveland OH 6.95% 2/1/2028  | 800000 | 840029 |
| Regions Bank/Birmingham AL 6.45% 6/26/2037  | 4383000 | 4739076 |
| TOTAL UNITED STATES |  | 7207198 |
| <br> **TOTAL BANK NOTES**<br> (Cost $8,242,212) |  | <br> **7207198** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Collateralized Mortgage Obligations - 1.6%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 1.6%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 1.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 1.6%  |  |  |
| Binom Securitization Trust Series 2022-RPL1 Class A1, 3% 2/25/2061 (d)(h) | 2123335 | 2000695 |
| Bravo Residential Fdg Tr 2025-Nqm5 Series 2025-NQM5 Class A1, 5.496% 2/25/2065 (d)(h) | 574661 | 580494 |
| Bravo Residential Funding Trust Series 2022-RPL1 Class A1, 2.75% 9/25/2061 (h) | 3501451 | 3250077 |
| Bravo Residential Funding Trust Series 2023-RPL1 Class A1, 5% 5/25/2063 (h) | 1504395 | 1518270 |
| CFMT LLC Series 2024-HB13 Class A, 3% 5/25/2034 (d)(h) | 635025 | 627506 |
| CFMT LLC Series 2024-HB15 Class A, 4% 8/25/2034 (d)(h) | 446367 | 444888 |
| Fannie Mae Guaranteed REMIC Series 2017-32 Class PA, 2.7% 5/25/2047  | 4474583 | 4117764 |
| Fannie Mae Guaranteed REMIC Series 2017-37 Class AB, 2.55% 9/25/2046  | 869811 | 803573 |
| Fannie Mae Guaranteed REMIC Series 2020-51 Class BA, 2% 6/25/2046  | 780148 | 713545 |
| Fannie Mae Guaranteed REMIC Series 2021-21 Class HG, 2% 11/25/2047  | 370888 | 335051 |
| Fannie Mae Guaranteed REMIC Series 2021-45 Class DA, 3% 7/25/2051  | 581332 | 519917 |
| Fannie Mae Guaranteed REMIC Series 2021-66 Class DA, 2% 1/25/2048  | 102219 | 86373 |
| Fannie Mae Guaranteed REMIC Series 2021-66 Class DM, 2% 1/25/2048  | 108629 | 91790 |
| Fannie Mae Guaranteed REMIC Series 2021-69 Class JK, 1.5% 10/25/2051  | 322099 | 275211 |
| Fannie Mae Guaranteed REMIC Series 2021-85 Class L, 2.5% 8/25/2048  | 89566 | 80114 |
| Fannie Mae Guaranteed REMIC Series 2021-95 Class BA, 2.5% 6/25/2049  | 996746 | 887954 |
| Fannie Mae Guaranteed REMIC Series 2021-95, 2.5% 9/25/2048  | 660043 | 592523 |
| Fannie Mae Guaranteed REMIC Series 2021-96 Class AH, 2.5% 3/25/2049  | 1490965 | 1332133 |
| Fannie Mae Guaranteed REMIC Series 2021-96 Class HA, 2.5% 2/25/2050  | 141429 | 126300 |
| Fannie Mae Guaranteed REMIC Series 2022-1 Class KA, 3% 5/25/2048  | 326933 | 306952 |
| Fannie Mae Guaranteed REMIC Series 2022-11 Class B, 3% 6/25/2049  | 384236 | 359481 |
| Fannie Mae Guaranteed REMIC Series 2022-13 Class HA, 3% 8/25/2046  | 292366 | 278927 |
| Fannie Mae Guaranteed REMIC Series 2022-13 Class JA, 3% 5/25/2048  | 332336 | 312200 |
| Fannie Mae Guaranteed REMIC Series 2022-18 Class DL, 3.25% 7/25/2046  | 626160 | 600473 |
| Fannie Mae Guaranteed REMIC Series 2022-2 Class TH, 2.5% 2/25/2052  | 184612 | 171358 |
| Fannie Mae Guaranteed REMIC Series 2022-25 Class AB, 4% 9/25/2047  | 450006 | 444505 |
| Fannie Mae Guaranteed REMIC Series 2022-3 Class D, 2% 2/25/2048  | 958221 | 864752 |
| Fannie Mae Guaranteed REMIC Series 2022-3 Class N, 2% 10/25/2047  | 2607089 | 2351079 |
| Fannie Mae Guaranteed REMIC Series 2022-4 Class B, 2.5% 5/25/2049  | 102976 | 91958 |
| Fannie Mae Guaranteed REMIC Series 2022-49 Class TC, 4% 12/25/2048  | 274582 | 271779 |
| Fannie Mae Guaranteed REMIC Series 2022-5 Class BA, 2.5% 12/25/2049  | 418495 | 364306 |
| Fannie Mae Guaranteed REMIC Series 2022-5 Class DA, 2.25% 11/25/2047  | 1150904 | 1041898 |
| Fannie Mae Guaranteed REMIC Series 2022-53 Class FG, U.S. 30-Day Avg. SOFR Index + 0.8%, 4.6742% 8/25/2052 (c)(d) | 1042980 | 1038054 |
| Fannie Mae Guaranteed REMIC Series 2022-56 Class FJ, U.S. 30-Day Avg. SOFR Index + 0.8%, 4.6742% 9/25/2052 (c)(d) | 2166678 | 2156445 |
| Fannie Mae Guaranteed REMIC Series 2022-64 Class GF, U.S. 30-Day Avg. SOFR Index + 0.8%, 4.6742% 10/25/2052 (c)(d) | 714813 | 711257 |
| Fannie Mae Guaranteed REMIC Series 2022-67 Class FA, U.S. 30-Day Avg. SOFR Index + 0.8%, 4.6742% 10/25/2052 (c)(d) | 2539257 | 2527253 |
| Fannie Mae Guaranteed REMIC Series 2022-7 Class A, 3% 5/25/2048  | 462032 | 433923 |
| Fannie Mae Guaranteed REMIC Series 2022-7 Class E, 2.5% 11/25/2047  | 945142 | 865224 |
| Fannie Mae Guaranteed REMIC Series 2022-9 Class DJ, 3.25% 3/25/2049  | 353478 | 332593 |
| Fannie Mae Guaranteed REMIC Series 2023-53 Class FD, U.S. 30-Day Avg. SOFR Index + 1.5%, 5.3742% 11/25/2053 (c)(d) | 548072 | 554433 |
| Fannie Mae Guaranteed REMIC Series 2023-54 Class FD, U.S. 30-Day Avg. SOFR Index + 1.45%, 5.3242% 11/25/2053 (c)(d) | 1258603 | 1273826 |
| Fannie Mae Guaranteed REMIC Series 2023-56 Class FC, U.S. 30-Day Avg. SOFR Index + 1.5%, 5.3742% 11/25/2053 (c)(d) | 301047 | 304551 |
| Fannie Mae Guaranteed REMIC Series 2024-41 Class FB, U.S. 30-Day Avg. SOFR Index + 1.53%, 5.4042% 7/25/2054 (c)(d) | 615827 | 621942 |
| Fannie Mae Guaranteed REMIC Series 2024-7 Class FB, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 9/25/2053 (c)(d) | 636486 | 640118 |
| Fannie Mae Guaranteed REMIC Series 2024-90 Class FD, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 12/25/2054 (c)(d) | 2081800 | 2090624 |
| Fannie Mae Guaranteed REMIC Series 2024-93 Class FG, U.S. 30-Day Avg. SOFR Index + 1.1%, 4.9742% 12/25/2054 (c)(d) | 1252874 | 1257908 |
| Fannie Mae Mortgage pass-thru certificates Series 1999-57 Class PH, 6.5% 12/25/2029  | 9611 | 9853 |
| Fannie Mae Mortgage pass-thru certificates Series 2020-55 Class A, 2% 5/25/2043  | 363122 | 339077 |
| Fannie Mae Mortgage pass-thru certificates Series 2020-63 Class DA, 2% 9/25/2045  | 186473 | 172493 |
| Fannie Mae Mortgage pass-thru certificates Series 2024-100 Class EF, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 6/25/2054 (c)(d) | 991828 | 996908 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-33 Class FC, U.S. 30-Day Avg. SOFR Index + 1.6%, 5.4742% 8/25/2054 (c)(d) | 1213264 | 1225716 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-4 Class FH, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 9/25/2054 (c)(d) | 531947 | 534062 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class AF, U.S. 30-Day Avg. SOFR Index + 1.4%, 5.2742% 2/25/2055 (c)(d) | 721284 | 726495 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class DF, U.S. 30-Day Avg. SOFR Index + 1.4%, 5.2742% 9/25/2054 (c)(d) | 783238 | 787770 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class FB, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 2/25/2055 (c)(d) | 1088921 | 1094200 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class FE, U.S. 30-Day Avg. SOFR Index + 1.15%, 5.0242% 2/25/2055 (c)(d) | 502599 | 503982 |
| Fannie Mae Series 2022-30 Class E, 4.5% 7/25/2048  | 893539 | 892022 |
| Freddie Mac Multiclass Mortgage participation certificates Series 2021-5159 Class EA, 2.5% 8/25/2048  | 298020 | 266770 |
| Freddie Mac Multiclass Mortgage participation certificates Series 2021-5159 Class GC, 2% 11/25/2047  | 81000 | 72247 |
| Freddie Mac Multiclass Mortgage participation certificates Series 2021-5164 Class M, 2.5% 7/25/2048  | 304001 | 272244 |
| Freddie Mac Multiclass Mortgage participation certificates Series 2021-5165 Class PC, 1.5% 11/25/2051  | 402531 | 344916 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-5001 Class A, 2% 1/25/2045  | 226497 | 214614 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5141 Class JM, 1.5% 4/25/2051  | 244340 | 206228 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5148 Class AD, 1.5% 10/25/2051  | 321356 | 274555 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5148 Class PC, 1.5% 10/25/2051  | 315786 | 267032 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5169 Class TP, 2.5% 6/25/2049  | 301889 | 268588 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5175 Class CB, 2.5% 4/25/2050  | 513545 | 452535 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5180 Class KA, 2.5% 10/25/2047  | 101248 | 92325 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5182 Class A, 2.5% 10/25/2048  | 690322 | 619114 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5189 Class DA, 2.5% 5/25/2049  | 250102 | 222906 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5189 Class TP, 2.5% 5/25/2049  | 231752 | 206260 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5190 Class BA, 2.5% 11/25/2047  | 245786 | 223975 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5190 Class CA, 2.5% 5/25/2049  | 194665 | 173224 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5191 Class CA, 2.5% 4/25/2050  | 119203 | 104827 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5197 Class A, 2.5% 6/25/2049  | 194666 | 173225 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5197 Class DA, 2.5% 11/25/2047  | 186405 | 170012 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5198 Class BA, 2.5% 11/25/2047  | 871283 | 798838 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5202 Class LB, 2.5% 10/25/2047  | 199815 | 182673 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5209 Class EA, 3% 8/25/2050  | 508683 | 474042 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5209 Class EJ, 3% 8/25/2050  | 508683 | 474042 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5236 Class P, 5% 4/25/2048  | 326196 | 328905 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5237 Class FP, U.S. 30-Day Avg. SOFR Index + 0.55%, 4.4242% 7/25/2052 (c)(d) | 201542 | 199985 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5250 Class FA, U.S. 30-Day Avg. SOFR Index + 0.67%, 4.5442% 8/25/2052 (c)(d) | 443511 | 437810 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5254 Class FG, U.S. 30-Day Avg. SOFR Index + 0.75%, 4.6242% 9/25/2052 (c)(d) | 766280 | 761780 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5266 Class CD, 4.5% 10/25/2044  | 808909 | 809336 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2023-5330 Class FA, U.S. 30-Day Avg. SOFR Index + 1.05%, 4.9242% 8/25/2053 (c)(d) | 1036481 | 1037836 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2023-5354 Class FC, U.S. 30-Day Avg. SOFR Index + 1.45%, 5.3242% 10/25/2053 (c)(d) | 851238 | 862334 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-5425 Class FK, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 6/25/2054 (c)(d) | 734815 | 739320 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-5459 Class FD, U.S. 30-Day Avg. SOFR Index + 1%, 4.8742% 10/25/2054 (c)(d) | 925685 | 927701 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-5476 Class FB, U.S. 30-Day Avg. SOFR Index + 1.1%, 4.9742% 11/25/2054 (c)(d) | 1875579 | 1883178 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5499 Class NF, U.S. 30-Day Avg. SOFR Index + 1.15%, 5.0242% 2/25/2055 (c)(d) | 2425924 | 2436200 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5499 Class WF, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 2/25/2055 (c)(d) | 394661 | 394624 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5500 Class FV, U.S. 30-Day Avg. SOFR Index + 1.25%, 5.1242% 10/25/2054 (c)(d) | 815348 | 819461 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5509 Class FB, U.S. 30-Day Avg. SOFR Index + 1.15%, 5.0242% 2/25/2055 (c)(d) | 720156 | 722147 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5529 Class CF, U.S. 30-Day Avg. SOFR Index + 1.05%, 4.9242% 4/25/2055 (c)(d) | 921420 | 921124 |
| Ginnie Mae REMIC pass-thru certificates Series 2007-35 Class SC, CME Term SOFR 1 month Index x 39.5131%, 17.1076% 6/16/2037 (c)(d) | 2778 | 3197 |
| GS Mortgage-Backed Securities Trust Series 2024-RPL2 Class A1, 3.75% 7/25/2061 (h) | 412015 | 404152 |
| GS Mortgage-Backed Securities Trust Series 2024-RPL4 Class A1, 3.9% 9/25/2061 (h)(i) | 173316 | 171296 |
| JPMorgan Mortgage Trust Series 2025-NQM2 Class A1, 5.567% 9/25/2065 (d)(h) | 640075 | 646526 |
| MFRA Trust Series 2024-RPL1 Class A1, 4.25% 2/25/2066 (d)(h) | 423313 | 405420 |
| Morgan Stanley Residential Mortgage Loan Trust 2025-NQM3 Series 2025-NQM3 Class A1, 5.53% 5/25/2070 (d)(h) | 604786 | 610056 |
| New Residential Mortgage Loan Trust Series 2025-NQM7 Class A1FC, 4.949% 10/26/2065 (d)(h) | 600000 | 600486 |
| NYMT Loan Trust Series 2021-CP1 Class A1, 2.0424% 7/25/2061 (h) | 1001683 | 948640 |
| NYMT Loan Trust Series 2024-CP1 Class A1, 3.75% 2/25/2068 (h) | 573666 | 546066 |
| OBX Trust Series 2025-NQM10 Class A1, 5.453% 5/25/2065 (h)(i) | 1119403 | 1128743 |
| Ocwen Loan Investment Trust Series 2023-HB1 Class A, 3% 6/25/2036 (h) | 51842 | 51712 |
| Ocwen Loan Investment Trust Series 2024-HB1 Class A, 3% 2/25/2037 (h) | 111293 | 109633 |
| Ocwen Loan Investment Trust Series 2025-HB2 Class A, 3% 11/25/2038 (d)(h) | 1100000 | 1073160 |
| Onity Loan Investment Trust 2024-Hb2 Series 2024-HB2 Class A, 5% 8/25/2037 (h) | 261511 | 261386 |
| Pret 2025-Rpl3 Series 2025-RPL3 Class A1, 4.15% 4/25/2065 (h)(i) | 852315 | 839118 |
| Prpm 2025-Rcf3 LLC Series 2025-RCF3 Class A1, 5.25% 7/25/2055 (d)(h) | 511114 | 513852 |
| PRPM LLC Series 2024-RCF3 Class A1, 4% 5/25/2054 (h) | 836963 | 829347 |
| PRPM LLC Series 2024-RCF4 Class A1, 4% 7/25/2054 (h) | 270769 | 268359 |
| PRPM LLC Series 2024-RPL2 Class A1, 3.5% 5/25/2054 (d)(h) | 1035968 | 1016029 |
| Sequoia Mortgage Trust Series 2004-6 Class A3B, CME Term SOFR 6 month Index + 1.3083%, 4.9277% 7/20/2034 (c)(d) | 740 | 692 |
| TOWD Point Mortgage Trust Series 2018-1 Class A2, 3.25% 1/25/2058 (h) | 700000 | 686446 |
| Towd Point Mortgage Trust Series 2022-1 Class A1, 3.75% 7/25/2062 (h) | 1088622 | 1053161 |
| Verus Securitization Trust Series 2025-6 Class A1, 5.417% 7/25/2070 (h)(i) | 943982 | 952444 |
| TOTAL UNITED STATES |  | 80891429 |
| <br> **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> (Cost $79,929,079) |  | <br> **80891429** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 4.7%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 4.7%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 4.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 4.7%  |  |  |
| ALA Trust Series 2025-OANA Class A, CME Term SOFR 1 month Index + 1.7426%, 5.4936% 6/15/2040 (c)(d)(h) | 2180000 | 2188171 |
| BAMLL Commercial Mortgage Securities Trust Series 2019-BPR Class ANM, 3.112% 11/5/2032 (h) | 1638504 | 1566907 |
| BAMLL Commercial Mortgage Securities Trust Series 2019-BPR Class BNM, 3.465% 11/5/2032 (h) | 491000 | 460952 |
| BANK Series 2017-BNK5 Class ASB, 3.179% 6/15/2060  | 474635 | 471718 |
| BANK Series 2018-BN10 Class A4, 3.428% 2/15/2061  | 1306853 | 1290127 |
| BANK Series 2018-BN10 Class ASB, 3.641% 2/15/2061  | 195313 | 194336 |
| BANK Series 2019-BN19 Class ASB, 3.071% 8/15/2061  | 613304 | 602353 |
| BANK Series 2019-BN21 Class A5, 2.851% 10/17/2052  | 373546 | 354066 |
| BANK Series 2019-BN23 Class ASB, 2.846% 12/15/2052  | 159652 | 155808 |
| BANK Series 2020-BN26 Class ASB, 2.313% 3/15/2063  | 1194699 | 1156482 |
| BANK Series 2021-BN33 Class XA, 1.153% 5/15/2064 (d)(j) | 13154418 | 485519 |
| BANK5 Series 2025-5YR19 Class XB, 0.5998% 12/15/2058 (d)(j) | 2300000 | 67573 |
| BBCMS Mortgage Trust Series 2022-C14 Class ASB, 2.901% 2/15/2055  | 660000 | 631379 |
| BBCMS Mortgage Trust Series 2023-C21 Class A3, 6.5058% 9/15/2056 (d) | 1817000 | 1940508 |
| Benchmark Mortgage Trust Series 2018-B4 Class A5, 4.121% 7/15/2051  | 778315 | 775191 |
| Benchmark Mortgage Trust Series 2018-B8 Class A5, 4.2317% 1/15/2052  | 5335798 | 5295122 |
| Benchmark Mortgage Trust Series 2019-B10 Class A4, 3.717% 3/15/2062  | 1021545 | 1001162 |
| Benchmark Mortgage Trust Series 2021-B27 Class XA, 1.2323% 7/15/2054 (d)(j) | 2697287 | 125777 |
| BLP Commercial Mortgage Trust Series 2024-IND2 Class A, CME Term SOFR 1 month Index + 1.3422%, 5.0923% 3/15/2041 (c)(d)(h) | 1455458 | 1456355 |
| BMO Mortgage Trust Series 2022-C3 Class ASB, 5.5027% 9/15/2054 (d) | 700000 | 725488 |
| BMO Mortgage Trust Series 2025-5C13 Class A2, 4.7355% 12/15/2058  | 600000 | 606209 |
| BMP Series 2024-MF23 Class A, CME Term SOFR 1 month Index + 1.3719%, 5.1221% 6/15/2041 (c)(d)(h) | 2329000 | 2332635 |
| BMP Series 2024-MF23 Class B, CME Term SOFR 1 month Index + 1.6416%, 5.3917% 6/15/2041 (c)(d)(h) | 1150000 | 1150718 |
| BMP Series 2024-MF23 Class C, CME Term SOFR 1 month Index + 1.8413%, 5.5914% 6/15/2041 (c)(d)(h) | 813000 | 814004 |
| BX Commercial Mortgage Trust 2021-SOAR Series 2022-IND Class A, CME Term SOFR 1 month Index + 1.491%, 5.2411% 4/15/2037 (c)(d)(h) | 2251990 | 2254064 |
| BX Commercial Mortgage Trust 2024-XL5 Series 2024-XL5 Class A, CME Term SOFR 1 month Index + 1.3917%, 5.1418% 3/15/2041 (c)(d)(h) | 6320272 | 6324163 |
| BX Commercial Mortgage Trust 2025-SPOT Series 2025-SPOT Class A, CME Term SOFR 1 month Index + 1.4434%, 5.1935% 4/15/2040 (c)(d)(h) | 6319295 | 6323243 |
| BX Commercial Mortgage Trust 24-MDHS Series 2024-MDHS Class A, 5.3914% 5/15/2041 (d)(h) | 3890565 | 3896575 |
| BX Commercial Mortgage Trust Series 2019-IMC Class A, CME Term SOFR 1 month Index + 1.0463%, 5.0053% 4/15/2034 (c)(d)(h) | 1082836 | 1077608 |
| BX Commercial Mortgage Trust Series 2019-IMC Class B, CME Term SOFR 1 month Index + 1.3463%, 5.3053% 4/15/2034 (c)(d)(h) | 1864321 | 1849163 |
| BX Commercial Mortgage Trust Series 2019-IMC Class C, CME Term SOFR 1 month Index + 1.6463%, 5.6053% 4/15/2034 (c)(d)(h) | 1232474 | 1221021 |
| BX Commercial Mortgage Trust Series 2019-IMC Class D, CME Term SOFR 1 month Index + 1.9463%, 5.9053% 4/15/2034 (c)(d)(h) | 1293785 | 1276499 |
| BX Commercial Mortgage Trust Series 2021-PAC Class A, CME Term SOFR 1 month Index + 0.8036%, 4.5536% 10/15/2036 (c)(d)(h) | 5017787 | 5002151 |
| BX Commercial Mortgage Trust Series 2021-PAC Class B, CME Term SOFR 1 month Index + 1.0133%, 4.7633% 10/15/2036 (c)(d)(h) | 733467 | 731181 |
| BX Commercial Mortgage Trust Series 2021-PAC Class C, CME Term SOFR 1 month Index + 1.2131%, 4.9631% 10/15/2036 (c)(d)(h) | 981551 | 977269 |
| BX Commercial Mortgage Trust Series 2021-PAC Class D, CME Term SOFR 1 month Index + 1.4128%, 5.1628% 10/15/2036 (c)(d)(h) | 952598 | 947848 |
| BX Commercial Mortgage Trust Series 2021-PAC Class E, CME Term SOFR 1 month Index + 2.062%, 5.812% 10/15/2036 (c)(d)(h) | 3312521 | 3304263 |
| BX Commercial Mortgage Trust Series 2022-LP2 Class A, CME Term SOFR 1 month Index + 1.0129%, 4.763% 2/15/2039 (c)(d)(h) | 832598 | 831315 |
| BX Commercial Mortgage Trust Series 2022-LP2 Class B, CME Term SOFR 1 month Index + 1.3123%, 5.0624% 2/15/2039 (c)(d)(h) | 1404350 | 1402599 |
| BX Commercial Mortgage Trust Series 2022-LP2 Class C, CME Term SOFR 1 month Index + 1.5617%, 5.3118% 2/15/2039 (c)(d)(h) | 1404350 | 1402599 |
| BX Commercial Mortgage Trust Series 2022-LP2 Class D, CME Term SOFR 1 month Index + 1.9608%, 5.7109% 2/15/2039 (c)(d)(h) | 1404350 | 1402599 |
| BX Commercial Mortgage Trust Series 2023-XL3 Class A, CME Term SOFR 1 month Index + 1.7614%, 5.5115% 12/9/2040 (c)(d)(h) | 1850167 | 1851882 |
| BX Commercial Mortgage Trust Series 2023-XL3 Class B, CME Term SOFR 1 month Index + 2.1908%, 5.9409% 12/9/2040 (c)(d)(h) | 408841 | 409220 |
| BX Commercial Mortgage Trust Series 2023-XL3 Class C, CME Term SOFR 1 month Index + 2.6402%, 6.3903% 12/9/2040 (c)(d)(h) | 221247 | 221657 |
| BX Commercial Mortgage Trust Series 2024-GPA3 Class A, CME Term SOFR 1 month Index + 1.2928%, 5.0429% 12/15/2039 (c)(d)(h) | 1199172 | 1199172 |
| BX Trust 2019-OC11 Series 2019-OC11 Class XA, 0.8735% 12/9/2041 (d)(h)(j) | 61700000 | 1570648 |
| BX Trust 2021 Series 2021-LBA Class AJV, CME Term SOFR 1 month Index + 0.9145%, 4.6655% 2/15/2036 (c)(d)(h) | 300000 | 299632 |
| BX Trust 2024-CNY Series 2024-CNYN Class A, CME Term SOFR 1 month Index + 1.4419%, 5.192% 4/15/2041 (c)(d)(h) | 4338084 | 4342098 |
| BX Trust 2024-CNY Series 2024-CNYN Class B, CME Term SOFR 1 month Index + 1.6915%, 5.4416% 4/15/2041 (c)(d)(h) | 691641 | 692924 |
| BX Trust 2024-CNY Series 2024-CNYN Class C, CME Term SOFR 1 month Index + 1.9412%, 5.6913% 4/15/2041 (c)(d)(h) | 574084 | 575503 |
| BX Trust 2025 Series 2025-DIME Class A, CME Term SOFR 1 month Index + 1.15%, 4.9001% 2/15/2035 (c)(d)(h) | 3050000 | 3042380 |
| BX Trust 2025-ROIC Series 2025-ROIC Class A, CME Term SOFR 1 month Index + 1.1438%, 4.894% 3/15/2030 (c)(d)(h) | 10772984 | 10759525 |
| BX Trust 2025-ROIC Series 2025-ROIC Class B, CME Term SOFR 1 month Index + 1.3935%, 5.1436% 3/15/2030 (c)(d)(h) | 1329814 | 1324828 |
| BX Trust 2025-ROIC Series 2025-ROIC Class C, CME Term SOFR 1 month Index + 1.69%, 5.2934% 3/15/2030 (c)(d)(h) | 1872696 | 1865678 |
| BX Trust Series 2021-BXMF Class A, CME Term SOFR 1 month Index + 0.7504%, 4.5004% 10/15/2026 (c)(d)(h) | 787848 | 786667 |
| BX Trust Series 2022-IND Class B, CME Term SOFR 1 month Index + 1.94%, 5.6901% 4/15/2037 (c)(d)(h) | 1685794 | 1687865 |
| BX Trust Series 2022-IND Class C, CME Term SOFR 1 month Index + 2.29%, 6.0401% 4/15/2037 (c)(d)(h) | 380607 | 381192 |
| BX Trust Series 2022-IND Class D, CME Term SOFR 1 month Index + 2.839%, 6.5891% 4/15/2037 (c)(d)(h) | 318701 | 319288 |
| BX Trust Series 2024-XL4 Class A, CME Term SOFR 1 month Index + 1.442%, 5.1922% 2/15/2039 (c)(d)(h) | 3695436 | 3697711 |
| BX Trust Series 2024-XL4 Class B, CME Term SOFR 1 month Index + 1.7915%, 5.5417% 2/15/2039 (c)(d)(h) | 463090 | 464091 |
| BX Trust Series 2024-XL5 Class B, CME Term SOFR 1 month Index + 1.6912%, 5.4414% 3/15/2041 (c)(d)(h) | 1122800 | 1123838 |
| BX Trust Series 2024-XL5 Class C, CME Term SOFR 1 month Index + 1.9409%, 5.691% 3/15/2041 (c)(d)(h) | 1491000 | 1492840 |
| BX Trust Series 2025-TAIL Class A, CME Term SOFR 1 month Index + 1.4%, 5.0802% 6/15/2035 (c)(d)(h) | 1203000 | 1203000 |
| Cent Trust Series 2025-CITY Class A, 5.0909% 7/10/2040 (d)(h) | 2587000 | 2620604 |
| Cent Trust Series 2025-CITY Class X, 0.2082% 7/10/2040 (h) | 23900000 | 163328 |
| CF Hippolyta Issuer LLC Series 2021-1A Class A1, 1.53% 3/15/2061 (h) | 5337887 | 4309811 |
| Citigroup Commercial Mortgage Trust Series 2016-C1 Class A4, 3.209% 5/10/2049  | 400000 | 398448 |
| Citigroup Commercial Mortgage Trust Series 2020-GC46 Class AAB, 2.614% 2/15/2053  | 586749 | 571073 |
| COMM Mortgage Trust Series 2017-COR2 Class ASB, 3.317% 9/10/2050  | 216925 | 215438 |
| Computershare Corporate Trust Series 2018-C48 Class A5, 4.302% 1/15/2052  | 2174228 | 2179611 |
| DTP Commercial Mortgage Trust Series 2023-STE2 Class A, 6.038% 1/15/2041 (d)(h) | 775000 | 797078 |
| ELP Series 2025-ELP Class A, 4.6039% 11/13/2042 (h) | 2136000 | 2135962 |
| Extended Stay America Trust Series 2025-ESH Class A, CME Term SOFR 1 month Index + 1.3%, 5.0501% 10/15/2042 (c)(d)(h) | 6440000 | 6450055 |
| Extended Stay America Trust Series 2025-ESH Class B, CME Term SOFR 1 month Index + 1.6%, 5.3501% 10/15/2042 (c)(d)(h) | 1145000 | 1146788 |
| Extended Stay America Trust Series 2025-ESH Class C, CME Term SOFR 1 month Index + 1.85%, 5.6001% 10/15/2042 (c)(d)(h) | 560000 | 560874 |
| Fannie Mae Guaranteed REMIC Series 2025-M4 Class A2, 4.389% 8/25/2035  | 1100000 | 1091176 |
| Fannie Mae Mortgage pass-thru certificates Series 2018-M13 Class A2, 3.75% 9/25/2030 (d) | 141634 | 140166 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-M2 Class A2, 4.62% 4/25/2030  | 3600000 | 3665545 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K054 Class A2, 2.745% 1/25/2026  | 537880 | 536482 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K069 Class A2, 3.187% 9/25/2027  | 485568 | 480409 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K070 Class A2, 3.303% 11/25/2027  | 1400000 | 1387171 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K071 Class A2, 3.286% 11/25/2027  | 1000000 | 990099 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K072 Class A2, 3.444% 12/25/2027  | 1200000 | 1191256 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K073 Class A2, 3.35% 1/25/2028  | 1600000 | 1585421 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K074 Class A2, 3.6% 1/25/2028  | 3396479 | 3380803 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K076 Class A2, 3.9% 4/25/2028  | 700000 | 700889 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K077 Class A2, 3.85% 5/25/2028  | 2400000 | 2400573 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K081 Class A2, 3.9% 8/25/2028  | 500000 | 500564 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K083 Class A2, 4.05% 9/25/2028  | 600000 | 602927 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-K740 Class A2, 1.47% 9/25/2027  | 1400000 | 1347932 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-K141 Class A2, 2.25% 2/25/2032  | 3700000 | 3322204 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2023-K753 Class A2, 4.4% 10/25/2030  | 800000 | 810996 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-K521 Class AS, U.S. 30-Day Avg. SOFR Index + 0.52%, 4.5286% 3/25/2029 (c)(d) | 1695566 | 1692549 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K543 Class A2, 4.329% 6/25/2030 (d) | 900000 | 910173 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K544 Class A2, 4.266% 7/25/2030 (d) | 600000 | 605046 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K546 Class A2, 4.361% 5/25/2030 (d) | 700000 | 708632 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K547 Class A2, 4.421% 5/25/2030  | 3000000 | 3043844 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K548 Class A2, 4.32% 9/25/2030 (d) | 1600000 | 1616718 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K549 Class A2, 4.34% 9/25/2030 (d) | 200000 | 202257 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K551 Class A2, 4.165% 11/25/2030 (d) | 600000 | 602089 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K551 Class AS, 4.55% 10/25/2030  | 5100000 | 5097761 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K552 Class AS, U.S. 30-Day Avg. SOFR Index + 0.54%, 4.5486% 10/25/2030 (c)(d) | 3000000 | 2999990 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K761 Class A2, 4.4% 6/25/2032  | 800000 | 806570 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K762 Class A2, 4.36% 9/25/2032  | 1900000 | 1912210 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K763 Class A2, 4.17% 10/25/2032 (d) | 1300000 | 1292530 |
| GS Mortgage Securities Trust Series 2017-GS6 Class A2, 3.164% 5/10/2050  | 277161 | 273399 |
| GS Mortgage Securities Trust Series 2017-GS8 Class AAB, 3.313% 11/10/2050  | 384561 | 382366 |
| GS Mortgage Securities Trust Series 2018-GS10 Class A4, 3.89% 7/10/2051  | 600000 | 590764 |
| GS Mortgage Securities Trust Series 2018-GS10 Class A5, 4.155% 7/10/2051  | 700000 | 692177 |
| GS Mortgage Securities Trust Series 2018-GS10 Class AAB, 4.106% 7/10/2051  | 93804 | 93620 |
| GS Mortgage Securities Trust Series 2019-GSA1 Class A4, 3.0479% 11/10/2052  | 500000 | 474353 |
| HAVN Trust Series 2025-MOB Class A, CME Term SOFR 1 month Index + 1.7%, 5.4501% 10/15/2035 (c)(d)(h) | 600000 | 600000 |
| Int Commercial Mortgage Trust Series 2025-PLAZA Class A, 4.8788% 11/5/2037 (d)(h) | 1885000 | 1892117 |
| JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class ASB, 3.4743% 12/15/2049 (d) | 601283 | 599039 |
| JPMCC Commercial Mortgage Securities Trust Series 2017-JP6 Class ASB, 3.2829% 7/15/2050  | 92904 | 92349 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-WPT Class AFX, 4.2475% 7/5/2033 (h) | 277000 | 263150 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-WPT Class CFX, 4.9498% 7/5/2033 (h) | 505398 | 343721 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-WPT Class DFX, 5.3503% 7/5/2033 (h)(k) | 715868 | 407476 |
| Life Financial Services Trust Series 2022-BMR2 Class A1, CME Term SOFR 1 month Index + 1.2952%, 5.0454% 5/15/2039 (c)(d)(h) | 5702564 | 5499519 |
| Life Financial Services Trust Series 2022-BMR2 Class B, CME Term SOFR 1 month Index + 1.7939%, 5.544% 5/15/2039 (c)(d)(h) | 4064838 | 3673436 |
| Life Financial Services Trust Series 2022-BMR2 Class C, CME Term SOFR 1 month Index + 2.0931%, 5.8432% 5/15/2039 (c)(d)(h) | 2311651 | 2083452 |
| Life Financial Services Trust Series 2022-BMR2 Class D, CME Term SOFR 1 month Index + 2.5419%, 6.292% 5/15/2039 (c)(d)(h) | 2054528 | 1657114 |
| LIFE Mortgage Trust Series 2021-BMR Class C, CME Term SOFR 1 month Index + 1.2145%, 4.9645% 3/15/2038 (c)(d)(h) | 67118 | 66831 |
| LIFE Mortgage Trust Series 2021-BMR Class D, CME Term SOFR 1 month Index + 1.5145%, 5.2645% 3/15/2038 (c)(d)(h) | 611979 | 608546 |
| LIFE Mortgage Trust Series 2021-BMR Class E, CME Term SOFR 1 month Index + 1.8645%, 5.6145% 3/15/2038 (c)(d)(h) | 534885 | 531204 |
| Morgan Stanley Capital I Trust Series 2017-HR2 Class A3, 3.33% 12/15/2050  | 495033 | 487327 |
| Morgan Stanley Capital I Trust Series 2018-H4 Class A4, 4.31% 12/15/2051  | 4407809 | 4381545 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class A, 3.9% 9/24/2057 (d)(h) | 1957622 | 1932066 |
| Natixis Commercial Mortgage Securities Trust Series 2020-2PAC Class A, 2.966% 12/15/2038 (h) | 1779100 | 1727588 |
| Providence Place Group LP Series 2000-C1 Class A2, 7.75% 7/20/2028 (h) | 1033312 | 1053128 |
| SCG Trust Series 2025-FLWR Class A, CME Term SOFR 1 month Index + 1.25%, 5.0001% 8/15/2042 (c)(d)(h) | 700000 | 700437 |
| SCMS Series 2025-BNC1 Class A2, 4.5016% 12/15/2057 (h) | 1600000 | 1601712 |
| SPGN Mortgage Trust Series 2022-TFLM Class B, CME Term SOFR 1 month Index + 2%, 5.7501% 2/15/2039 (c)(d)(h) | 1190000 | 1189598 |
| SPGN Mortgage Trust Series 2022-TFLM Class C, CME Term SOFR 1 month Index + 2.65%, 6.4001% 2/15/2039 (c)(d)(h) | 619000 | 620018 |
| SREIT Trust Series 2021-MFP Class A, CME Term SOFR 1 month Index + 0.8453%, 4.5954% 11/15/2038 (c)(d)(h) | 5931653 | 5927996 |
| SREIT Trust Series 2021-MFP Class B, CME Term SOFR 1 month Index + 1.1943%, 4.9444% 11/15/2038 (c)(d)(h) | 2616173 | 2614559 |
| SREIT Trust Series 2021-MFP Class C, CME Term SOFR 1 month Index + 1.4435%, 5.1936% 11/15/2038 (c)(d)(h) | 1364340 | 1363497 |
| SREIT Trust Series 2021-MFP Class D, CME Term SOFR 1 month Index + 1.6927%, 5.4428% 11/15/2038 (c)(d)(h) | 896702 | 896147 |
| TCO Commercial Mortgage Trust Series 2024-DPM Class A, CME Term SOFR 1 month Index + 1.2429%, 4.993% 12/15/2039 (c)(d)(h) | 3736000 | 3735999 |
| TCO Commercial Mortgage Trust Series 2024-DPM Class B, CME Term SOFR 1 month Index + 1.5924%, 5.3425% 12/15/2039 (c)(d)(h) | 910000 | 909999 |
| TCO Commercial Mortgage Trust Series 2024-DPM Class C, CME Term SOFR 1 month Index + 1.9919%, 5.742% 12/15/2039 (c)(d)(h) | 671000 | 671837 |
| UBS Commercial Mortgage Trust Series 2018-C9 Class A4, 4.117% 3/15/2051  | 300000 | 296889 |
| VLS Commercial Mortgage Trust Series 2020-LAB Class A, 2.13% 10/10/2042 (h) | 3269943 | 2809085 |
| VLS Commercial Mortgage Trust Series 2020-LAB Class B, 2.453% 10/10/2042 (h) | 256512 | 210587 |
| Wells Fargo Commercial Mortgage Trust Series 2016-LC25 Class A3, 3.374% 12/15/2059  | 1171203 | 1163308 |
| Wells Fargo Commercial Mortgage Trust Series 2020-C55 Class ASB, 2.651% 2/15/2053  | 430032 | 418205 |
| Wells Fargo Commercial Mortgage Trust Series 2021-FCMT Class A, CME Term SOFR 1 month Index + 1.3145%, 5.0655% 5/15/2031 (c)(d)(h) | 2496000 | 2494271 |
| Wells Fargo Commercial Mortgage Trust Series 2024-5C1 Class A3, 5.928% 7/15/2057  | 800000 | 837982 |
| Wells Fargo Commerical Mortgage Trust Series 2025-VTT Class A, 5.2704% 3/15/2038 (d)(h) | 2300000 | 2311070 |
| TOTAL UNITED STATES |  | 233737894 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $237,293,361) |  | <br> **233737894** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed-Income Funds - 1.7%** | &nbsp;&nbsp;**Fixed-Income Funds - 1.7%** | &nbsp;&nbsp;**Fixed-Income Funds - 1.7%** |
|  | Shares | Value ($)<br>|
| Fidelity Specialized High Income Central Fund (l)<br>(Cost $84,755,422)<br>| 924010 | **83170143** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 0.1%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 0.1%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 0.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| SAUDI ARABIA - 0.1%  |  |  |
| Kingdom of Saudi Arabia 3.25% 10/22/2030 (h) | 1788000 | 1705529 |
| Kingdom of Saudi Arabia 4.5% 4/22/2060 (h) | 1363000 | 1086992 |
| TOTAL SAUDI ARABIA |  | 2792521 |
| <br> **TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS**<br> (Cost $3,452,326) |  | <br> **2792521** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 21.0%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 21.0%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 21.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Commonwealth Bank of Australia 3.61% 9/12/2034 (d)(h) | 1485000 | 1432244 |
| Westpac Banking Corp 4.11% 7/24/2034 (d) | 2107000 | 2073163 |
| TOTAL AUSTRALIA |  | 3505407 |
| CANADA - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Gildan Activewear Inc 4.7% 10/7/2030 (h) | 393000 | 391071 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Canadian Natural Resources Ltd 5.85% 2/1/2035  | 1417000 | 1474986 |
| Cenovus Energy Inc 4.65% 3/20/2031  | 957000 | 954020 |
| Cenovus Energy Inc 5.4% 3/20/2036  | 737000 | 736033 |
| Enbridge Inc 4.25% 12/1/2026  | 1006000 | 1007920 |
| TOTAL ENERGY |  | 4172959 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Emera US Finance LP 3.55% 6/15/2026  | 1074000 | 1070528 |
| TOTAL CANADA |  | 5634558 |
| FRANCE - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| BNP Paribas SA 5.786% 1/13/2033 (d)(h) | 4420000 | 4639828 |
| Societe Generale SA 5.5% 4/13/2029 (d)(h) | 3018000 | 3090923 |
| TOTAL FRANCE |  | 7730751 |
| GERMANY - 0.1%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Deutsche Bank AG/New York NY 4.999% 9/11/2030 (d) | 2000000 | 2030709 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| RWE Finance US LLC 5.125% 9/18/2035 (h) | 2798000 | 2782308 |
| TOTAL GERMANY |  | 4813017 |
| IRELAND - 0.6%  |  |  |
| Financials - 0.4% |  |  |
| Consumer Finance - 0.4% |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 2.45% 10/29/2026  | 2289000 | 2257888 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3% 10/29/2028  | 2397000 | 2323864 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.3% 1/30/2032  | 2564000 | 2367391 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.45% 4/3/2026  | 1774000 | 1774158 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.45% 4/15/2027  | 7503000 | 7707420 |
| TOTAL FINANCIALS |  | 16430721 |
| Industrials - 0.2% |  |  |
| Transportation Infrastructure - 0.2% |  |  |
| Avolon Holdings Funding Ltd 4.25% 4/15/2026 (h) | 897000 | 896784 |
| Avolon Holdings Funding Ltd 4.375% 5/1/2026 (h) | 2653000 | 2653810 |
| Avolon Holdings Funding Ltd 4.7% 1/30/2031 (h) | 2500000 | 2483908 |
| Avolon Holdings Funding Ltd 5.15% 1/15/2030 (h) | 326000 | 331338 |
| Avolon Holdings Funding Ltd 5.375% 5/30/2030 (h) | 1774000 | 1821200 |
| Avolon Holdings Funding Ltd 6.375% 5/4/2028 (h) | 3966000 | 4132460 |
| TOTAL INDUSTRIALS |  | 12319500 |
| TOTAL IRELAND |  | 28750221 |
| ITALY - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Intesa Sanpaolo SpA 5.71% 1/15/2026 (h) | 7296000 | 7299514 |
| JAPAN - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| NTT Finance Corp 4.567% 7/16/2027 (h) | 609000 | 614138 |
| NTT Finance Corp 4.62% 7/16/2028 (h) | 616000 | 624193 |
| NTT Finance Corp 4.876% 7/16/2030 (h) | 1621000 | 1650847 |
| TOTAL JAPAN |  | 2889178 |
| MEXICO - 0.8%  |  |  |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Petroleos Mexicanos 5.95% 1/28/2031  | 3652000 | 3534771 |
| Petroleos Mexicanos 6.35% 2/12/2048  | 7493000 | 5881256 |
| Petroleos Mexicanos 6.5% 1/23/2029  | 3157000 | 3212247 |
| Petroleos Mexicanos 6.7% 2/16/2032  | 11763000 | 11729240 |
| Petroleos Mexicanos 6.75% 9/21/2047  | 6872000 | 5636414 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 4473000 | 3630287 |
| Petroleos Mexicanos 7.69% 1/23/2050  | 9202000 | 8248121 |
| TOTAL MEXICO |  | 41872336 |
| NETHERLANDS - 0.4%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| ABN AMRO Bank NV 4.988% 12/3/2028 (d)(h) | 13000000 | 13226277 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| NXP BV / NXP Funding LLC / NXP USA Inc 4.85% 8/19/2032  | 1390000 | 1397316 |
| NXP BV / NXP Funding LLC / NXP USA Inc 5.25% 8/19/2035  | 4007000 | 4066206 |
| TOTAL INFORMATION TECHNOLOGY |  | 5463522 |
| TOTAL NETHERLANDS |  | 18689799 |
| QATAR - 0.0%  |  |  |
| Utilities - 0.0% |  |  |
| Gas Utilities - 0.0% |  |  |
| Nakilat Inc 6.067% 12/31/2033 (h) | 721611 | 764865 |
| SWITZERLAND - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| UBS Group AG 1.494% 8/10/2027 (d)(h) | 3309000 | 3256201 |
| UBS Group AG 3.869% 1/12/2029 (d)(h) | 2282000 | 2269122 |
| UBS Group AG 4.194% 4/1/2031 (d)(h) | 5461000 | 5408951 |
| UBS Group AG 4.55% 4/17/2026  | 1462000 | 1464465 |
|  |  | 12398739 |
| Insurance - 0.0% |  |  |
| Swiss Re Finance Luxembourg SA 5% 4/2/2049 (d)(h) | 600000 | 604018 |
| TOTAL SWITZERLAND |  | 13002757 |
| UNITED KINGDOM - 0.5%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Tobacco - 0.2% |  |  |
| BAT Capital Corp 6.421% 8/2/2033  | 1907000 | 2104252 |
| Imperial Brands Finance PLC 6.125% 7/27/2027 (h) | 1890000 | 1945408 |
| Reynolds American Inc 5.7% 8/15/2035  | 689000 | 718658 |
| Reynolds American Inc 6.15% 9/15/2043  | 2271000 | 2329976 |
| Reynolds American Inc 7.25% 6/15/2037  | 1681000 | 1942393 |
| TOTAL CONSUMER STAPLES |  | 9040687 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Barclays PLC 5.088% 6/20/2030 (d) | 4171000 | 4241972 |
| Barclays PLC 5.2% 5/12/2026  | 3533000 | 3548247 |
| Barclays PLC 5.829% 5/9/2027 (d) | 1900000 | 1910692 |
| Barclays PLC 6.224% 5/9/2034 (d) | 1900000 | 2043078 |
| NatWest Group PLC 3.073% 5/22/2028 (d) | 2640000 | 2606453 |
| TOTAL FINANCIALS |  | 14350442 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| BAE Systems PLC 3.4% 4/15/2030 (h) | 1287000 | 1244053 |
| TOTAL UNITED KINGDOM |  | 24635182 |
| UNITED STATES - 17.8%  |  |  |
| Communication Services - 1.4% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| AT&T Inc 2.55% 12/1/2033  | 8483000 | 7239988 |
| AT&T Inc 4.3% 2/15/2030  | 1940000 | 1942451 |
| AT&T Inc 4.75% 5/15/2046  | 10884000 | 9430269 |
| Verizon Communications Inc 2.55% 3/21/2031  | 3143000 | 2870167 |
| Verizon Communications Inc 4.75% 1/15/2033  | 2625000 | 2622944 |
|  |  | 24105819 |
| Media - 0.7% |  |  |
| Charter Communications Operating LLC / Charter Communications Operating Capital 2.3% 2/1/2032  | 545000 | 468534 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 4.4% 4/1/2033  | 1435000 | 1351868 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 4.8% 3/1/2050  | 1091000 | 819558 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 5.05% 3/30/2029  | 1180000 | 1193706 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 5.375% 5/1/2047  | 10656000 | 8777823 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 5.5% 4/1/2063  | 1435000 | 1130712 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 6.1% 6/1/2029  | 2136000 | 2229298 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 6.484% 10/23/2045  | 1557000 | 1463839 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 6.55% 6/1/2034  | 1474000 | 1550288 |
| Time Warner Cable LLC 4.5% 9/15/2042  | 525000 | 403737 |
| Time Warner Cable LLC 5.5% 9/1/2041  | 965000 | 846936 |
| Time Warner Cable LLC 5.875% 11/15/2040  | 852000 | 788401 |
| Time Warner Cable LLC 6.55% 5/1/2037  | 11472000 | 11706704 |
| Time Warner Cable LLC 7.3% 7/1/2038  | 2146000 | 2298753 |
|  |  | 35030157 |
| Wireless Telecommunication Services - 0.2% |  |  |
| T-Mobile USA Inc 3.75% 4/15/2027  | 3463000 | 3452121 |
| T-Mobile USA Inc 3.875% 4/15/2030  | 5007000 | 4923758 |
|  |  | 8375879 |
| TOTAL COMMUNICATION SERVICES |  | 67511855 |
| Consumer Discretionary - 0.2% |  |  |
| Specialty Retail - 0.2% |  |  |
| AutoNation Inc 4.75% 6/1/2030  | 434000 | 438107 |
| AutoZone Inc 4% 4/15/2030  | 3015000 | 2981372 |
| Lowe's Cos Inc 3.35% 4/1/2027  | 384000 | 381231 |
| Lowe's Cos Inc 3.75% 4/1/2032  | 1183000 | 1133607 |
| Lowe's Cos Inc 4.5% 4/15/2030  | 2166000 | 2193417 |
| O'Reilly Automotive Inc 4.2% 4/1/2030  | 668000 | 666159 |
| TOTAL CONSUMER DISCRETIONARY |  | 7793893 |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Kroger Co/The 5% 9/15/2034  | 2170000 | 2181988 |
| Mars Inc 4.8% 3/1/2030 (h) | 3145000 | 3214072 |
| Mars Inc 5% 3/1/2032 (h) | 2361000 | 2433587 |
| Mars Inc 5.2% 3/1/2035 (h) | 1962000 | 2016602 |
|  |  | 9846249 |
| Food Products - 0.0% |  |  |
| General Mills Inc 2.875% 4/15/2030  | 408000 | 385808 |
| Tobacco - 0.1% |  |  |
| Altria Group Inc 4.25% 8/9/2042  | 3140000 | 2620154 |
| Altria Group Inc 4.5% 5/2/2043  | 2104000 | 1794861 |
| Altria Group Inc 4.8% 2/14/2029  | 575000 | 584827 |
| Altria Group Inc 5.95% 2/14/2049  | 753000 | 752842 |
|  |  | 5752684 |
| TOTAL CONSUMER STAPLES |  | 15984741 |
| Energy - 1.6% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Halliburton Co 4.85% 11/15/2035  | 1223000 | 1206691 |
| Oil, Gas & Consumable Fuels - 1.6% |  |  |
| Columbia Pipelines Holding Co LLC 4.999% 11/17/2032 (h) | 4900000 | 4899564 |
| Columbia Pipelines Operating Co LLC 5.927% 8/15/2030 (h) | 547000 | 578647 |
| Columbia Pipelines Operating Co LLC 6.036% 11/15/2033 (h) | 1473000 | 1576785 |
| Columbia Pipelines Operating Co LLC 6.497% 8/15/2043 (h) | 440000 | 464818 |
| Columbia Pipelines Operating Co LLC 6.544% 11/15/2053 (h) | 793000 | 844398 |
| Columbia Pipelines Operating Co LLC 6.714% 8/15/2063 (h) | 475000 | 514027 |
| DCP Midstream Operating LP 5.6% 4/1/2044  | 697000 | 672394 |
| DCP Midstream Operating LP 6.45% 11/3/2036 (h) | 1406000 | 1491161 |
| Energy Transfer LP 3.75% 5/15/2030  | 1314000 | 1278742 |
| Energy Transfer LP 5% 5/15/2050  | 766000 | 640872 |
| Energy Transfer LP 5.25% 4/15/2029  | 1165000 | 1197088 |
| Energy Transfer LP 5.8% 6/15/2038  | 1282000 | 1305631 |
| Hess Corp 4.3% 4/1/2027  | 2776000 | 2787743 |
| Hess Corp 7.125% 3/15/2033  | 569000 | 658508 |
| Hess Corp 7.3% 8/15/2031  | 762000 | 875292 |
| Hess Corp 7.875% 10/1/2029  | 2490000 | 2813714 |
| Kinder Morgan Energy Partners LP 6.55% 9/15/2040  | 261000 | 282837 |
| Kinder Morgan Inc 5.55% 6/1/2045  | 1383000 | 1337114 |
| MPLX LP 4.8% 2/15/2029  | 640000 | 649559 |
| MPLX LP 4.95% 9/1/2032  | 3480000 | 3503510 |
| MPLX LP 5.5% 2/15/2049  | 1917000 | 1760388 |
| Occidental Petroleum Corp 6.2% 3/15/2040  | 965000 | 979914 |
| Occidental Petroleum Corp 6.45% 9/15/2036  | 2612000 | 2783675 |
| Occidental Petroleum Corp 6.6% 3/15/2046  | 3240000 | 3351074 |
| Occidental Petroleum Corp 7.5% 5/1/2031  | 4360000 | 4905789 |
| ONEOK Inc 4.25% 9/24/2027  | 1093000 | 1096594 |
| ONEOK Inc 4.4% 10/15/2029  | 1143000 | 1146826 |
| ONEOK Inc 4.75% 10/15/2031  | 2223000 | 2234812 |
| Plains All American Pipeline LP / PAA Finance Corp 3.55% 12/15/2029  | 751000 | 729583 |
| Plains All American Pipeline LP / PAA Finance Corp 4.7% 1/15/2031  | 2924000 | 2940487 |
| Sabine Pass Liquefaction LLC 4.5% 5/15/2030  | 4528000 | 4546331 |
| Targa Resources Corp 4.35% 1/15/2029  | 1222000 | 1225393 |
| Targa Resources Corp 4.9% 9/15/2030  | 1607000 | 1637348 |
| Targa Resources Corp 5.65% 2/15/2036  | 3869000 | 3974216 |
| Transcontinental Gas Pipe Line Co LLC 3.25% 5/15/2030  | 577000 | 552788 |
| Western Gas Partners LP 4.5% 3/1/2028  | 1136000 | 1140520 |
| Western Gas Partners LP 4.65% 7/1/2026  | 5141000 | 5141818 |
| Western Gas Partners LP 4.75% 8/15/2028  | 656000 | 663729 |
| Williams Cos Inc/The 3.5% 11/15/2030  | 4829000 | 4632393 |
| Williams Cos Inc/The 4.65% 8/15/2032  | 3633000 | 3638354 |
| Williams Cos Inc/The 5.3% 8/15/2052  | 824000 | 760037 |
|  |  | 78214473 |
| TOTAL ENERGY |  | 79421164 |
| Financials - 8.0% |  |  |
| Banks - 4.2% |  |  |
| Bank of America Corp 2.299% 7/21/2032 (d) | 8618000 | 7705853 |
| Bank of America Corp 3.419% 12/20/2028 (d) | 10766000 | 10630586 |
| Bank of America Corp 4.25% 10/22/2026  | 2419000 | 2424684 |
| Bank of America Corp 4.45% 3/3/2026  | 861000 | 861620 |
| Bank of America Corp 4.623% 5/9/2029 (d) | 8681000 | 8796160 |
| Bank of America Corp 5.015% 7/22/2033 (d) | 18422000 | 18784029 |
| Bank of America Corp 5.425% 8/15/2035 (d) | 6500000 | 6647718 |
| Citigroup Inc 4.3% 11/20/2026  | 983000 | 985414 |
| Citigroup Inc 4.412% 3/31/2031 (d) | 6030000 | 6028991 |
| Citigroup Inc 4.45% 9/29/2027  | 9708000 | 9770449 |
| Citigroup Inc 4.6% 3/9/2026  | 1246000 | 1246851 |
| Citigroup Inc 4.91% 5/24/2033 (d) | 5644000 | 5711639 |
| Citizens Financial Group Inc 2.638% 9/30/2032  | 2757000 | 2381278 |
| Citizens Financial Group Inc 5.718% 7/23/2032 (d) | 5882000 | 6166740 |
| Fifth Third Bancorp 4.895% 9/6/2030 (d) | 4500000 | 4572575 |
| JPMorgan Chase & Co 2.956% 5/13/2031 (d) | 2452000 | 2313129 |
| JPMorgan Chase & Co 4.493% 3/24/2031 (d) | 7267000 | 7330165 |
| JPMorgan Chase & Co 4.586% 4/26/2033 (d) | 15530000 | 15611847 |
| JPMorgan Chase & Co 4.912% 7/25/2033 (d) | 4507000 | 4591321 |
| JPMorgan Chase & Co 5.103% 4/22/2031 (d) | 3250000 | 3355548 |
| JPMorgan Chase & Co 5.14% 1/24/2031 (d) | 15000000 | 15503905 |
| JPMorgan Chase & Co 5.572% 4/22/2036 (d) | 3860000 | 4049753 |
| Morgan Stanley Private Bank NA 4.204% 11/17/2028 (d) | 5350000 | 5366714 |
| Morgan Stanley Private Bank NA 4.465% 11/19/2031 (d) | 5349000 | 5363003 |
| Morgan Stanley Private Bank NA 4.734% 7/18/2031 (d) | 10896000 | 11045249 |
| Santander Holdings USA Inc 2.49% 1/6/2028 (d) | 3241000 | 3185540 |
| Wells Fargo & Co 3.526% 3/24/2028 (d) | 5273000 | 5238720 |
| Wells Fargo & Co 4.478% 4/4/2031 (d) | 8118000 | 8171644 |
| Wells Fargo & Co 5.15% 4/23/2031 (d) | 13304000 | 13732430 |
| Wells Fargo & Co 5.244% 1/24/2031 (d) | 6240000 | 6461644 |
| Wells Fargo & Co 5.499% 1/23/2035 (d) | 2849000 | 2972562 |
| Wells Fargo & Co 5.605% 4/23/2036 (d) | 3890000 | 4077155 |
|  |  | 211084916 |
| Capital Markets - 1.9% |  |  |
| Athene Global Funding 5.339% 1/15/2027 (h) | 5719000 | 5788608 |
| Athene Global Funding 5.583% 1/9/2029 (h) | 2875000 | 2953269 |
| Goldman Sachs Group Inc/The 2.383% 7/21/2032 (d) | 5355000 | 4796000 |
| Goldman Sachs Group Inc/The 3.102% 2/24/2033 (d) | 2100000 | 1934574 |
| Goldman Sachs Group Inc/The 3.691% 6/5/2028 (d) | 23641000 | 23515223 |
| Goldman Sachs Group Inc/The 3.8% 3/15/2030  | 8794000 | 8655108 |
| Goldman Sachs Group Inc/The 6.75% 10/1/2037  | 1275000 | 1423379 |
| Morgan Stanley 3.622% 4/1/2031 (d) | 5698000 | 5536316 |
| Morgan Stanley 3.625% 1/20/2027  | 6245000 | 6228741 |
| Morgan Stanley 4.431% 1/23/2030 (d) | 2495000 | 2508823 |
| Morgan Stanley 4.889% 7/20/2033 (d) | 9357000 | 9491715 |
| Morgan Stanley 5.192% 4/17/2031 (d) | 5842000 | 6023522 |
| Morgan Stanley 5.23% 1/15/2031 (d) | 9000000 | 9283385 |
| Morgan Stanley 5.664% 4/17/2036 (d) | 2337000 | 2453068 |
| MSCI Inc 5.15% 3/15/2036  | 980000 | 972829 |
| MSCI Inc 5.25% 9/1/2035  | 2773000 | 2791296 |
|  |  | 94355856 |
| Consumer Finance - 0.6% |  |  |
| Ally Financial Inc 7.1% 11/15/2027  | 4120000 | 4328334 |
| Ally Financial Inc 8% 11/1/2031  | 405000 | 459677 |
| Capital One Financial Corp 3.273% 3/1/2030 (d) | 3538000 | 3433110 |
| Capital One Financial Corp 3.65% 5/11/2027  | 7652000 | 7616057 |
| Capital One Financial Corp 3.8% 1/31/2028  | 2177000 | 2168119 |
| Capital One Financial Corp 4.1% 2/9/2027  | 1620000 | 1621094 |
| Capital One Financial Corp 5.247% 7/26/2030 (d) | 4600000 | 4744694 |
| Synchrony Financial 3.95% 12/1/2027  | 3523000 | 3506212 |
|  |  | 27877297 |
| Financial Services - 0.6% |  |  |
| Corebridge Financial Inc 3.65% 4/5/2027  | 3963000 | 3937918 |
| Corebridge Financial Inc 3.85% 4/5/2029  | 1606000 | 1579875 |
| Corebridge Financial Inc 3.9% 4/5/2032  | 4012000 | 3807986 |
| Corebridge Financial Inc 4.35% 4/5/2042  | 435000 | 371936 |
| Corebridge Financial Inc 6.05% 9/15/2033  | 1286000 | 1364633 |
| Corebridge Global Funding 4.9% 12/3/2029 (h) | 3500000 | 3560493 |
| Corebridge Global Funding 5.9% 9/19/2028 (h) | 2307000 | 2409382 |
| Equitable Holdings Inc 4.35% 4/20/2028  | 800000 | 802966 |
| Equitable Holdings Inc 4.572% 2/15/2029 (h) | 832000 | 835917 |
| Jackson Financial Inc 3.125% 11/23/2031  | 436000 | 396384 |
| Jackson Financial Inc 5.17% 6/8/2027  | 1735000 | 1756787 |
| Jackson Financial Inc 5.67% 6/8/2032  | 1866000 | 1938465 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl 3% 5/15/2032  | 4479000 | 4020587 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl 3.625% 1/15/2032  | 1723000 | 1612336 |
| Pine Street Trust II 5.568% 2/15/2049 (h) | 3236000 | 3024085 |
|  |  | 31419750 |
| Insurance - 0.7% |  |  |
| Five Corners Funding Trust II 2.85% 5/15/2030 (h) | 6263000 | 5896132 |
| Liberty Mutual Group Inc 4.569% 2/1/2029 (h) | 2324000 | 2334628 |
| Marsh & McLennan Cos Inc 4.375% 3/15/2029  | 2258000 | 2280522 |
| Massachusetts Mutual Life Insurance Co 3.729% 10/15/2070 (h) | 3298000 | 2131979 |
| MetLife Inc 5.3% 12/15/2034  | 6750000 | 7019664 |
| Pacific LifeCorp 5.125% 1/30/2043 (h) | 2981000 | 2818514 |
| Reinsurance Group of America Inc 6% 9/15/2033  | 5628000 | 5994545 |
| Unum Group 4% 6/15/2029  | 2503000 | 2475853 |
| Unum Group 4.046% 8/15/2041 (h) | 151000 | 122142 |
| Unum Group 5.75% 8/15/2042  | 3920000 | 3886677 |
| Western-Southern Global Funding 4.9% 5/1/2030 (h) | 713000 | 729681 |
|  |  | 35690337 |
| TOTAL FINANCIALS |  | 400428156 |
| Health Care - 1.1% |  |  |
| Biotechnology - 0.0% |  |  |
| Amgen Inc 5.15% 3/2/2028  | 2052000 | 2099996 |
| Health Care Providers & Services - 1.0% |  |  |
| Centene Corp 2.45% 7/15/2028  | 5569000 | 5214473 |
| Centene Corp 2.625% 8/1/2031  | 2597000 | 2233795 |
| Centene Corp 3.375% 2/15/2030  | 2896000 | 2664999 |
| Centene Corp 4.25% 12/15/2027  | 3262000 | 3242795 |
| Centene Corp 4.625% 12/15/2029  | 5066000 | 4913735 |
| Cigna Group/The 4.8% 8/15/2038  | 2144000 | 2052925 |
| CVS Health Corp 3% 8/15/2026  | 355000 | 352644 |
| CVS Health Corp 3.625% 4/1/2027  | 1019000 | 1013383 |
| CVS Health Corp 4.78% 3/25/2038  | 3388000 | 3197973 |
| CVS Health Corp 5% 1/30/2029  | 1590000 | 1623706 |
| CVS Health Corp 5% 9/15/2032  | 1355000 | 1383009 |
| CVS Health Corp 5.25% 1/30/2031  | 652000 | 673737 |
| HCA Inc 3.5% 9/1/2030  | 2160000 | 2077182 |
| HCA Inc 3.625% 3/15/2032  | 487000 | 459986 |
| HCA Inc 5.45% 4/1/2031  | 4100000 | 4279166 |
| HCA Inc 5.625% 9/1/2028  | 2246000 | 2315122 |
| HCA Inc 5.875% 2/1/2029  | 2447000 | 2550014 |
| Humana Inc 3.7% 3/23/2029  | 1508000 | 1480626 |
| Sabra Health Care LP 3.2% 12/1/2031  | 5311000 | 4859430 |
| Toledo Hospital/The Series 2018 B, 5.325% 11/15/2028  | 1197000 | 1213692 |
|  |  | 47802392 |
| Pharmaceuticals - 0.1% |  |  |
| Elanco Animal Health Inc 6.65% 8/28/2028 (d) | 757000 | 791092 |
| Mylan Inc 4.55% 4/15/2028  | 2271000 | 2273398 |
| Utah Acquisition Sub Inc 3.95% 6/15/2026  | 873000 | 871026 |
|  |  | 3935516 |
| TOTAL HEALTH CARE |  | 53837904 |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Boeing Co 5.04% 5/1/2027  | 1681000 | 1698209 |
| Boeing Co 5.15% 5/1/2030  | 1681000 | 1727245 |
| Boeing Co 5.705% 5/1/2040  | 1703000 | 1738386 |
| Boeing Co 5.805% 5/1/2050  | 1703000 | 1675061 |
| Boeing Co 5.93% 5/1/2060  | 1680000 | 1647334 |
| Boeing Co 6.259% 5/1/2027  | 888000 | 911102 |
| Boeing Co 6.298% 5/1/2029  | 1138000 | 1207928 |
| Boeing Co 6.388% 5/1/2031  | 862000 | 935437 |
| Boeing Co 6.528% 5/1/2034  | 923000 | 1021169 |
| Boeing Co 6.858% 5/1/2054  | 1389000 | 1560040 |
| Boeing Co 7.008% 5/1/2064  | 1311000 | 1489624 |
|  |  | 15611535 |
| Building Products - 0.0% |  |  |
| Carrier Global Corp 5.9% 3/15/2034  | 365000 | 391528 |
| Carrier Global Corp 6.2% 3/15/2054  | 226000 | 244358 |
|  |  | 635886 |
| Ground Transportation - 0.1% |  |  |
| Uber Technologies Inc 4.15% 1/15/2031  | 2261000 | 2252636 |
| Uber Technologies Inc 4.8% 9/15/2035  | 1784000 | 1774579 |
|  |  | 4027215 |
| Professional Services - 0.1% |  |  |
| Paychex Inc 5.1% 4/15/2030  | 399000 | 410776 |
| Paychex Inc 5.35% 4/15/2032  | 555000 | 574751 |
| Paychex Inc 5.6% 4/15/2035  | 435000 | 455573 |
| Verisk Analytics Inc 4.5% 8/15/2030  | 1121000 | 1129481 |
| Verisk Analytics Inc 5.125% 2/15/2036  | 2519000 | 2530501 |
|  |  | 5101082 |
| TOTAL INDUSTRIALS |  | 25375718 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Dell International LLC / EMC Corp 4.15% 2/15/2029  | 2289000 | 2286519 |
| Dell International LLC / EMC Corp 4.5% 2/15/2031  | 4528000 | 4521537 |
| Dell International LLC / EMC Corp 4.75% 10/6/2032  | 3018000 | 3014034 |
| Dell International LLC / EMC Corp 5.1% 2/15/2036  | 4780000 | 4720553 |
| Dell International LLC / EMC Corp 6.1% 7/15/2027  | 1349000 | 1385865 |
| Dell International LLC / EMC Corp 6.2% 7/15/2030  | 1167000 | 1246680 |
|  |  | 17175188 |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Broadcom Inc 1.95% 2/15/2028  | 944000 | 906047 |
| Broadcom Inc 2.45% 2/15/2031  | 8034000 | 7348527 |
| Broadcom Inc 2.6% 2/15/2033  | 8034000 | 7074874 |
| Broadcom Inc 3.419% 4/15/2033  | 725000 | 671107 |
| Broadcom Inc 3.5% 2/15/2041  | 5763000 | 4688114 |
|  |  | 20688669 |
| Software - 0.2% |  |  |
| Oracle Corp 4.45% 9/26/2030  | 1721000 | 1683716 |
| Oracle Corp 4.8% 9/26/2032  | 2871000 | 2771727 |
| Oracle Corp 5.2% 9/26/2035  | 2614000 | 2504423 |
| Oracle Corp 5.875% 9/26/2045  | 1612000 | 1455836 |
| Oracle Corp 5.95% 9/26/2055  | 2021000 | 1790635 |
| Oracle Corp 6.1% 9/26/2065  | 2080000 | 1834544 |
|  |  | 12040881 |
| TOTAL INFORMATION TECHNOLOGY |  | 49904738 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Celanese US Holdings LLC 6.85% 11/15/2028 (d) | 1196000 | 1251190 |
| Celanese US Holdings LLC 7.05% 11/15/2030 (d) | 1944000 | 2048347 |
| Celanese US Holdings LLC 7.2% 11/15/2033 (d) | 1136000 | 1200089 |
| TOTAL MATERIALS |  | 4499626 |
| Real Estate - 2.6% |  |  |
| Diversified REITs - 0.4% |  |  |
| Piedmont Operating Partnership LP 2.75% 4/1/2032  | 834000 | 716010 |
| Store Capital LLC 2.75% 11/18/2030  | 4952000 | 4508379 |
| Store Capital LLC 4.625% 3/15/2029  | 1018000 | 1014249 |
| VICI Properties LP 4.75% 2/15/2028  | 3531000 | 3565485 |
| VICI Properties LP 4.75% 4/1/2028  | 745000 | 752842 |
| VICI Properties LP 4.95% 2/15/2030  | 4599000 | 4654203 |
| VICI Properties LP 5.125% 5/15/2032  | 1205000 | 1213337 |
| VICI Properties LP 5.75% 4/1/2034  | 503000 | 519094 |
| Vornado Realty LP 2.15% 6/1/2026  | 1069000 | 1057217 |
| WP Carey Inc 2.4% 2/1/2031  | 2157000 | 1944030 |
| WP Carey Inc 3.85% 7/15/2029  | 724000 | 713741 |
|  |  | 20658587 |
| Health Care REITs - 0.7% |  |  |
| Alexandria Real Estate Equities Inc 4.9% 12/15/2030  | 2366000 | 2397580 |
| Healthcare Realty Holdings LP 3.1% 2/15/2030  | 745000 | 707684 |
| Healthcare Realty Holdings LP 3.5% 8/1/2026  | 775000 | 770819 |
| Healthpeak OP LLC 3.25% 7/15/2026  | 325000 | 323419 |
| Healthpeak OP LLC 3.5% 7/15/2029  | 373000 | 362541 |
| Omega Healthcare Investors Inc 3.25% 4/15/2033  | 3331000 | 2961135 |
| Omega Healthcare Investors Inc 3.375% 2/1/2031  | 1500000 | 1400408 |
| Omega Healthcare Investors Inc 3.625% 10/1/2029  | 3357000 | 3250287 |
| Omega Healthcare Investors Inc 4.5% 4/1/2027  | 9194000 | 9224266 |
| Omega Healthcare Investors Inc 4.75% 1/15/2028  | 3623000 | 3651373 |
| Ventas Realty LP 3% 1/15/2030  | 4331000 | 4123454 |
| Ventas Realty LP 4% 3/1/2028  | 1273000 | 1271226 |
| Ventas Realty LP 4.125% 1/15/2026  | 884000 | 883902 |
| Ventas Realty LP 4.375% 2/1/2045  | 433000 | 363505 |
| Ventas Realty LP 4.75% 11/15/2030  | 5686000 | 5765807 |
|  |  | 37457406 |
| Industrial REITs - 0.0% |  |  |
| LXP Industrial Trust 2.7% 9/15/2030  | 1037000 | 950934 |
| Office REITs - 0.3% |  |  |
| Boston Properties LP 3.25% 1/30/2031  | 2203000 | 2066129 |
| Boston Properties LP 4.5% 12/1/2028  | 2209000 | 2223277 |
| Boston Properties LP 6.75% 12/1/2027  | 2669000 | 2791694 |
| COPT Defense Properties LP 2% 1/15/2029  | 328000 | 306337 |
| COPT Defense Properties LP 2.25% 3/15/2026  | 945000 | 940818 |
| COPT Defense Properties LP 2.75% 4/15/2031  | 914000 | 833694 |
| COPT Defense Properties LP 4.5% 10/15/2030  | 459000 | 456771 |
| Hudson Pacific Properties LP 4.65% 4/1/2029  | 4395000 | 4062584 |
|  |  | 13681304 |
| Real Estate Management & Development - 0.4% |  |  |
| Brandywine Operating Partnership LP 3.95% 11/15/2027  | 2619000 | 2566969 |
| Brandywine Operating Partnership LP 4.55% 10/1/2029  | 3316000 | 3164839 |
| Brandywine Operating Partnership LP 8.3% 3/15/2028  | 3596000 | 3791055 |
| CBRE Services Inc 2.5% 4/1/2031  | 3160000 | 2866178 |
| Tanger Properties LP 2.75% 9/1/2031  | 2490000 | 2253218 |
| Tanger Properties LP 3.125% 9/1/2026  | 3468000 | 3442244 |
|  |  | 18084503 |
| Residential REITs - 0.4% |  |  |
| American Homes 4 Rent LP 2.375% 7/15/2031  | 427000 | 381697 |
| American Homes 4 Rent LP 3.625% 4/15/2032  | 1758000 | 1660481 |
| American Homes 4 Rent LP 5.5% 7/15/2034  | 4187000 | 4325310 |
| Invitation Homes Operating Partnership LP 4.15% 4/15/2032  | 2644000 | 2566344 |
| Invitation Homes Operating Partnership LP 4.95% 1/15/2033  | 5875000 | 5960310 |
| Sun Communities Operating LP 2.3% 11/1/2028  | 948000 | 902082 |
| Sun Communities Operating LP 2.7% 7/15/2031  | 2448000 | 2224566 |
| UDR Inc 5.125% 9/1/2034  | 1692000 | 1710363 |
|  |  | 19731153 |
| Retail REITs - 0.4% |  |  |
| Brixmor Operating Partnership LP 4.05% 7/1/2030  | 2875000 | 2834379 |
| Brixmor Operating Partnership LP 4.125% 5/15/2029  | 2868000 | 2856340 |
| Brixmor Operating Partnership LP 4.125% 6/15/2026  | 2638000 | 2636377 |
| Kite Realty Group Trust 4.75% 9/15/2030  | 5514000 | 5574885 |
| Phillips Edison Grocery Center Operating Partnership I LP 5.75% 7/15/2034  | 654000 | 683793 |
| Realty Income Corp 2.2% 6/15/2028  | 453000 | 434483 |
| Realty Income Corp 2.85% 12/15/2032  | 556000 | 498718 |
| Realty Income Corp 3.25% 1/15/2031  | 579000 | 551224 |
| Realty Income Corp 3.4% 1/15/2028  | 904000 | 893978 |
| Regency Centers LP 5.1% 1/15/2035  | 1953000 | 1977479 |
| Simon Property Group LP 2.45% 9/13/2029  | 924000 | 873455 |
|  |  | 19815111 |
| TOTAL REAL ESTATE |  | 130378998 |
| Utilities - 1.0% |  |  |
| Electric Utilities - 0.7% |  |  |
| Alabama Power Co 3.05% 3/15/2032  | 3742000 | 3472410 |
| Cleco Corporate Holdings LLC 3.375% 9/15/2029  | 1957000 | 1840383 |
| Cleco Corporate Holdings LLC 3.743% 5/1/2026  | 7482000 | 7461411 |
| Consolidated Edison Co of New York Inc 3.35% 4/1/2030  | 449000 | 434810 |
| Duke Energy Corp 2.45% 6/1/2030  | 1580000 | 1464831 |
| Duquesne Light Holdings Inc 2.532% 10/1/2030 (h) | 750000 | 681332 |
| Duquesne Light Holdings Inc 2.775% 1/7/2032 (h) | 2595000 | 2306050 |
| Exelon Corp 2.75% 3/15/2027  | 829000 | 816449 |
| Exelon Corp 3.35% 3/15/2032  | 1006000 | 941175 |
| Exelon Corp 4.05% 4/15/2030  | 988000 | 978218 |
| FirstEnergy Transmission LLC 4.75% 1/15/2033 (h) | 8632000 | 8629244 |
| Southern Co/The 4.85% 3/15/2035  | 5500000 | 5432364 |
|  |  | 34458677 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| AES Corp/The 2.45% 1/15/2031  | 1088000 | 986423 |
| AES Corp/The 3.95% 7/15/2030 (h) | 4253000 | 4151071 |
|  |  | 5137494 |
| Multi-Utilities - 0.2% |  |  |
| NiSource Inc 2.95% 9/1/2029  | 4856000 | 4659561 |
| NiSource Inc 3.6% 5/1/2030  | 2477000 | 2406525 |
| Puget Energy Inc 4.1% 6/15/2030  | 1909000 | 1869429 |
| Puget Energy Inc 4.224% 3/15/2032  | 3417000 | 3276304 |
|  |  | 12211819 |
| TOTAL UTILITIES |  | 51807990 |
| TOTAL UNITED STATES |  | 886944783 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $1,088,195,434) |  | <br> **1046532368** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 20.1%** | &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 20.1%** | &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 20.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 20.1%  |  |  |
| Fannie Mae 2% 11/1/2051  | 788774 | 644148 |
| Fannie Mae 2% 3/1/2052  | 1985806 | 1619835 |
| Fannie Mae 2.5% 1/1/2052  | 381021 | 325114 |
| Fannie Mae 2.5% 4/1/2052  | 501534 | 429825 |
| Fannie Mae 2.5% 6/1/2052  | 1724600 | 1485563 |
| Fannie Mae 3% 12/1/2051  | 507745 | 454627 |
| Fannie Mae 5.5% 2/1/2055  | 2568517 | 2632603 |
| Fannie Mae 6.5% 7/1/2054  | 237427 | 250309 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.475%, 6.396% 5/1/2036 (c)(d) | 8724 | 8945 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.48%, 6.105% 7/1/2034 (c)(d) | 1286 | 1314 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.553%, 6.178% 6/1/2036 (c)(d) | 1501 | 1542 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.667%, 6.391% 11/1/2036 (c)(d) | 21181 | 21798 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.7%, 6.561% 6/1/2042 (c)(d) | 14047 | 14617 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.75%, 6.618% 7/1/2035 (c)(d) | 1466 | 1507 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.788%, 6.788% 2/1/2036 (c)(d) | 9767 | 10085 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.8%, 6.478% 7/1/2041 (c)(d) | 4538 | 4737 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.818%, 6.508% 7/1/2041 (c)(d) | 9320 | 9739 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.818%, 6.568% 9/1/2041 (c)(d) | 7994 | 8354 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.82%, 6.695% 12/1/2035 (c)(d) | 10646 | 10996 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.83%, 6.58% 10/1/2041 (c)(d) | 2716 | 2828 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.95%, 6.785% 9/1/2036 (c)(d) | 19382 | 20105 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.955%, 6.705% 7/1/2037 (c)(d) | 6792 | 7060 |
| Fannie Mae Mortgage pass-thru certificates 1 year U.S. Treasury Index + 1.945%, 5.944% 10/1/2033 (c)(d) | 25668 | 26144 |
| Fannie Mae Mortgage pass-thru certificates 1 year U.S. Treasury Index + 2.208%, 6.458% 3/1/2035 (c)(d) | 2051 | 2097 |
| Fannie Mae Mortgage pass-thru certificates 1 year U.S. Treasury Index + 2.2597%, 6.508% 8/1/2036 (c)(d) | 32277 | 33051 |
| Fannie Mae Mortgage pass-thru certificates 1 year U.S. Treasury Index + 2.277%, 6.38% 10/1/2033 (c)(d) | 2815 | 2880 |
| Fannie Mae Mortgage pass-thru certificates 1 year U.S. Treasury Index + 2.462%, 6.452% 5/1/2035 (c)(d) | 3629 | 3719 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 1/1/2036  | 1498083 | 1358100 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 1/1/2041  | 172778 | 147013 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 1/1/2051  | 2175731 | 1686559 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2035  | 907185 | 822416 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2035  | 864174 | 783425 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2035  | 466016 | 422471 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2035  | 25105 | 22759 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2035  | 17383 | 15759 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2040  | 168773 | 143828 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2041  | 3030061 | 2554373 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 12/1/2035  | 921350 | 835258 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 12/1/2035  | 17602 | 15957 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 12/1/2040  | 171919 | 146393 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 2/1/2041  | 176422 | 149995 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 2/1/2051  | 1754788 | 1360257 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 3/1/2036  | 17469 | 15837 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 3/1/2041  | 180354 | 153233 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 6/1/2051  | 730962 | 566619 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 9/1/2051  | 1016822 | 788209 |
| Fannie Mae Mortgage pass-thru certificates 2% 1/1/2037  | 786700 | 731201 |
| Fannie Mae Mortgage pass-thru certificates 2% 1/1/2051  | 976011 | 796748 |
| Fannie Mae Mortgage pass-thru certificates 2% 1/1/2052  | 3964384 | 3259789 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2041  | 17037 | 14909 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2050  | 323963 | 267802 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2050  | 120803 | 98653 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2051  | 2029670 | 1671471 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2051  | 1750665 | 1444441 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2036  | 96743 | 89616 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2040  | 1510561 | 1332643 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2041  | 926444 | 810732 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2041  | 745628 | 652387 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2050  | 240632 | 197488 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2051  | 58812 | 48433 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2051  | 40513 | 33427 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2040  | 180872 | 160042 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2040  | 14305 | 12612 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2050  | 475968 | 388696 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2050  | 15915 | 13142 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2051  | 2383965 | 1966964 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2051  | 1448789 | 1190388 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2051  | 1007873 | 828742 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2028  | 411105 | 404296 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2036  | 717883 | 667014 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2041  | 15295 | 13467 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2051  | 15841 | 12966 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2052  | 447165 | 368528 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2052  | 63352 | 52132 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2052  | 27938 | 23034 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2037  | 190380 | 176890 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2041  | 15664 | 13783 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2042  | 2027447 | 1768925 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2051  | 16799 | 13751 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 1070992 | 880643 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 734927 | 605685 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 663266 | 546212 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 595969 | 491164 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 239830 | 197505 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 61995 | 51015 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 42808 | 35293 |
| Fannie Mae Mortgage pass-thru certificates 2% 4/1/2041  | 68158 | 60240 |
| Fannie Mae Mortgage pass-thru certificates 2% 4/1/2051  | 503928 | 411057 |
| Fannie Mae Mortgage pass-thru certificates 2% 4/1/2051  | 28144 | 23239 |
| Fannie Mae Mortgage pass-thru certificates 2% 5/1/2042  | 3184582 | 2805459 |
| Fannie Mae Mortgage pass-thru certificates 2% 6/1/2041  | 2986451 | 2622032 |
| Fannie Mae Mortgage pass-thru certificates 2% 6/1/2041  | 49077 | 43367 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2036  | 83174 | 77281 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2041  | 588053 | 517800 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2041  | 129443 | 113550 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2050  | 1369230 | 1118601 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2050  | 295971 | 244015 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2051  | 364352 | 297546 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2051  | 103163 | 84892 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2051  | 32484 | 26508 |
| Fannie Mae Mortgage pass-thru certificates 2% 8/1/2050  | 119409 | 97781 |
| Fannie Mae Mortgage pass-thru certificates 2% 8/1/2051  | 33725 | 27425 |
| Fannie Mae Mortgage pass-thru certificates 2% 9/1/2051  | 62531 | 50968 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2032  | 194659 | 188455 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2037  | 378657 | 360441 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2040  | 14036 | 12758 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2043  | 902772 | 804273 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2051  | 318706 | 272739 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2052  | 1481480 | 1272899 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2052  | 171549 | 147879 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2052  | 137082 | 118168 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2052  | 124636 | 106620 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2052  | 94215 | 81215 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2031  | 189135 | 183189 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2039  | 167566 | 152810 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2050  | 4737939 | 4090124 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2051  | 278086 | 238239 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2029  | 31386 | 30781 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2031  | 124323 | 120412 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2032  | 52533 | 50657 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2041  | 930518 | 834287 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2041  | 597498 | 536258 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2041  | 123802 | 111374 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2051  | 1601767 | 1371246 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2051  | 1222849 | 1047624 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2031  | 345626 | 334465 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2033  | 994708 | 961686 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2051  | 2206943 | 1889327 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2051  | 1483024 | 1274227 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2035  | 104279 | 101043 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2035  | 85174 | 81289 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2041  | 375601 | 338901 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2051  | 13984 | 11963 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2052  | 99175 | 85491 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2040  | 116918 | 106075 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2040  | 9627 | 8749 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2041  | 150413 | 136433 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2050  | 653022 | 558429 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2052  | 845852 | 726499 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2036  | 188652 | 182716 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2041  | 353286 | 318659 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2051  | 1846997 | 1605425 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2052  | 803147 | 688063 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2052  | 198264 | 170226 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2040  | 122836 | 111487 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2041  | 175194 | 158003 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2041  | 134198 | 121430 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2042  | 127601 | 114607 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2042  | 51594 | 46359 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2051  | 3325660 | 2864709 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2051  | 2033477 | 1739554 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2051  | 1618697 | 1394339 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2051  | 17154 | 14675 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 6/1/2033  | 33132 | 31875 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 6/1/2040  | 230517 | 209009 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 6/1/2050  | 660113 | 570475 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2031  | 2965328 | 2875789 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2040  | 240194 | 217549 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2041  | 244024 | 219725 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2041  | 139027 | 125523 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2039  | 36508 | 33307 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2051  | 2407970 | 2059165 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2051  | 1933605 | 1653514 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2051  | 1857136 | 1588122 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2035  | 526826 | 501646 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2041  | 794580 | 713888 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2035  | 102403 | 99711 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 107673 | 99650 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 102237 | 94773 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 86567 | 80016 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 41525 | 38770 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 25133 | 23411 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 20356 | 18868 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 18666 | 17273 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 18550 | 17129 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 18417 | 17096 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 17172 | 15899 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 16463 | 15257 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 16418 | 15210 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 8161 | 7515 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2051  | 711249 | 635286 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2052  | 2983788 | 2658585 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2052  | 595915 | 530594 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2049  | 483641 | 436521 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2049  | 35532 | 31848 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2049  | 4394 | 3939 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2050  | 41612 | 37194 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2051 (g) | 5868311 | 5269070 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2051  | 403949 | 359923 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2032  | 17983 | 17536 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2034  | 65680 | 64500 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2042  | 30251 | 27884 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2042  | 18028 | 16811 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2042  | 16873 | 15838 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2042  | 16721 | 15514 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2042  | 12892 | 11869 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2050  | 139339 | 124544 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2051  | 1330568 | 1198855 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2051  | 1165683 | 1044828 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2051  | 16959 | 15243 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2051  | 16150 | 14516 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2032  | 247982 | 241964 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2032  | 179161 | 175564 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2034  | 231271 | 225337 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 108811 | 100760 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 62848 | 58228 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 44238 | 40997 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 44449 | 40973 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 41886 | 38819 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 40304 | 37348 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 39580 | 36566 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 18861 | 17633 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 17628 | 16338 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 15352 | 14238 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 9300 | 8564 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 7063 | 6601 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2044  | 2252 | 2053 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2050  | 1296379 | 1158733 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2051  | 3564730 | 3187351 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2051  | 505519 | 453109 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2051  | 439663 | 391744 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2051  | 393181 | 352048 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2031  | 112586 | 110879 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2035  | 45424 | 44645 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 690161 | 638383 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 511391 | 473213 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 270409 | 250654 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 241711 | 223660 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 58405 | 54072 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 56145 | 51713 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 38383 | 35403 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 4246 | 4031 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2050  | 967744 | 871645 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2052  | 1085293 | 970060 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2052  | 986916 | 882128 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2033  | 95185 | 93154 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2033  | 30309 | 29608 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2043  | 55684 | 51545 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2044  | 66904 | 61302 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2050  | 8625 | 7745 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2050  | 7665 | 6871 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2052  | 1437780 | 1291411 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2052  | 582420 | 518579 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2043  | 137327 | 127158 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2043  | 119377 | 109525 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2051  | 63801 | 57027 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2052  | 1226488 | 1103929 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 51592 | 47714 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 41216 | 38102 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 36612 | 33846 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 25480 | 23578 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2045  | 73765 | 67337 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2045  | 7819 | 7201 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2045  | 5988 | 5557 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2050  | 245185 | 220838 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2043  | 50442 | 46757 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2045  | 29844 | 27051 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2045  | 11388 | 10428 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2050  | 44671 | 39956 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2051  | 2999669 | 2699921 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2034  | 130347 | 128174 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2043  | 35404 | 32717 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2045  | 36324 | 33318 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2045  | 32504 | 29834 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2050  | 1594528 | 1434693 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2051  | 885474 | 795054 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2032  | 306030 | 298860 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2043  | 325273 | 300255 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2045  | 153202 | 139676 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2045  | 63628 | 57948 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2045  | 23410 | 21246 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2049  | 976351 | 877872 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2049  | 58818 | 52886 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2050  | 575716 | 515847 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2050  | 13122 | 11737 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2051  | 693937 | 623076 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2051  | 67560 | 60323 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2032  | 64057 | 62573 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2032  | 52889 | 51649 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2035  | 284320 | 278531 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2049  | 394094 | 355822 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2050  | 55497 | 49605 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2043  | 129076 | 123220 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2046  | 60011 | 56534 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2047  | 992062 | 933335 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2047  | 875897 | 824046 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2047  | 346026 | 325543 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2047  | 190782 | 179488 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2047  | 125867 | 118298 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2047  | 116737 | 109826 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2047  | 101561 | 95549 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2047  | 28521 | 26832 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2048  | 364972 | 345078 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2052  | 143996 | 134437 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2046  | 1127044 | 1060327 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2046  | 110338 | 103807 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2047  | 337325 | 319043 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2050  | 10105046 | 9431071 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2042  | 49057 | 46717 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2046  | 48957 | 46059 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2042  | 57481 | 54917 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2046  | 163584 | 154104 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2047  | 80990 | 76196 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2052  | 222291 | 206909 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 3/1/2043  | 113545 | 108145 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2042  | 332484 | 317672 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2042  | 128623 | 122928 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2042  | 76109 | 72611 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2046  | 663048 | 624626 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2046  | 563513 | 530859 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2046  | 358383 | 337616 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2042  | 278980 | 267030 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2042  | 210739 | 201514 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2042  | 37340 | 35579 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2042  | 10674 | 10331 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2046  | 202258 | 190538 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2046  | 86560 | 81544 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2046  | 168170 | 158215 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2046  | 109613 | 103125 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2046  | 109004 | 102551 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2046  | 98867 | 93014 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2047  | 652956 | 623678 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2037  | 38258 | 37404 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2043  | 154702 | 147968 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2046  | 170846 | 160733 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2046  | 165942 | 156119 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2046  | 98200 | 92387 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2047  | 219060 | 207187 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2041  | 15179 | 14882 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2041  | 3136 | 3073 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2042  | 5596 | 5471 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2045  | 93923 | 91027 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2052  | 35399 | 34183 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2040  | 21100 | 20684 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2043  | 154627 | 151168 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2045  | 30132 | 29131 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2046  | 384881 | 374541 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 1803986 | 1767965 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 1596 | 1560 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2041  | 196608 | 192412 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2051  | 47771 | 46130 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2040  | 4452 | 4382 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2040  | 3593 | 3519 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2044  | 58916 | 57209 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2045  | 29566 | 28689 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2051  | 27705 | 26753 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2041  | 15784 | 15433 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2042  | 105442 | 103085 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2042  | 13150 | 12827 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2042  | 10780 | 10616 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2042  | 9644 | 9454 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2047  | 1431762 | 1391954 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2052  | 23928 | 23098 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2042  | 28400 | 27793 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2042  | 25574 | 24955 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2045  | 891179 | 865916 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2042  | 184179 | 180155 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2042  | 63398 | 62021 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2042  | 27076 | 26419 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2042  | 3636 | 3548 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2044  | 145350 | 141450 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2046  | 20451 | 19889 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2048  | 352626 | 341940 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2048  | 85211 | 82496 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2048  | 80925 | 78347 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2049  | 571705 | 548092 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2052  | 369535 | 355219 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2047  | 365966 | 354876 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2048  | 871471 | 843701 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2048  | 140771 | 136285 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2041  | 53967 | 52548 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2041  | 41871 | 41014 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2052  | 660071 | 632436 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2052  | 635478 | 608873 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2039  | 2053 | 2016 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2042  | 4514 | 4405 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2046  | 350465 | 341049 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2046  | 31654 | 30774 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2047  | 200336 | 194265 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2043  | 99278 | 96640 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2040  | 21210 | 20761 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2046  | 420791 | 409486 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2046  | 18274 | 17766 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2051  | 36161 | 34930 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2051  | 9351 | 9032 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2052  | 60027 | 57908 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2053  | 5297154 | 5085314 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2044  | 25750 | 25701 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2045  | 53551 | 53673 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2044  | 13515 | 13546 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2040  | 161892 | 162048 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2041  | 15567 | 15592 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2042  | 111342 | 111448 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2044  | 113065 | 113324 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2038  | 12121 | 12175 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2040  | 360219 | 360502 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2043  | 130018 | 129829 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2044  | 44416 | 44518 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2044  | 41997 | 42094 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2044  | 23299 | 23352 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2044  | 13079 | 13117 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2044  | 663 | 665 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2046  | 25339 | 25246 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2048  | 811926 | 809473 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2044  | 30656 | 30555 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2045  | 4326 | 4358 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2047  | 308769 | 307958 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2046  | 19231 | 19221 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2029  | 584 | 586 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2039  | 1213627 | 1219222 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2039  | 209775 | 210752 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2041  | 48512 | 48503 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2044  | 95284 | 95055 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2044  | 44233 | 44179 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2045  | 29507 | 29556 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2048  | 48268 | 47957 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2044  | 52531 | 52405 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2047  | 336009 | 334679 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2047  | 60050 | 59756 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2047  | 15908 | 15845 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2038  | 46702 | 46775 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2047  | 264800 | 263752 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2033  | 50160 | 50387 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2033  | 22501 | 22603 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2033  | 7594 | 7629 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2037  | 6939 | 6966 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2041  | 24248 | 24268 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2041  | 9817 | 9825 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2044  | 48202 | 48093 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2044  | 28565 | 28465 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2049  | 933914 | 926423 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2033  | 54490 | 54741 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2033  | 25031 | 25147 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2033  | 19971 | 20063 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2033  | 9682 | 9727 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2035  | 122212 | 122757 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2044  | 62151 | 62294 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2040  | 8901253 | 9017588 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2041  | 290844 | 296597 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2052  | 1366930 | 1379825 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2052  | 1129606 | 1141674 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2040  | 1466766 | 1485936 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2052  | 1632042 | 1654579 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2052  | 881358 | 889673 |
| Fannie Mae Mortgage pass-thru certificates 5% 12/1/2052  | 937631 | 947649 |
| Fannie Mae Mortgage pass-thru certificates 5% 2/1/2035  | 21399 | 21771 |
| Fannie Mae Mortgage pass-thru certificates 5% 3/1/2033  | 10396 | 10562 |
| Fannie Mae Mortgage pass-thru certificates 5% 3/1/2054  | 68195 | 69179 |
| Fannie Mae Mortgage pass-thru certificates 5% 5/1/2044  | 16152 | 16464 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2040  | 508007 | 514646 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2054  | 5209133 | 5307589 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2053  | 276104 | 283062 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2055  | 1255267 | 1273171 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2053  | 545758 | 560705 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2053  | 180402 | 185851 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2055  | 1064856 | 1080044 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2053  | 947943 | 973906 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2054  | 914832 | 938458 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2055  | 997974 | 1012208 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2053  | 618082 | 636556 |
| Fannie Mae Mortgage pass-thru certificates 6 month FTSE USD IBOR Consumer Fallbacks + 1.313%, 5.563% 5/1/2034 (c)(d) | 10265 | 10375 |
| Fannie Mae Mortgage pass-thru certificates 6 month FTSE USD IBOR Consumer Fallbacks + 1.42%, 5.998% 9/1/2033 (c)(d) | 25890 | 26116 |
| Fannie Mae Mortgage pass-thru certificates 6 month FTSE USD IBOR Consumer Fallbacks + 1.55%, 6.187% 10/1/2033 (c)(d) | 1024 | 1040 |
| Fannie Mae Mortgage pass-thru certificates 6 month FTSE USD IBOR Consumer Fallbacks + 1.565%, 6.206% 7/1/2035 (c)(d) | 1434 | 1461 |
| Fannie Mae Mortgage pass-thru certificates 6% 1/1/2038  | 61014 | 64368 |
| Fannie Mae Mortgage pass-thru certificates 6% 1/1/2040  | 61719 | 65216 |
| Fannie Mae Mortgage pass-thru certificates 6% 1/1/2042  | 5954 | 6295 |
| Fannie Mae Mortgage pass-thru certificates 6% 10/1/2034  | 22336 | 23362 |
| Fannie Mae Mortgage pass-thru certificates 6% 10/1/2037  | 62469 | 65806 |
| Fannie Mae Mortgage pass-thru certificates 6% 10/1/2038  | 42760 | 44534 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2035  | 35469 | 37087 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2053  | 1813322 | 1877036 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2054  | 1623283 | 1693184 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2054  | 605185 | 632191 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2054  | 241205 | 252346 |
| Fannie Mae Mortgage pass-thru certificates 6% 2/1/2055  | 1544161 | 1609207 |
| Fannie Mae Mortgage pass-thru certificates 6% 3/1/2038  | 22820 | 24117 |
| Fannie Mae Mortgage pass-thru certificates 6% 3/1/2054  | 790522 | 814990 |
| Fannie Mae Mortgage pass-thru certificates 6% 3/1/2055  | 1963571 | 2050120 |
| Fannie Mae Mortgage pass-thru certificates 6% 5/1/2036  | 457293 | 479728 |
| Fannie Mae Mortgage pass-thru certificates 6% 5/1/2040  | 85407 | 90163 |
| Fannie Mae Mortgage pass-thru certificates 6% 5/1/2054  | 2267460 | 2336935 |
| Fannie Mae Mortgage pass-thru certificates 6% 5/1/2055  | 1322334 | 1378553 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2053  | 1211258 | 1263417 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2054  | 2481386 | 2557415 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2055  | 723674 | 757155 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2038  | 9788 | 10343 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2039  | 644108 | 669627 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2041  | 186815 | 197323 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2053  | 284029 | 296259 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2054  | 3168057 | 3286658 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2054  | 1757006 | 1832116 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2054  | 1471932 | 1517032 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2055  | 2655179 | 2740682 |
| Fannie Mae Mortgage pass-thru certificates 6% 8/1/2037  | 96368 | 100548 |
| Fannie Mae Mortgage pass-thru certificates 6% 8/1/2054  | 2603843 | 2683625 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2037  | 4652 | 4913 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2038  | 108898 | 113416 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2053  | 479914 | 498330 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2054  | 3013262 | 3105588 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2054  | 790915 | 827444 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 1/1/2055  | 306531 | 324542 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 12/1/2032  | 5092 | 5324 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 12/1/2035  | 49320 | 51709 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 12/1/2053  | 177465 | 187343 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 2/1/2036  | 2518 | 2673 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 3/1/2054  | 729893 | 761716 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 3/1/2055  | 628250 | 664967 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 6/1/2054  | 732773 | 763920 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 6/1/2055  | 479310 | 508109 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2032  | 14868 | 15544 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2032  | 2860 | 2988 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2035  | 6140 | 6449 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2054  | 988295 | 1030303 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2054  | 244744 | 258436 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2036  | 45280 | 47452 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2036  | 35405 | 37103 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2036  | 8345 | 8757 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2054  | 341709 | 360730 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2055  | 451055 | 478332 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2055  | 355003 | 376583 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 9/1/2053  | 823740 | 868536 |
| Fannie Mae Mortgage pass-thru certificates 7% 1/1/2027  | 220 | 221 |
| Fannie Mae Mortgage pass-thru certificates 7% 1/1/2028  | 357 | 376 |
| Fannie Mae Mortgage pass-thru certificates 7% 1/1/2028  | 112 | 118 |
| Fannie Mae Mortgage pass-thru certificates 7% 1/1/2028  | 72 | 76 |
| Fannie Mae Mortgage pass-thru certificates 7% 1/1/2028  | 6 | 6 |
| Fannie Mae Mortgage pass-thru certificates 7% 1/1/2029  | 46 | 48 |
| Fannie Mae Mortgage pass-thru certificates 7% 10/1/2028  | 237 | 249 |
| Fannie Mae Mortgage pass-thru certificates 7% 11/1/2027  | 415 | 436 |
| Fannie Mae Mortgage pass-thru certificates 7% 11/1/2027  | 11 | 12 |
| Fannie Mae Mortgage pass-thru certificates 7% 12/1/2027  | 92 | 96 |
| Fannie Mae Mortgage pass-thru certificates 7% 12/1/2028  | 166 | 174 |
| Fannie Mae Mortgage pass-thru certificates 7% 2/1/2028  | 54 | 57 |
| Fannie Mae Mortgage pass-thru certificates 7% 2/1/2029  | 4922 | 5173 |
| Fannie Mae Mortgage pass-thru certificates 7% 3/1/2026  | 2 | 1 |
| Fannie Mae Mortgage pass-thru certificates 7% 4/1/2026  | 97 | 97 |
| Fannie Mae Mortgage pass-thru certificates 7% 4/1/2026  | 22 | 22 |
| Fannie Mae Mortgage pass-thru certificates 7% 4/1/2026  | 22 | 22 |
| Fannie Mae Mortgage pass-thru certificates 7% 5/1/2026  | 49 | 49 |
| Fannie Mae Mortgage pass-thru certificates 7% 5/1/2026  | 29 | 29 |
| Fannie Mae Mortgage pass-thru certificates 7% 5/1/2026  | 8 | 8 |
| Fannie Mae Mortgage pass-thru certificates 7% 6/1/2026  | 362 | 362 |
| Fannie Mae Mortgage pass-thru certificates 7% 8/1/2027  | 36 | 38 |
| Fannie Mae Mortgage pass-thru certificates 7% 8/1/2032  | 59 | 62 |
| Fannie Mae Mortgage pass-thru certificates 7% 9/1/2026  | 7 | 7 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 1/1/2028  | 397 | 404 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 10/1/2026  | 216 | 217 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 10/1/2027  | 75 | 77 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 11/1/2027  | 355 | 362 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 11/1/2028  | 92 | 94 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 11/1/2029  | 201 | 209 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 11/1/2031  | 3234 | 3398 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 12/1/2027  | 71 | 72 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 12/1/2028  | 23 | 24 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 12/1/2029  | 131 | 137 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 12/1/2029  | 9 | 9 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 2/1/2026  | 5 | 4 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 2/1/2027  | 210 | 213 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 2/1/2028  | 62 | 63 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 3/1/2028  | 85 | 87 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 3/1/2029  | 63 | 64 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 4/1/2029  | 27 | 27 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 5/1/2027  | 47 | 48 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 5/1/2028  | 898 | 922 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 5/1/2029  | 89 | 93 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 6/1/2027  | 1746 | 1777 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 6/1/2028  | 229 | 236 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 7/1/2027  | 49 | 50 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 7/1/2028  | 1465 | 1489 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 8/1/2029  | 868 | 904 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 8/1/2029  | 665 | 693 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 8/1/2029  | 159 | 163 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 8/1/2029  | 159 | 163 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 8/1/2029  | 58 | 59 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 8/1/2029  | 27 | 27 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 8/1/2029  | 16 | 16 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2029  | 6473 | 6752 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2029  | 445 | 465 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2029  | 14 | 14 |
| Freddie Mac Gold Pool 1.5% 1/1/2036  | 781052 | 708069 |
| Freddie Mac Gold Pool 1.5% 1/1/2051  | 2152732 | 1668731 |
| Freddie Mac Gold Pool 1.5% 11/1/2035  | 891601 | 808288 |
| Freddie Mac Gold Pool 1.5% 11/1/2035  | 61847 | 56068 |
| Freddie Mac Gold Pool 1.5% 12/1/2035  | 894402 | 810828 |
| Freddie Mac Gold Pool 1.5% 12/1/2040  | 103668 | 88274 |
| Freddie Mac Gold Pool 1.5% 2/1/2041  | 178344 | 151493 |
| Freddie Mac Gold Pool 1.5% 2/1/2051  | 2189457 | 1697199 |
| Freddie Mac Gold Pool 1.5% 3/1/2036  | 29451 | 26699 |
| Freddie Mac Gold Pool 1.5% 3/1/2041  | 180455 | 153294 |
| Freddie Mac Gold Pool 1.5% 4/1/2041  | 183799 | 155894 |
| Freddie Mac Gold Pool 1.5% 4/1/2051  | 9542181 | 7396803 |
| Freddie Mac Gold Pool 1.5% 5/1/2036  | 51438 | 46615 |
| Freddie Mac Gold Pool 1.5% 7/1/2035  | 266234 | 242855 |
| Freddie Mac Gold Pool 1.5% 8/1/2035  | 735119 | 668266 |
| Freddie Mac Gold Pool 2% 1/1/2052  | 246246 | 202480 |
| Freddie Mac Gold Pool 2% 1/1/2052  | 135771 | 111937 |
| Freddie Mac Gold Pool 2% 1/1/2052  | 131480 | 106797 |
| Freddie Mac Gold Pool 2% 1/1/2052  | 49237 | 40625 |
| Freddie Mac Gold Pool 2% 10/1/2041  | 17391 | 15219 |
| Freddie Mac Gold Pool 2% 10/1/2050  | 117976 | 96344 |
| Freddie Mac Gold Pool 2% 10/1/2051  | 2349589 | 1930525 |
| Freddie Mac Gold Pool 2% 10/1/2051  | 859103 | 707487 |
| Freddie Mac Gold Pool 2% 10/1/2051  | 192587 | 158358 |
| Freddie Mac Gold Pool 2% 11/1/2041  | 418174 | 365781 |
| Freddie Mac Gold Pool 2% 11/1/2050  | 6413007 | 5237143 |
| Freddie Mac Gold Pool 2% 11/1/2050  | 17683 | 14441 |
| Freddie Mac Gold Pool 2% 11/1/2050  | 15661 | 12931 |
| Freddie Mac Gold Pool 2% 11/1/2051  | 1375683 | 1126452 |
| Freddie Mac Gold Pool 2% 11/1/2051  | 691551 | 568641 |
| Freddie Mac Gold Pool 2% 11/1/2051  | 277168 | 227907 |
| Freddie Mac Gold Pool 2% 11/1/2051  | 164754 | 135472 |
| Freddie Mac Gold Pool 2% 12/1/2051  | 2455376 | 2018979 |
| Freddie Mac Gold Pool 2% 12/1/2051  | 25178 | 20735 |
| Freddie Mac Gold Pool 2% 12/1/2051  | 18204 | 15020 |
| Freddie Mac Gold Pool 2% 2/1/2042  | 465561 | 406496 |
| Freddie Mac Gold Pool 2% 2/1/2052  | 3659790 | 3005900 |
| Freddie Mac Gold Pool 2% 2/1/2052  | 223116 | 183880 |
| Freddie Mac Gold Pool 2% 3/1/2041  | 159546 | 141054 |
| Freddie Mac Gold Pool 2% 3/1/2051  | 343622 | 280617 |
| Freddie Mac Gold Pool 2% 3/1/2052  | 792326 | 648781 |
| Freddie Mac Gold Pool 2% 4/1/2051  | 72200 | 58894 |
| Freddie Mac Gold Pool 2% 5/1/2041  | 282532 | 248200 |
| Freddie Mac Gold Pool 2% 5/1/2051  | 1672337 | 1380859 |
| Freddie Mac Gold Pool 2% 5/1/2051  | 188324 | 155088 |
| Freddie Mac Gold Pool 2% 5/1/2051  | 78679 | 64351 |
| Freddie Mac Gold Pool 2% 6/1/2041  | 482416 | 423498 |
| Freddie Mac Gold Pool 2% 6/1/2050  | 804139 | 662978 |
| Freddie Mac Gold Pool 2% 6/1/2052  | 87177 | 70893 |
| Freddie Mac Gold Pool 2% 7/1/2041  | 2158185 | 1896580 |
| Freddie Mac Gold Pool 2% 7/1/2041  | 16727 | 14672 |
| Freddie Mac Gold Pool 2% 7/1/2050  | 12665 | 10347 |
| Freddie Mac Gold Pool 2% 7/1/2051  | 106501 | 87639 |
| Freddie Mac Gold Pool 2% 8/1/2051  | 244382 | 199573 |
| Freddie Mac Gold Pool 2% 9/1/2050  | 1940097 | 1584368 |
| Freddie Mac Gold Pool 2% 9/1/2050  | 212676 | 173680 |
| Freddie Mac Gold Pool 2% 9/1/2050  | 22085 | 18036 |
| Freddie Mac Gold Pool 2.5% 1/1/2033  | 9529 | 9187 |
| Freddie Mac Gold Pool 2.5% 1/1/2041  | 398342 | 359584 |
| Freddie Mac Gold Pool 2.5% 1/1/2042  | 912349 | 817347 |
| Freddie Mac Gold Pool 2.5% 1/1/2052  | 781360 | 671351 |
| Freddie Mac Gold Pool 2.5% 10/1/2040  | 297312 | 269107 |
| Freddie Mac Gold Pool 2.5% 10/1/2041  | 443802 | 398336 |
| Freddie Mac Gold Pool 2.5% 11/1/2031  | 161254 | 156179 |
| Freddie Mac Gold Pool 2.5% 11/1/2041  | 3999306 | 3604791 |
| Freddie Mac Gold Pool 2.5% 11/1/2041  | 171373 | 154162 |
| Freddie Mac Gold Pool 2.5% 11/1/2041  | 116351 | 104901 |
| Freddie Mac Gold Pool 2.5% 11/1/2049  | 28152 | 24100 |
| Freddie Mac Gold Pool 2.5% 11/1/2050  | 4157646 | 3585277 |
| Freddie Mac Gold Pool 2.5% 11/1/2050  | 1950264 | 1687262 |
| Freddie Mac Gold Pool 2.5% 11/1/2051  | 316339 | 272889 |
| Freddie Mac Gold Pool 2.5% 12/1/2050  | 229530 | 198362 |
| Freddie Mac Gold Pool 2.5% 12/1/2051  | 1698711 | 1454238 |
| Freddie Mac Gold Pool 2.5% 12/1/2051  | 174564 | 150587 |
| Freddie Mac Gold Pool 2.5% 2/1/2042  | 749375 | 674717 |
| Freddie Mac Gold Pool 2.5% 2/1/2051  | 952509 | 823166 |
| Freddie Mac Gold Pool 2.5% 3/1/2050  | 383657 | 328082 |
| Freddie Mac Gold Pool 2.5% 3/1/2051  | 493339 | 422031 |
| Freddie Mac Gold Pool 2.5% 4/1/2042  | 111000 | 99562 |
| Freddie Mac Gold Pool 2.5% 4/1/2052  | 915529 | 789205 |
| Freddie Mac Gold Pool 2.5% 5/1/2041  | 1597331 | 1447571 |
| Freddie Mac Gold Pool 2.5% 5/1/2051  | 916277 | 789277 |
| Freddie Mac Gold Pool 2.5% 5/1/2051  | 330265 | 285109 |
| Freddie Mac Gold Pool 2.5% 6/1/2041  | 132307 | 119380 |
| Freddie Mac Gold Pool 2.5% 7/1/2032  | 227619 | 219911 |
| Freddie Mac Gold Pool 2.5% 8/1/2041  | 686434 | 616755 |
| Freddie Mac Gold Pool 2.5% 8/1/2041  | 95609 | 86311 |
| Freddie Mac Gold Pool 2.5% 8/1/2050  | 3913551 | 3362555 |
| Freddie Mac Gold Pool 2.5% 8/1/2050  | 971178 | 839300 |
| Freddie Mac Gold Pool 2.5% 9/1/2039  | 5956 | 5443 |
| Freddie Mac Gold Pool 2.5% 9/1/2041  | 209084 | 188567 |
| Freddie Mac Gold Pool 3% 1/1/2033  | 41267 | 40228 |
| Freddie Mac Gold Pool 3% 1/1/2034  | 78785 | 76753 |
| Freddie Mac Gold Pool 3% 1/1/2043  | 102675 | 95206 |
| Freddie Mac Gold Pool 3% 1/1/2052  | 1305008 | 1161960 |
| Freddie Mac Gold Pool 3% 1/1/2052  | 577106 | 514208 |
| Freddie Mac Gold Pool 3% 1/1/2052  | 318219 | 283537 |
| Freddie Mac Gold Pool 3% 10/1/2049  | 285579 | 255971 |
| Freddie Mac Gold Pool 3% 11/1/2042  | 121331 | 113723 |
| Freddie Mac Gold Pool 3% 11/1/2042  | 31041 | 28787 |
| Freddie Mac Gold Pool 3% 11/1/2042  | 9169 | 8537 |
| Freddie Mac Gold Pool 3% 11/1/2050  | 148404 | 132647 |
| Freddie Mac Gold Pool 3% 11/1/2051  | 313868 | 279660 |
| Freddie Mac Gold Pool 3% 12/1/2030  | 34606 | 33984 |
| Freddie Mac Gold Pool 3% 12/1/2032  | 92945 | 90841 |
| Freddie Mac Gold Pool 3% 12/1/2044  | 21239 | 19671 |
| Freddie Mac Gold Pool 3% 12/1/2046  | 2076709 | 1893506 |
| Freddie Mac Gold Pool 3% 12/1/2049  | 41731 | 37404 |
| Freddie Mac Gold Pool 3% 12/1/2050  | 775687 | 693327 |
| Freddie Mac Gold Pool 3% 2/1/2033  | 32702 | 32141 |
| Freddie Mac Gold Pool 3% 2/1/2043  | 286450 | 266188 |
| Freddie Mac Gold Pool 3% 2/1/2043  | 56857 | 52962 |
| Freddie Mac Gold Pool 3% 2/1/2043  | 48209 | 44615 |
| Freddie Mac Gold Pool 3% 2/1/2043  | 27053 | 25109 |
| Freddie Mac Gold Pool 3% 2/1/2043  | 20064 | 18597 |
| Freddie Mac Gold Pool 3% 2/1/2043  | 13088 | 12101 |
| Freddie Mac Gold Pool 3% 3/1/2033  | 76316 | 74483 |
| Freddie Mac Gold Pool 3% 3/1/2050  | 519732 | 465847 |
| Freddie Mac Gold Pool 3% 3/1/2052  | 158576 | 141194 |
| Freddie Mac Gold Pool 3% 4/1/2032  | 13778 | 13517 |
| Freddie Mac Gold Pool 3% 4/1/2032  | 4788 | 4699 |
| Freddie Mac Gold Pool 3% 4/1/2033  | 35720 | 34861 |
| Freddie Mac Gold Pool 3% 4/1/2034  | 185919 | 181067 |
| Freddie Mac Gold Pool 3% 4/1/2046  | 33901 | 30953 |
| Freddie Mac Gold Pool 3% 4/1/2046  | 30941 | 28250 |
| Freddie Mac Gold Pool 3% 4/1/2050  | 519848 | 465951 |
| Freddie Mac Gold Pool 3% 4/1/2050  | 510315 | 459480 |
| Freddie Mac Gold Pool 3% 4/1/2051  | 543963 | 481787 |
| Freddie Mac Gold Pool 3% 4/1/2052  | 1423401 | 1283389 |
| Freddie Mac Gold Pool 3% 5/1/2045  | 31674 | 28933 |
| Freddie Mac Gold Pool 3% 5/1/2045  | 20208 | 18454 |
| Freddie Mac Gold Pool 3% 5/1/2045  | 18197 | 16646 |
| Freddie Mac Gold Pool 3% 5/1/2045  | 15525 | 14182 |
| Freddie Mac Gold Pool 3% 5/1/2046  | 551678 | 503700 |
| Freddie Mac Gold Pool 3% 5/1/2046  | 86809 | 79259 |
| Freddie Mac Gold Pool 3% 5/1/2051  | 381661 | 341137 |
| Freddie Mac Gold Pool 3% 5/1/2051  | 89203 | 79732 |
| Freddie Mac Gold Pool 3% 6/1/2031  | 33130 | 32544 |
| Freddie Mac Gold Pool 3% 6/1/2031  | 15306 | 15039 |
| Freddie Mac Gold Pool 3% 6/1/2031  | 9042 | 8874 |
| Freddie Mac Gold Pool 3% 6/1/2031  | 7672 | 7544 |
| Freddie Mac Gold Pool 3% 6/1/2031  | 7122 | 6986 |
| Freddie Mac Gold Pool 3% 6/1/2031  | 5507 | 5400 |
| Freddie Mac Gold Pool 3% 6/1/2031  | 4861 | 4780 |
| Freddie Mac Gold Pool 3% 6/1/2045  | 64999 | 59663 |
| Freddie Mac Gold Pool 3% 6/1/2045  | 24735 | 22719 |
| Freddie Mac Gold Pool 3% 6/1/2045  | 9833 | 9032 |
| Freddie Mac Gold Pool 3% 6/1/2046  | 550609 | 502551 |
| Freddie Mac Gold Pool 3% 6/1/2050  | 1775209 | 1600591 |
| Freddie Mac Gold Pool 3% 6/1/2052  | 522091 | 464862 |
| Freddie Mac Gold Pool 3% 7/1/2032  | 16784 | 16430 |
| Freddie Mac Gold Pool 3% 7/1/2045  | 42509 | 38887 |
| Freddie Mac Gold Pool 3% 7/1/2045  | 19272 | 18001 |
| Freddie Mac Gold Pool 3% 8/1/2032  | 21045 | 20607 |
| Freddie Mac Gold Pool 3% 8/1/2032  | 13825 | 13526 |
| Freddie Mac Gold Pool 3% 8/1/2042  | 12730 | 11834 |
| Freddie Mac Gold Pool 3% 8/1/2042  | 9805 | 9083 |
| Freddie Mac Gold Pool 3% 8/1/2045  | 31923 | 29217 |
| Freddie Mac Gold Pool 3% 8/1/2045  | 30453 | 27813 |
| Freddie Mac Gold Pool 3% 8/1/2045  | 27884 | 25622 |
| Freddie Mac Gold Pool 3% 8/1/2045  | 18271 | 16788 |
| Freddie Mac Gold Pool 3% 8/1/2045  | 12594 | 11569 |
| Freddie Mac Gold Pool 3% 8/1/2049  | 3268 | 2938 |
| Freddie Mac Gold Pool 3% 9/1/2049  | 9423 | 8520 |
| Freddie Mac Gold Pool 3% 9/1/2050  | 10193 | 9111 |
| Freddie Mac Gold Pool 3% 9/1/2051  | 280811 | 250732 |
| Freddie Mac Gold Pool 3.5% 1/1/2043  | 15399 | 14647 |
| Freddie Mac Gold Pool 3.5% 1/1/2046  | 32288 | 30453 |
| Freddie Mac Gold Pool 3.5% 1/1/2048  | 4255 | 4023 |
| Freddie Mac Gold Pool 3.5% 10/1/2040  | 19442 | 18634 |
| Freddie Mac Gold Pool 3.5% 10/1/2042  | 113537 | 108590 |
| Freddie Mac Gold Pool 3.5% 10/1/2047  | 11377 | 10761 |
| Freddie Mac Gold Pool 3.5% 10/1/2049  | 1854749 | 1740896 |
| Freddie Mac Gold Pool 3.5% 11/1/2033  | 18568 | 18280 |
| Freddie Mac Gold Pool 3.5% 11/1/2040  | 40551 | 38963 |
| Freddie Mac Gold Pool 3.5% 11/1/2046  | 6108 | 5753 |
| Freddie Mac Gold Pool 3.5% 11/1/2047  | 75639 | 71540 |
| Freddie Mac Gold Pool 3.5% 11/1/2047  | 12470 | 11746 |
| Freddie Mac Gold Pool 3.5% 12/1/2033  | 161467 | 159250 |
| Freddie Mac Gold Pool 3.5% 12/1/2040  | 39093 | 37116 |
| Freddie Mac Gold Pool 3.5% 12/1/2047  | 17546 | 16590 |
| Freddie Mac Gold Pool 3.5% 12/1/2052  | 608123 | 562812 |
| Freddie Mac Gold Pool 3.5% 2/1/2034  | 4249727 | 4192423 |
| Freddie Mac Gold Pool 3.5% 2/1/2034  | 213221 | 208972 |
| Freddie Mac Gold Pool 3.5% 2/1/2043  | 337346 | 322301 |
| Freddie Mac Gold Pool 3.5% 2/1/2043  | 101156 | 96894 |
| Freddie Mac Gold Pool 3.5% 2/1/2043  | 37014 | 35566 |
| Freddie Mac Gold Pool 3.5% 2/1/2052  | 197567 | 184452 |
| Freddie Mac Gold Pool 3.5% 3/1/2032  | 397909 | 393809 |
| Freddie Mac Gold Pool 3.5% 3/1/2045  | 51378 | 48696 |
| Freddie Mac Gold Pool 3.5% 3/1/2045  | 14464 | 13735 |
| Freddie Mac Gold Pool 3.5% 3/1/2045  | 13175 | 12505 |
| Freddie Mac Gold Pool 3.5% 3/1/2045  | 8722 | 8343 |
| Freddie Mac Gold Pool 3.5% 3/1/2052 (e) | 3149739 | 2938677 |
| Freddie Mac Gold Pool 3.5% 3/1/2052  | 835841 | 779335 |
| Freddie Mac Gold Pool 3.5% 3/1/2052  | 775249 | 721362 |
| Freddie Mac Gold Pool 3.5% 4/1/2040  | 48076 | 46223 |
| Freddie Mac Gold Pool 3.5% 4/1/2042  | 41548 | 39825 |
| Freddie Mac Gold Pool 3.5% 4/1/2043  | 757347 | 723097 |
| Freddie Mac Gold Pool 3.5% 4/1/2043  | 166204 | 158744 |
| Freddie Mac Gold Pool 3.5% 4/1/2043  | 78519 | 75069 |
| Freddie Mac Gold Pool 3.5% 4/1/2046  | 448834 | 423326 |
| Freddie Mac Gold Pool 3.5% 4/1/2046  | 249870 | 235669 |
| Freddie Mac Gold Pool 3.5% 5/1/2034  | 188859 | 186045 |
| Freddie Mac Gold Pool 3.5% 5/1/2040  | 91770 | 88291 |
| Freddie Mac Gold Pool 3.5% 5/1/2045  | 618137 | 584844 |
| Freddie Mac Gold Pool 3.5% 5/1/2045  | 12816 | 12131 |
| Freddie Mac Gold Pool 3.5% 5/1/2045  | 8169 | 7703 |
| Freddie Mac Gold Pool 3.5% 5/1/2045  | 6814 | 6458 |
| Freddie Mac Gold Pool 3.5% 5/1/2046  | 393426 | 372297 |
| Freddie Mac Gold Pool 3.5% 6/1/2032  | 1899311 | 1878503 |
| Freddie Mac Gold Pool 3.5% 6/1/2040  | 81344 | 78369 |
| Freddie Mac Gold Pool 3.5% 6/1/2045  | 752957 | 712928 |
| Freddie Mac Gold Pool 3.5% 6/1/2045  | 122460 | 116264 |
| Freddie Mac Gold Pool 3.5% 6/1/2045  | 14271 | 13551 |
| Freddie Mac Gold Pool 3.5% 6/1/2048  | 12197 | 11443 |
| Freddie Mac Gold Pool 3.5% 7/1/2040  | 7736 | 7429 |
| Freddie Mac Gold Pool 3.5% 7/1/2042  | 307746 | 294133 |
| Freddie Mac Gold Pool 3.5% 7/1/2042  | 57238 | 54812 |
| Freddie Mac Gold Pool 3.5% 7/1/2047  | 185478 | 175484 |
| Freddie Mac Gold Pool 3.5% 7/1/2051  | 1080898 | 1006779 |
| Freddie Mac Gold Pool 3.5% 8/1/2034  | 320071 | 315185 |
| Freddie Mac Gold Pool 3.5% 8/1/2040  | 52577 | 50561 |
| Freddie Mac Gold Pool 3.5% 8/1/2042  | 22058 | 21083 |
| Freddie Mac Gold Pool 3.5% 8/1/2043  | 9382 | 8963 |
| Freddie Mac Gold Pool 3.5% 8/1/2047  | 288412 | 272871 |
| Freddie Mac Gold Pool 3.5% 8/1/2047  | 33465 | 31652 |
| Freddie Mac Gold Pool 3.5% 8/1/2047  | 21508 | 20349 |
| Freddie Mac Gold Pool 3.5% 9/1/2040  | 42149 | 40577 |
| Freddie Mac Gold Pool 3.5% 9/1/2042  | 471121 | 450028 |
| Freddie Mac Gold Pool 3.5% 9/1/2042  | 383178 | 365851 |
| Freddie Mac Gold Pool 3.5% 9/1/2042  | 7669 | 7323 |
| Freddie Mac Gold Pool 3.5% 9/1/2046  | 170347 | 161199 |
| Freddie Mac Gold Pool 3.5% 9/1/2047  | 5916 | 5595 |
| Freddie Mac Gold Pool 3.5% 9/1/2047  | 5507 | 5209 |
| Freddie Mac Gold Pool 4% 1/1/2041  | 462944 | 454250 |
| Freddie Mac Gold Pool 4% 1/1/2043  | 8730 | 8505 |
| Freddie Mac Gold Pool 4% 1/1/2044  | 17543 | 17053 |
| Freddie Mac Gold Pool 4% 10/1/2042  | 11006 | 10748 |
| Freddie Mac Gold Pool 4% 10/1/2042  | 6556 | 6459 |
| Freddie Mac Gold Pool 4% 10/1/2042  | 4593 | 4474 |
| Freddie Mac Gold Pool 4% 10/1/2043  | 43696 | 42531 |
| Freddie Mac Gold Pool 4% 10/1/2043  | 18861 | 18333 |
| Freddie Mac Gold Pool 4% 10/1/2043  | 13528 | 13153 |
| Freddie Mac Gold Pool 4% 10/1/2043  | 10901 | 10639 |
| Freddie Mac Gold Pool 4% 10/1/2052  | 396013 | 381042 |
| Freddie Mac Gold Pool 4% 11/1/2041  | 2773 | 2718 |
| Freddie Mac Gold Pool 4% 11/1/2042  | 1235193 | 1210531 |
| Freddie Mac Gold Pool 4% 11/1/2042  | 38625 | 37728 |
| Freddie Mac Gold Pool 4% 11/1/2042  | 33449 | 32623 |
| Freddie Mac Gold Pool 4% 11/1/2042  | 24040 | 23482 |
| Freddie Mac Gold Pool 4% 11/1/2042  | 14790 | 14414 |
| Freddie Mac Gold Pool 4% 11/1/2042  | 1407 | 1396 |
| Freddie Mac Gold Pool 4% 11/1/2043  | 210111 | 205193 |
| Freddie Mac Gold Pool 4% 11/1/2051  | 16548 | 15980 |
| Freddie Mac Gold Pool 4% 12/1/2042  | 24793 | 24184 |
| Freddie Mac Gold Pool 4% 12/1/2042  | 10844 | 10634 |
| Freddie Mac Gold Pool 4% 2/1/2043  | 36158 | 35257 |
| Freddie Mac Gold Pool 4% 2/1/2043  | 23905 | 23288 |
| Freddie Mac Gold Pool 4% 2/1/2043  | 21699 | 21126 |
| Freddie Mac Gold Pool 4% 2/1/2043  | 10310 | 10040 |
| Freddie Mac Gold Pool 4% 2/1/2044  | 14043 | 13640 |
| Freddie Mac Gold Pool 4% 2/1/2045  | 302492 | 294230 |
| Freddie Mac Gold Pool 4% 2/1/2048  | 28319 | 27449 |
| Freddie Mac Gold Pool 4% 3/1/2043  | 14923 | 14619 |
| Freddie Mac Gold Pool 4% 4/1/2042  | 928866 | 907636 |
| Freddie Mac Gold Pool 4% 4/1/2042  | 515538 | 504911 |
| Freddie Mac Gold Pool 4% 4/1/2043  | 16636 | 16241 |
| Freddie Mac Gold Pool 4% 4/1/2043  | 8729 | 8598 |
| Freddie Mac Gold Pool 4% 4/1/2046  | 106848 | 103801 |
| Freddie Mac Gold Pool 4% 4/1/2052  | 17363 | 16756 |
| Freddie Mac Gold Pool 4% 5/1/2037  | 1250870 | 1239729 |
| Freddie Mac Gold Pool 4% 5/1/2043  | 20424 | 19891 |
| Freddie Mac Gold Pool 4% 5/1/2043  | 14967 | 14565 |
| Freddie Mac Gold Pool 4% 5/1/2043  | 8265 | 8043 |
| Freddie Mac Gold Pool 4% 5/1/2043  | 3923 | 3826 |
| Freddie Mac Gold Pool 4% 5/1/2048  | 740956 | 715955 |
| Freddie Mac Gold Pool 4% 5/1/2048  | 496552 | 481302 |
| Freddie Mac Gold Pool 4% 6/1/2043  | 22991 | 22532 |
| Freddie Mac Gold Pool 4% 6/1/2043  | 15928 | 15504 |
| Freddie Mac Gold Pool 4% 7/1/2043  | 42899 | 41777 |
| Freddie Mac Gold Pool 4% 7/1/2043  | 33202 | 32397 |
| Freddie Mac Gold Pool 4% 7/1/2043  | 21232 | 20716 |
| Freddie Mac Gold Pool 4% 7/1/2043  | 14983 | 14579 |
| Freddie Mac Gold Pool 4% 7/1/2043  | 12995 | 12641 |
| Freddie Mac Gold Pool 4% 7/1/2043  | 10227 | 9947 |
| Freddie Mac Gold Pool 4% 7/1/2043  | 5727 | 5573 |
| Freddie Mac Gold Pool 4% 8/1/2043  | 23163 | 22553 |
| Freddie Mac Gold Pool 4% 8/1/2043  | 22409 | 21956 |
| Freddie Mac Gold Pool 4% 8/1/2043  | 16320 | 16008 |
| Freddie Mac Gold Pool 4% 8/1/2043  | 7512 | 7307 |
| Freddie Mac Gold Pool 4% 8/1/2044  | 8715 | 8473 |
| Freddie Mac Gold Pool 4% 8/1/2044  | 5989 | 5851 |
| Freddie Mac Gold Pool 4% 8/1/2052  | 16861 | 16265 |
| Freddie Mac Gold Pool 4% 9/1/2041  | 38377 | 37612 |
| Freddie Mac Gold Pool 4% 9/1/2042  | 24369 | 23914 |
| Freddie Mac Gold Pool 4% 9/1/2043  | 36085 | 35182 |
| Freddie Mac Gold Pool 4% 9/1/2043  | 33748 | 32879 |
| Freddie Mac Gold Pool 4% 9/1/2043  | 28385 | 27632 |
| Freddie Mac Gold Pool 4% 9/1/2043  | 28003 | 27300 |
| Freddie Mac Gold Pool 4% 9/1/2043  | 24036 | 23379 |
| Freddie Mac Gold Pool 4% 9/1/2043  | 23721 | 23126 |
| Freddie Mac Gold Pool 4% 9/1/2043  | 10939 | 10634 |
| Freddie Mac Gold Pool 4% 9/1/2043  | 936 | 928 |
| Freddie Mac Gold Pool 4% 9/1/2051  | 13341 | 12886 |
| Freddie Mac Gold Pool 4.5% 1/1/2041  | 13994 | 14042 |
| Freddie Mac Gold Pool 4.5% 1/1/2042  | 572626 | 573975 |
| Freddie Mac Gold Pool 4.5% 1/1/2047  | 18033 | 17989 |
| Freddie Mac Gold Pool 4.5% 10/1/2041  | 162156 | 162411 |
| Freddie Mac Gold Pool 4.5% 10/1/2041  | 8077 | 8110 |
| Freddie Mac Gold Pool 4.5% 10/1/2048  | 1080291 | 1079658 |
| Freddie Mac Gold Pool 4.5% 10/1/2048  | 55744 | 55398 |
| Freddie Mac Gold Pool 4.5% 12/1/2040  | 40231 | 40345 |
| Freddie Mac Gold Pool 4.5% 12/1/2045  | 42938 | 43082 |
| Freddie Mac Gold Pool 4.5% 12/1/2046  | 14964 | 14927 |
| Freddie Mac Gold Pool 4.5% 12/1/2047  | 323993 | 322487 |
| Freddie Mac Gold Pool 4.5% 2/1/2041  | 27792 | 27858 |
| Freddie Mac Gold Pool 4.5% 2/1/2041  | 27773 | 27834 |
| Freddie Mac Gold Pool 4.5% 2/1/2041  | 20893 | 20919 |
| Freddie Mac Gold Pool 4.5% 2/1/2041  | 20014 | 20069 |
| Freddie Mac Gold Pool 4.5% 2/1/2041  | 16993 | 17049 |
| Freddie Mac Gold Pool 4.5% 2/1/2041  | 11861 | 11880 |
| Freddie Mac Gold Pool 4.5% 2/1/2044  | 103821 | 103703 |
| Freddie Mac Gold Pool 4.5% 2/1/2047  | 69005 | 68835 |
| Freddie Mac Gold Pool 4.5% 3/1/2041  | 109292 | 109543 |
| Freddie Mac Gold Pool 4.5% 3/1/2041  | 26581 | 26644 |
| Freddie Mac Gold Pool 4.5% 3/1/2041  | 15299 | 15332 |
| Freddie Mac Gold Pool 4.5% 3/1/2044  | 103057 | 102947 |
| Freddie Mac Gold Pool 4.5% 3/1/2044  | 68260 | 68228 |
| Freddie Mac Gold Pool 4.5% 3/1/2044  | 63592 | 63518 |
| Freddie Mac Gold Pool 4.5% 3/1/2044  | 38547 | 38495 |
| Freddie Mac Gold Pool 4.5% 4/1/2035  | 1056 | 1062 |
| Freddie Mac Gold Pool 4.5% 4/1/2041  | 178233 | 178618 |
| Freddie Mac Gold Pool 4.5% 4/1/2041  | 28360 | 28394 |
| Freddie Mac Gold Pool 4.5% 4/1/2041  | 27688 | 27739 |
| Freddie Mac Gold Pool 4.5% 4/1/2048  | 149512 | 148723 |
| Freddie Mac Gold Pool 4.5% 4/1/2048  | 59346 | 59051 |
| Freddie Mac Gold Pool 4.5% 4/1/2048  | 58056 | 57750 |
| Freddie Mac Gold Pool 4.5% 5/1/2039  | 84358 | 84701 |
| Freddie Mac Gold Pool 4.5% 5/1/2041  | 29672 | 29707 |
| Freddie Mac Gold Pool 4.5% 5/1/2041  | 19849 | 19890 |
| Freddie Mac Gold Pool 4.5% 5/1/2041  | 4351 | 4359 |
| Freddie Mac Gold Pool 4.5% 5/1/2047  | 175650 | 175163 |
| Freddie Mac Gold Pool 4.5% 5/1/2047  | 134269 | 133897 |
| Freddie Mac Gold Pool 4.5% 5/1/2047  | 60535 | 60367 |
| Freddie Mac Gold Pool 4.5% 5/1/2048  | 118028 | 117405 |
| Freddie Mac Gold Pool 4.5% 6/1/2035  | 487 | 490 |
| Freddie Mac Gold Pool 4.5% 6/1/2041  | 27701 | 27791 |
| Freddie Mac Gold Pool 4.5% 6/1/2041  | 22917 | 22954 |
| Freddie Mac Gold Pool 4.5% 6/1/2041  | 19370 | 19430 |
| Freddie Mac Gold Pool 4.5% 6/1/2041  | 9101 | 9141 |
| Freddie Mac Gold Pool 4.5% 6/1/2047  | 251692 | 250994 |
| Freddie Mac Gold Pool 4.5% 6/1/2047  | 74850 | 74853 |
| Freddie Mac Gold Pool 4.5% 7/1/2047  | 137844 | 137935 |
| Freddie Mac Gold Pool 4.5% 7/1/2047  | 106687 | 106391 |
| Freddie Mac Gold Pool 4.5% 7/1/2047  | 59233 | 59236 |
| Freddie Mac Gold Pool 4.5% 8/1/2040  | 4427 | 4440 |
| Freddie Mac Gold Pool 4.5% 8/1/2041  | 52996 | 53109 |
| Freddie Mac Gold Pool 4.5% 8/1/2041  | 4175 | 4186 |
| Freddie Mac Gold Pool 4.5% 9/1/2041  | 417011 | 417867 |
| Freddie Mac Gold Pool 4.5% 9/1/2041  | 73880 | 74046 |
| Freddie Mac Gold Pool 4.5% 9/1/2041  | 9782 | 9806 |
| Freddie Mac Gold Pool 5% 1/1/2040  | 53629 | 54754 |
| Freddie Mac Gold Pool 5% 1/1/2053  | 884333 | 892676 |
| Freddie Mac Gold Pool 5% 10/1/2052  | 941759 | 951821 |
| Freddie Mac Gold Pool 5% 11/1/2052  | 1002554 | 1016398 |
| Freddie Mac Gold Pool 5% 11/1/2053  | 612830 | 621675 |
| Freddie Mac Gold Pool 5% 12/1/2052  | 1060405 | 1071734 |
| Freddie Mac Gold Pool 5% 12/1/2052  | 948214 | 957160 |
| Freddie Mac Gold Pool 5% 12/1/2052  | 255433 | 257843 |
| Freddie Mac Gold Pool 5% 4/1/2040  | 104541 | 106749 |
| Freddie Mac Gold Pool 5% 4/1/2054  | 73720 | 74738 |
| Freddie Mac Gold Pool 5% 5/1/2040  | 9992 | 10201 |
| Freddie Mac Gold Pool 5% 6/1/2040  | 36217 | 36981 |
| Freddie Mac Gold Pool 5% 6/1/2041  | 167788 | 171337 |
| Freddie Mac Gold Pool 5% 6/1/2052  | 735767 | 746157 |
| Freddie Mac Gold Pool 5% 7/1/2040  | 11829 | 12075 |
| Freddie Mac Gold Pool 5% 8/1/2040  | 1599943 | 1620854 |
| Freddie Mac Gold Pool 5% 8/1/2040  | 50754 | 51815 |
| Freddie Mac Gold Pool 5.5% 1/1/2055  | 1798386 | 1845393 |
| Freddie Mac Gold Pool 5.5% 10/1/2054  | 686114 | 704048 |
| Freddie Mac Gold Pool 5.5% 11/1/2054  | 601179 | 619710 |
| Freddie Mac Gold Pool 5.5% 2/1/2054  | 242077 | 246513 |
| Freddie Mac Gold Pool 5.5% 3/1/2053 (e)(f) | 3076789 | 3175479 |
| Freddie Mac Gold Pool 5.5% 4/1/2055  | 315748 | 320251 |
| Freddie Mac Gold Pool 5.5% 5/1/2055  | 636089 | 646434 |
| Freddie Mac Gold Pool 5.5% 5/1/2055  | 166355 | 168727 |
| Freddie Mac Gold Pool 5.5% 8/1/2055  | 1345943 | 1385330 |
| Freddie Mac Gold Pool 6% 11/1/2038  | 145043 | 151061 |
| Freddie Mac Gold Pool 6% 11/1/2053  | 311981 | 323660 |
| Freddie Mac Gold Pool 6% 12/1/2052  | 181685 | 189623 |
| Freddie Mac Gold Pool 6% 12/1/2055  | 1395998 | 1459820 |
| Freddie Mac Gold Pool 6% 2/1/2040  | 258098 | 269695 |
| Freddie Mac Gold Pool 6% 2/1/2055  | 549290 | 573802 |
| Freddie Mac Gold Pool 6% 4/1/2032  | 51423 | 53423 |
| Freddie Mac Gold Pool 6% 4/1/2054  | 2007334 | 2093773 |
| Freddie Mac Gold Pool 6% 5/1/2033  | 16729 | 17319 |
| Freddie Mac Gold Pool 6% 5/1/2054  | 1491375 | 1558392 |
| Freddie Mac Gold Pool 6% 7/1/2037  | 2953 | 3121 |
| Freddie Mac Gold Pool 6% 7/1/2039  | 1702799 | 1770263 |
| Freddie Mac Gold Pool 6% 8/1/2037  | 30443 | 32102 |
| Freddie Mac Gold Pool 6.5% 1/1/2054  | 1658511 | 1748702 |
| Freddie Mac Gold Pool 6.5% 1/1/2054  | 428376 | 451618 |
| Freddie Mac Gold Pool 6.5% 10/1/2053  | 1120736 | 1181683 |
| Freddie Mac Gold Pool 6.5% 12/1/2053  | 164184 | 173323 |
| Freddie Mac Gold Pool 6.5% 6/1/2054  | 1720098 | 1816327 |
| Freddie Mac Gold Pool 6.5% 6/1/2054  | 361178 | 382625 |
| Freddie Mac Gold Pool 6.5% 9/1/2053  | 259859 | 274396 |
| Freddie Mac Gold Pool 6.5% 9/1/2054  | 6452063 | 6845780 |
| Freddie Mac Gold Pool 6.5% 9/1/2054  | 434799 | 460890 |
| Freddie Mac Gold Pool 7.5% 1/1/2027  | 37 | 38 |
| Freddie Mac Gold Pool 7.5% 10/1/2027  | 11 | 11 |
| Freddie Mac Gold Pool 7.5% 11/1/2029  | 985 | 1029 |
| Freddie Mac Gold Pool 7.5% 11/1/2031  | 97 | 103 |
| Freddie Mac Gold Pool 7.5% 2/1/2028  | 43 | 44 |
| Freddie Mac Gold Pool 7.5% 7/1/2031  | 130 | 136 |
| Freddie Mac Gold Pool 7.5% 8/1/2026  | 4 | 4 |
| Freddie Mac Gold Pool 7.5% 9/1/2031  | 2070 | 2193 |
| Freddie Mac Gold Pool 8% 4/1/2027  | 50 | 51 |
| Freddie Mac Gold Pool 8% 5/1/2027  | 22 | 23 |
| Freddie Mac Gold Pool 8.5% 1/1/2028  | 56 | 57 |
| Freddie Mac Gold Pool 8.5% 5/1/2027  | 7 | 7 |
| Freddie Mac Manufactured Housing participation certificates 6% 3/1/2055  | 715882 | 746262 |
| Freddie Mac Manufactured Housing participation certificates 6.5% 3/1/2055  | 373489 | 395317 |
| Freddie Mac Manufactured Housing participation certificates 6.5% 3/1/2055  | 331587 | 351277 |
| Freddie Mac Manufactured Housing participation certificates 6.5% 3/1/2055  | 106664 | 113539 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.375%, 5.884% 3/1/2036 (c)(d) | 16432 | 16756 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.88%, 6.63% 9/1/2041 (c)(d) | 8505 | 8885 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.88%, 6.88% 4/1/2041 (c)(d) | 1573 | 1641 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.91%, 6.535% 6/1/2041 (c)(d) | 1726 | 1802 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.91%, 6.672% 6/1/2041 (c)(d) | 21911 | 22876 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.91%, 6.778% 5/1/2041 (c)(d) | 15630 | 16321 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.91%, 6.863% 5/1/2041 (c)(d) | 19977 | 20854 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 2.031%, 6.658% 3/1/2033 (c)(d) | 212 | 216 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 2.16%, 6.535% 11/1/2035 (c)(d) | 1186 | 1230 |
| Freddie Mac Non Gold Pool 1 year U.S. Treasury Index + 2.2476%, 6.497% 1/1/2035 (c)(d) | 1670 | 1703 |
| Freddie Mac Non Gold Pool 5% 8/1/2053  | 509222 | 512593 |
| Freddie Mac Non Gold Pool 5.5% 4/1/2055  | 1877655 | 1930254 |
| Freddie Mac Non Gold Pool 5.5% 8/1/2053  | 1618211 | 1664554 |
| Freddie Mac Non Gold Pool 5.5% 8/1/2053  | 618179 | 635882 |
| Freddie Mac Non Gold Pool 5.5% 8/1/2053  | 613516 | 630127 |
| Freddie Mac Non Gold Pool 6 month FTSE USD IBOR Consumer Fallbacks + 1.655%, 6.255% 4/1/2035 (c)(d) | 13399 | 13650 |
| Freddie Mac Non Gold Pool 6% 6/1/2053  | 699470 | 729372 |
| Freddie Mac Non Gold Pool 6% 6/1/2053  | 694561 | 721866 |
| Freddie Mac Non Gold Pool 6% 6/1/2054  | 2859008 | 2978548 |
| Freddie Mac Non Gold Pool 6% 7/1/2053  | 240019 | 250279 |
| Freddie Mac Non Gold Pool 6% 9/1/2053  | 676613 | 702578 |
| Freddie Mac Non Gold Pool 6.5% 1/1/2055  | 813363 | 863250 |
| Freddie Mac Non Gold Pool 6.5% 1/1/2055  | 596197 | 628619 |
| Freddie Mac Non Gold Pool 6.5% 11/1/2054  | 349560 | 370890 |
| Freddie Mac Non Gold Pool 6.5% 2/1/2055  | 909362 | 965137 |
| Ginnie Mae I Pool 2.5% 1/20/2052  | 850803 | 729904 |
| Ginnie Mae I Pool 2.5% 12/20/2051  | 1325239 | 1136923 |
| Ginnie Mae I Pool 2.5% 12/20/2051  | 870615 | 745812 |
| Ginnie Mae I Pool 2.5% 12/20/2051  | 706084 | 605749 |
| Ginnie Mae I Pool 2.5% 8/20/2051  | 4891390 | 4193266 |
| Ginnie Mae I Pool 2.5% 8/20/2051  | 1273737 | 1091943 |
| Ginnie Mae I Pool 2.5% 8/20/2051  | 737434 | 632184 |
| Ginnie Mae I Pool 2.5% 9/20/2051  | 2190284 | 1877675 |
| Ginnie Mae I Pool 2.5% 9/20/2051  | 1279506 | 1096888 |
| Ginnie Mae I Pool 3% 1/15/2045  | 4292 | 3906 |
| Ginnie Mae I Pool 3% 1/15/2045  | 3849 | 3509 |
| Ginnie Mae I Pool 3% 12/20/2042  | 1096788 | 1009931 |
| Ginnie Mae I Pool 3% 2/15/2045  | 11669 | 10614 |
| Ginnie Mae I Pool 3% 2/15/2045  | 5267 | 4788 |
| Ginnie Mae I Pool 3% 3/15/2045  | 17707 | 16083 |
| Ginnie Mae I Pool 3% 3/15/2045  | 14220 | 12902 |
| Ginnie Mae I Pool 3% 3/15/2045  | 12846 | 11706 |
| Ginnie Mae I Pool 3% 3/15/2045  | 10950 | 9945 |
| Ginnie Mae I Pool 3% 3/15/2045  | 10020 | 9145 |
| Ginnie Mae I Pool 3% 3/15/2045  | 9488 | 8624 |
| Ginnie Mae I Pool 3% 3/15/2045  | 5188 | 4720 |
| Ginnie Mae I Pool 3% 3/15/2045  | 4244 | 3851 |
| Ginnie Mae I Pool 3% 3/15/2045  | 3723 | 3399 |
| Ginnie Mae I Pool 3% 3/15/2045  | 3407 | 3156 |
| Ginnie Mae I Pool 3% 3/20/2043  | 713301 | 657118 |
| Ginnie Mae I Pool 3% 3/20/2043  | 293362 | 270462 |
| Ginnie Mae I Pool 3% 5/15/2045  | 10333 | 9389 |
| Ginnie Mae I Pool 3% 6/15/2045  | 7390 | 6762 |
| Ginnie Mae I Pool 3% 7/15/2045  | 11557 | 10456 |
| Ginnie Mae I Pool 3% 7/15/2045  | 8686 | 7856 |
| Ginnie Mae I Pool 3% 7/15/2045  | 8187 | 7423 |
| Ginnie Mae I Pool 3% 7/15/2045  | 5143 | 4655 |
| Ginnie Mae I Pool 3% 7/15/2045  | 4453 | 4028 |
| Ginnie Mae I Pool 3.5% 1/15/2041  | 50740 | 48308 |
| Ginnie Mae I Pool 3.5% 1/20/2050  | 289057 | 265663 |
| Ginnie Mae I Pool 3.5% 1/20/2050  | 175108 | 161483 |
| Ginnie Mae I Pool 3.5% 1/20/2050  | 170540 | 157164 |
| Ginnie Mae I Pool 3.5% 1/20/2050  | 48918 | 45017 |
| Ginnie Mae I Pool 3.5% 10/20/2052  | 465108 | 427792 |
| Ginnie Mae I Pool 3.5% 11/15/2042  | 187044 | 176520 |
| Ginnie Mae I Pool 3.5% 12/20/2049  | 43329 | 39917 |
| Ginnie Mae I Pool 3.5% 12/20/2049  | 19776 | 18175 |
| Ginnie Mae I Pool 3.5% 12/20/2049  | 15370 | 14174 |
| Ginnie Mae I Pool 3.5% 12/20/2049  | 4595 | 4230 |
| Ginnie Mae I Pool 3.5% 2/15/2041  | 92777 | 88085 |
| Ginnie Mae I Pool 3.5% 2/15/2042  | 82535 | 77952 |
| Ginnie Mae I Pool 3.5% 3/15/2043  | 92444 | 86783 |
| Ginnie Mae I Pool 3.5% 5/15/2042  | 195439 | 185468 |
| Ginnie Mae I Pool 3.5% 5/15/2042  | 146069 | 138583 |
| Ginnie Mae I Pool 3.5% 5/15/2042  | 56400 | 53185 |
| Ginnie Mae I Pool 3.5% 7/15/2043  | 136112 | 127654 |
| Ginnie Mae I Pool 3.5% 7/20/2052  | 2403845 | 2213424 |
| Ginnie Mae I Pool 3.5% 8/15/2042  | 100773 | 95227 |
| Ginnie Mae I Pool 3.5% 8/20/2052  | 1468584 | 1352250 |
| Ginnie Mae I Pool 3.5% 9/20/2052  | 3589797 | 3305432 |
| Ginnie Mae I Pool 4% 1/15/2042  | 4413 | 4278 |
| Ginnie Mae I Pool 4% 1/15/2043  | 21671 | 20973 |
| Ginnie Mae I Pool 4% 10/15/2040  | 21027 | 20452 |
| Ginnie Mae I Pool 4% 10/15/2041  | 182666 | 177110 |
| Ginnie Mae I Pool 4% 10/15/2041  | 158352 | 153718 |
| Ginnie Mae I Pool 4% 10/15/2041  | 144593 | 140124 |
| Ginnie Mae I Pool 4% 10/15/2041  | 86805 | 84292 |
| Ginnie Mae I Pool 4% 10/15/2041  | 41145 | 40020 |
| Ginnie Mae I Pool 4% 10/15/2041  | 26327 | 25543 |
| Ginnie Mae I Pool 4% 10/15/2041  | 21889 | 21262 |
| Ginnie Mae I Pool 4% 10/15/2041  | 20222 | 19656 |
| Ginnie Mae I Pool 4% 10/15/2041  | 19589 | 19025 |
| Ginnie Mae I Pool 4% 10/15/2041  | 11744 | 11404 |
| Ginnie Mae I Pool 4% 10/15/2041  | 10046 | 9743 |
| Ginnie Mae I Pool 4% 10/15/2041  | 9299 | 9005 |
| Ginnie Mae I Pool 4% 10/15/2041  | 2223 | 2153 |
| Ginnie Mae I Pool 4% 11/15/2040  | 52709 | 51132 |
| Ginnie Mae I Pool 4% 11/15/2040  | 10658 | 10353 |
| Ginnie Mae I Pool 4% 11/15/2040  | 6349 | 6160 |
| Ginnie Mae I Pool 4% 11/15/2041  | 56869 | 55195 |
| Ginnie Mae I Pool 4% 11/15/2042  | 5413 | 5240 |
| Ginnie Mae I Pool 4% 12/15/2041  | 80757 | 78314 |
| Ginnie Mae I Pool 4% 12/15/2041  | 46559 | 45150 |
| Ginnie Mae I Pool 4% 12/15/2041  | 25724 | 24983 |
| Ginnie Mae I Pool 4% 12/15/2041  | 18229 | 17671 |
| Ginnie Mae I Pool 4% 12/15/2041  | 11471 | 11166 |
| Ginnie Mae I Pool 4% 12/15/2041  | 2453 | 2380 |
| Ginnie Mae I Pool 4% 12/15/2042  | 5775 | 5597 |
| Ginnie Mae I Pool 4% 2/15/2040  | 14546 | 14144 |
| Ginnie Mae I Pool 4% 2/15/2041  | 11283 | 10969 |
| Ginnie Mae I Pool 4% 2/15/2042  | 7506 | 7278 |
| Ginnie Mae I Pool 4% 3/15/2040  | 69544 | 67801 |
| Ginnie Mae I Pool 4% 3/15/2041  | 6959 | 6766 |
| Ginnie Mae I Pool 4% 3/15/2042  | 29211 | 28308 |
| Ginnie Mae I Pool 4% 3/15/2042  | 11593 | 11224 |
| Ginnie Mae I Pool 4% 4/15/2042  | 14180 | 13737 |
| Ginnie Mae I Pool 4% 4/15/2043  | 4071 | 3948 |
| Ginnie Mae I Pool 4% 4/15/2046  | 756714 | 729136 |
| Ginnie Mae I Pool 4% 4/20/2047  | 288489 | 276437 |
| Ginnie Mae I Pool 4% 4/20/2047  | 260606 | 249719 |
| Ginnie Mae I Pool 4% 4/20/2048  | 233835 | 223921 |
| Ginnie Mae I Pool 4% 4/20/2048  | 205947 | 197215 |
| Ginnie Mae I Pool 4% 6/15/2041  | 9032 | 8768 |
| Ginnie Mae I Pool 4% 7/15/2040  | 25254 | 24596 |
| Ginnie Mae I Pool 4% 7/15/2041  | 16139 | 15661 |
| Ginnie Mae I Pool 4% 8/15/2041  | 241017 | 233884 |
| Ginnie Mae I Pool 4% 8/15/2041  | 23278 | 22600 |
| Ginnie Mae I Pool 4% 8/15/2043  | 6232 | 6012 |
| Ginnie Mae I Pool 4% 9/15/2040  | 11205 | 10896 |
| Ginnie Mae I Pool 4% 9/15/2041  | 26688 | 25894 |
| Ginnie Mae I Pool 4% 9/15/2041  | 22681 | 22021 |
| Ginnie Mae I Pool 4% 9/15/2041  | 19576 | 19025 |
| Ginnie Mae I Pool 4% 9/15/2041  | 6075 | 5889 |
| Ginnie Mae I Pool 4% 9/15/2041  | 2899 | 2826 |
| Ginnie Mae I Pool 4.5% 2/15/2040  | 20314 | 20348 |
| Ginnie Mae I Pool 4.5% 3/15/2041  | 388080 | 388204 |
| Ginnie Mae I Pool 4.5% 3/15/2041  | 305669 | 306062 |
| Ginnie Mae I Pool 4.5% 3/15/2041  | 101466 | 101606 |
| Ginnie Mae I Pool 4.5% 3/15/2041  | 4589 | 4595 |
| Ginnie Mae I Pool 4.5% 4/15/2040  | 3205 | 3209 |
| Ginnie Mae I Pool 4.5% 4/15/2041  | 42354 | 42385 |
| Ginnie Mae I Pool 4.5% 5/15/2039  | 6456 | 6469 |
| Ginnie Mae I Pool 4.5% 6/15/2040  | 57710 | 57787 |
| Ginnie Mae I Pool 4.5% 6/15/2040  | 39628 | 39691 |
| Ginnie Mae I Pool 4.5% 6/15/2040  | 28745 | 28790 |
| Ginnie Mae I Pool 4.5% 7/15/2040  | 75985 | 76097 |
| Ginnie Mae I Pool 4.5% 7/15/2040  | 35959 | 36010 |
| Ginnie Mae I Pool 4.5% 7/15/2040  | 25697 | 25728 |
| Ginnie Mae I Pool 4.5% 7/15/2040  | 3292 | 3294 |
| Ginnie Mae I Pool 4.5% 8/15/2039  | 67530 | 67660 |
| Ginnie Mae I Pool 4.5% 8/15/2040  | 25633 | 25669 |
| Ginnie Mae I Pool 5% 10/15/2039  | 20275 | 20683 |
| Ginnie Mae I Pool 5% 10/15/2039  | 8759 | 8935 |
| Ginnie Mae I Pool 5% 11/15/2040  | 18627 | 19002 |
| Ginnie Mae I Pool 5% 11/15/2040  | 7587 | 7741 |
| Ginnie Mae I Pool 5% 12/15/2039  | 25876 | 26398 |
| Ginnie Mae I Pool 5% 3/15/2039  | 11455 | 11683 |
| Ginnie Mae I Pool 5% 4/15/2040  | 3863 | 3941 |
| Ginnie Mae I Pool 5% 4/15/2041  | 9912 | 10113 |
| Ginnie Mae I Pool 5% 4/15/2041  | 6776 | 6912 |
| Ginnie Mae I Pool 5% 4/15/2041  | 3631 | 3704 |
| Ginnie Mae I Pool 5% 4/20/2048  | 616409 | 627988 |
| Ginnie Mae I Pool 5% 6/15/2040  | 13919 | 14199 |
| Ginnie Mae I Pool 5% 7/15/2040  | 22999 | 23463 |
| Ginnie Mae I Pool 5% 7/15/2040  | 14133 | 14419 |
| Ginnie Mae I Pool 5% 7/15/2040  | 9625 | 9820 |
| Ginnie Mae I Pool 5% 8/15/2039  | 19399 | 19788 |
| Ginnie Mae I Pool 5% 8/15/2039  | 2019 | 2059 |
| Ginnie Mae I Pool 5% 8/15/2040  | 40687 | 41508 |
| Ginnie Mae I Pool 5% 8/15/2040  | 33616 | 34295 |
| Ginnie Mae I Pool 5% 9/15/2039  | 15630 | 15944 |
| Ginnie Mae I Pool 5% 9/15/2040  | 22486 | 22940 |
| Ginnie Mae I Pool 5% 9/15/2040  | 15028 | 15331 |
| Ginnie Mae I Pool 6.5% 11/15/2035  | 4381 | 4680 |
| Ginnie Mae I Pool 6.5% 4/15/2035  | 5647 | 6012 |
| Ginnie Mae I Pool 6.5% 9/15/2035  | 12683 | 13454 |
| Ginnie Mae I Pool 7% 1/15/2028  | 656 | 664 |
| Ginnie Mae I Pool 7% 1/15/2028  | 32 | 32 |
| Ginnie Mae I Pool 7% 10/15/2028  | 151 | 153 |
| Ginnie Mae I Pool 7% 10/15/2028  | 16 | 16 |
| Ginnie Mae I Pool 7% 10/15/2031  | 3297 | 3407 |
| Ginnie Mae I Pool 7% 12/15/2028  | 204 | 208 |
| Ginnie Mae I Pool 7% 12/15/2030  | 5185 | 5356 |
| Ginnie Mae I Pool 7% 2/15/2028  | 2720 | 2751 |
| Ginnie Mae I Pool 7% 2/15/2028  | 49 | 49 |
| Ginnie Mae I Pool 7% 2/15/2031  | 254 | 262 |
| Ginnie Mae I Pool 7% 2/15/2032  | 11190 | 11580 |
| Ginnie Mae I Pool 7% 2/15/2032  | 324 | 335 |
| Ginnie Mae I Pool 7% 3/15/2028  | 153 | 155 |
| Ginnie Mae I Pool 7% 3/15/2029  | 1433 | 1464 |
| Ginnie Mae I Pool 7% 3/15/2032  | 5818 | 6002 |
| Ginnie Mae I Pool 7% 3/15/2032  | 3888 | 4009 |
| Ginnie Mae I Pool 7% 3/15/2032  | 58 | 61 |
| Ginnie Mae I Pool 7% 4/15/2028  | 405 | 410 |
| Ginnie Mae I Pool 7% 4/15/2028  | 18 | 18 |
| Ginnie Mae I Pool 7% 4/15/2029  | 1167 | 1190 |
| Ginnie Mae I Pool 7% 4/15/2029  | 541 | 553 |
| Ginnie Mae I Pool 7% 4/15/2031  | 797 | 818 |
| Ginnie Mae I Pool 7% 4/15/2032  | 15710 | 16320 |
| Ginnie Mae I Pool 7% 4/15/2032  | 1720 | 1786 |
| Ginnie Mae I Pool 7% 4/15/2032  | 1043 | 1077 |
| Ginnie Mae I Pool 7% 4/15/2032  | 332 | 343 |
| Ginnie Mae I Pool 7% 5/15/2029  | 937 | 957 |
| Ginnie Mae I Pool 7% 5/15/2032  | 607 | 631 |
| Ginnie Mae I Pool 7% 6/15/2028  | 1364 | 1369 |
| Ginnie Mae I Pool 7% 6/15/2028  | 515 | 523 |
| Ginnie Mae I Pool 7% 6/15/2032  | 4589 | 4764 |
| Ginnie Mae I Pool 7% 6/15/2032  | 1629 | 1683 |
| Ginnie Mae I Pool 7% 6/15/2032  | 133 | 137 |
| Ginnie Mae I Pool 7% 6/15/2032  | 125 | 130 |
| Ginnie Mae I Pool 7% 7/15/2028  | 107 | 108 |
| Ginnie Mae I Pool 7% 7/15/2031  | 2481 | 2565 |
| Ginnie Mae I Pool 7% 7/15/2031  | 954 | 983 |
| Ginnie Mae I Pool 7% 7/15/2031  | 550 | 570 |
| Ginnie Mae I Pool 7% 7/15/2032  | 597 | 620 |
| Ginnie Mae I Pool 7% 8/15/2031  | 1716 | 1737 |
| Ginnie Mae I Pool 7% 8/15/2031  | 1544 | 1599 |
| Ginnie Mae I Pool 7% 8/15/2031  | 144 | 147 |
| Ginnie Mae I Pool 7% 9/15/2028  | 51 | 52 |
| Ginnie Mae I Pool 7% 9/15/2031  | 1618 | 1666 |
| Ginnie Mae I Pool 7% 9/15/2031  | 569 | 587 |
| Ginnie Mae I Pool 7% 9/15/2031  | 405 | 420 |
| Ginnie Mae I Pool 7.5% 10/15/2027  | 138 | 139 |
| Ginnie Mae I Pool 7.5% 10/15/2028  | 2750 | 2813 |
| Ginnie Mae I Pool 7.5% 12/15/2027  | 536 | 546 |
| Ginnie Mae I Pool 7.5% 2/15/2027  | 22 | 22 |
| Ginnie Mae I Pool 7.5% 3/15/2028  | 1699 | 1730 |
| Ginnie Mae I Pool 7.5% 4/15/2027  | 527 | 532 |
| Ginnie Mae I Pool 7.5% 4/15/2027  | 517 | 523 |
| Ginnie Mae I Pool 7.5% 4/15/2027  | 228 | 230 |
| Ginnie Mae I Pool 7.5% 4/15/2027  | 226 | 228 |
| Ginnie Mae I Pool 7.5% 4/15/2027  | 192 | 195 |
| Ginnie Mae I Pool 7.5% 4/15/2027  | 75 | 76 |
| Ginnie Mae I Pool 7.5% 4/15/2027  | 66 | 67 |
| Ginnie Mae I Pool 7.5% 4/15/2027  | 49 | 49 |
| Ginnie Mae I Pool 7.5% 4/15/2027  | 3 | 3 |
| Ginnie Mae I Pool 7.5% 6/15/2027  | 170 | 172 |
| Ginnie Mae I Pool 7.5% 8/15/2028  | 154 | 155 |
| Ginnie Mae I Pool 8% 3/15/2030  | 1010 | 1041 |
| Ginnie Mae I Pool 8% 5/15/2030  | 528 | 545 |
| Ginnie Mae I Pool 8% 9/15/2030  | 1044 | 1077 |
| Ginnie Mae II Pool 2% 1/1/2056 (b) | 12900000 | 10676658 |
| Ginnie Mae II Pool 2% 1/20/2052  | 582270 | 482350 |
| Ginnie Mae II Pool 2% 2/20/2052  | 8965393 | 7426895 |
| Ginnie Mae II Pool 2% 3/20/2051  | 404093 | 334623 |
| Ginnie Mae II Pool 2% 3/20/2052  | 24730580 | 20486711 |
| Ginnie Mae II Pool 2% 8/20/2051  | 18298178 | 15152417 |
| Ginnie Mae II Pool 2.5% 1/20/2051  | 7999204 | 6905011 |
| Ginnie Mae II Pool 2.5% 12/20/2051  | 116294 | 100350 |
| Ginnie Mae II Pool 2.5% 7/20/2051  | 49996 | 43141 |
| Ginnie Mae II Pool 2.5% 8/20/2051  | 7847644 | 6771731 |
| Ginnie Mae II Pool 3% 1/20/2032  | 283353 | 277360 |
| Ginnie Mae II Pool 3% 10/20/2031  | 92135 | 90238 |
| Ginnie Mae II Pool 3% 11/20/2031  | 100069 | 97952 |
| Ginnie Mae II Pool 3% 12/20/2031  | 149913 | 146785 |
| Ginnie Mae II Pool 3% 12/20/2046  | 1301112 | 1186724 |
| Ginnie Mae II Pool 3% 2/20/2031  | 11942 | 11724 |
| Ginnie Mae II Pool 3% 3/20/2031  | 23920 | 23476 |
| Ginnie Mae II Pool 3% 3/20/2046  | 92892 | 84783 |
| Ginnie Mae II Pool 3% 3/20/2050  | 592102 | 533756 |
| Ginnie Mae II Pool 3% 4/20/2031  | 89611 | 87920 |
| Ginnie Mae II Pool 3% 4/20/2047  | 30515 | 27832 |
| Ginnie Mae II Pool 3% 4/20/2052  | 2780817 | 2501145 |
| Ginnie Mae II Pool 3% 5/20/2031  | 191611 | 187941 |
| Ginnie Mae II Pool 3% 5/20/2051  | 364791 | 328229 |
| Ginnie Mae II Pool 3% 5/20/2052  | 10320693 | 9282720 |
| Ginnie Mae II Pool 3% 6/20/2050  | 6898 | 6218 |
| Ginnie Mae II Pool 3% 6/20/2051  | 96203 | 86543 |
| Ginnie Mae II Pool 3% 7/20/2031  | 2497 | 2447 |
| Ginnie Mae II Pool 3% 7/20/2051  | 122241 | 110004 |
| Ginnie Mae II Pool 3% 8/20/2031  | 29391 | 28803 |
| Ginnie Mae II Pool 3% 8/20/2051  | 144877 | 130374 |
| Ginnie Mae II Pool 3% 9/20/2031  | 11919 | 11677 |
| Ginnie Mae II Pool 3.5% 12/20/2040  | 88570 | 84353 |
| Ginnie Mae II Pool 4% 1/20/2041  | 294781 | 287408 |
| Ginnie Mae II Pool 4% 1/20/2042  | 1007050 | 980083 |
| Ginnie Mae II Pool 4% 10/20/2040  | 143555 | 139999 |
| Ginnie Mae II Pool 4% 11/20/2040  | 580761 | 566218 |
| Ginnie Mae II Pool 4% 2/20/2041  | 9567 | 9326 |
| Ginnie Mae II Pool 4% 3/20/2047  | 152601 | 147419 |
| Ginnie Mae II Pool 4% 4/20/2047  | 548920 | 530278 |
| Ginnie Mae II Pool 4% 5/20/2046  | 851743 | 824148 |
| Ginnie Mae II Pool 4% 6/20/2045  | 96834 | 93598 |
| Ginnie Mae II Pool 4% 7/20/2044  | 6054 | 5862 |
| Ginnie Mae II Pool 4% 8/20/2043  | 35986 | 34918 |
| Ginnie Mae II Pool 4% 8/20/2045  | 701525 | 677613 |
| Ginnie Mae II Pool 4% 9/20/2040  | 227814 | 222161 |
| Ginnie Mae II Pool 4.5% 11/20/2054  | 11969488 | 11681417 |
| Ginnie Mae II Pool 4.5% 3/20/2041  | 13027 | 13032 |
| Ginnie Mae II Pool 4.5% 5/20/2040  | 86650 | 86718 |
| Ginnie Mae II Pool 4.5% 5/20/2041  | 25415 | 25423 |
| Ginnie Mae II Pool 4.5% 7/20/2040  | 66518 | 66561 |
| Ginnie Mae II Pool 4.5% 9/20/2040  | 303667 | 303836 |
| Ginnie Mae II Pool 5% 1/1/2056 (b) | 16150000 | 16110839 |
| Ginnie Mae II Pool 5% 2/1/2056 (b) | 16150000 | 16092545 |
| Ginnie Mae II Pool 5.5% 1/1/2056 (b) | 42000000 | 42405397 |
| Ginnie Mae II Pool 5.5% 12/20/2054  | 608120 | 614743 |
| Ginnie Mae II Pool 5.5% 2/1/2056 (b) | 37975000 | 38311880 |
| Ginnie Mae II Pool 5.5% 3/1/2056 (b) | 6650000 | 6700680 |
| Ginnie Mae II Pool 6% 1/1/2056 (b) | 28625000 | 29168992 |
| Ginnie Mae II Pool 6% 2/1/2056 (b) | 23875000 | 24311003 |
| Ginnie Mae II Pool 6% 3/1/2056 (b) | 7700000 | 7832496 |
| Ginnie Mae II Pool 6.5% 2/1/2056 (b) | 4375000 | 4516828 |
| Ginnie Mae II Pool 6.5% 3/1/2056 (b) | 4375000 | 4511360 |
| Uniform Mortgage Backed Securities 2% 1/1/2056 (b) | 60900000 | 49200538 |
| Uniform Mortgage Backed Securities 2% 2/1/2056 (b) | 28775000 | 23243680 |
| Uniform Mortgage Backed Securities 2.5% 1/1/2056 (b) | 8125000 | 6866577 |
| Uniform Mortgage Backed Securities 3% 1/1/2056 (b) | 2825000 | 2496814 |
| Uniform Mortgage Backed Securities 3% 2/1/2056 (b) | 2825000 | 2495048 |
| Uniform Mortgage Backed Securities 4.5% 1/1/2056 (b) | 6450000 | 6295049 |
| Uniform Mortgage Backed Securities 5% 1/1/2041 (b) | 14500000 | 14686914 |
| Uniform Mortgage Backed Securities 5% 1/1/2056 (b) | 3000000 | 2992500 |
| Uniform Mortgage Backed Securities 5% 2/1/2041 (b) | 14950000 | 15137458 |
| Uniform Mortgage Backed Securities 5.5% 1/1/2056 (b) | 18525000 | 18783337 |
| Uniform Mortgage Backed Securities 6% 1/1/2056 (b) | 62550000 | 64213930 |
| Uniform Mortgage Backed Securities 6% 2/1/2056 (b) | 46950000 | 48173268 |
| Uniform Mortgage Backed Securities 6.5% 1/1/2056 (b) | 16625000 | 17273764 |
| TOTAL UNITED STATES |  | 1002007703 |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES**<br> (Cost $1,019,685,280) |  | <br> **1002007703** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 48.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 48.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 48.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 48.9%** |
|  | Yield (%) (m) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bonds 1.875% 11/15/2051  | 1.83 to 1.95 | 50329100 | 27818624 |
| US Treasury Bonds 2% 8/15/2051  | 1.84 | 104090400 | 59628348 |
| US Treasury Bonds 2.25% 2/15/2052  | 2.26 to 2.90 | 38732200 | 23499552 |
| US Treasury Bonds 3% 2/15/2047  | 1.86 | 42593200 | 32066357 |
| US Treasury Bonds 3.375% 8/15/2042  | 3.46 to 3.75 | 58000000 | 49010000 |
| US Treasury Bonds 3.625% 5/15/2053  | 3.90 to 4.31 | 4500000 | 3640254 |
| US Treasury Bonds 4% 11/15/2052  | 4.95 to 5.00 | 7764000 | 6732540 |
| US Treasury Bonds 4.125% 8/15/2053  | 4.18 to 5.00 | 126266000 | 111775004 |
| US Treasury Bonds 4.25% 2/15/2054  | 4.37 to 4.78 | 87500000 | 79105469 |
| US Treasury Bonds 4.25% 8/15/2054  | 4.65 | 6644000 | 6007110 |
| US Treasury Bonds 4.5% 11/15/2054  | 4.55 to 4.82 | 15730000 | 14836585 |
| US Treasury Bonds 4.625% 11/15/2044  | 4.61 to 4.88 | 9290000 | 9103474 |
| US Treasury Bonds 4.625% 11/15/2045  | 4.68 to 4.79 | 9621000 | 9401521 |
| US Treasury Bonds 4.625% 5/15/2054  | 4.49 to 4.65 | 18670000 | 17980815 |
| US Treasury Bonds 4.75% 5/15/2055  | 4.83 to 4.91 | 33728000 | 33143030 |
| US Treasury Bonds 4.75% 8/15/2055  | 4.67 to 4.91 | 34600000 | 34016125 |
| US Treasury Bonds 4.875% 8/15/2045  | 4.53 to 4.75 | 71332000 | 72023029 |
| US Treasury Bonds Inflation-Indexed 2.375% 2/15/2055  | 2.47 to 2.65 | 3580589 | 3400004 |
| US Treasury Notes 1.125% 8/31/2028  | 1.40 | 70526300 | 66253398 |
| US Treasury Notes 1.75% 1/31/2029  | 1.74 | 27595700 | 26146926 |
| US Treasury Notes 2.625% 7/31/2029  | 3.08 | 37400000 | 36169891 |
| US Treasury Notes 2.875% 5/15/2032  | 2.94 to 2.96 | 61937000 | 58399816 |
| US Treasury Notes 3.375% 5/15/2033  | 3.64 to 4.04 | 181445000 | 174435271 |
| US Treasury Notes 3.5% 2/15/2033  | 3.52 to 3.92 | 144500000 | 140430293 |
| US Treasury Notes 3.625% 8/31/2030  | 3.59 to 3.61 | 57900000 | 57694183 |
| US Treasury Notes 3.625% 9/30/2031  | 4.00 | 23600000 | 23364000 |
| US Treasury Notes 3.75% 11/30/2032  | 3.95 | 31300000 | 31035906 |
| US Treasury Notes 3.75% 5/31/2030  | 3.83 to 3.98 | 37700000 | 37792777 |
| US Treasury Notes 3.75% 6/30/2030  | 4.11 | 7000000 | 7016680 |
| US Treasury Notes 3.75% 8/31/2031  | 3.52 | 42400000 | 42259219 |
| US Treasury Notes 3.875% 7/31/2030  | 3.93 | 50900000 | 51275785 |
| US Treasury Notes 3.875% 8/15/2033  | 4.02 to 4.90 | 50317000 | 49898347 |
| US Treasury Notes 3.875% 8/15/2034  | 4.25 to 4.27 | 83400000 | 82162035 |
| US Treasury Notes 4% 1/31/2031  | 4.13 to 4.15 | 110400000 | 111672188 |
| US Treasury Notes 4% 2/15/2034  | 4.28 to 4.71 | 64400000 | 64198750 |
| US Treasury Notes 4% 6/30/2032  | 4.12 to 4.16 | 143000000 | 143821134 |
| US Treasury Notes 4% 7/31/2032  | 4.03 | 10000000 | 10052344 |
| US Treasury Notes 4.125% 10/31/2031  | 4.38 | 40900000 | 41529476 |
| US Treasury Notes 4.125% 11/30/2031  | 4.55 | 4000000 | 4060156 |
| US Treasury Notes 4.125% 5/31/2032  | 4.05 | 1038000 | 1051981 |
| US Treasury Notes 4.125% 8/31/2030  | 4.61 | 71100000 | 72349804 |
| US Treasury Notes 4.25% 5/15/2035  | 4.26 to 4.38 | 69500000 | 70075547 |
| US Treasury Notes 4.25% 8/15/2035  | 3.98 to 4.15 | 154400000 | 155509751 |
| US Treasury Notes 4.375% 1/31/2032  | 4.41 | 48500000 | 49848906 |
| US Treasury Notes 4.375% 11/30/2030  | 4.35 | 55000000 | 56583398 |
| US Treasury Notes 4.5% 11/15/2033  | 4.04 | 45000000 | 46464258 |
| US Treasury Notes 4.5% 12/31/2031  | 4.43 to 4.44 | 44000000 | 45533125 |
| US Treasury Notes 4.625% 2/15/2035  | 4.24 to 4.25 | 38878900 | 40379384 |
| US Treasury Notes 4.625% 4/30/2031  | 4.50 | 43300000 | 45070902 |
| US Treasury Notes 4.75% 2/15/2045  | 4.42 to 4.96 | 7340000 | 7302727 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $2,565,802,777) |  |  | **2443026199** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (n)<br>(Cost $66,452,380)<br>| 3.79 | 66439452 | **66452740** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchased Swaptions - 0.1%** | &nbsp;&nbsp;**Purchased Swaptions - 0.1%** | &nbsp;&nbsp;**Purchased Swaptions - 0.1%** | &nbsp;&nbsp;**Purchased Swaptions - 0.1%** |
|  | Expiration<br> Date | Notional<br> Amount  | Value ($) |
| Put Swaptions - 0.1% |  |  |  |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 4.025% and receive annually a floating rate based on US SOFR Index, expiring April 2035 | 4/2030 | 1320000 | 44523 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 3.95% and receive annually a floating rate based on US SOFR Index, expiring May 2035 | 4/2030 | 1330000 | 46802 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 4.065% and receive annually a floating rate based on US SOFR Index, expiring May 2035 | 5/2030 | 5390000 | 178826 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 4.01% and receive annually a floating rate based on US SOFR Index, expiring May 2035 | 5/2030 | 2650000 | 90801 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 3.585% and receive annually a floating rate based on US SOFR Index, expiring May 2036 | 4/2026 | 3440000 | 89428 |
| Option on an interest rate swap with Citibank NA to pay annually a fixed rate of 3.795% and receive annually a floating rate based on US SOFR Index, expiring November 2034 | 10/2029 | 11100000 | 390678 |
| Option on an interest rate swap with Citibank NA to pay annually a fixed rate of 4.01% and receive annually a floating rate based on US SOFR Index, expiring December 2034 | 12/2029 | 2700000 | 86202 |
| Option on an interest rate swap with Citibank NA to pay annually a fixed rate of 4.03% and receive annually a floating rate based on US SOFR Index, expiring April 2035 | 4/2030 | 4300000 | 144525 |
| Option on an interest rate swap with Goldman Sachs Bank USA to pay annually a fixed rate of 3.455% and receive annually a floating rate based on US SOFR Index, expiring August 2034 | 8/2029 | 2600000 | 108632 |
| Option on an interest rate swap with Goldman Sachs Bank USA to pay annually a fixed rate of 3.9025% and receive annually a floating rate based on US SOFR Index, expiring April 2036 | 4/2026 | 15120000 | 144691 |
| Option on an interest rate swap with Goldman Sachs Bank USA to pay annually a fixed rate of 3.874% and receive annually a floating rate based on US SOFR Index, expiring October 2035 | 10/2030 | 5360000 | 207160 |
| Option on an interest rate swap with Morgan Stanley Capital Services LLC to pay annually a fixed rate of 4.075% and receive annually a floating rate based on US SOFR Index, expiring April 2035 | 4/2030 | 1330000 | 43656 |
| Option on an interest rate swap with Morgan Stanley Capital Services LLC to pay annually a fixed rate of 3.853% and receive annually a floating rate based on US SOFR Index, expiring September 2035 | 9/2030 | 500000 | 19188 |
| TOTAL PUT SWAPTIONS |  |  | 1595112 |
| Call Swaptions - 0.0% |  |  |  |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 4.025% and pay annually a floating rate based on US SOFR Index, expiring April 2035 | 4/2030 | 1320000 | 40280 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 3.95% and pay annually a floating rate based on US SOFR Index, expiring May 2035 | 4/2030 | 1330000 | 38518 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 4.065% and pay annually a floating rate based on US SOFR Index, expiring May 2035 | 5/2030 | 5390000 | 168933 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 4.01% and pay annually a floating rate based on US SOFR Index, expiring May 2035 | 5/2030 | 2650000 | 80169 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 3.585% and pay annually a floating rate based on US SOFR Index, expiring May 2036 | 4/2026 | 3440000 | 20691 |
| Option on an interest rate swap with Citibank NA to receive annually a fixed rate of 3.795% and pay annually a floating rate based on US SOFR Index, expiring November 2034 | 10/2029 | 11100000 | 284489 |
| Option on an interest rate swap with Citibank NA to receive annually a fixed rate of 4.01% and pay annually a floating rate based on the US SOFR Index, expiring December 2034 | 12/2029 | 2700000 | 81061 |
| Option on an interest rate swap with Citibank NA to receive annually a fixed rate of 4.03% and pay annually a floating rate based on US SOFR Index, expiring April 2035 | 4/2030 | 4300000 | 131233 |
| Option on an interest rate swap with Goldman Sachs Bank USA to receive annually a fixed rate of 3.455% and pay annually a floating rate based on US SOFR Index, expiring August 2034 | 8/2029 | 2600000 | 50917 |
| Option on an interest rate swap with Goldman Sachs Bank USA to receive annually a fixed rate of 3.9025% and pay annually a floating rate based on US SOFR Index, expiring April 2036 | 4/2026 | 15120000 | 244118 |
| Option on an interest rate swap with Goldman Sachs Bank USA to receive annually a fixed rate of 3.874% and pay annually a floating rate based on US SOFR Index, expiring October 2035 | 10/2030 | 5360000 | 144151 |
| Option on an interest rate swap with Morgan Stanley Capital Services LLC to receive annually a fixed rate of 4.075% and pay annually a floating rate based on US SOFR Index, expiring April 2035 | 4/2030 | 1330000 | 41952 |
| Option on an interest rate swap with Morgan Stanley Capital Services LLC to receive annually a fixed rate of 3.853% and pay annually a floating rate based on US SOFR Index, expiring September 2035 | 9/2030 | 500000 | 13194 |
| TOTAL CALL SWAPTIONS |  |  | 1339706 |
| **TOTAL PURCHASED SWAPTIONS**<br> (Cost $4,190,102) |  |  | <br> **2934818** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 108.8%**<br> (Cost $5,617,639,913)<br>| <br>**5429060010** |
| **NET OTHER ASSETS (LIABILITIES) - (8.8)%**  | **(433810742)** |
| **NET ASSETS - 100.0%** | **4995249268** |

---

---

| | | |
|:---|:---|:---|
| **TBA Sale Commitments**  | **TBA Sale Commitments**  | **TBA Sale Commitments**  |
|  | Principal<br> Amount (a) | Value ($) |
| U.S. Government Agency - Mortgage Securities |  |  |
| Ginnie Mae II Pool 5% 1/1/2056 | (16150000) | (16110839) |
| Ginnie Mae II Pool 5.5% 1/1/2056 | (37975000) | (38341547) |
| Ginnie Mae II Pool 5.5% 2/1/2056 | (6650000) | (6708993) |
| Ginnie Mae II Pool 6% 1/1/2056 | (28625000) | (29168992) |
| Ginnie Mae II Pool 6% 2/1/2056 | (7700000) | (7840617) |
| Ginnie Mae II Pool 6.5% 2/1/2056 | (4375000) | (4516828) |
| Uniform Mortgage Backed Securities 2% 1/1/2056 | (53325000) | (43080766) |
| Uniform Mortgage Backed Securities 2.5% 1/1/2056 | (2600000) | (2197305) |
| Uniform Mortgage Backed Securities 3% 1/1/2056 | (2825000) | (2496814) |
| Uniform Mortgage Backed Securities 4.5% 1/1/2056 | (8125000) | (7929810) |
| Uniform Mortgage Backed Securities 5% 1/1/2041 | (11800000) | (11952109) |
| Uniform Mortgage Backed Securities 5% 1/1/2056 | (3000000) | (2992500) |
| Uniform Mortgage Backed Securities 5% 2/1/2056 | (3000000) | (2989805) |
| Uniform Mortgage Backed Securities 5.5% 1/1/2056 | (18525000) | (18783337) |
| Uniform Mortgage Backed Securities 6% 1/1/2056 | (51950000) | (53331953) |
| Uniform Mortgage Backed Securities 6.5% 1/1/2056 | (4525000) | (4701581) |
| TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES  |  | (253143796) |
| **TOTAL TBA SALE COMMITMENTS**<br> (Proceeds $253,109,836) |  | <br> **(253143796)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |
| CBOT 10Y US Treasury Notes Contracts (United States) | 52 | 3/2026 | 5838625 | (5077) |
| CBOT 2Y US Treasury Notes Contracts (United States) | 399 | 3/2026 | 83297484 | 21874 |
| CBOT 5Y US Treasury Notes Contracts (United States) | 11 | 3/2026 | 1201234 | (1811) |
| CBOT US Treasury Long Bond Contracts (United States) | 64 | 3/2026 | 7374000 | (70523) |
| TOTAL LONG |  |  |  | (55537) |
| SHORT |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |
| CBOT US Treasury Ultra Bond Contracts (United States) | 10 | 3/2026 | 1174688 | 29905 |
| **TOTAL FUTURES CONTRACTS** |  |  |  | **(25632)** |
| The notional amount of long futures as a percentage of Net Assets is 1.9%. | The notional amount of long futures as a percentage of Net Assets is 1.9%. | The notional amount of long futures as a percentage of Net Assets is 1.9%. | The notional amount of long futures as a percentage of Net Assets is 1.9%. | The notional amount of long futures as a percentage of Net Assets is 1.9%. |
| The notional amount of short futures as a percentage of Net Assets is 0.0%. | The notional amount of short futures as a percentage of Net Assets is 0.0%. | The notional amount of short futures as a percentage of Net Assets is 0.0%. | The notional amount of short futures as a percentage of Net Assets is 0.0%. | The notional amount of short futures as a percentage of Net Assets is 0.0%. |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** |
| Underlying Reference | Rating(2) | Maturity <br> Date | Clearinghouse / <br> Counterparty | Fixed<br> Payment<br> Received/<br> (Paid) | Payment<br> Frequency | Notional<br> Amount(3)(1) | Value ($)(2) | Upfront<br> Premium<br> Received/<br> (Paid) ($) | Unrealized <br> Appreciation/<br> (Depreciation) ($) |
| Buy Protection |  |  |  |  |  |  |  |  |  |
| CMBX BBB- Series 18 Index |  | 12/2057 | Goldman Sachs & Co LLC | (3%) | Monthly | 100000 | 7944 | (4956) | 2988 |
| CMBX BBB- Series 18 Index |  | 12/2057 | Goldman Sachs & Co LLC | (3%) | Monthly | 200000 | 15889 | (7626) | 8263 |
| CMBX BBB- Series 18 Index |  | 12/2057 | Goldman Sachs & Co LLC | (3%) | Monthly | 100000 | 7944 | (10515) | (2571) |
| CMBX BB Series 18 Index |  | 12/2057 | Goldman Sachs & Co LLC | (5%) | Monthly | 200000 | 30879 | (29361) | 1518 |
| CMBX AAA Series 16 Index |  | 4/2065 | Goldman Sachs & Co LLC | (0.5%) | Monthly | 699821 | 3112 | (6589) | (3477) |
| CMBX BBB- Series 16 Index |  | 4/2065 | JPMorgan Securities LLC | (3%) | Monthly | 30000 | 5010 | (8733) | (3723) |
| CMBX BBB- Series 18 Index |  | 12/2057 | JPMorgan Securities LLC | (3%) | Monthly | 100000 | 7944 | (8153) | (209) |
| CMBX AAA Series 13 Index |  | 12/2072 | Morgan Stanley Capital Services LLC | (0.5%) | Monthly | 2150000 | (11364) | (33264) | (44628) |
| CMBX BBB- Series 16 Index |  | 4/2065 | Morgan Stanley Capital Services LLC | (3%) | Monthly | 80000 | 13359 | (19457) | (6098) |
| CMBX BBB- Series 16 Index |  | 4/2065 | Morgan Stanley Capital Services LLC | (3%) | Monthly | 40000 | 6680 | (10301) | (3621) |
| CMBX BBB- Series 16 Index |  | 4/2065 | Morgan Stanley Capital Services LLC | (3%) | Monthly | 10000 | 1670 | (2213) | (543) |
| CMBX BBB- Series 18 Index |  | 12/2057 | Morgan Stanley Capital Services LLC | (3%) | Monthly | 200000 | 15889 | (7626) | 8263 |
| CMBX BB Series 18 Index |  | 12/2057 | Morgan Stanley Capital Services LLC | (5%) | Monthly | 200000 | 30879 | (28991) | 1888 |
| CMBX AAA Series 16 Index |  | 4/2065 | Morgan Stanley Capital Services LLC | (0.5%) | Monthly | 1099719 | 4890 | (9657) | (4767) |
| CMBX AAA Series 13 Index |  | 12/2072 | Citigroup Global Markets Ltd | (0.5%) | Monthly | 530000 | (2801) | (4596) | (7397) |
| CMBX AAA Series 13 Index |  | 12/2072 | Citigroup Global Markets Ltd | (0.5%) | Monthly | 1110000 | (5867) | (11531) | (17398) |
| CMBX BBB- Series 16 Index |  | 4/2065 | Citigroup Global Markets Ltd | (3%) | Monthly | 10000 | 1670 | (2530) | (860) |
| CMBX BBB- Series 16 Index |  | 4/2065 | Citigroup Global Markets Ltd | (3%) | Monthly | 40000 | 6680 | (8585) | (1905) |
| CMBX AAA Series 18 Index |  | 12/2057 | Citigroup Global Markets Ltd | (0.5%) | Monthly | 4100000 | (7229) | 2067 | (5162) |
| CMBX BBB- Series 18 Index |  | 12/2057 | Citigroup Global Markets Ltd | (3%) | Monthly | 300000 | 23833 | (11610) | 12223 |
| CMBX BBB- Series 18 Index |  | 12/2057 | Citigroup Global Markets Ltd | (3%) | Monthly | 200000 | 15889 | (7165) | 8724 |
| CMBX BBB Series 15 Index |  | 11/2064 | Citigroup Global Markets Ltd | (3%) | Monthly | 200000 | 28883 | (31611) | (2728) |
| CMBX BBB- Series 17 Index |  | 12/2056 | Citigroup Global Markets Ltd | (3%) | Monthly | 200000 | 25955 | (28318) | (2363) |
| **TOTAL BUY PROTECTION** |  |  |  |  |  |  | 227738 | (291321) | (63583) |
| Sell Protection |  |  |  |  |  |  |  |  |  |
| CMBX AAA Series 17 Index | NR | 12/2056 | Goldman Sachs & Co LLC | 0.5% | Monthly | 600000 | (6885) | 14573 | 7688 |
| CMBX AAA Series 17 Index | NR | 12/2056 | Goldman Sachs & Co LLC | 0.5% | Monthly | 600000 | (6885) | 16079 | 9194 |
| CMBX AAA Series 17 Index | NR | 12/2056 | Goldman Sachs & Co LLC | 0.5% | Monthly | 1300000 | (14917) | 39243 | 24326 |
| CMBX AAA Series 17 Index | NR | 12/2056 | Goldman Sachs & Co LLC | 0.5% | Monthly | 2400000 | (27539) | 31021 | 3482 |
| CMBX AAA Series 17 Index | NR | 12/2056 | JPMorgan Securities LLC | 0.5% | Monthly | 800000 | (8729) | 8796 | 67 |
| CMBX AAA Series 13 Index | NR | 12/2072 | Morgan Stanley Capital Services LLC | 0.5% | Monthly | 630000 | 3330 | 13811 | 17141 |
| CMBX AAA Series 13 Index | NR | 12/2072 | Morgan Stanley Capital Services LLC | 0.5% | Monthly | 3160000 | 16703 | 71240 | 87943 |
| CMBX AAA Series 17 Index | NR | 12/2056 | Morgan Stanley Capital Services LLC | 0.5% | Monthly | 100000 | (1147) | 2028 | 881 |
| CMBX AAA Series 17 Index | NR | 12/2056 | Morgan Stanley Capital Services LLC | 0.5% | Monthly | 1200000 | (13769) | 18928 | 5159 |
| CMBX AAA Series 17 Index | NR | 12/2056 | Morgan Stanley Capital Services LLC | 0.5% | Monthly | 800000 | (9180) | 11864 | 2684 |
| CMBX AAA Series 17 Index | NR | 12/2056 | Citigroup Global Markets Ltd | 0.5% | Monthly | 500000 | (5737) | 11966 | 6229 |
| CMBX AAA Series 17 Index | NR | 12/2056 | Citigroup Global Markets Ltd | 0.5% | Monthly | 100000 | (1147) | 2408 | 1261 |
| CMBX AAA Series 17 Index | NR | 12/2056 | Citigroup Global Markets Ltd | 0.5% | Monthly | 600000 | (6885) | 9284 | 2399 |
| CMBX AAA Series 17 Index | NR | 12/2056 | Citigroup Global Markets Ltd | 0.5% | Monthly | 500000 | (5737) | 7736 | 1999 |
| CMBX AAA Series 17 Index | NR | 12/2056 | Citigroup Global Markets Ltd | 0.5% | Monthly | 1300000 | (14917) | 17163 | 2246 |
| CMBX AAA Series 17 Index | NR | 12/2056 | Citigroup Global Markets Ltd | 0.5% | Monthly | 700000 | (8032) | 7886 | (146) |
| **TOTAL SELL PROTECTION** |  |  |  |  |  |  | (111473) | 284026 | 172553 |
| **TOTAL CREDIT DEFAULT SWAPS** |  |  |  |  |  |  | **116265** | **(7295)** | **108970** |

---

(1)Notional amount is stated in U.S. Dollars unless otherwise noted.

(2)Ratings are presented for credit default swaps in which the Fund has sold protection on the underlying referenced debt. Ratings for an underlying index represent a weighted average of the ratings of all securities included in the index. The credit rating or value can be measures of the current payment/performance risk. Ratings are from Moody's Investors Service, Inc. Where Moody's® ratings are not available, S&P® ratings are disclosed and are indicated as such. All ratings are as of the report date and do not reflect subsequent changes.

(3)The notional amount of each credit default swap where the Fund has sold protection approximates the maximum potential amount of future payments that the Fund could be required to make if a credit event were to occur.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** |
| Payment Received | Payment<br> Frequency | Payment Paid | Payment<br> Frequency | Clearinghouse /<br> Counterparty(1) | Maturity<br> Date | Notional<br> Amount(3) | Value ($)<br>| Upfront<br> Premium<br> Received/<br> (Paid) ($)(2) | Unrealized <br> Appreciation/<br> (Depreciation) ($)<br>|
| U.S. SOFR Index(4) | Annual | 3.5% | Annual | LCH | 3/2028 | 97212000 | (103624) | 0 | (103624) |
| 4% | Annual | U.S. SOFR Index(4) | Annual | LCH | 3/2056 | 2080000 | (14212) | 0 | (14212) |
| 4% | Annual | U.S. SOFR Index(4) | Annual | LCH | 3/2036 | 2510000 | (10721) | 0 | (10721) |
| U.S. SOFR Index(4) | Annual | 3.5% | Annual | LCH | 3/2030 | 19881000 | (22224) | 0 | (22224) |
| U.S. SOFR Index(4) | Annual | 3.5% | Annual | LCH | 3/2029 | 76012000 | (115829) | 0 | (115829) |
| **TOTAL INTEREST RATE SWAPS** |  |  |  |  |  |  | **(266610)** | **0** | **(266610)** |

---

(1)Swaps with LCH Clearnet Group (LCH) are centrally cleared swaps.

(2)Any premiums for centrally cleared swaps are recorded periodically throughout the term of the swap to variation margin and included in unrealized appreciation (depreciation).

(3)Notional amount is stated in U.S. Dollars unless otherwise noted.

(4)Represents floating rate.

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(e) Security or a portion of the security was pledged to cover margin requirements for centrally cleared swaps. At period end, the value of securities pledged amounted to $3,705,916.

(f) Security or a portion of the security has been segregated as collateral for over the counter (OTC) derivatives. At period end, the value of securities pledged amounts to $1,103,073.

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $943,184.

(h) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $759,560,357 or 15.2% of net assets.

(i) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(j) Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

(k) Level 3 security.

(l) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. 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.

(m) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(n) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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 ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 113861675 | 1204931091 | 1252346904 | 4237288 | 6878 | - | 66452740 | 66439452 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | - | 562495805 | 562495439 | 16588 | (366) | - | - | - | 0.0% |
| Fidelity Specialized High Income Central Fund | 75714172 | 4846141 | - | 4845847 | - | 2609830 | 83170143 | 924010 | 31.2% |
| Total | 189575847 | 1772273037 | 1814842343 | 9099723 | 6512 | 2609830 | 149622883 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Asset-Backed Securities** | 460306997 | - | 460306997 | - |
|  **Bank Notes** |  |  |  |  |
| Financials | 7207198 | - | 7207198 | - |
|  **Collateralized Mortgage Obligations** | 80891429 | - | 80891429 | - |
|  **Commercial Mortgage Securities** | 233737894 | - | 233330418 | 407476 |
|  **Fixed-Income Funds** | 83170143 | 83170143 | - | - |
|  **Foreign Government and Government Agency Obligations** | 2792521 | - | 2792521 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 70401033 | - | 70401033 | - |
| Consumer Discretionary | 8184964 | - | 8184964 | - |
| Consumer Staples | 25025428 | - | 25025428 | - |
| Energy | 125466459 | - | 125466459 | - |
| Financials | 478004734 | - | 478004734 | - |
| Health Care | 53837904 | - | 53837904 | - |
| Industrials | 38939271 | - | 38939271 | - |
| Information Technology | 55368260 | - | 55368260 | - |
| Materials | 4499626 | - | 4499626 | - |
| Real Estate | 130378998 | - | 130378998 | - |
| Utilities | 56425691 | - | 56425691 | - |
|  **U.S. Government Agency - Mortgage Securities** | 1002007703 | - | 1002007703 | - |
|  **U.S. Treasury Obligations** | 2443026199 | - | 2443026199 | - |
|  **Money Market Funds** | 66452740 | 66452740 | - | - |
|  **Purchased Swaptions** | 2934818 | - | 2934818 | - |
| **Total Investments in Securities:** | 5429060010 | 149622883 | 5279029651 | 407476 |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 51779 | 51779 | - | - |
| Swaps | 275032 | - | 275032 | - |
| Total Assets | 326811 | 51779 | 275032 | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (77411) | (77411) | - | - |
| Swaps | (425377) | - | (425377) | - |
| Total Liabilities | (502788) | (77411) | (425377) | - |
| **Total Derivative Instruments:** | (175977) | (25632) | (150345) | - |
| **<u>Other Financial Instruments:</u>** |  |  |  |  |
|  **TBA Sale Commitments** | (253143796) | - | (253143796) | - |
| **Total Other Financial Instruments:** | (253143796) | - | (253143796) | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Credit Risk** |  |  |
| Swaps (a)  | 275032 | (158767) |
| **Total Credit Risk**  | 275032 | (158767) |
| **Interest Rate Risk** |  |  |
| Futures Contracts (b)  | 51779 | (77411) |
| Purchased Swaptions (c)  | 2934818 | - |
| Swaps (d)  | - | (266610) |
| **Total Interest Rate Risk**  | 2986597 | (344021) |
| **Total Value of Derivatives** | 3261629 | (502788) |

---

(a)For bi-lateral over-the-counter (OTC) swaps, reflects gross value which is presented in the Statement of Assets and Liabilities in the bi-lateral OTC swaps, at value line-item(s).

(b)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).

(c)Gross value is included in the Statement of Assets and Liabilities in the investments in securities, at value line-item.

(d)For centrally cleared swaps, reflects gross cumulative appreciation (depreciation) as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin for centrally cleared swaps is included in receivable or payable for daily variation margin on centrally cleared swaps, and the net cumulative appreciation (depreciation) for centrally cleared swaps is included in Total accumulated earnings (loss).

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,466,432,111) | $5279437127 |  |
| Fidelity Central Funds (cost $151,207,802) | 149622883 |  |
| Total Investment in Securities (cost $5,617,639,913) |  | $5429060010 |
| Cash |  | 33281 |
| Receivable for investments sold |  | 42418 |
| Receivable for TBA sale commitments |  | 253109836 |
| Receivable for swaps |  | 8796 |
| Receivable for fund shares sold |  | 2424450 |
| Interest receivable |  | 46378284 |
| Distributions receivable from Fidelity Central Funds |  | 303361 |
| Receivable for daily variation margin on centrally cleared swaps |  | 161146 |
| Bi-lateral OTC swaps, at value |  | 275032 |
| Prepaid expenses |  | 3323 |
| Other receivables |  | 1175 |
| **Total assets** |  | 5731801112 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $6394304 |  |
| Delayed delivery | 472016520 |  |
| TBA sale commitments, at value | 253143796 |  |
| Payable for fund shares redeemed | 2542576 |  |
| Bi-lateral OTC swaps, at value | 158767 |  |
| Accrued management fee | 1549827 |  |
| Distribution and service plan fees payable | 579458 |  |
| Payable for daily variation margin on futures contracts | 86629 |  |
| Other payables and accrued expenses | 79967 |  |
| **Total liabilities** |  | 736551844 |
| **Net Assets**  |  | $4995249268 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5476625838 |
| Total accumulated earnings (loss) |  | (481376570) |
| **Net Assets** |  | $4995249268 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($765,372,047 ÷ 67,349,671 shares) |  | $11.36 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($977,371,039 ÷ 87,396,836 shares) |  | $11.18 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,396,804,290 ÷ 218,399,413 shares) |  | $10.97 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($855,701,892 ÷ 75,708,137 shares) |  | $11.30 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $189192429 |
| Income from Fidelity Central Funds (including $16,588 from security lending)  |  | 9099723 |
| **Total income** |  | 198292152 |
| **Expenses** |  |  |
| Management fee | $17453559 |  |
| Distribution and service plan fees | 6567434 |  |
| Custodian fees and expenses | 110584 |  |
| Independent trustees' fees and expenses | 11238 |  |
| Audit fees | 48230 |  |
| Legal | 5070 |  |
| Miscellaneous | 48965 |  |
| Total expenses before reductions | 24245080 |  |
| Expense reductions | (10985) |  |
| Total expenses after reductions |  | 24234095 |
| **Net Investment income (loss)** |  | 174058057 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (64320969) |  |
| Fidelity Central Funds | 6512 |  |
| Futures contracts | (66806) |  |
| Swaps | 52278 |  |
| Written options | 153326 |  |
| Total net realized gain (loss) |  | (64175659) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 206290599 |  |
| Fidelity Central Funds  | 2609830 |  |
| Futures contracts | 167785 |  |
| Swaps | (896039) |  |
| TBA sale commitments | (748811) |  |
| Total change in net unrealized appreciation (depreciation) |  | 207423364 |
| **Net gain (loss)** |  | 143247705 |
| **Net increase (decrease) in net assets resulting from operations** |  | $317305762 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $174058057 | $150906775 |
| &nbsp;&nbsp;Net realized gain (loss) | (64175659)<br>| (30218708)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 207423364 | (51860592)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 317305762<br>| 68827475<br>|
| Distributions to shareholders | (169220962)<br>| (149339514)<br>|
| Share transactions - net increase (decrease) | 416191485<br>| 438473568<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 564276285<br>| 357961529<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4430972983 | 4073011454<br>|
| &nbsp;&nbsp;End of period | $4995249268 | $4430972983 |

---

**Financial Highlights** 

**VIP Investment Grade Bond Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.98 | $11.17 | $10.80 | $13.35 | $14.09 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .440  | .413  | .364  | .245  | .228  |
| Net realized and unrealized gain (loss)  | .349  | (.208)  | .296  | (1.903)  | (.313)  |
| Total from investment operations  | .789  | .205  | .660  | (1.658)  | (.085)  |
| Distributions from net investment income  | (.409)  | (.395)  | (.290)  | (.264)  | (.282)  |
| Distributions from net realized gain  | -  | -  | -  | (.628)  | (.373)  |
| Total distributions  | (.409)  | (.395)  | (.290)  | (.892)  | (.655)  |
| Net asset value, end of period  | $11.36 | $10.98 | $11.17 | $10.80 | $13.35 |
| **Total Return** C,D | 7.22% <br>| 1.79%  | 6.20%  | (12.96)%  | (.61)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .37%  | .38%  | .41%  | .40%  | .39%  |
| Expenses net of fee waivers, if any  | .37% <br>| .38%  | .40%  | .40%  | .39%  |
| Expenses net of all reductions, if any  | .37%  | .38%  | .40%  | .40%  | .39%  |
| Net investment income (loss)  | 3.89%  | 3.69%  | 3.31%  | 2.08%  | 1.66%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $765372 | $638893 | $569512 | $533204 | $1347145 |
| Portfolio turnover rate G | 172% <br>| 205%  | 188%  | 183% H | 125%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP Investment Grade Bond Portfolio Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.81 | $11.01 | $10.65 | $13.18 | $13.93 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .422  | .396  | .347  | .226  | .212  |
| Net realized and unrealized gain (loss)  | .346  | (.212)  | .295  | (1.870)  | (.322)  |
| Total from investment operations  | .768  | .184  | .642  | (1.644)  | (.110)  |
| Distributions from net investment income  | (.398)  | (.384)  | (.282)  | (.258)  | (.267)  |
| Distributions from net realized gain  | -  | -  | -  | (.628)  | (.373)  |
| Total distributions  | (.398)  | (.384)  | (.282)  | (.886)  | (.640)  |
| Net asset value, end of period  | $11.18 | $10.81 | $11.01 | $10.65 | $13.18 |
| **Total Return** C,D | 7.14% <br>| 1.62%  | 6.12%  | (13.03)%  | (.79)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .47%  | .48%  | .51%  | .50%  | .49%  |
| Expenses net of fee waivers, if any  | .47% <br>| .48%  | .50%  | .50%  | .49%  |
| Expenses net of all reductions, if any  | .47%  | .48%  | .50%  | .50%  | .49%  |
| Net investment income (loss)  | 3.79%  | 3.59%  | 3.21%  | 1.98%  | 1.56%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $977371 | $844919 | $765619 | $669290 | $732762 |
| Portfolio turnover rate G | 172% <br>| 205%  | 188%  | 183% H | 125%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP Investment Grade Bond Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.62 | $10.82 | $10.47 | $12.98 | $13.72 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .398  | .373  | .325  | .206  | .188  |
| Net realized and unrealized gain (loss)  | .334  | (.206)  | .294  | (1.848)  | (.310)  |
| Total from investment operations  | .732  | .167  | .619  | (1.642)  | (.122)  |
| Distributions from net investment income  | (.382)  | (.367)  | (.269)  | (.240)  | (.245)  |
| Distributions from net realized gain  | -  | -  | -  | (.628)  | (.373)  |
| Total distributions  | (.382)  | (.367)  | (.269)  | (.868)  | (.618)  |
| Net asset value, end of period  | $10.97 | $10.62 | $10.82 | $10.47 | $12.98 |
| **Total Return** C,D | 6.93% <br>| 1.50%  | 6.00%  | (13.21)%  | (.90)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .62%  | .63%  | .66%  | .65%  | .64%  |
| Expenses net of fee waivers, if any  | .62% <br>| .63%  | .65%  | .65%  | .64%  |
| Expenses net of all reductions, if any  | .62%  | .63%  | .65%  | .65%  | .64%  |
| Net investment income (loss)  | 3.64%  | 3.44%  | 3.06%  | 1.83%  | 1.41%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2396804 | $2176535 | $1999157 | $1747984 | $2135986 |
| Portfolio turnover rate G | 172% <br>| 205%  | 188%  | 183% H | 125%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP Investment Grade Bond Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.92 | $11.11 | $10.75 | $13.29 | $14.03 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .434  | .407  | .358  | .238  | .223  |
| Net realized and unrealized gain (loss)  | .350  | (.208)  | .289  | (1.888)  | (.313)  |
| Total from investment operations  | .784  | .199  | .647  | (1.650)  | (.090)  |
| Distributions from net investment income  | (.404)  | (.389)  | (.287)  | (.262)  | (.277)  |
| Distributions from net realized gain  | -  | -  | -  | (.628)  | (.373)  |
| Total distributions  | (.404)  | (.389)  | (.287)  | (.890)  | (.650)  |
| Net asset value, end of period  | $11.30 | $10.92 | $11.11 | $10.75 | $13.29 |
| **Total Return** C,D | 7.22% <br>| 1.75%  | 6.11%  | (12.96)%  | (.64)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .41%  | .42%  | .44%  | .43%  | .42%  |
| Expenses net of fee waivers, if any  | .41% <br>| .42%  | .44%  | .43%  | .42%  |
| Expenses net of all reductions, if any  | .41%  | .41%  | .44%  | .43%  | .42%  |
| Net investment income (loss)  | 3.85%  | 3.65%  | 3.27%  | 2.05%  | 1.63%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $855702 | $770627 | $738723 | $724888 | $1354894 |
| Portfolio turnover rate G | 172% <br>| 205%  | 188%  | 183% H | 125%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

VIP Investment Grade Bond Portfolio (the Fund) is a fund of Variable Insurance Products Fund V (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Specialized High Income Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of current income by normally investing in income-producing debt securities, with an emphasis on lower-quality debt securities. | Foreign Securities<br> Loans & Direct Debt Instruments<br> Restricted Securities<br>| Less than .005% |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

An unaudited holdings listing for the investing fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank notes, foreign government and government agency obligations and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Brokers which make markets in asset backed securities, collateralized mortgage obligations and commercial mortgage securities may also consider such factors as the structure of the issue, cash flow assumptions, the value of underlying assets as well as any guarantees. Swaps are marked-to-market daily based on valuations from third party pricing services, registered derivatives clearing organizations (clearinghouses) or broker-supplied valuations. These pricing sources may utilize inputs such as interest rate curves, credit spread curves, default possibilities and recovery rates. When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities and swaps 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. Options traded over-the-counter are valued using service or broker-supplied valuations and are categorized as Level 2 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025 is included at the end of the Fund's Schedule of Investments.

**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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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, swap agreements, capital loss carryforwards and losses deferred due to wash sales and futures transactions.

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**  | $44536262 |
| **Gross unrealized depreciation**  | <u>(235226763)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(190690501)</u> |
| **Tax Cost**  | <u>$5619567044</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$29551126</u> |
| **Capital loss carryforward**  | <u>$(319130238)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(191797458)</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 | $(106140983) |
| Long-term | <u>(212989255)</u> |
| **Total capital loss carryforward** | <u>$(319130238)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income** | $169220962 | $149339514 |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**To-Be-Announced (TBA) Securities and Mortgage Dollar Rolls.** TBA securities involve buying or selling mortgage-backed securities (MBS) on a forward commitment basis. A TBA transaction typically does not designate the actual security to be delivered and only includes an approximate principal amount; however delivered securities must meet specified terms defined by industry guidelines, including issuer, rate and current principal amount outstanding on underlying mortgage pools. Funds may enter into a TBA transaction with the intent to take possession of or deliver the underlying MBS, or a fund may elect to extend the settlement by entering into either a mortgage or reverse mortgage dollar roll. Mortgage dollar rolls are transactions where a fund sells TBA securities and simultaneously agrees to repurchase MBS on a later date at a lower price and with the same counterparty. Reverse mortgage dollar rolls involve the purchase and simultaneous agreement to sell TBA securities on a later date at a lower price. Transactions in mortgage dollar rolls and reverse mortgage dollar rolls are accounted for as purchases and sales and may result in an increase to a fund's portfolio turnover rate.

Purchases and sales of TBA securities involve risks similar to those discussed above for delayed delivery and when-issued securities. Also, if the counterparty in a mortgage dollar roll or a reverse mortgage dollar roll transaction files for bankruptcy or becomes insolvent, a fund's right to repurchase or sell securities may be limited. Additionally, when a fund sells TBA securities without already owning or having the right to obtain the deliverable securities (an uncovered forward commitment to sell), it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold them. A fund may be unable to purchase the deliverable securities if the corresponding market is illiquid.

TBA securities subject to a forward commitment to sell at period end are included at the end of the Schedule of Investments under the caption "TBA Sale Commitments." The value of these commitments and proceeds to be received at contractual settlement date are reflected in the Statement of Assets and Liabilities as "TBA sale commitments, at value" and "Receivable for TBA sale commitments," respectively. A fund realizes a gain or loss on settlement, either through the acquisition of an offsetting TBA purchase commitment on or before the sale commitment date, or by delivery of the securities under the commitment.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts, swaps and options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns, to gain exposure to certain types of assets 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):

---

| | |
|:---|:---|
| Credit Risk | Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to a fund.<br>|
| Interest Rate Risk  | Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates. |

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as options and bi-lateral swaps, a fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives a fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, a fund receives collateral in the form of cash or securities once net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the custodian bank in accordance with the collateral agreements entered into between a fund, the counterparty and the custodian bank. A fund could experience delays and costs in gaining access to the collateral even though it is held by the custodian bank. The maximum risk of loss to a fund from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to a fund. For OTC written options with upfront premiums received, a fund is obligated to perform and therefore does not have counterparty risk. For OTC written options with premiums to be received at a future date, the maximum risk of loss from counterparty credit risk is the amount of the premium in excess of any collateral pledged by the counterparty. A fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Exchange-traded contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to these contracts may be mitigated by the protection provided by the exchange on which they trade. Counterparty credit risk related to centrally cleared swaps may be mitigated by the protection provided by the clearinghouse.

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.

**Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives.** The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **VIP Investment Grade Bond Portfolio** |  |  |
| **Credit Risk** |  |  |
| Swaps | <u>(325028)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>332251</u> |
| **Total Credit Risk** | <u>(325028)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>332251</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | (66806) | 167785 |
| Purchased Options | (771093) | (768908) |
| Written Options | 153236 | - |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; <u>377306</u> | <u>(1228290)</u> |
| **Total Interest Rate Risk** | <u>(307357)</u> | <u>(1829413)</u> |
| **Totals** | <u>(632385)</u> | <u>(1497162)</u> |

---

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the bond market and fluctuations in interest rates.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date. OTC options, such as swaptions, which are options where the underlying instrument is a swap, were used to manage exposure to fluctuations in interest rates.

Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable, and are representative of volume of activity during the period.

Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.

**Swaps.** A swap is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount. A bi-lateral OTC swap is a transaction between a fund and a dealer counterparty where cash flows are exchanged between the two parties for the life of the swap. A centrally cleared swap is a transaction executed between a fund and a dealer counterparty, then cleared by a futures commission merchant (FCM) through a clearinghouse. Once cleared, the clearinghouse serves as a central counterparty, with whom a fund exchanges cash flows for the life of the transaction, similar to transactions in futures contracts.

Bi-lateral OTC swaps are marked-to-market daily and changes in value are reflected in the Statement of Assets and Liabilities in the bi-lateral OTC swaps at value line items. Any upfront premiums paid or received upon entering a bi-lateral OTC swap to compensate for differences between stated terms of the swap and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded in total accumulated earnings (loss) in the Statement of Assets and Liabilities and amortized to realized gain or (loss) ratably over the term of the swap. Any unamortized upfront premiums are presented in the Schedule of Investments.

Centrally cleared swaps require a fund to deposit either cash or securities (initial margin) with the FCM, at the instruction of and for the benefit of the clearinghouse. 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 in segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities. Centrally cleared swaps are marked-to-market daily and subsequent payments (variation margin) are made or received depending on the daily fluctuations in the value of the swaps and are recorded as unrealized appreciation or (depreciation). These daily payments, if any, are included in receivable or payable for daily variation margin on centrally cleared swaps in the Statement of Assets and Liabilities. Any premiums for centrally cleared swaps are recorded periodically throughout the term of the swap to variation margin and included in total accumulated earnings (loss) in the Statement of Assets and Liabilities. Any premiums are recognized as realized gain (loss) upon termination or maturity of the swap.

For both bi-lateral and centrally cleared swaps, payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Some swaps may be terminated prior to the effective date and realize a gain or loss upon termination. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on swaps during the period is presented in the Statement of Operations.

Any open swaps at period end are included in the Schedule of Investments under the caption "Swaps", and are representative of volume of activity during the period.

**Credit Default Swaps.** Credit default swaps enable a fund to buy or sell protection against specified credit events on a single-name issuer or a traded credit index. Under the terms of a credit default swap the buyer of protection (buyer) receives credit protection in exchange for making periodic payments to the seller of protection (seller) based on a fixed percentage applied to a notional principal amount. In return for these payments, the seller will be required to make a payment upon the occurrence of one or more specified credit events. A fund enters into credit default swaps as a seller to gain credit exposure to an issuer and/or as a buyer to obtain a measure of protection against defaults of an issuer. Periodic payments are made over the life of the contract by the buyer provided that no credit event occurs.

For credit default swaps on most corporate and sovereign issuers, credit events include bankruptcy, failure to pay or repudiation/moratorium. For credit default swaps on corporate or sovereign issuers, the obligation that may be put to the seller is not limited to the specific reference obligation described in the Schedule of Investments. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down. For credit default swaps on asset-backed securities, the reference obligation described represents the security that may be put to the seller. For credit default swaps on a traded credit index, a specified credit event may affect all or individual underlying securities included in the index.

As a seller, if an underlying credit event occurs, a fund will pay a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising an index. Only in the event of the industry's inability to value the underlying asset will a fund be required to take delivery of the reference obligation or underlying securities comprising an index and pay an amount equal to the notional amount of the swap.

As a buyer, if an underlying credit event occurs, a fund will receive a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising an index. Only in the event of the industry's inability to value the underlying asset will a fund be required to deliver the reference obligation or underlying securities comprising an index in exchange for payment of an amount equal to the notional amount of the swap.

Typically, the value of each credit default swap and credit rating disclosed for each reference obligation in the Schedule of Investments, where a fund is the seller, can be used as measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. In addition to these measures, the investment adviser monitors a variety of factors including cash flow assumptions, market activity and market sentiment as part of its ongoing process of assessing payment/performance risk.

**Interest Rate Swaps.** Interest rate swaps are agreements between counterparties to exchange cash flows, one based on a fixed rate, and the other on a floating rate. A fund enters into interest rate swaps to manage its exposure to interest rate changes. Changes in interest rates can have an effect on both the value of bond holdings as well as the amount of interest income earned. In general, the value of bonds can fall when interest rates rise and can rise when interest rates fall.

**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 Investment Grade Bond Portfolio** | 4440868885 | 4392459500 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .37 |
| **Service Class** | .37 |
| **Service Class 2** | .37 |
| **Investor Class** | .41 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .37 |
| **Service Class** | .37 |
| **Service Class 2** | .37 |
| **Investor Class** | .40 |

---

**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** | $893447 |
| **Service Class 2** | <u>5673987</u> |
|  | <u>$6567434</u> |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Investment Grade Bond Portfolio** | 6190 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of interest. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Investment Grade Bond Portfolio** | 1798 | - | - |

---

**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 $10,985.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Investment Grade Bond Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $26156246 | $21881384 |
| Service Class | 33129618 | 28548399 |
| Service Class 2 | 80642242 | 72359282 |
| Investor Class | <u>29292856</u> | <u>26550449</u> |
| Total  | <u>$169220962</u> | <u>$149339514</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** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Investment Grade Bond Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 19779389 | 15935926 | $223766082 | $179537463 |
| Reinvestment of distributions  | 2313679 | 1956773 | 26156246 | 21881384 |
| Shares redeemed | <u>(12929554)</u> | <u>(10673039)</u> | <u>(145662261)</u> | <u>(119800003)</u> |
| Net increase (decrease) | <u>9163514</u> | <u>7219660</u> | <u>$104260067</u> | <u>$81618844</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 23687665 | 19562539 | $265136686 | $215211721 |
| Reinvestment of distributions  | 2977649 | 2591941 | 33129618 | 28548399 |
| Shares redeemed | <u>(17418019)</u> | <u>(13550662)</u> | <u>(193673741)</u> | <u>(149414133)</u> |
| Net increase (decrease) | <u>9247295</u> | <u>8603818</u> | <u>$104592563</u> | <u>$94345987</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 34974212 | 34937231 | $383009781 | $376833844 |
| Reinvestment of distributions  | 7388598 | 6690779 | 80642241 | 72359282 |
| Shares redeemed | <u>(28960473)</u> | <u>(21438997)</u> | <u>(315532887)</u> | <u>(232918112)</u> |
| Net increase (decrease) | <u>13402337</u> | <u>20189013</u> | <u>$148119135</u> | <u>$216275014</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 9029805 | 7932960 | $102298169 | $88739505 |
| Reinvestment of distributions  | 2607490 | 2387603 | 29292856 | 26550449 |
| Shares redeemed | <u>(6491586)</u> | <u>(6222916)</u> | <u>(72371305)</u> | <u>(69056231)</u> |
| Net increase (decrease) | <u>5145709</u> | <u>4097647</u> | <u>$59219720</u> | <u>$46233723</u> |

---

**12. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %**  | **Number of Unaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| **VIP Investment Grade Bond Portfolio** | 19% | 1 | 40% |

---

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund V and the Shareholders of VIP Investment Grade Bond Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of VIP Investment Grade Bond Portfolio (the "Fund"), a fund of Variable Insurance Products Fund V, including the schedule of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 11, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

A total of 42.55% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $169,220,962 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**VIP Investment Grade Bond Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity and derivatives risk management. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the representative class of the fund (Investor Class), the Board considered the effective management fee rate for Investor Class from March 2024 to December 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) for Investor Class of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of Investor Class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Investor Class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Investor Class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that management fee rate of Investor Class of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of Investor Class of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability**. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img123126_4.jpg)<br>

1.540025.128 VIPIGB-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Government Money Market Portfolio**

**Annual Report**

**December 31, 2025**

![](img123136_1.jpg)

![](img123136_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIPMM-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Government Money Market Portfolio](#Sub_Sec_Fund_20_VIPMM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements20_VIPMM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPMM-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPMM-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPMM-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPMM-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPMM-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPMM-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**VIP Government Money Market Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Repurchase Agreements - 38.0%** | &nbsp;&nbsp;**Repurchase Agreements - 38.0%** | &nbsp;&nbsp;**Repurchase Agreements - 38.0%** |
|  | Maturity<br> Amount ($)<br>| Value ($)<br>|
| Fixed Income Clearing Corp - Credit Agricole 3.75%, dated 1/2/2026 due 1/5/2026 (b) | 120037500 | 120000000 |
| Fixed Income Clearing Corp - Credit Agricole 3.75%, dated 1/2/2026 due 1/5/2026 (b) | 55017188 | 55000000 |
| Investments in repurchase agreements in a joint trading account at 3.84%, dated 12/31/2025 due 1/2/2026 (Collateralized by U.S. Government Obligations)#  | 409057258 | 408970000 |
| Repurchase Agreements\*  | 3392894403 | 3385729000 |
| <br> **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,969,699,000) |  | **3969699000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government Agency - Debt - 29.7%** | &nbsp;&nbsp;**U.S. Government Agency - Debt - 29.7%** | &nbsp;&nbsp;**U.S. Government Agency - Debt - 29.7%** | &nbsp;&nbsp;**U.S. Government Agency - Debt - 29.7%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Fannie Mae U.S. SOFR Index + 0.1%, 3.81% 6/18/2026 (d)(e) | 3.81 | 14000000 | 14000000 |
| Fannie Mae U.S. SOFR Index + 0.12%, 3.83% 7/29/2026 (d)(e) | 3.83 | 49000000 | 49012047 |
| Fannie Mae U.S. SOFR Index + 0.135%, 3.845% 8/21/2026 (d)(e) | 3.84 to 3.85 | 3000000 | 3000387 |
| Fannie Mae U.S. SOFR Index + 0.14%, 3.85% 10/23/2026 (d)(e) | 3.85 | 14000000 | 14000152 |
| Fannie Mae U.S. SOFR Index + 0.14%, 3.85% 9/11/2026 (d)(e) | 3.85 | 23000000 | 23000000 |
| Federal Farm Credit Banks Funding Corp 4.75% 3/9/2026  | 4.20 | 1000000 | 1000973 |
| Federal Farm Credit Banks Funding Corp 4.75% 7/8/2026  | 3.63 | 1000000 | 1005687 |
| Federal Farm Credit Banks Funding Corp Federal Reserve Index -3.04%, 3.71% 5/28/2026 (d)(e) | 3.71 | 1000000 | 999899 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.005%, 3.715% 4/2/2026 (d)(e) | 3.71 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.005%, 3.715% 6/23/2026 (d)(e) | 3.71 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.01%, 3.72% 4/2/2026 (d)(e) | 3.72 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.015%, 3.725% 3/27/2026 (d)(e) | 3.72 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 3.73% 1/13/2026 (d)(e) | 3.73 | 10000000 | 10000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 3.73% 1/15/2026 (d)(e) | 3.73 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 3.73% 3/26/2026 (d)(e) | 3.73 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 3.73% 4/30/2026 (d)(e) | 3.73 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.02%, 3.73% 5/7/2026 (d)(e) | 3.73 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.025%, 3.735% 3/2/2026 (d)(e) | 3.74 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.025%, 3.735% 6/5/2026 (d)(e) | 3.74 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.03%, 3.74% 12/8/2026 (d)(e) | 3.74 | 2000000 | 1999814 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.03%, 3.74% 7/28/2026 (d)(e) | 3.74 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.035%, 3.735% 1/6/2027 (d)(e) | 3.74 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.75% 10/20/2026 (d)(e) | 3.75 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.75% 2/11/2026 (d)(e) | 3.75 | 2000000 | 1999905 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.75% 2/16/2027 (d)(e) | 3.75 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.75% 4/28/2026 (d)(e) | 3.75 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.75% 5/28/2026 (d)(e) | 3.75 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.75% 6/2/2026 (d)(e) | 3.75 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.75% 6/4/2026 (d)(e) | 3.75 | 10000000 | 10000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.75% 6/9/2026 (d)(e) | 3.75 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.75% 7/14/2026 (d)(e) | 3.75 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.04%, 3.75% 7/9/2026 (d)(e) | 3.75 | 10000000 | 10000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 3.755% 10/2/2026 (d)(e) | 3.76 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 3.755% 10/27/2026 (d)(e) | 3.76 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.045%, 3.755% 4/19/2027 (d)(e) | 3.76 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 3.76% 1/15/2026 (d)(e) | 3.76 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 3.76% 10/2/2026 (d)(e) | 3.76 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 3.76% 8/18/2026 (d)(e) | 3.76 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.05%, 3.76% 8/28/2026 (d)(e) | 3.76 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 3.765% 2/13/2026 (d)(e) | 3.76 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 3.765% 6/23/2027 (d)(e) | 3.76 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 3.765% 7/21/2026 (d)(e) | 3.76 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 3.765% 7/30/2026 (d)(e) | 3.76 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.055%, 3.765% 9/17/2026 (d)(e) | 3.76 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.76% 8/6/2027 (d)(e) | 3.76 | 5000000 | 5000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.77% 10/5/2026 (d)(e) | 3.93 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.77% 11/18/2026 (d)(e) | 3.77 | 6000000 | 6000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.77% 9/22/2026 (d)(e) | 3.77 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.77% 9/4/2026 (d)(e) | 3.77 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.06%, 3.77% 9/4/2026 (d)(e) | 3.77 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.775% 11/13/2026 (d)(e) | 3.78 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.775% 11/27/2026 (d)(e) | 3.77 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.775% 3/23/2026 (d)(e) | 3.78 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.775% 3/5/2027 (d)(e) | 3.77 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.775% 6/22/2027 (d)(e) | 3.77 | 5000000 | 5000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.775% 7/9/2027 (d)(e) | 3.77 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.775% 9/10/2026 (d)(e) | 3.78 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.065%, 3.775% 9/18/2026 (d)(e) | 3.78 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 3.77% 11/5/2027 (d)(e) | 3.77 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 3.78% 10/21/2026 (d)(e) | 3.78 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 3.78% 5/28/2026 (d)(e) | 3.78 | 10000000 | 10000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 3.78% 8/12/2026 (d)(e) | 3.78 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.07%, 3.78% 9/9/2026 (d)(e) | 3.78 | 6000000 | 6000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.075%, 3.785% 4/1/2027 (d)(e) | 3.79 | 2000000 | 1999875 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.075%, 3.785% 4/2/2027 (d)(e) | 3.79 | 10000000 | 10000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.78% 1/5/2028 (d)(e)(f) | 3.78 | 5000000 | 5000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 1/28/2026 (d)(e) | 3.79 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 1/8/2026 (d)(e) | 3.79 | 3000000 | 2999992 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 10/8/2027 (d)(e) | 3.79 | 4000000 | 4001027 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 11/16/2026 (d)(e) | 3.79 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 11/23/2027 (d)(e) | 3.79 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 12/22/2026 (d)(e) | 3.79 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 12/22/2027 (d)(e) | 3.79 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 12/29/2027 (d)(e) | 3.79 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 2/10/2026 (d)(e) | 3.79 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 2/17/2026 (d)(e) | 3.79 | 2000000 | 2000016 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 3/11/2027 (d)(e) | 3.79 | 10000000 | 10000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 3/11/2027 (d)(e) | 3.79 | 1000000 | 999744 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 3/4/2026 (d)(e) | 3.79 | 81000000 | 81005430 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.08%, 3.79% 4/9/2027 (d)(e) | 3.79 | 5000000 | 4998235 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.795% 12/29/2026 (d)(e) | 3.80 | 1000000 | 999944 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.795% 3/20/2026 (d)(e) | 3.80 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.795% 3/25/2027 (d)(e) | 3.80 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.795% 3/26/2027 (d)(e) | 3.80 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.085%, 3.795% 4/8/2027 (d)(e) | 3.80 | 9000000 | 9000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 1/12/2027 (d)(e) | 3.80 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 1/19/2027 (d)(e) | 3.80 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 1/23/2026 (d)(e) | 3.80 | 6000000 | 6000218 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 12/17/2027 (d)(e) | 3.80 | 5000000 | 5000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 2/12/2026 (d)(e) | 3.80 | 6000000 | 6000394 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 2/19/2027 (d)(e) | 3.80 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 2/2/2026 (d)(e) | 3.80 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 2/24/2027 (d)(e) | 3.80 | 10000000 | 10000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 2/9/2026 (d)(e) | 3.80 | 1000000 | 1000007 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 5/12/2027 (d)(e) | 3.80 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 5/14/2026 (d)(e) | 3.80 | 2000000 | 2000276 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 5/21/2026 (d)(e) | 3.80 | 2000000 | 2000192 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 5/28/2026 (d)(e) | 3.80 | 7000000 | 7001387 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.09%, 3.8% 7/28/2026 (d)(e) | 3.80 | 1000000 | 1000130 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.805% 12/10/2027 (d)(e) | 3.80 | 10000000 | 10000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.805% 2/25/2027 (d)(e) | 3.80 | 10000000 | 10000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.805% 4/17/2026 (d)(e) | 3.81 | 3000000 | 2999917 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.805% 5/24/2027 (d)(e) | 3.80 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.805% 5/5/2026 (d)(e) | 3.81 | 3000000 | 2999951 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.805% 6/17/2027 (d)(e) | 3.81 | 2000000 | 1999407 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.095%, 3.805% 6/3/2026 (d)(e) | 3.80 | 2000000 | 2000269 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 1/12/2027 (d)(e) | 3.81 | 4000000 | 4000133 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 1/15/2026 (d)(e) | 3.81 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 1/8/2027 (d)(e) | 3.81 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 2/25/2026 (d)(e) | 3.81 | 9000000 | 9000532 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 2/9/2027 (d)(e) | 3.81 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 3/25/2027 (d)(e) | 3.81 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 4/15/2026 (d)(e) | 3.81 | 3000000 | 2999999 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 4/6/2027 (d)(e) | 3.81 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 4/8/2026 (d)(e) | 3.81 | 4000000 | 4000647 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 5/27/2027 (d)(e) | 3.81 | 3000000 | 2999628 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 6/18/2026 (d)(e) | 3.81 | 6000000 | 6000714 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 6/23/2027 (d)(e) | 3.81 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 6/24/2026 (d)(e) | 3.81 | 6000000 | 6000737 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 6/29/2027 (d)(e) | 3.81 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 7/1/2026 (d)(e) | 3.81 | 2000000 | 2000358 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 7/9/2027 (d)(e) | 3.81 | 1000000 | 999700 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.1%, 3.81% 8/13/2027 (d)(e) | 3.81 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 3.815% 1/8/2026 (d)(e) | 3.81 | 4000000 | 4000001 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 3.815% 12/2/2027 (d)(e) | 3.81 | 5000000 | 5000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 3.815% 3/18/2026 (d)(e) | 3.81 | 5000000 | 5000023 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 3.815% 4/16/2027 (d)(e) | 3.81 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 3.815% 4/21/2027 (d)(e) | 3.82 | 1000000 | 999974 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 3.815% 4/24/2026 (d)(e) | 3.81 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.105%, 3.815% 5/14/2027 (d)(e) | 3.82 | 2000000 | 1999823 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 3.82% 11/19/2027 (d)(e) | 3.82 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 3.82% 3/11/2026 (d)(e) | 3.82 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 3.82% 4/16/2026 (d)(e) | 3.82 | 1000000 | 1000028 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 3.82% 4/21/2026 (d)(e) | 3.82 | 2000000 | 2000027 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 3.82% 5/13/2027 (d)(e) | 3.82 | 3000000 | 2999945 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 3.82% 6/24/2027 (d)(e) | 3.82 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 3.82% 7/21/2027 (d)(e) | 3.82 | 4000000 | 3999299 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.11%, 3.82% 8/5/2027 (d)(e) | 3.82 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.825% 10/16/2026 (d)(e) | 3.83 | 19000000 | 19000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.825% 11/12/2027 (d)(e) | 3.83 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.825% 11/26/2027 (d)(e) | 3.83 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.825% 11/26/2027 (d)(e) | 3.83 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.825% 2/10/2027 (d)(e) | 3.82 | 4000000 | 4000724 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.825% 5/20/2027 (d)(e) | 3.83 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.825% 5/6/2027 (d)(e) | 3.82 to 3.83 | 6000000 | 6000153 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.825% 6/7/2027 (d)(e) | 3.83 | 5000000 | 5000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.115%, 3.825% 7/8/2026 (d)(e) | 3.83 | 6000000 | 6000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 3.83% 2/18/2027 (d)(e) | 3.83 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 3.83% 5/28/2027 (d)(e) | 3.83 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 3.83% 5/8/2026 (d)(e) | 3.83 | 13000000 | 13000353 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 3.83% 6/9/2027 (d)(e) | 3.83 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 3.83% 7/10/2026 (d)(e) | 3.83 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 3.83% 7/15/2026 (d)(e) | 3.83 | 14000000 | 14000194 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.12%, 3.83% 7/23/2026 (d)(e) | 3.83 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.835% 10/6/2026 (d)(e) | 3.84 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.835% 11/3/2027 (d)(e) | 3.84 | 6000000 | 6000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.835% 3/23/2027 (d)(e) | 3.84 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.835% 3/5/2026 (d)(e) | 3.83 | 1000000 | 1000022 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.835% 4/29/2027 (d)(e) | 3.83 to 3.84 | 12000000 | 12001771 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.835% 7/16/2026 (d)(e) | 3.83 | 1000000 | 1000002 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.835% 7/21/2026 (d)(e) | 3.84 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.835% 8/18/2027 (d)(e) | 3.84 | 5000000 | 5000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.835% 8/27/2026 (d)(e) | 3.84 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.125%, 3.835% 9/8/2026 (d)(e) | 3.84 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 1/27/2027 (d)(e) | 3.84 | 4000000 | 4000610 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 10/15/2027 (d)(e) | 3.84 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 10/22/2027 (d)(e) | 3.84 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 11/10/2027 (d)(e) | 3.84 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 2/20/2026 (d)(e) | 3.84 | 3000000 | 3000118 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 2/3/2027 (d)(e) | 3.84 | 2000000 | 2000293 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 4/23/2027 (d)(e) | 3.84 | 4000000 | 4001170 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 5/5/2027 (d)(e) | 3.84 | 7000000 | 7000061 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 6/24/2026 (d)(e) | 3.84 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 6/26/2026 (d)(e) | 3.84 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 7/2/2026 (d)(e) | 3.84 | 6000000 | 6000111 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 7/29/2026 (d)(e) | 3.84 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 7/29/2027 (d)(e) | 3.84 | 7000000 | 7000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 8/12/2026 (d)(e) | 3.84 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 8/28/2026 (d)(e) | 3.84 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.13%, 3.84% 8/6/2026 (d)(e) | 3.84 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.845% 1/8/2027 (d)(e) | 3.84 to 3.85 | 53000000 | 53011478 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.845% 10/1/2027 (d)(e) | 3.85 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.845% 10/15/2026 (d)(e) | 3.84 | 4000000 | 4002205 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.845% 11/18/2026 (d)(e) | 3.84 to 3.85 | 9000000 | 9004104 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.845% 11/23/2026 (d)(e) | 3.85 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.845% 12/18/2026 (d)(e) | 3.84 | 3000000 | 3000507 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.845% 2/10/2027 (d)(e) | 3.85 | 9000000 | 9000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.845% 8/19/2026 (d)(e) | 3.85 | 7000000 | 7000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.845% 8/4/2027 (d)(e) | 3.85 | 8000000 | 8000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.135%, 3.845% 9/15/2027 (d)(e) | 3.85 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 1/30/2026 (d)(e) | 3.85 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 10/23/2026 (d)(e) | 3.85 | 6000000 | 6000825 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 10/29/2027 (d)(e) | 3.85 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 10/9/2026 (d)(e) | 3.85 | 40000000 | 40005212 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 11/25/2026 (d)(e) | 3.85 | 4000000 | 4000581 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 11/4/2026 (d)(e) | 3.85 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 12/2/2026 (d)(e) | 3.85 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 12/30/2026 (d)(e) | 3.85 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 8/12/2027 (d)(e) | 3.85 | 6000000 | 6000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 8/26/2026 (d)(e) | 3.85 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 9/3/2026 (d)(e) | 3.85 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 9/4/2026 (d)(e) | 3.85 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.14%, 3.85% 9/9/2026 (d)(e) | 3.85 | 1000000 | 1000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 3.855% 1/12/2026 (d)(e) | 3.85 | 9000000 | 9000047 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 3.855% 1/21/2027 (d)(e) | 3.85 | 10000000 | 10000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 3.855% 1/8/2027 (d)(e) | 3.85 | 6000000 | 6000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.145%, 3.855% 12/16/2026 (d)(e) | 3.85 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 3.86% 10/1/2027 (d)(e) | 3.86 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 3.86% 10/14/2027 (d)(e) | 3.86 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 3.86% 10/22/2027 (d)(e) | 3.86 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 3.86% 11/27/2026 (d)(e) | 3.86 | 6000000 | 6000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 3.86% 12/23/2026 (d)(e) | 3.86 | 3000000 | 3000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 3.86% 12/4/2026 (d)(e) | 3.86 | 2000000 | 2000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.15%, 3.86% 9/10/2027 (d)(e) | 3.86 | 4000000 | 4000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.155%, 3.865% 9/24/2027 (d)(e) | 3.86 | 8000000 | 8000000 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.185%, 3.895% 5/10/2027 (d)(e) | 3.89 | 1000000 | 1001094 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.23%, 3.94% 6/28/2027 (d)(e) | 3.93 | 3000000 | 3004682 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.24%, 3.95% 7/19/2027 (d)(e) | 3.94 | 2000000 | 2003415 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.255%, 3.965% 9/13/2027 (d)(e) | 3.96 | 3000000 | 3005879 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.27%, 3.98% 11/24/2026 (d)(e) | 3.97 | 10000000 | 10018146 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.27%, 3.98% 11/30/2026 (d)(e) | 3.97 | 20000000 | 20025250 |
| Federal Farm Credit Banks Funding Corp U.S. SOFR Index + 0.28%, 3.99% 11/20/2026 (d)(e) | 3.98 | 10000000 | 10018340 |
| Federal Home Loan Bank 3.55% 6/24/2026  | 3.62 | 5000000 | 4998243 |
| Federal Home Loan Bank 3.61% 6/22/2026  | 3.64 | 5000000 | 4999293 |
| Federal Home Loan Bank 3.61% 6/24/2026  | 3.62 | 19000000 | 18998867 |
| Federal Home Loan Bank 3.84% 3/9/2026  | 3.86 | 3000000 | 2999916 |
| Federal Home Loan Bank 3.85% 3/6/2026  | 3.86 | 19000000 | 18999813 |
| Federal Home Loan Bank 3.85% 3/6/2026  | 3.86 | 2000000 | 1999980 |
| Federal Home Loan Bank 3.85% 3/9/2026  | 3.85 | 5000000 | 4999979 |
| Federal Home Loan Bank 4.2% 1/15/2026  | 4.28 | 6000000 | 5999848 |
| Federal Home Loan Bank 4.21% 1/2/2026  | 4.28 | 11000000 | 10999981 |
| Federal Home Loan Bank 4.21% 1/5/2026  | 4.29 | 11000000 | 10999916 |
| Federal Home Loan Bank 4.75% 6/12/2026  | 3.64 | 1000000 | 1004839 |
| Federal Home Loan Bank Discount Notes 0% 1/14/2026  | 3.87 to 3.90 | 19000000 | 18973572 |
| Federal Home Loan Bank Discount Notes 0% 1/16/2026  | 3.89 to 4.06 | 28000000 | 27954136 |
| Federal Home Loan Bank Discount Notes 0% 1/2/2026  | 3.91 to 4.03 | 14000000 | 13998476 |
| Federal Home Loan Bank Discount Notes 0% 1/21/2026  | 3.86 to 3.90 | 28000000 | 27940528 |
| Federal Home Loan Bank Discount Notes 0% 1/23/2026  | 3.66 | 2000000 | 1995539 |
| Federal Home Loan Bank Discount Notes 0% 1/26/2026  | 3.87 | 12000000 | 11968167 |
| Federal Home Loan Bank Discount Notes 0% 1/28/2026  | 3.81 | 12000000 | 11966070 |
| Federal Home Loan Bank Discount Notes 0% 1/30/2026  | 3.86 to 4.23 | 30000000 | 29906522 |
| Federal Home Loan Bank Discount Notes 0% 1/7/2026  | 3.90 to 3.96 | 11000000 | 10992879 |
| Federal Home Loan Bank Discount Notes 0% 1/9/2026  | 3.91 | 13000000 | 12988806 |
| Federal Home Loan Bank Discount Notes 0% 2/11/2026  | 3.66 to 3.84 | 28000000 | 27880280 |
| Federal Home Loan Bank Discount Notes 0% 2/18/2026  | 3.84 to 4.05 | 17000000 | 16913440 |
| Federal Home Loan Bank Discount Notes 0% 2/20/2026  | 3.66 to 4.07 | 15000000 | 14920160 |
| Federal Home Loan Bank Discount Notes 0% 2/24/2026  | 3.82 | 6000000 | 5966205 |
| Federal Home Loan Bank Discount Notes 0% 2/25/2026  | 3.78 to 4.01 | 26000000 | 25847716 |
| Federal Home Loan Bank Discount Notes 0% 2/26/2026  | 3.82 | 10000000 | 9941589 |
| Federal Home Loan Bank Discount Notes 0% 2/27/2026  | 3.84 to 4.01 | 15000000 | 14908159 |
| Federal Home Loan Bank Discount Notes 0% 2/4/2026  | 3.85 to 3.86 | 54000000 | 53805534 |
| Federal Home Loan Bank Discount Notes 0% 2/6/2026  | 3.66 to 3.86 | 34000000 | 33872314 |
| Federal Home Loan Bank Discount Notes 0% 2/9/2026  | 4.05 | 6000000 | 5974195 |
| Federal Home Loan Bank Discount Notes 0% 3/11/2026  | 3.71 to 3.84 | 23000000 | 22835947 |
| Federal Home Loan Bank Discount Notes 0% 3/13/2026  | 3.65 to 3.81 | 22000000 | 21838357 |
| Federal Home Loan Bank Discount Notes 0% 3/18/2026  | 3.65 to 3.81 | 27000000 | 26788104 |
| Federal Home Loan Bank Discount Notes 0% 3/20/2026  | 3.65 to 3.81 | 15000000 | 14878879 |
| Federal Home Loan Bank Discount Notes 0% 3/24/2026  | 3.79 | 2000000 | 1983075 |
| Federal Home Loan Bank Discount Notes 0% 3/25/2026  | 3.65 to 3.81 | 12000000 | 11898256 |
| Federal Home Loan Bank Discount Notes 0% 3/27/2026  | 3.65 | 1000000 | 991452 |
| Federal Home Loan Bank Discount Notes 0% 3/31/2026  | 3.77 | 5000000 | 4954264 |
| Federal Home Loan Bank Discount Notes 0% 3/4/2026  | 3.98 | 2000000 | 1986556 |
| Federal Home Loan Bank Discount Notes 0% 3/6/2026  | 3.80 to 4.00 | 15000000 | 14898176 |
| Federal Home Loan Bank Discount Notes 0% 4/10/2026  | 3.65 to 3.80 | 7000000 | 6929449 |
| Federal Home Loan Bank Discount Notes 0% 4/2/2026  | 3.78 | 5000000 | 4953236 |
| Federal Home Loan Bank Discount Notes 0% 4/22/2026  | 3.64 | 11000000 | 10877900 |
| Federal Home Loan Bank Discount Notes 0% 4/24/2026  | 3.64 | 1000000 | 988699 |
| Federal Home Loan Bank Discount Notes 0% 4/8/2026  | 3.71 to 3.79 | 6000000 | 5940415 |
| Federal Home Loan Bank Discount Notes 0% 5/1/2026  | 3.79 | 8000000 | 7900800 |
| Federal Home Loan Bank Discount Notes 0% 6/10/2026  | 3.58 to 3.70 | 10000000 | 9840489 |
| Federal Home Loan Bank Discount Notes 0% 6/12/2026  | 3.58 | 1250000 | 1230199 |
| Federal Home Loan Bank Discount Notes 0% 6/17/2026  | 3.58 | 6000000 | 5902194 |
| Federal Home Loan Bank Discount Notes 0% 6/22/2026  | 3.58 | 14000000 | 13764991 |
| Federal Home Loan Bank Discount Notes 0% 6/26/2026  | 3.59 | 4000000 | 3930969 |
| Federal Home Loan Bank Discount Notes 0% 6/5/2026  | 3.58 | 11480000 | 11306014 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 1/12/2026 (d)(e) | 3.71 | 22000000 | 22000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 1/15/2026 (d)(e) | 3.71 | 28000000 | 28000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 1/20/2026 (d)(e) | 3.71 | 22000000 | 22000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 1/20/2026 (d)(e) | 3.71 | 2000000 | 2000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 1/26/2026 (d)(e) | 3.71 | 12000000 | 12000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 1/26/2026 (d)(e) | 3.71 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 1/27/2026 (d)(e) | 3.71 | 12000000 | 12000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 1/27/2026 (d)(e) | 3.71 | 6000000 | 6000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 1/27/2026 (d)(e) | 3.71 | 4000000 | 4000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 1/27/2026 (d)(e) | 3.71 | 2000000 | 2000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 1/30/2026 (d)(e) | 3.71 | 12000000 | 12000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 1/9/2026 (d)(e) | 3.71 | 1000000 | 1000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 2/2/2026 (d)(e) | 3.71 | 30000000 | 30000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 2/2/2026 (d)(e) | 3.71 | 6000000 | 6000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 2/3/2026 (d)(e) | 3.71 | 6000000 | 6000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 2/3/2026 (d)(e) | 3.71 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 2/4/2026 (d)(e) | 3.71 | 12000000 | 12000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 2/5/2026 (d)(e) | 3.71 | 9000000 | 9000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 5/11/2026 (d)(e) | 3.71 | 8000000 | 8000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 5/12/2026 (d)(e) | 3.71 | 8000000 | 8000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 5/14/2026 (d)(e) | 3.71 | 8000000 | 8000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 5/15/2026 (d)(e) | 3.71 | 11000000 | 11000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 5/18/2026 (d)(e) | 3.71 | 4000000 | 4000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 5/19/2026 (d)(e) | 3.71 | 8000000 | 8000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.005%, 3.715% 5/22/2026 (d)(e) | 3.71 | 8000000 | 8000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 1/26/2026 (d)(e) | 3.72 | 1000000 | 1000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 2/17/2026 (d)(e) | 3.72 | 2000000 | 2000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 2/18/2026 (d)(e) | 3.72 | 4000000 | 4000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 2/24/2026 (d)(e) | 3.72 | 9000000 | 9000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 2/25/2026 (d)(e) | 3.72 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 2/25/2026 (d)(e) | 3.72 | 2000000 | 2000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 2/26/2026 (d)(e) | 3.72 | 11000000 | 11000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 3/3/2026 (d)(e) | 3.72 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 3/4/2026 (d)(e) | 3.72 | 6000000 | 6000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 3/5/2026 (d)(e) | 3.72 | 9000000 | 9000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 3/9/2026 (d)(e) | 3.72 | 12000000 | 12000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 5/7/2026 (d)(e) | 3.72 | 6000000 | 6000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 6/10/2026 (d)(e) | 3.72 | 5000000 | 5000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 6/15/2026 (d)(e) | 3.72 | 21000000 | 21000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 6/15/2026 (d)(e) | 3.72 | 11000000 | 11000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 6/15/2026 (d)(e) | 3.72 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 6/15/2026 (d)(e) | 3.72 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 6/5/2026 (d)(e) | 3.72 | 4000000 | 4000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 6/8/2026 (d)(e) | 3.72 | 6000000 | 6000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.01%, 3.72% 6/9/2026 (d)(e) | 3.72 | 14000000 | 14000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.725% 1/29/2026 (d)(e) | 3.72 | 11000000 | 11000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.725% 2/2/2026 (d)(e) | 3.72 | 24000000 | 24000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.725% 4/6/2026 (d)(e) | 3.72 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.725% 4/8/2026 (d)(e) | 3.72 | 6000000 | 6000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.725% 4/9/2026 (d)(e) | 3.72 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.725% 5/11/2026 (d)(e) | 3.72 | 1000000 | 1000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.015%, 3.725% 7/15/2026 (d)(e) | 3.72 | 6000000 | 6000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.73% 2/23/2026 (d)(e) | 3.73 | 11000000 | 11000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.73% 3/2/2026 (d)(e) | 3.73 | 10000000 | 10000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.73% 4/13/2026 (d)(e) | 3.73 | 17000000 | 17000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.73% 4/15/2026 (d)(e) | 3.73 | 10000000 | 10000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.73% 5/26/2026 (d)(e) | 3.73 | 5000000 | 5000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.73% 5/28/2026 (d)(e) | 3.73 | 10000000 | 10000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.73% 7/10/2026 (d)(e) | 3.73 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.02%, 3.73% 7/30/2026 (d)(e) | 3.73 | 6000000 | 6000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.735% 1/5/2026 (d)(e) | 3.74 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.735% 2/12/2026 (d)(e) | 3.74 | 9000000 | 9000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.735% 2/19/2026 (d)(e) | 3.74 | 4000000 | 4000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.735% 2/20/2026 (d)(e) | 3.74 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.735% 6/2/2026 (d)(e) | 3.74 | 22000000 | 22000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.735% 6/22/2026 (d)(e) | 3.74 | 11000000 | 11000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.735% 6/24/2026 (d)(e) | 3.74 | 7000000 | 7000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.735% 9/24/2026 (d)(e) | 3.74 | 1000000 | 1000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.025%, 3.735% 9/4/2026 (d)(e) | 3.74 | 1000000 | 1000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 3.74% 6/29/2026 (d)(e) | 3.74 | 16000000 | 16000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 3.74% 6/29/2026 (d)(e) | 3.74 | 5000000 | 5000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 3.74% 7/21/2026 (d)(e) | 3.74 | 22000000 | 22000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.03%, 3.74% 7/23/2026 (d)(e) | 3.74 | 11000000 | 11000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 3.745% 12/9/2026 (d)(e) | 3.75 | 8000000 | 8000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 3.745% 3/17/2026 (d)(e) | 3.75 | 12000000 | 12000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 3.745% 3/19/2026 (d)(e) | 3.75 | 12000000 | 12000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 3.745% 3/23/2026 (d)(e) | 3.75 | 12000000 | 12000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 3.745% 3/24/2026 (d)(e) | 3.75 | 9000000 | 9000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 3.745% 3/24/2026 (d)(e) | 3.75 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 3.745% 3/26/2026 (d)(e) | 3.75 | 12000000 | 12000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 3.745% 3/27/2026 (d)(e) | 3.75 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.035%, 3.745% 3/30/2026 (d)(e) | 3.75 | 12000000 | 12000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 3.75% 10/14/2026 (d)(e) | 3.75 | 1000000 | 1000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 3.75% 4/20/2026 (d)(e) | 3.75 | 11000000 | 11000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 3.75% 4/21/2026 (d)(e) | 3.75 | 11000000 | 11000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 3.75% 4/23/2026 (d)(e) | 3.75 | 9000000 | 9000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 3.75% 4/24/2026 (d)(e) | 3.75 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 3.75% 4/29/2026 (d)(e) | 3.75 | 1000000 | 1000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.04%, 3.75% 4/30/2026 (d)(e) | 3.75 | 1000000 | 1000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.045%, 3.755% 10/2/2026 (d)(e) | 3.76 | 1000000 | 1000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.045%, 3.755% 10/6/2026 (d)(e) | 3.76 | 1000000 | 1000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.045%, 3.755% 2/5/2026 (d)(e) | 3.76 | 8000000 | 8000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.05%, 3.76% 5/14/2026 (d)(e) | 3.76 | 2000000 | 2000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.06%, 3.77% 2/12/2027 (d)(e) | 3.77 | 6000000 | 6000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.06%, 3.77% 2/5/2027 (d)(e) | 3.77 | 1000000 | 1000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.065%, 3.775% 8/10/2026 (d)(e) | 3.77 to 3.78 | 7000000 | 7000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.065%, 3.775% 8/12/2026 (d)(e) | 3.77 | 14000000 | 14000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.065%, 3.775% 9/11/2026 (d)(e) | 3.77 | 1000000 | 1000275 |
| Federal Home Loan Bank U.S. SOFR Index + 0.07%, 3.78% 12/23/2026 (d)(e) | 3.78 | 2000000 | 2000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.07%, 3.78% 12/24/2026 (d)(e) | 3.78 | 4000000 | 4000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.07%, 3.78% 12/30/2026 (d)(e) | 3.78 | 5000000 | 5000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.075%, 3.785% 11/18/2026 (d)(e) | 3.79 | 8000000 | 8000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.075%, 3.785% 11/27/2026 (d)(e) | 3.79 | 1000000 | 1000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.075%, 3.785% 4/5/2027 (d)(e) | 3.94 | 41000000 | 41000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.79% 1/4/2028 (d)(e) | 3.78 | 5000000 | 5000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.79% 11/13/2026 (d)(e) | 3.79 | 2000000 | 2000149 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.79% 12/11/2026 (d)(e) | 3.79 | 8000000 | 8000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.79% 12/23/2027 (d)(e) | 3.79 | 11000000 | 11000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.79% 12/29/2027 (d)(e) | 3.79 | 2000000 | 2000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.79% 12/30/2027 (d)(e) | 3.79 | 4000000 | 4000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.79% 12/8/2026 (d)(e) | 3.79 | 4000000 | 4000368 |
| Federal Home Loan Bank U.S. SOFR Index + 0.08%, 3.79% 2/27/2026 (d)(e) | 3.79 | 5000000 | 5000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.085%, 8.6059% 1/2/2026 (d)(e) | 8.60 | 5000000 | 5000002 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 3.8% 1/12/2026 (d)(e) | 3.80 | 5000000 | 5000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 3.8% 1/16/2026 (d)(e) | 3.80 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 3.8% 12/8/2027 (d)(e) | 3.80 | 11000000 | 11000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 3.8% 12/9/2027 (d)(e) | 3.80 | 14000000 | 14000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 3.8% 3/1/2027 (d)(e) | 3.80 | 10000000 | 10000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 3.8% 5/13/2026 (d)(e) | 3.80 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.09%, 3.8% 5/22/2026 (d)(e) | 3.80 | 27000000 | 27002933 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 3.805% 2/12/2027 (d)(e) | 3.80 | 5000000 | 5000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 3.805% 2/25/2027 (d)(e) | 3.81 | 1000000 | 999922 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 3.805% 4/14/2027 (d)(e) | 3.81 | 2000000 | 1999700 |
| Federal Home Loan Bank U.S. SOFR Index + 0.095%, 3.805% 6/11/2027 (d)(e) | 3.81 | 2000000 | 1999836 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 3.81% 3/30/2026 (d)(e) | 3.81 | 2000000 | 2000464 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 3.81% 4/17/2026 (d)(e) | 3.81 | 2000000 | 1999998 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 3.81% 6/10/2027 (d)(e) | 3.81 | 5000000 | 5000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 3.81% 6/22/2026 (d)(e) | 3.81 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 3.81% 6/24/2026 (d)(e) | 3.81 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 3.81% 6/25/2026 (d)(e) | 3.81 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 3.81% 6/26/2026 (d)(e) | 3.81 | 6000000 | 6000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.1%, 3.81% 6/7/2027 (d)(e) | 3.81 | 2000000 | 2000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.105%, 3.815% 2/18/2027 (d)(e) | 3.81 | 1000000 | 1000030 |
| Federal Home Loan Bank U.S. SOFR Index + 0.105%, 3.815% 2/20/2026 (d)(e) | 3.81 | 5000000 | 5000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 3.82% 4/10/2026 (d)(e) | 3.82 | 3000000 | 3000368 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 3.82% 4/15/2026 (d)(e) | 3.82 | 3000000 | 3000371 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 3.82% 4/24/2026 (d)(e) | 3.82 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 3.82% 4/7/2026 (d)(e) | 3.82 | 3000000 | 3000071 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 3.82% 7/15/2027 (d)(e) | 3.82 | 1000000 | 999824 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 3.82% 7/19/2027 (d)(e) | 3.82 | 3000000 | 2999473 |
| Federal Home Loan Bank U.S. SOFR Index + 0.11%, 3.82% 7/21/2027 (d)(e) | 3.82 | 1000000 | 999824 |
| Federal Home Loan Bank U.S. SOFR Index + 0.115%, 3.825% 7/30/2027 (d)(e) | 3.83 | 17000000 | 17000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.12%, 3.83% 4/9/2027 (d)(e) | 3.83 | 7620000 | 7622338 |
| Federal Home Loan Bank U.S. SOFR Index + 0.12%, 3.83% 6/21/2027 (d)(e) | 3.83 | 7000000 | 7000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.12%, 3.83% 6/22/2027 (d)(e) | 3.83 | 5000000 | 5000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.84% 2/12/2026 (d)(e) | 3.84 | 3000000 | 3000092 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.84% 2/20/2026 (d)(e) | 3.84 | 3000000 | 3000127 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.84% 2/5/2027 (d)(e) | 3.84 | 10000000 | 10000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.84% 2/9/2026 (d)(e) | 3.84 | 3000000 | 3000068 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.84% 4/16/2027 (d)(e) | 3.84 | 3000000 | 3000863 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.84% 4/23/2027 (d)(e) | 3.84 | 2000000 | 2000520 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.84% 6/24/2027 (d)(e) | 3.84 | 7000000 | 7000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.84% 6/30/2027 (d)(e) | 3.84 | 5000000 | 5000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.84% 9/10/2027 (d)(e) | 3.84 | 6000000 | 6000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.84% 9/7/2027 (d)(e) | 3.84 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.13%, 3.84% 9/8/2027 (d)(e) | 3.84 | 2000000 | 2000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.135%, 3.845% 1/6/2027 (d)(e) | 3.84 | 1000000 | 1000683 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 3.85% 1/16/2026 (d)(e) | 3.85 | 3000000 | 3000053 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 3.85% 10/29/2026 (d)(e) | 3.85 | 2000000 | 2000303 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 3.85% 8/21/2026 (d)(e) | 3.85 | 11000000 | 11000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 3.85% 9/10/2026 (d)(e) | 3.85 | 3000000 | 3000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.14%, 3.85% 9/4/2026 (d)(e) | 3.85 | 8000000 | 8000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.145%, 3.855% 9/25/2026 (d)(e) | 3.85 | 21000000 | 21000000 |
| Federal Home Loan Bank U.S. SOFR Index + 0.145%, 3.915% 1/2/2026 (d)(e) | 3.92 | 5000000 | 5000000 |
| Freddie Mac Discount Notes 0% 1/2/2026  | 4.02 | 16000000 | 15998236 |
| Freddie Mac Discount Notes 0% 2/18/2026  | 3.84 | 2000000 | 1989866 |
| Freddie Mac U.S. SOFR Index + 0.08%, 3.79% 11/5/2026 (d)(e) | 3.79 | 28000000 | 28000000 |
| Freddie Mac U.S. SOFR Index + 0.09%, 3.8% 1/26/2026 (d)(e) | 3.80 | 48000000 | 48000094 |
| Freddie Mac U.S. SOFR Index + 0.1%, 3.81% 2/9/2026 (d)(e) | 3.81 | 3000000 | 3000027 |
| Freddie Mac U.S. SOFR Index + 0.11%, 3.82% 3/5/2026 (d)(e) | 3.82 | 17000000 | 17000000 |
| Freddie Mac U.S. SOFR Index + 0.11%, 3.82% 5/7/2026 (d)(e) | 3.82 | 10000000 | 10000000 |
| Freddie Mac U.S. SOFR Index + 0.115%, 3.825% 4/2/2026 (d)(e) | 3.82 to 3.83 | 28000000 | 28000084 |
| Freddie Mac U.S. SOFR Index + 0.14%, 3.85% 10/16/2026 (d)(e) | 3.85 | 24000000 | 24000000 |
| Freddie Mac U.S. SOFR Index + 0.14%, 3.85% 10/29/2026 (d)(e) | 3.85 | 17000000 | 17000000 |
| Freddie Mac U.S. SOFR Index + 0.14%, 3.85% 9/23/2026 (d)(e) | 3.85 | 32000000 | 32000000 |
| Freddie Mac U.S. SOFR Index + 0.14%, 3.85% 9/4/2026 (d)(e) | 3.85 | 11000000 | 11000000 |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - DEBT**<br> (Cost $3,110,084,535) |  |  | **3110084535** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 36.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 36.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 36.9%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 36.9%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/13/2026  | 3.86 to 3.95 | 208900000 | 208631829 |
| US Treasury Bills 0% 1/15/2026  | 3.88 to 3.92 | 129000000 | 128806855 |
| US Treasury Bills 0% 1/2/2026  | 3.87 to 4.24 | 166500000 | 166482097 |
| US Treasury Bills 0% 1/20/2026  | 3.86 to 4.23 | 152000000 | 151692440 |
| US Treasury Bills 0% 1/22/2026  | 3.85 to 3.88 | 37722500 | 37638555 |
| US Treasury Bills 0% 1/27/2026  | 3.85 to 3.88 | 155000000 | 154572851 |
| US Treasury Bills 0% 1/29/2026  | 3.89 to 4.22 | 33000000 | 32898303 |
| US Treasury Bills 0% 1/6/2026  | 4.01 to 4.27 | 33800000 | 33781286 |
| US Treasury Bills 0% 1/8/2026  | 3.87 to 4.23 | 161100000 | 160974930 |
| US Treasury Bills 0% 10/29/2026  | 3.69 | 27000000 | 26196476 |
| US Treasury Bills 0% 12/24/2026  | 3.50 to 3.53 | 14000000 | 13529553 |
| US Treasury Bills 0% 2/10/2026  | 3.82 to 3.94 | 123300000 | 122781761 |
| US Treasury Bills 0% 2/12/2026  | 3.82 to 4.06 | 152500000 | 151814787 |
| US Treasury Bills 0% 2/17/2026  | 3.82 to 3.86 | 100000000 | 99502648 |
| US Treasury Bills 0% 2/19/2026  | 3.83 | 45000000 | 44767556 |
| US Treasury Bills 0% 2/24/2026  | 3.61 to 3.79 | 161000000 | 160120347 |
| US Treasury Bills 0% 2/26/2026  | 3.78 | 50000000 | 49708722 |
| US Treasury Bills 0% 2/3/2026  | 3.60 to 3.85 | 186800000 | 186183664 |
| US Treasury Bills 0% 3/10/2026  | 3.78 to 3.82 | 100500000 | 99785174 |
| US Treasury Bills 0% 3/12/2026  | 3.82 to 3.87 | 18000000 | 17866780 |
| US Treasury Bills 0% 3/17/2026  | 3.80 to 3.82 | 85000000 | 84334198 |
| US Treasury Bills 0% 3/19/2026  | 3.79 to 4.12 | 68600000 | 68051233 |
| US Treasury Bills 0% 3/24/2026  | 3.80 | 34600000 | 34304458 |
| US Treasury Bills 0% 3/26/2026  | 3.78 to 3.81 | 67400000 | 66816662 |
| US Treasury Bills 0% 3/3/2026  | 3.60 to 3.83 | 151700000 | 150805720 |
| US Treasury Bills 0% 3/31/2026  | 3.77 to 3.79 | 57000000 | 56473231 |
| US Treasury Bills 0% 3/5/2026  | 3.96 to 4.05 | 116000000 | 115210302 |
| US Treasury Bills 0% 4/2/2026  | 3.60 to 3.81 | 139800000 | 138532813 |
| US Treasury Bills 0% 4/21/2026  | 3.58 to 3.60 | 68000000 | 67263519 |
| US Treasury Bills 0% 4/28/2026  | 3.60 | 102000000 | 100821485 |
| US Treasury Bills 0% 4/9/2026  | 3.77 | 14000000 | 13858989 |
| US Treasury Bills 0% 5/14/2026  | 3.76 to 4.09 | 73595500 | 72571905 |
| US Treasury Bills 0% 5/21/2026  | 3.78 | 50000000 | 49278611 |
| US Treasury Bills 0% 5/28/2026  | 3.74 | 35000000 | 34475496 |
| US Treasury Bills 0% 5/5/2026  | 3.58 | 50000000 | 49414917 |
| US Treasury Bills 0% 5/7/2026  | 3.77 | 63000000 | 62184150 |
| US Treasury Bills 0% 7/2/2026  | 3.56 | 41000000 | 40278514 |
| US Treasury Bills 0% 7/9/2026  | 4.07 to 4.11 | 112000000 | 109693347 |
| US Treasury Bills 0% 8/6/2026  | 3.91 to 4.12 | 28000000 | 27357243 |
| US Treasury Bonds Inflation-Indexed 2% 1/15/2026  | 5.19 to 5.24 | 31169690 | 31132158 |
| US Treasury Notes 0.375% 1/31/2026  | 4.21 to 4.28 | 8000000 | 7975280 |
| US Treasury Notes 0.5% 2/28/2026  | 4.13 to 4.17 | 24000000 | 23865055 |
| US Treasury Notes 0.625% 7/31/2026  | 3.74 to 4.08 | 29000000 | 28459676 |
| US Treasury Notes 0.75% 3/31/2026  | 4.10 to 4.16 | 21000000 | 20831666 |
| US Treasury Notes 0.75% 4/30/2026  | 3.80 to 4.07 | 8000000 | 7917385 |
| US Treasury Notes 0.75% 5/31/2026  | 3.81 | 6000000 | 5926093 |
| US Treasury Notes 0.75% 8/31/2026  | 3.92 to 4.16 | 22000000 | 21537142 |
| US Treasury Notes 0.875% 9/30/2026  | 3.85 | 5000000 | 4892391 |
| US Treasury Notes 1.125% 10/31/2026  | 3.64 | 6000000 | 5878266 |
| US Treasury Notes 1.25% 12/31/2026  | 3.64 | 2000000 | 1953755 |
| US Treasury Notes 1.375% 8/31/2026  | 3.93 | 2000000 | 1967081 |
| US Treasury Notes 1.625% 2/15/2026  | 4.15 | 2000000 | 1993949 |
| US Treasury Notes 1.625% 5/15/2026  | 4.03 to 4.07 | 25000000 | 24784067 |
| US Treasury Notes 1.875% 7/31/2026  | 4.01 | 1000000 | 988046 |
| US Treasury Notes 2.125% 5/31/2026  | 4.02 | 1000000 | 992447 |
| US Treasury Notes 2.25% 3/31/2026  | 4.13 | 2000000 | 1991108 |
| US Treasury Notes 2.5% 2/28/2026  | 4.13 | 2000000 | 1994971 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.19%, 3.7921% 10/31/2027 (d)(e) | 3.79 | 38000000 | 38013759 |
| US Treasury Notes 3 month U.S. Treasury Bill INDX + 0.205%, 3.8071% 10/31/2026 (d)(e) | 3.80 | 22000000 | 22010374 |
| US Treasury Notes 3.75% 8/31/2026  | 3.96 | 4000000 | 3994484 |
| US Treasury Notes 4% 2/15/2026  | 4.29 | 1000000 | 999651 |
| US Treasury Notes 4.125% 10/31/2026  | 3.64 | 3000000 | 3011869 |
| US Treasury Notes 4.125% 6/15/2026  | 4.13 to 4.16 | 23000000 | 22998920 |
| US Treasury Notes 4.25% 1/31/2026  | 4.28 | 14000000 | 13999623 |
| US Treasury Notes 4.25% 11/30/2026  | 3.58 | 11000000 | 11065099 |
| US Treasury Notes 4.25% 12/31/2026  | 3.56 to 3.64 | 18000000 | 18111875 |
| US Treasury Notes 4.375% 7/31/2026  | 3.75 to 4.08 | 27000000 | 27081614 |
| US Treasury Notes 4.5% 3/31/2026  | 4.11 to 4.16 | 25000000 | 25021857 |
| US Treasury Notes 4.625% 2/28/2026  | 3.86 to 4.17 | 19000000 | 19018786 |
| US Treasury Notes 4.625% 3/15/2026  | 4.11 | 1000000 | 1000991 |
| US Treasury Notes 4.625% 6/30/2026  | 3.77 | 2000000 | 2008249 |
| US Treasury Notes 4.875% 4/30/2026  | 4.04 to 4.07 | 18500000 | 18547553 |
| US Treasury Notes 4.875% 5/31/2026  | 4.04 to 4.06 | 8000000 | 8026103 |
| US Treasury Notes Inflation-Indexed 0.625% 1/15/2026  | 5.19 to 5.22 | 35628320 | 35567322 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $3,855,022,072) |  |  | **3855022072** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 104.6%**<br> (Cost $10,934,805,607)<br>| <br>**10934805607** |
| **NET OTHER ASSETS (LIABILITIES) - (4.6)%**  | **(481173667)** |
| **NET ASSETS - 100.0%** | **10453631940** |

---

The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Represents a forward settling transaction and therefore no collateral securities had been allocated as of period end. The agreement contemplated the delivery of U.S. Treasury Obligations as collateral on settlement date.

(c) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(e) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(g) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and / or subject to caps or floors. Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. The maturity amount is based on the rate at period end.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** |
| **Counterparty** | **Lending Rate (%)** | **Settlement Date** | **Maturity Date** | **Repurchase Agreement**<br> **Value ($)** | **Repurchase Agreement Proceeds ($)** | **Collateralized By** | **Collateral Coupon (%)** | **Collateral Maturity Date** | **Collateral Value Received ($)** |
| ABN AMRO Bank NV | 3.83 | 12/2025 | 1/2026 | 14000000 | 14002979 | Agency Mortgage-Backed Securities | 3.00 - 6.50 | 11/2030 - 11/2055 | 14280004 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.63 | 4/2030 | 3098 |
|  |  |  |  |  |  |  |  |  | 14283102 |
| BMO Capital Markets Corp | 3.78 | 12/2025 | 1/2026 | 2000000 | 2003780 | Agency Mortgage-Backed Securities | 4.50 - 5.50 | 12/2040 - 11/2055 | 2043000 |
| BMO Capital Markets Corp | 3.85 | 12/2025 | 1/2026 | 2000000 | 2000428 | Agency Mortgage-Backed Securities | 3.00 - 5.50 | 12/2040 - 11/2055 | 2040436 |
| BMO Chicago Branch | 3.79 | 12/2025 | 1/2026 | 11000000 | 11045164 | Agency Mortgage-Backed Securities | 5.50 - 6.00 | 11/2055 - 12/2055 | 11253074 |
| BMO Chicago Branch | 3.74 | 12/2025 | 1/2026 | 11000000 | 11031998 | Agency Mortgage-Backed Securities | 6.00 | 11/2055 | 11244479 |
| BMO Chicago Branch | 3.78 | 12/2025 | 1/2026 | 20000000 | 20065100 | Agency Mortgage-Backed Securities | 6.00 | 11/2055 | 20453550 |
| BMO Chicago Branch | 3.82 | 12/2025 | 1/2026 | 8000000 | 8029711 | U.S. Treasuries (including strips) | 0.00 | 11/2026 | 8185983 |
| BNP Paribas, SA | 3.69 | 12/2025 | 1/2026 | 33000000 | 33101475 | U.S. Treasuries (including strips) | 1.13 - 4.63 | 2/2028 - 2/2055 | 33666902 |
| BNP Paribas, SA | 3.69 | 12/2025 | 1/2026 | 44000000 | 44139810 | Agency Mortgage-Backed Securities | 1.22 - 6.50 | 11/2032 - 4/2055 | 34705825 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.00 - 4.75 | 7/2028 - 11/2055 | 10192584 |
|  |  |  |  |  |  |  |  |  | 44898409 |
| Bank of Montreal | 3.73 | 12/2025 | 1/2026 | 5000000 | 5016060 | U.S. Treasuries (including strips) | 1.25 - 4.63 | 11/2026 - 11/2054 | 5153567 |
| Bank of Montreal | 3.78 | 12/2025 | 1/2026 | 4000000 | 4013020 | Agency Mortgage-Backed Securities | 2.00 - 5.00 | 5/2030 - 11/2055 | 4086282 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 4.30 - 4.71 | 6/2066 - 4/2070 | 4479 |
|  |  |  |  |  |  |  |  |  | 4090761 |
| Bank of Montreal | 3.78 | 12/2025 | 1/2026 | 2000000 | 2006510 | U.S. Treasuries (including strips) | 1.25 - 4.63 | 11/2026 - 2/2054 | 2045401 |
| Bank of Montreal | 3.84 | 12/2025 | 1/2026 | 1000000 | 1000213 | U.S. Treasuries (including strips) | 1.25 - 3.88 | 11/2026 - 8/2034 | 1020235 |
| Barclays Capital Inc. | 3.84 | 12/2025 | 1/2026 | 13000000 | 13002773 | Agency Mortgage-Backed Securities | 6.50 | 11/2055 | 13262830 |
| BofA Securities, Inc. | 3.77(g) | 12/2025 | 4/2026 | 35000000 | 35443499 | Agency Mortgage-Backed Securities | 2.50 - 6.50 | 10/2026 - 9/2075 | 35821916 |
| BofA Securities, Inc. | 3.71(g) | 12/2025 | 2/2026 | 6000000 | 6038336 | U.S. Treasuries (including strips) | 0.38 - 6.50 | 1/2026 - 1/2027 | 6139232 |
| BofA Securities, Inc. | 3.87 | 10/2025 | 1/2026 | 10000000 | 10098900 | U.S. Treasuries (including strips) | 4.13 | 1/2027 | 10273525 |
| BofA Securities, Inc. | 3.71(g) | 11/2025 | 1/2026 | 2000000 | 2012367 | U.S. Treasuries (including strips) | 4.63 - 4.75 | 6/2027 - 2/2041 | 2048453 |
| BofA Securities, Inc. | 3.73(g) | 10/2025 | 1/2026 | 4000000 | 4037714 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 6/2028 - 5/2058 | 4117951 |
| BofA Securities, Inc. | 3.73(g) | 11/2025 | 1/2026 | 4000000 | 4025281 | Agency Mortgage-Backed Securities | 3.00 - 6.50 | 3/2042 - 10/2055 | 4104625 |
| Canadian Imperial Bank of Commerce | 3.80 | 12/2025 | 1/2026 | 1000000 | 1005172 | Agency Mortgage-Backed Securities | 1.75 - 7.00 | 3/2030 - 6/2055 | 245177 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.63 | 2/2026 - 5/2044 | 14547 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 4.81 - 6.50 | 11/2055 - 10/2069 | 209537 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 2.50 - 7.00 | 10/2038 - 11/2054 | 575546 |
|  |  |  |  |  |  |  |  |  | 1044807 |
| Canadian Imperial Bank of Commerce | 3.73 | 12/2025 | 1/2026 | 11000000 | 11035331 | U.S. Treasuries (including strips) | 0.00 - 4.75 | 8/2026 - 8/2055 | 11231767 |
| Canadian Imperial Bank of Commerce | 3.73 | 12/2025 | 1/2026 | 3000000 | 3009014 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 10/2026 - 2/2054 | 3063594 |
| Canadian Imperial Bank of Commerce | 3.73 | 12/2025 | 1/2026 | 2000000 | 2005802 | U.S. Treasuries (including strips) | 0.00 - 3.81 | 8/2026 - 11/2032 | 2042147 |
| Canadian Imperial Bank of Commerce | 3.73 | 12/2025 | 1/2026 | 11000000 | 11038750 | Agency Mortgage-Backed Securities | 1.79 - 7.00 | 2/2030 - 7/2055 | 10285805 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 4.63 | 3/2026 - 5/2053 | 968785 |
|  |  |  |  |  |  |  |  |  | 11254590 |
| Canadian Imperial Bank of Commerce | 3.72 | 12/2025 | 1/2026 | 8000000 | 8028107 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 3/2026 - 2/2054 | 8178640 |
| Canadian Imperial Bank of Commerce | 3.73 | 12/2025 | 1/2026 | 4000000 | 4012019 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 2/2026 - 11/2044 | 4089327 |
| Citigroup Global Capital Markets Inc | 3.78(g) | 12/2025 | 2/2026 | 22000000 | 22140910 | Agency Mortgage-Backed Securities | 2.50 - 4.50 | 3/2052 - 3/2052 | 22440786 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.25 | 11/2026 | 15688 |
|  |  |  |  |  |  |  |  |  | 22456474 |
| Citigroup Global Capital Markets Inc | 3.78(g) | 12/2025 | 2/2026 | 39000000 | 39253890 | Agency Mortgage-Backed Securities | 2.00 - 5.00 | 3/2052 - 5/2052 | 39780605 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.25 | 11/2026 | 65792 |
|  |  |  |  |  |  |  |  |  | 39846397 |
| Citigroup Global Capital Markets Inc | 3.77(g) | 12/2025 | 2/2026 | 22000000 | 22142841 | U.S. Treasuries (including strips) | 0.00 - 1.25 | 4/2026 - 11/2026 | 22477428 |
| Citigroup Global Capital Markets Inc | 3.78(g) | 12/2025 | 2/2026 | 23000000 | 23149730 | Agency Mortgage-Backed Securities | 3.00 - 5.00 | 4/2052 - 5/2052 | 23460383 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.25 | 11/2026 | 53634 |
|  |  |  |  |  |  |  |  |  | 23514017 |
| Credit AG | 3.73 | 12/2025 | 1/2026 | 9000000 | 9033570 | U.S. Treasuries (including strips) | 4.25 | 1/2028 | 9188634 |
| Credit AG | 3.80 | 12/2025 | 1/2026 | 5000000 | 5016361 | U.S. Treasuries (including strips) | 4.25 | 1/2028 | 5113016 |
| Fixed Income Clearing Corp - BNYM | 3.82 | 12/2025 | 1/2026 | 60729000 | 60741888 | U.S. Treasuries (including strips) | 4.00 | 3/2030 | 61943641 |
| Fixed Income Clearing Corp - BONY | 3.83 | 12/2025 | 1/2026 | 64000000 | 64013618 | Agency Mortgage-Backed Securities | 2.00 - 8.00 | 2/2030 - 1/2056 | 49632863 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 2.38 | 2/2042 | 15647137 |
|  |  |  |  |  |  |  |  |  | 65280000 |
| Fixed Income Clearing Corp - Barclays | 3.84 | 12/2025 | 1/2026 | 30000000 | 30006400 | U.S. Treasuries (including strips) | 0.00 - 4.38 | 1/2026 - 8/2053 | 30606579 |
| Fixed Income Clearing Corp - Barclays | 3.84 | 12/2025 | 1/2026 | 60000000 | 60012800 | U.S. Treasuries (including strips) | 0.50 - 5.25 | 7/2026 - 8/2032 | 61213148 |
| Fixed Income Clearing Corp - CIBC | 3.83 | 12/2025 | 1/2026 | 58000000 | 58012341 | U.S. Treasuries (including strips) | 4.63 | 11/2044 | 59185491 |
| Fixed Income Clearing Corp - Citi | 3.83 | 12/2025 | 1/2026 | 167000000 | 167035534 | U.S. Treasuries (including strips) | 0.00 - 6.50 | 2/2026 - 11/2053 | 170376249 |
| Fixed Income Clearing Corp - Credit Agricole | 3.83 | 12/2025 | 1/2026 | 41000000 | 41008724 | U.S. Treasuries (including strips) | 2.00 | 11/2026 | 41828941 |
| Fixed Income Clearing Corp - Credit Agricole | 3.83 | 12/2025 | 1/2026 | 120000000 | 120025533 | U.S. Treasuries (including strips) | 0.38 - 4.25 | 3/2026 - 8/2046 | 122426044 |
| Fixed Income Clearing Corp - Credit Agricole | 3.83 | 12/2025 | 1/2026 | 55000000 | 55011703 | U.S. Treasuries (including strips) | 3.50 | 9/2029 | 56587906 |
| Fixed Income Clearing Corp - Goldman | 3.84 | 12/2025 | 1/2026 | 78000000 | 78016640 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 4/2031 - 12/2055 | 79576974 |
| Fixed Income Clearing Corp - Goldman | 3.84 | 12/2025 | 1/2026 | 82000000 | 82017493 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 7/2032 - 10/2055 | 83657845 |
| Fixed Income Clearing Corp - Goldman | 3.83 | 12/2025 | 1/2026 | 91000000 | 91019363 | U.S. Treasuries (including strips) | 0.50 - 4.25 | 6/2027 - 5/2050 | 92839750 |
| Fixed Income Clearing Corp - Goldman | 3.83 | 12/2025 | 1/2026 | 96000000 | 96020427 | U.S. Treasuries (including strips) | 2.38 | 5/2051 | 97940875 |
| Fixed Income Clearing Corp - ING | 3.83 | 12/2025 | 1/2026 | 21000000 | 21004468 | Agency Mortgage-Backed Securities | 3.00 - 7.00 | 11/2035 - 9/2055 | 21424577 |
| Fixed Income Clearing Corp - Mizuho | 3.84 | 12/2025 | 1/2026 | 45000000 | 45009600 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 11/2035 - 1/2056 | 21629339 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.50 - 6.38 | 11/2026 - 2/2037 | 24280453 |
|  |  |  |  |  |  |  |  |  | 45909792 |
| Fixed Income Clearing Corp - Mizuho | 3.83 | 12/2025 | 1/2026 | 65000000 | 65013831 | U.S. Treasuries (including strips) | 3.88 - 4.63 | 12/2027 - 5/2031 | 66314121 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.86 | 12/2025 | 1/2026 | 82000000 | 82017584 | Agency Mortgage-Backed Securities | 1.50 - 8.50 | 1/2026 - 12/2055 | 83057688 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 2.25 - 4.25 | 9/2027 - 8/2046 | 600249 |
|  |  |  |  |  |  |  |  |  | 83657937 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.86 | 12/2025 | 1/2026 | 82000000 | 82017584 | Agency Mortgage-Backed Securities | 4.00 - 6.50 | 10/2052 - 12/2055 | 83657937 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.86 | 12/2025 | 1/2026 | 58000000 | 58012438 | Agency Mortgage-Backed Securities | 1.50 - 6.50 | 1/2028 - 12/2055 | 59164738 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.00 - 3.75 | 1/2026 - 8/2051 | 7949 |
|  |  |  |  |  |  |  |  |  | 59172687 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.86 | 12/2025 | 1/2026 | 157000000 | 157033668 | Agency Mortgage-Backed Securities | 2.00 - 7.00 | 8/2038 - 9/2065 | 159994936 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.63 - 6.38 | 8/2027 - 2/2048 | 179406 |
|  |  |  |  |  |  |  |  |  | 160174342 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.85 | 12/2025 | 1/2026 | 74000000 | 74015828 | U.S. Treasuries (including strips) | 0.38 - 4.50 | 1/2026 - 1/2032 | 75496242 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.85 | 12/2025 | 1/2026 | 74000000 | 74015828 | U.S. Treasuries (including strips) | 0.00 - 4.25 | 1/2026 - 11/2035 | 75496146 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.85 | 12/2025 | 1/2026 | 74000000 | 74015828 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 1/2026 - 11/2034 | 75496235 |
| Fixed Income Clearing Corp - Morgan Stanley | 3.85 | 12/2025 | 1/2026 | 52000000 | 52011122 | U.S. Treasuries (including strips) | 1.25 - 4.88 | 12/2026 - 11/2034 | 53051390 |
| Fixed Income Clearing Corp - Natixis | 3.84 | 12/2025 | 1/2026 | 53000000 | 53011307 | U.S. Treasuries (including strips) | 3.38 | 9/2028 | 54064265 |
| Fixed Income Clearing Corp - Natwest | 3.85 | 12/2025 | 1/2026 | 1000000 | 1000214 | U.S. Treasuries (including strips) | 4.00 | 7/2029 | 1020276 |
| Fixed Income Clearing Corp - Nomura | 3.83 | 12/2025 | 1/2026 | 70000000 | 70014894 | U.S. Treasuries (including strips) | 1.25 - 4.25 | 10/2026 - 11/2034 | 71415201 |
| Fixed Income Clearing Corp - State Street Bank | 3.83 | 12/2025 | 1/2026 | 45000000 | 45009575 | Agency Mortgage-Backed Securities | 4.00 - 5.50 | 12/2040 - 9/2055 | 46725768 |
| ING Financial Markets LLC | 3.78 | 12/2025 | 1/2026 | 22000000 | 22113190 | Agency Mortgage-Backed Securities | 3.00 - 6.50 | 9/2033 - 9/2055 | 22491129 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 1.88 | 7/2035 | 716 |
|  |  |  |  |  |  |  |  |  | 22491845 |
| JP Morgan Securities, LLC | 3.74(g) | 12/2025 | 1/2026 | 125000000 | 125389583 | Agency Mortgage-Backed Securities | 1.50 - 6.50 | 2/2029 - 4/2059 | 127553374 |
| JP Morgan Securities, LLC | 3.73(g) | 12/2025 | 1/2026 | 216000000 | 216693780 | U.S. Treasuries (including strips) | 2.50 | 3/2027 | 220795995 |
| JP Morgan Securities, LLC | 3.83 | 12/2025 | 1/2026 | 33000000 | 33007022 | Agency Mortgage-Backed Securities | 1.50 - 7.00 | 12/2027 - 11/2055 | 33667163 |
| Lloyds Bank Corp Mrkts | 3.82 | 12/2025 | 1/2026 | 4000000 | 4002971 | U.S. Treasuries (including strips) | 1.13 - 4.63 | 3/2026 - 11/2055 | 4081307 |
| Lloyds Bank PLC | 3.83 | 12/2025 | 3/2026 | 5000000 | 5054188 | U.S. Treasuries (including strips) | 0.50 - 4.13 | 4/2027 - 8/2031 | 5113638 |
| Lloyds Bank PLC | 3.78 | 12/2025 | 3/2026 | 5000000 | 5046725 | U.S. Treasuries (including strips) | 0.50 - 6.00 | 2/2026 - 5/2034 | 5107535 |
| Lloyds Bank PLC | 3.79 | 12/2025 | 3/2026 | 2000000 | 2018740 | U.S. Treasuries (including strips) | 0.50 - 6.00 | 2/2026 - 11/2033 | 2043502 |
| Lloyds Bank PLC | 3.79 | 12/2025 | 3/2026 | 2000000 | 2018740 | U.S. Treasuries (including strips) | 0.50 - 6.00 | 2/2026 - 2/2029 | 2043439 |
| Lloyds Bank PLC | 3.90 | 11/2025 | 2/2026 | 5000000 | 5049834 | U.S. Treasuries (including strips) | 0.50 - 4.38 | 4/2027 - 8/2047 | 5120445 |
| Lloyds Bank PLC | 3.90 | 11/2025 | 2/2026 | 5000000 | 5049292 | U.S. Treasuries (including strips) | 0.88 - 3.50 | 1/2028 - 8/2047 | 5120447 |
| Lloyds Bank PLC | 3.79 | 12/2025 | 2/2026 | 5000000 | 5032636 | U.S. Treasuries (including strips) | 2.88 - 6.00 | 2/2026 - 2/2033 | 5105452 |
| Lloyds Bank PLC | 3.96 | 11/2025 | 2/2026 | 3000000 | 3030360 | U.S. Treasuries (including strips) | 0.50 - 6.00 | 2/2026 - 5/2034 | 3074483 |
| Lloyds Bank PLC | 3.89 | 11/2025 | 2/2026 | 5000000 | 5037771 | U.S. Treasuries (including strips) | 0.50 - 6.00 | 2/2026 - 2/2033 | 5119275 |
| Lloyds Bank PLC | 3.87 | 12/2025 | 2/2026 | 5000000 | 5033863 | U.S. Treasuries (including strips) | 1.13 - 4.63 | 2/2028 - 8/2047 | 5116450 |
| Lloyds Bank PLC | 3.87 | 12/2025 | 2/2026 | 5000000 | 5033325 | U.S. Treasuries (including strips) | 0.63 - 4.13 | 11/2027 - 8/2047 | 5117000 |
| Lloyds Bank PLC | 3.95 | 11/2025 | 1/2026 | 3000000 | 3020738 | U.S. Treasuries (including strips) | 0.50 - 4.63 | 4/2027 - 11/2033 | 3073115 |
| Lloyds Bank PLC | 3.96 | 11/2025 | 1/2026 | 5000000 | 5042350 | U.S. Treasuries (including strips) | 0.50 - 6.00 | 2/2026 - 2/2033 | 5131460 |
| MUFG Securities (Canada), Ltd. | 3.80 | 12/2025 | 3/2026 | 6000000 | 6053200 | Agency Mortgage-Backed Securities | 4.00 - 6.00 | 10/2044 - 1/2055 | 6134212 |
| MUFG Securities (Canada), Ltd. | 3.78 | 12/2025 | 3/2026 | 5000000 | 5044100 | U.S. Treasuries (including strips) | 0.63 - 4.63 | 12/2027 - 2/2055 | 5112274 |
| MUFG Securities (Canada), Ltd. | 3.75 | 12/2025 | 1/2026 | 4000000 | 4020417 | Agency Mortgage-Backed Securities | 1.51 - 6.00 | 12/2027 - 1/2055 | 4088302 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.13 | 4/2027 | 1132 |
|  |  |  |  |  |  |  |  |  | 4089434 |
| MUFG Securities EMEA PLC | 3.78 | 12/2025 | 1/2026 | 12000000 | 12065520 | U.S. Treasuries (including strips) | 4.63 | 11/2026 | 12268457 |
| MUFG Securities EMEA PLC | 3.79 | 12/2025 | 1/2026 | 14000000 | 14047164 | U.S. Treasuries (including strips) | 0.75 - 4.13 | 8/2026 - 7/2028 | 14309726 |
| MUFG Securities EMEA PLC | 3.84 | 12/2025 | 1/2026 | 11000000 | 11002347 | U.S. Treasuries (including strips) | 3.75 - 4.75 | 8/2041 - 8/2055 | 11228678 |
| Mitsubishi UFJ Securities (U.S.A.), Inc. | 3.80 | 12/2025 | 3/2026 | 23000000 | 23203934 | Agency Mortgage-Backed Securities | 2.00 - 6.00 | 1/2026 - 10/2055 | 23514479 |
| Mizuho Bank, Ltd. | 3.84 | 12/2025 | 1/2026 | 8000000 | 8001707 | U.S. Treasuries (including strips) | 1.63 | 5/2031 | 8154284 |
| NatWest Market Securities Inc | 3.77 | 12/2025 | 1/2026 | 14000000 | 14010263 | U.S. Treasuries (including strips) | 3.63 | 8/2029 | 14284523 |
| NatWest Market Securities Inc | 3.84 | 12/2025 | 1/2026 | 4000000 | 4000853 | U.S. Treasuries (including strips) | 4.00 | 7/2029 | 4080896 |
| RBC Dominion Securities | 3.71 | 12/2025 | 1/2026 | 23000000 | 23116144 | U.S. Treasuries (including strips) | 0.38 - 4.63 | 1/2026 - 2/2055 | 23513320 |
| RBC Dominion Securities | 3.81 | 12/2025 | 1/2026 | 21000000 | 21015558 | Agency Mortgage-Backed Securities | 2.00 - 6.00 | 4/2037 - 9/2055 | 21336622 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 4.13 | 5/2032 | 99247 |
|  |  |  |  |  |  |  |  |  | 21435869 |
| RBC Dominion Securities | 3.80 | 12/2025 | 1/2026 | 19000000 | 19014039 | U.S. Treasuries (including strips) | 0.75 - 4.63 | 4/2026 - 8/2035 | 19394323 |
| RBC Financial Group | 3.91 | 11/2025 | 1/2026 | 25000000 | 25236229 | Agency Mortgage-Backed Securities | 2.50 - 6.50 | 11/2045 - 9/2055 | 24316907 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.13 - 4.63 | 7/2026 - 5/2033 | 1345808 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 5.32 | 6/2055 | 1801 |
|  |  |  |  |  |  |  |  |  | 25664516 |
| RBC Financial Group | 3.71 | 12/2025 | 1/2026 | 50000000 | 50252486 | Agency Mortgage-Backed Securities | 1.46 - 6.00 | 3/2031 - 4/2055 | 2265282 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.38 - 4.50 | 4/2027 - 5/2033 | 35801576 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 4.77 - 5.17 | 5/2053 - 3/2054 | 13803 |
|  |  |  |  |  |  | Agency Debentures and Agency Strips | 4.57 - 6.00 | 8/2052 - 2/2055 | 13163131 |
|  |  |  |  |  |  |  |  |  | 51243792 |
| RBC Financial Group | 3.93 | 11/2025 | 1/2026 | 11000000 | 11084058 | Agency Mortgage-Backed Securities | 0.85 - 7.00 | 5/2030 - 10/2055 | 11261624 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.13 - 1.63 | 10/2029 - 7/2030 | 4740 |
|  |  |  |  |  |  | Agency Collateralized Mortgage Obligation | 4.77 - 4.92 | 3/2051 - 2/2054 | 13988 |
|  |  |  |  |  |  |  |  |  | 11280352 |
| RBC Financial Group | 3.91 | 11/2025 | 1/2026 | 5000000 | 5038557 | Agency Mortgage-Backed Securities | 2.00 - 6.50 | 4/2030 - 10/2055 | 18915 |
|  |  |  |  |  |  | U.S. Treasuries (including strips) | 0.13 - 4.50 | 1/2026 - 1/2034 | 5109496 |
|  |  |  |  |  |  |  |  |  | 5128411 |
| Royal Bank of Canada | 3.79 | 12/2025 | 1/2026 | 15000000 | 15011054 | U.S. Treasuries (including strips) | 1.25 - 4.00 | 9/2027 - 2/2034 | 15306464 |
| SMBC Nikko Securities America Inc | 3.85 | 12/2025 | 1/2026 | 10000000 | 10002139 | U.S. Treasuries (including strips) | 3.50 - 4.63 | 12/2028 - 11/2045 | 10202237 |
| SMBC Nikko Securities America Inc | 3.85 | 12/2025 | 1/2026 | 28000000 | 28005989 | U.S. Treasuries (including strips) | 4.13 - 4.63 | 5/2031 - 11/2045 | 28566174 |
| Societe Generale | 3.78 | 12/2025 | 1/2026 | 31000000 | 31022785 | U.S. Treasuries (including strips) | 0.88 - 4.13 | 11/2030 - 5/2053 | 31643267 |
| TD Securities (U.S.A.) | 3.83 | 12/2025 | 1/2026 | 13000000 | 13002766 | U.S. Treasuries (including strips) | 4.38 | 11/2030 | 13262891 |
| US Bancorp Inv | 3.85 | 12/2025 | 1/2026 | 14000000 | 14002994 | U.S. Treasuries (including strips) | 0.00 - 4.63 | 1/2026 - 11/2055 | 14287029 |
| Wells Fargo Bank NA | 3.79 | 12/2025 | 1/2026 | 29000000 | 29021371 | U.S. Treasuries (including strips) | 4.00 | 2/2034 | 29592487 |
| Wells Fargo Securities, LLC | 3.76 | 12/2025 | 3/2026 | 33000000 | 33313647 | U.S. Treasuries (including strips) | 1.75 | 1/2029 | 33712821 |
| Wells Fargo Securities, LLC | 3.77 | 12/2025 | 3/2026 | 56000000 | 56527800 | Agency Mortgage-Backed Securities | 6.50 | 12/2055 | 57251599 |
| Wells Fargo Securities, LLC | 3.82 | 12/2025 | 3/2026 | 15000000 | 15143250 | Agency Mortgage-Backed Securities | 6.50 | 9/2055 | 15348705 |
| Wells Fargo Securities, LLC | 3.96 | 11/2025 | 2/2026 | 24000000 | 24242880 | Agency Mortgage-Backed Securities | 2.50 | 7/2051 | 24595791 |
| Wells Fargo Securities, LLC | 3.94 | 11/2025 | 2/2026 | 11000000 | 11110758 | Agency Mortgage-Backed Securities | 3.50 | 7/2050 | 11274031 |
| Wells Fargo Securities, LLC | 3.94 | 11/2025 | 2/2026 | 11000000 | 11110758 | Agency Mortgage-Backed Securities | 6.00 | 6/2054 | 11275259 |
| Wells Fargo Securities, LLC | 3.95 | 11/2025 | 2/2026 | 22000000 | 22212422 | Agency Mortgage-Backed Securities | 6.50 | 7/2055 | 22553260 |
| Wells Fargo Securities, LLC | 3.92 | 11/2025 | 2/2026 | 11000000 | 11108998 | Agency Mortgage-Backed Securities | 5.50 | 5/2055 | 11284753 |
| Wells Fargo Securities, LLC | 3.96 | 11/2025 | 1/2026 | 6000000 | 6040260 | Agency Mortgage-Backed Securities | 4.50 | 5/2051 | 6157699 |
| **Total Repurchase Agreements** |  |  |  | 3385729000 | 3392894403 |  |  |  | 3458216566 |

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**Investment Valuation**

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in these securities. For more information on valuation inputs, refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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| | |
|:---|:---|
| <br> **Other Information** | <br> **Other Information** |
| # Additional information on each counterparty to the repurchase agreement is as follows: | # Additional information on each counterparty to the repurchase agreement is as follows: |
| **Repurchase Agreement / Counterparty** | **Value ($)** |
| **$408,970,000 due 01/02/2026 at 3.84%** |  |
| Bank of America NA | 29656000 |
| Bny Mellon Capital Market LLC | 32395000 |
| HSBC Securities Inc (USA) | 41067000 |
| MUFG Securities (Canada) Ltd. | 22658000 |
| Rbc Dominion Securities Inc | 41418000 |
| Sumitomo Mitsui Banking Corp | 98029000 |
| Sumitomo Mitsui Banking Corp/New York | 70419000 |
| Wells Fargo Bank NA | 37076000 |
| Wells Fargo Securities LLC | 36252000 |
|  | 408970000 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including repurchase agreements of $3,969,699,000) - See accompanying schedule:<br>Unaffiliated issuers (cost $10,934,805,607)<br>|  | $10934805607 |
| Cash |  | 42000248 |
| Receivable for fund shares sold |  | 19298651 |
| Interest receivable |  | 19778878 |
| Prepaid expenses |  | 7430 |
| **Total assets** |  | 11015890814 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $526371291 |  |
| Delayed delivery | 5000000 |  |
| Payable for fund shares redeemed | 28230460 |  |
| Accrued management fee | 2207493 |  |
| Distribution and service plan fees payable | 369323 |  |
| Other payables and accrued expenses | 80307 |  |
| **Total liabilities** |  | 562258874 |
| **Net Assets**  |  | $10453631940 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $10453213624 |
| Total accumulated earnings (loss) |  | 418316 |
| **Net Assets** |  | $10453631940 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,126,380,139 ÷ 3,126,069,668 shares) |  | $1.00 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,820,810,265 ÷ 2,821,175,706 shares) |  | $1.00 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($651,424,099 ÷ 651,571,093 shares) |  | $1.00 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,855,017,437 ÷ 3,854,208,715 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $430237109 |
| **Expenses** |  |  |
| Management fee | $25662709 |  |
| Distribution and service plan fees | 3945363 |  |
| Custodian fees and expenses | 99645 |  |
| Independent trustees' fees and expenses | 23912 |  |
| Audit fees | 51784 |  |
| Legal | 11066 |  |
| Miscellaneous | 19587 |  |
| **Total expenses** |  | 29814066 |
| **Net Investment income (loss)** |  | 400423043 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 46580 |  |
| Total net realized gain (loss) |  | 46580 |
| **Net increase in net assets resulting from operations** |  | $400469623 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $400423043 | $412114200 |
| &nbsp;&nbsp;Net realized gain (loss) | 46580<br>| 3579<br>|
| **Net increase in net assets resulting from operations** | 400469623<br>| 412117779<br>|
| Distributions to shareholders | (400362744)<br>| (412087912)<br>|
| Share transactions - net increase (decrease) | 1956090654<br>| 277213860<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1956197533<br>| 277243727<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 8497434407 | 8220190680<br>|
| &nbsp;&nbsp;End of period | $10453631940 | $8497434407 |

---

**Financial Highlights** 

**VIP Government Money Market Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .041  | .050  | .048  | .014  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .041  | .050  | .048  | .014  | - B |
| Distributions from net investment income  | (.041)  | (.050)  | (.048)  | (.014)  | - B |
| Total distributions  | (.041)  | (.050)  | (.048)  | (.014)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 4.13% <br>| 5.10%  | 4.89%  | 1.44%  | .01%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |
| Expenses before reductions  | .25%  | .27%  | .29%  | .24%  | .23%  |
| Expenses net of fee waivers, if any  | .25% <br>| .27%  | .29%  | .22%  | .08%  |
| Expenses net of all reductions, if any  | .25%  | .27%  | .29%  | .22%  | .08%  |
| Net investment income (loss)  | 4.05%  | 4.96%  | 4.83%  | 1.52%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3126380 | $2267618 | $2594542 | $2210498 | $1477559 |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Amount represents less than $.0005 per share.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

**VIP Government Money Market Portfolio Service Class**<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .040  | .049  | .047  | .013  | - B |
| Net realized and unrealized gain (loss)  | - B | - B | - B | .001  | - B |
| Total from investment operations  | .040  | .049  | .047  | .014  | - B |
| Distributions from net investment income  | (.040)  | (.049)  | (.047)  | (.014)  | - B |
| Total distributions  | (.040)  | (.049)  | (.047)  | (.014)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 4.03% <br>| 5.00%  | 4.79%  | 1.36%  | .01%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |
| Expenses before reductions  | .35%  | .37%  | .39%  | .34%  | .33%  |
| Expenses net of fee waivers, if any  | .35% <br>| .37%  | .39%  | .30%  | .08%  |
| Expenses net of all reductions, if any  | .35%  | .37%  | .39%  | .29%  | .08%  |
| Net investment income (loss)  | 3.95%  | 4.85%  | 4.73%  | 1.44%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2820810 | $2492449 | $2289476 | $1796084 | $1447279 |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Amount represents less than $.0005 per share.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

**VIP Government Money Market Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .038  | .047  | .045  | .013  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .038  | .047  | .045  | .013  | - B |
| Distributions from net investment income  | (.038)  | (.047)  | (.045)  | (.013)  | - B |
| Total distributions  | (.038)  | (.047)  | (.045)  | (.013)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 3.86% <br>| 4.84%  | 4.63%  | 1.26%  | .01%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |
| Expenses before reductions  | .50%  | .52%  | .54%  | .49%  | .48%  |
| Expenses net of fee waivers, if any  | .50% <br>| .52%  | .54%  | .40%  | .08%  |
| Expenses net of all reductions, if any  | .50%  | .52%  | .54%  | .40%  | .08%  |
| Net investment income (loss)  | 3.80%  | 4.70%  | 4.58%  | 1.34%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $651424 | $401835 | $319430 | $238428 | $203035 |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Amount represents less than $.0005 per share.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

**VIP Government Money Market Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A | .040  | .050  | .048  | .014  | - B |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  |
| Total from investment operations  | .040  | .050  | .048  | .014  | - B |
| Distributions from net investment income  | (.040)  | (.050)  | (.048)  | (.014)  | - B |
| Total distributions  | (.040)  | (.050)  | (.048)  | (.014)  | - B |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 4.10% <br>| 5.08%  | 4.87%  | 1.42%  | .01%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |
| Expenses before reductions  | .28%  | .30%  | .32%  | .27%  | .25%  |
| Expenses net of fee waivers, if any  | .28% <br>| .30%  | .31%  | .24%  | .08%  |
| Expenses net of all reductions, if any  | .28%  | .30%  | .31%  | .24%  | .08%  |
| Net investment income (loss)  | 4.02%  | 4.92%  | 4.81%  | 1.50%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3855017 | $3335532 | $3016743 | $2591813 | $1970069 |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Amount represents less than $.0005 per share.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

VIP Government Money Market Portfolio (the Fund) is a fund of Variable Insurance Products Fund V (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. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** 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)

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

**Investment Transactions and Income.** The net asset value 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. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. The principal amount on inflation-indexed securities is periodically adjusted to the rate of inflation and interest is accrued based on the principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to Interest in the accompanying Statement of Operations.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, 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 capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $- |
| **Gross unrealized depreciation**  | <u>-</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$-</u> |
| **Tax Cost**  | <u>$10934805607</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$317337</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$-</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $400362744 | $412087912 |

---

**Repurchase Agreements.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, funds and other registered investment companies having management contracts with Fidelity Management and Research Company LLC, or its affiliates are permitted to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Funds may also invest directly with institutions in repurchase agreements. Repurchase agreements may be collateralized by cash or government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The collateral balance is monitored on a daily basis to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**3. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then adding an income-related fee. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .15 |
| **Service Class** | .15 |
| **Service Class 2** | .15 |
| **Investor Class** | .18 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. The income-related fee varies depending on the level of the Fund's monthly gross income from an annualized rate of .05% (at a fund annualized gross yield of 0%) to .27% (at a fund annualized gross yield of 15%) of the Fund's average net assets throughout the month. The income-related fee is proportionately added to a class's basic fee. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized income-related fee and management fee rates were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Management Fee Rate %** | **Income-Related Fee $** | **Income-Related Fee Rate %** |
| **VIP Government Money Market Portfolio** | - | 9579230 | .10 |
| **Initial Class** | .25 |  |  |
| **Service Class** | .25 |  |  |
| **Service Class 2** | .25 |  |  |
| **Investor Class** | .27 |  |  |

---

**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** | $2716876 |
| **Service Class 2** | <u>1228487</u> |
|  | <u>$3945363</u> |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. During the period, there were no interfund trades.

**4. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Government Money Market Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $125909585 | $129204435 |
| Service Class | 107468662 | 109549291 |
| Service Class 2 | 18490980 | 17281509 |
| Investor Class | <u>148493517</u> | <u>156052677</u> |
| Total  | <u>$400362744</u> | <u>$412087912</u> |

---

**5. Share Transactions.**

Transactions for each class of shares at a $1.00 per share were as follows and may contain in-kind transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Government Money Market Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 5822973903 | 2178894018 | $5822973903 | $2178894018 |
| Reinvestment of distributions  | 125760212 | 129913881 | 125760212 | 129913881 |
| Shares redeemed | <u>(5087948816)</u> | <u>(2638246567)</u> | <u>(5087948816)</u> | <u>(2638246567)</u> |
| Net increase (decrease) | <u>860785299</u> | <u>(329438668)</u> | <u>$860785299</u> | <u>$(329438668)</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 2263981606 | 2464667316 | $2263981606 | $2464667316 |
| Reinvestment of distributions  | 107462514 | 110180749 | 107462514 | 110180749 |
| Shares redeemed | <u>(2043744229)</u> | <u>(2370916323)</u> | <u>(2043744229)</u> | <u>(2370916323)</u> |
| Net increase (decrease) | <u>327699891</u> | <u>203931742</u> | <u>$327699891</u> | <u>$203931742</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 1343758727 | 643287594 | $1343758727 | $643287594 |
| Reinvestment of distributions  | 18486281 | 17366478 | 18486281 | 17366478 |
| Shares redeemed | <u>(1112756729)</u> | <u>(577986476)</u> | <u>(1112756729)</u> | <u>(577986476)</u> |
| Net increase (decrease) | <u>249488279</u> | <u>82667596</u> | <u>$249488279</u> | <u>$82667596</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 1067336386 | 733425816 | $1067380127 | $733425816 |
| Reinvestment of distributions  | 148537258 | 156891427 | 148493517 | 156891427 |
| Shares redeemed | <u>(697756459)</u> | <u>(570264053)</u> | <u>(697756459)</u> | <u>(570264053)</u> |
| Net increase (decrease) | <u>518117185</u> | <u>320053190</u> | <u>$518117185</u> | <u>$320053190</u> |

---

**6. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %** | **Number of Unaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| VIP Government Money Market Portfolio | 39 | 1 | 15 |

---

**7. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund V and Shareholders of VIP Government Money Market Portfolio

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Government Money Market Portfolio (one of the funds constituting Variable Insurance Products Fund V, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 10, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

A total of 54.50% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $400,362,744 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**VIP Government Money Market Portfolio** 

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, managing, training, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the Investor Class of the fund, the Board considered the effective management fee rate for the Investor Class from March 2024 to December 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board recognized that the income-based component of the fund's management fee, which no competitors have, varies depending on the level of the fund's monthly gross income, providing for higher fees at higher income levels, and for lower fees at lower income levels. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) for Investor Class of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of Investor Class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Investor Class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Investor Class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that the management fee rate of the Investor Class of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of Investor Class of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability**. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img123136_4.jpg)<br>

1.701157.128 VIPMM-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP FundsManager® 20% Portfolio**

**VIP FundsManager® 30% Portfolio**

**VIP FundsManager® 40% Portfolio**

**VIP FundsManager® 50% Portfolio**

**VIP FundsManager® 60% Portfolio**

**VIP FundsManager® 70% Portfolio**

**VIP FundsManager® 85% Portfolio**

**Annual Report**

**December 31, 2025**

![](img123137_1.jpg)

![](img123137_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIPFM-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP FundsManager® 20% Portfolio](#Sub_Sec_Fund_1584_VIPFM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP FundsManager® 30% Portfolio](#Sub_Sec_Fund_6986_VIPFM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP FundsManager® 40% Portfolio](#Sub_Sec_Fund_6992_VIPFM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP FundsManager® 50% Portfolio](#Sub_Sec_Fund_1587_VIPFM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP FundsManager® 60% Portfolio](#Sub_Sec_Fund_1880_VIPFM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP FundsManager® 70% Portfolio](#Sub_Sec_Fund_1590_VIPFM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP FundsManager® 85% Portfolio](#Sub_Sec_Fund_1593_VIPFM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1584_VIPFM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPFM-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPFM-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPFM-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPFM-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPFM-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPFM-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the 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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**VIP FundsManager® 20% Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 48.0%** | &nbsp;&nbsp;**Bond Funds - 48.0%** | &nbsp;&nbsp;**Bond Funds - 48.0%** |
|  | Shares | Value ($)<br>|
| Fidelity Floating Rate High Income Fund (b) | 568471 | 5173085 |
| Fidelity High Income Fund (b) | 1287280 | 10426969 |
| Fidelity Inflation-Protected Bond Index Fund (b) | 1419129 | 12942460 |
| Fidelity Long-Term Treasury Bond Index Fund (b) | 42606 | 395809 |
| Fidelity Total Bond Fund (b) | 15634962 | 151190081 |
| VIP Investment Grade Bond II Portfolio - Investor Class (b) | 15958308 | 151125182 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $335,332,149) |  | **331253586** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 14.9%** | &nbsp;&nbsp;**Domestic Equity Funds - 14.9%** | &nbsp;&nbsp;**Domestic Equity Funds - 14.9%** |
|  | Shares | Value ($)<br>|
| Fidelity Blue Chip Growth ETF (b) | 50011 | 2742603 |
| Fidelity Commodity Strategy Fund (b) | 53759 | 5472160 |
| Fidelity Contrafund (b) | 103220 | 2508247 |
| Fidelity Enhanced Large Cap Core ETF (b) | 118250 | 4513603 |
| Fidelity Fundamental Small-Mid Cap ETF (b) | 82413 | 2529255 |
| Fidelity Hedged Equity Fund (b) | 588431 | 8773501 |
| Fidelity Real Estate Investment Portfolio (b) | 37934 | 1434672 |
| Fidelity Stock Selector Small Cap Fund (b) | 136485 | 5777404 |
| VIP Stock Selector Portfolio - Investor Class (b) | 4584194 | 65920704 |
| VIP Value Strategies Portfolio - Investor Class (b) | 194741 | 3065221 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $77,586,755) |  | **102737370** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 8.5%** | &nbsp;&nbsp;**International Equity Funds - 8.5%** | &nbsp;&nbsp;**International Equity Funds - 8.5%** |
|  | Shares | Value ($)<br>|
| Fidelity Canada Fund (b) | 36333 | 2840523 |
| Fidelity Emerging Markets Fund (b) | 276719 | 13799960 |
| Fidelity Enhanced International ETF (b) | 121513 | 4444945 |
| Fidelity Infrastructure Fund (b) | 59070 | 991202 |
| Fidelity International Capital Appreciation Fund (b) | 153788 | 5494832 |
| Fidelity International Discovery Fund (b) | 75674 | 4324037 |
| Fidelity International Small Cap Opportunities Fund (b) | 101349 | 2210424 |
| Fidelity Japan Smaller Companies Fund (b) | 104304 | 1750216 |
| Fidelity Overseas Fund (b) | 236720 | 17050922 |
| Fidelity Total International Equity Fund (b) | 379591 | 5652105 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $41,875,249) |  | **58559166** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/22/2026 (d) | 3.83 | 170000 | 169664 |
| US Treasury Bills 0% 2/26/2026 (d) | 3.75 | 20000 | 19890 |
| US Treasury Bills 0% 2/5/2026 (d) | 3.81 | 80000 | 79732 |
| US Treasury Bills 0% 3/12/2026 (d) | 3.57 | 50000 | 49660 |
| US Treasury Bills 0% 3/5/2026 (d) | 3.65 | 230000 | 228601 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $547,415) |  |  | **547547** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 28.5%** | &nbsp;&nbsp;**Money Market Funds - 28.5%** | &nbsp;&nbsp;**Money Market Funds - 28.5%** | &nbsp;&nbsp;**Money Market Funds - 28.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 3.79 | 33440213 | 33446901 |
| Fidelity Investments Money Market Government Portfolio - Institutional Class (b)(f) | 3.71 | 163400654 | 163400654 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $196,847,588) |  |  | **196847555** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $652,189,156)<br>| <br>**689945224** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(2777)** |
| **NET ASSETS - 100.0%** | **689942447** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 49 | 3/2026 | 7110145 | 71207 |
| ICE MSCI Emerging Markets Index Contracts (United States) | 94 | 3/2026 | 6633580 | 120547 |
| **TOTAL EQUITY CONTRACTS** |  |  |  | 191754 |
| Interest Rate Contracts |  |  |  |  |
| CBOT 10Y US Treasury Notes Contracts (United States) | 59 | 3/2026 | 6624594 | (31985) |
| **TOTAL FUTURES CONTRACTS** |  |  |  | **159769** |
| The notional amount of long futures as a percentage of Net Assets is 3.0%. | The notional amount of long futures as a percentage of Net Assets is 3.0%. | The notional amount of long futures as a percentage of Net Assets is 3.0%. | The notional amount of long futures as a percentage of Net Assets is 3.0%. | The notional amount of long futures as a percentage of Net Assets is 3.0%. |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Affiliated fund.

(c) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(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 $547,547.

(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) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 56072703 | 22434966 | 45061336 | 1895991 | 601 | (33) | 33446901 | 33440213 | 0.1% |
| Total | 56072703 | 22434966 | 45061336 | 1895991 | 601 | (33) | 33446901 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Blue Chip Growth ETF | 2382991 | 173738 | 250884 | 1246 | 6151 | 430607 | 2742603 | 50011 |
| Fidelity Canada Fund | 1204364 | 1885064 | 437060 | 153355 | 34025 | 154130 | 2840523 | 36333 |
| Fidelity Commodity Strategy Fund | 3219295 | 2909260 | 1075041 | 157974 | (99333) | 517979 | 5472160 | 53759 |
| Fidelity Contrafund | 2369685 | 290480 | 489263 | 127004 | 47193 | 290152 | 2508247 | 103220 |
| Fidelity Emerging Markets Discovery Fund | 3750510 | 474028 | 5236656 | - | 1492016 | (479898) | - | - |
| Fidelity Emerging Markets Fund | 12128990 | 2068629 | 4164019 | 6656 | 877415 | 2888945 | 13799960 | 276719 |
| Fidelity Enhanced International ETF | 5128206 | - | 2205913 | 173675 | 620428 | 902224 | 4444945 | 121513 |
| Fidelity Enhanced Large Cap Core ETF | 5090123 | 11356017 | 11658038 | 46109 | (262864) | (11635) | 4513603 | 118250 |
| Fidelity Enhanced Mid Cap ETF | 2684206 | 2647286 | 5064857 | 3176 | (49815) | (216820) | - | - |
| Fidelity Enhanced Small Cap ETF | 3885106 | 2420511 | 5800844 | - | (219996) | (284777) | - | - |
| Fidelity Floating Rate High Income Fund | 5263738 | 560335 | 543367 | 380106 | (3906) | (103715) | 5173085 | 568471 |
| Fidelity Fundamental Small-Mid Cap ETF | 496635 | 1982642 | 225103 | 14416 | (5499) | 280580 | 2529255 | 82413 |
| Fidelity Hedged Equity Fund | 8800132 | 5065636 | 6296384 | 37499 | 943263 | 260854 | 8773501 | 588431 |
| Fidelity High Income Fund | 5288021 | 9919626 | 5411284 | 665837 | 210889 | 419717 | 10426969 | 1287280 |
| Fidelity Inflation-Protected Bond Index Fund | 10134289 | 8447115 | 5936513 | 529336 | (7394) | 314789 | 12942460 | 1419129 |
| Fidelity Infrastructure Fund | 777350 | 39842 | - | 39842 | - | 174010 | 991202 | 59070 |
| Fidelity International Capital Appreciation Fund | - | 2652259 | 234707 | 309995 | (1957) | 842146 | 5494832 | 153788 |
| Fidelity International Capital Appreciation Fund | 3313442 | 402831 | 558569 | 330711 | 106687 | (1027300) | - | - |
| Fidelity International Discovery Fund | 3756295 | 887690 | 974194 | 281979 | 131326 | 522920 | 4324037 | 75674 |
| Fidelity International Small Cap Fund | 1592145 | 58135 | 1976705 | - | 801485 | (475060) | - | - |
| Fidelity International Small Cap Opportunities Fund | 2909847 | 339994 | 1518571 | 237043 | 160279 | 318875 | 2210424 | 101349 |
| Fidelity International Value Fund | 2761492 | 76212 | 3747043 | - | 1516088 | (606749) | - | - |
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 132720953 | 80594597 | 49914896 | 6325262 | - | - | 163400654 | 163400654 |
| Fidelity Japan Smaller Companies Fund | - | 1972231 | - | 262072 | - | (222015) | 1750216 | 104304 |
| Fidelity Long-Term Treasury Bond Index Fund | 6601069 | 3689129 | 10065003 | 191905 | (394086) | 564700 | 395809 | 42606 |
| Fidelity Overseas Fund | 15475791 | 3282304 | 3906869 | 794118 | 777926 | 1421770 | 17050922 | 236720 |
| Fidelity Real Estate Investment Portfolio | 3220650 | 148164 | 1943301 | 65336 | (43406) | 52565 | 1434672 | 37934 |
| Fidelity Stock Selector Small Cap Fund | 3583601 | 2519891 | 959774 | 41278 | (24159) | 657845 | 5777404 | 136485 |
| Fidelity Total Bond Fund | 151253142 | 23835093 | 28079981 | 6485731 | (406564) | 4588391 | 151190081 | 15634962 |
| Fidelity Total International Equity Fund | - | 5656313 | 101640 | 68745 | 34 | 97398 | 5652105 | 379591 |
| VIP Investment Grade Bond II Portfolio - Investor Class | 150577316 | 23541272 | 27082695 | 6063613 | (878558) | 4967847 | 151125182 | 15958308 |
| VIP Stock Selector Portfolio - Investor Class | 67786352 | 5575097 | 17400574 | 374610 | 2600686 | 7359143 | 65920704 | 4584194 |
| VIP Value Strategies Portfolio - Investor Class | 3211670 | 396001 | 591110 | 154228 | (28467) | 77127 | 3065221 | 194741 |
|  | 621367406 | 205867422 | 203850858 | 24322857 | 7899887 | 24676745 | 655950776 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 331253586 | 331253586 | - | - |
|  **Domestic Equity Funds** | 102737370 | 102737370 | - | - |
|  **International Equity Funds** | 58559166 | 58559166 | - | - |
|  **U.S. Treasury Obligations** | 547547 | - | 547547 | - |
|  **Money Market Funds** | 196847555 | 196847555 | - | - |
| **Total Investments in Securities:** | 689945224 | 689397677 | 547547 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 191754 | 191754 | - | - |
| Total Assets | 191754 | 191754 | - | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (31985) | (31985) | - | - |
| Total Liabilities | (31985) | (31985) | - | - |
| **Total Derivative Instruments:** | 159769 | 159769 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 191754 | - |
| **Total Equity Risk**  | 191754 | - |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | - | (31985) |
| **Total Interest Rate Risk**  | - | (31985) |
| **Total Value of Derivatives** | 191754 | (31985) |

---

(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 FundsManager® 20% Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $547,415) | $547547 |  |
| Fidelity Central Funds (cost $33,446,934) | 33446901 |  |
| Other affiliated issuers (cost $618,194,807) | 655950776 |  |
| Total Investment in Securities (cost $652,189,156) |  | $689945224 |
| Cash |  | 28199 |
| Receivable for investments sold |  | 144773 |
| Receivable for fund shares sold |  | 1590 |
| Distributions receivable from Fidelity Central Funds |  | 110778 |
| **Total assets** |  | 690230564 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $12 |  |
| Payable for fund shares redeemed | 146351 |  |
| Accrued management fee | 57382 |  |
| Distribution and service plan fees payable | 1859 |  |
| Payable for daily variation margin on futures contracts | 82513 |  |
| **Total liabilities** |  | 288117 |
| **Net Assets**  |  | $689942447 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $671360925 |
| Total accumulated earnings (loss) |  | 18581522 |
| **Net Assets** |  | $689942447 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($61,021 ÷ 5,442 shares) |  | $11.21 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($15,069,035 ÷ 1,349,517 shares) |  | $11.17 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($674,812,391 ÷ 60,238,936 shares) |  | $11.20 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $22228852 |
| Interest  |  | 34524 |
| Income from Fidelity Central Funds  |  | 1895991 |
| **Total income** |  | 24159367 |
| **Expenses** |  |  |
| Management fee | $1017534 |  |
| Distribution and service plan fees | 33854 |  |
| Independent trustees' fees and expenses | 1664 |  |
| Total expenses before reductions | 1053052 |  |
| Expense reductions | (355231) |  |
| Total expenses after reductions |  | 697821 |
| **Net Investment income (loss)** |  | 23461546 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 59 |  |
| Fidelity Central Funds | 601 |  |
| Other affiliated issuers | 7899887 |  |
| Futures contracts | 1393516 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 2094005 |  |
| Total net realized gain (loss) |  | 11388068 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 37 |  |
| Fidelity Central Funds  | (33) |  |
| Other affiliated issuers  | 24676745 |  |
| Futures contracts | 159029 |  |
| Total change in net unrealized appreciation (depreciation) |  | 24835778 |
| **Net gain (loss)** |  | 36223846 |
| **Net increase (decrease) in net assets resulting from operations** |  | $59685392 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $23461546 | $25074769 |
| &nbsp;&nbsp;Net realized gain (loss) | 11388068<br>| 5799339<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 24835778 | 7131490<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 59685392<br>| 38005598<br>|
| Distributions to shareholders | (24583977)<br>| (24562137)<br>|
| Share transactions - net increase (decrease) | (23136197)<br>| (75215003)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 11965218<br>| (61771542)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 677977229 | 739748771<br>|
| &nbsp;&nbsp;End of period | $689942447 | $677977229 |

---

**Financial Highlights** 

**VIP FundsManager® 20% Portfolio Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.65 | $10.47 | $10.05 | $12.18 | $11.89 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .38  | .38  | .35  | .24  | .14  |
| Net realized and unrealized gain (loss)  | .59  | .20  | .47  | (1.35)  | .30  |
| Total from investment operations  | .97  | .58  | .82  | (1.11)  | .44  |
| Distributions from net investment income  | (.41)  | (.40)  | (.40)  | (.25)  | (.13)  |
| Distributions from net realized gain  | -  | -  | -  | (.77)  | (.03)  |
| Total distributions  | (.41)  | (.40)  | (.40)  | (1.02)  | (.15) C |
| Net asset value, end of period  | $11.21 | $10.65 | $10.47 | $10.05 | $12.18 |
| **Total Return** D,E | 9.13% <br>| 5.52%  | 8.15%  | (9.59)%  | 3.74%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .30%  | .35%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .15%  | .20%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .15%  | .20%  |
| Net investment income (loss)  | 3.46%  | 3.53%  | 3.37%  | 2.24%  | 1.12%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $61 | $59 | $59 | $54 | $63 |
| Portfolio turnover rate H | 32% <br>| 19%  | 14%  | 70% I | 45% I |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

I*Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP FundsManager® 20% Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.61 | $10.43 | $10.02 | $12.14 | $11.86 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .37  | .36  | .33  | .22  | .12  |
| Net realized and unrealized gain (loss)  | .59  | .20  | .46  | (1.34)  | .30  |
| Total from investment operations  | .96  | .56  | .79  | (1.12)  | .42  |
| Distributions from net investment income  | (.40)  | (.38)  | (.38)  | (.23)  | (.11)  |
| Distributions from net realized gain  | -  | -  | -  | (.77)  | (.03)  |
| Total distributions  | (.40)  | (.38)  | (.38)  | (1.00)  | (.14)  |
| Net asset value, end of period  | $11.17 | $10.61 | $10.43 | $10.02 | $12.14 |
| **Total Return** C,D | 9.03% <br>| 5.39%  | 7.91%  | (9.67)%  | 3.52%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .40%  | .40%  | .40%  | .44%  | .50%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .29%  | .35%  |
| Expenses net of all reductions, if any  | .25%  | .25%  | .25%  | .29%  | .35%  |
| Net investment income (loss)  | 3.31%  | 3.38%  | 3.22%  | 2.09%  | .97%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $15069 | $12302 | $11585 | $11376 | $10257 |
| Portfolio turnover rate G | 32% <br>| 19%  | 14%  | 70% H | 45% H |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP FundsManager® 20% Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.64 | $10.46 | $10.04 | $12.17 | $11.89 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .38  | .38  | .35  | .24  | .14  |
| Net realized and unrealized gain (loss)  | .59  | .20  | .47  | (1.35)  | .29  |
| Total from investment operations  | .97  | .58  | .82  | (1.11)  | .43  |
| Distributions from net investment income  | (.41)  | (.40)  | (.40)  | (.25)  | (.13)  |
| Distributions from net realized gain  | -  | -  | -  | (.77)  | (.03)  |
| Total distributions  | (.41)  | (.40)  | (.40)  | (1.02)  | (.15) C |
| Net asset value, end of period  | $11.20 | $10.64 | $10.46 | $10.04 | $12.17 |
| **Total Return** D,E | 9.14% <br>| 5.53%  | 8.15%  | (9.60)%  | 3.65%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .15%  | .15%  | .15%  | .19%  | .25%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .14%  | .20%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .14%  | .20%  |
| Net investment income (loss)  | 3.46%  | 3.53%  | 3.37%  | 2.24%  | 1.12%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $674812 | $665616 | $728105 | $800844 | $986076 |
| Portfolio turnover rate H | 32% <br>| 19%  | 14%  | 70% I | 45% I |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

I*Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP FundsManager® 30% Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 48.2%** | &nbsp;&nbsp;**Bond Funds - 48.2%** | &nbsp;&nbsp;**Bond Funds - 48.2%** |
|  | Shares | Value ($)<br>|
| Fidelity Floating Rate High Income Fund (b) | 22537 | 205083 |
| Fidelity High Income Fund (b) | 52131 | 422261 |
| Fidelity Inflation-Protected Bond Index Fund (b) | 57473 | 524152 |
| Fidelity Long-Term Treasury Bond Index Fund (b) | 1584 | 14716 |
| Fidelity Total Bond Fund (b) | 637087 | 6160631 |
| VIP Investment Grade Bond II Portfolio - Investor Class (b) | 650449 | 6159755 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $13,303,916) |  | **13486598** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 21.0%** | &nbsp;&nbsp;**Domestic Equity Funds - 21.0%** | &nbsp;&nbsp;**Domestic Equity Funds - 21.0%** |
|  | Shares | Value ($)<br>|
| Fidelity Blue Chip Growth ETF (b) | 3087 | 169291 |
| Fidelity Commodity Strategy Fund (b) | 2156 | 219463 |
| Fidelity Contrafund (b) | 6422 | 156063 |
| Fidelity Enhanced Large Cap Core ETF (b) | 964 | 36796 |
| Fidelity Fundamental Small-Mid Cap ETF (b) | 5075 | 155752 |
| Fidelity Hedged Equity Fund (b) | 23742 | 353996 |
| Fidelity Real Estate Investment Portfolio (b) | 1615 | 61082 |
| Fidelity Stock Selector Small Cap Fund (b) | 8582 | 363271 |
| VIP Stock Selector Portfolio - Investor Class (b) | 289052 | 4156575 |
| VIP Value Strategies Portfolio - Investor Class (b) | 12425 | 195577 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $4,785,609) |  | **5867866** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 14.4%** | &nbsp;&nbsp;**International Equity Funds - 14.4%** | &nbsp;&nbsp;**International Equity Funds - 14.4%** |
|  | Shares | Value ($)<br>|
| Fidelity Canada Fund (b) | 2292 | 179225 |
| Fidelity Emerging Markets Fund (b) | 21993 | 1096815 |
| Fidelity Enhanced International ETF (b) | 14776 | 540506 |
| Fidelity Infrastructure Fund (b) | 1345 | 22561 |
| Fidelity International Capital Appreciation Fund (b) | 9353 | 334174 |
| Fidelity International Discovery Fund (b) | 4545 | 259688 |
| Fidelity International Small Cap Opportunities Fund (b) | 6130 | 133692 |
| Fidelity Japan Smaller Companies Fund (b) | 4241 | 71171 |
| Fidelity Overseas Fund (b) | 14452 | 1040946 |
| Fidelity Total International Equity Fund (b) | 23071 | 343523 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $3,536,723) |  | **4022301** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/15/2026 (d)<br>(Cost $19,970)<br>| 3.90 | 20000 | **19974** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 16.3%** | &nbsp;&nbsp;**Money Market Funds - 16.3%** | &nbsp;&nbsp;**Money Market Funds - 16.3%** | &nbsp;&nbsp;**Money Market Funds - 16.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 3.79 | 1385440 | 1385718 |
| Fidelity Investments Money Market Government Portfolio - Institutional Class (b)(f) | 3.71 | 3184623 | 3184623 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $4,570,346) |  |  | **4570341** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $26,216,564)<br>| <br>**27967080** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **10504** |
| **NET ASSETS - 100.0%** | **27977584** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |
| CBOT 10Y US Treasury Notes Contracts (United States) | 2 | 3/2026 | 224563 | (1084) |
| The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Affiliated fund.

(c) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(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 $19,974.

(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) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 660725 | 1888217 | 1163219 | 45277 | - | (5) | 1385718 | 1385440 | 0.0% |
| Total | 660725 | 1888217 | 1163219 | 45277 | - | (5) | 1385718 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Blue Chip Growth ETF | 78133 | 88244 | 17844 | 75 | (897) | 21655 | 169291 | 3087 |
| Fidelity Canada Fund | 73435 | 143116 | 57557 | 9531 | (415) | 20646 | 179225 | 2292 |
| Fidelity Commodity Strategy Fund | 70789 | 193476 | 58194 | 5926 | (955) | 14347 | 219463 | 2156 |
| Fidelity Contrafund | 77747 | 106548 | 43021 | 7345 | (403) | 15192 | 156063 | 6422 |
| Fidelity Emerging Markets Discovery Fund | 48817 | 87978 | 158963 | - | 19798 | 2370 | - | - |
| Fidelity Emerging Markets Fund | 470781 | 1020842 | 654479 | 520 | 28343 | 231328 | 1096815 | 21993 |
| Fidelity Enhanced International ETF | 50793 | 507316 | 49956 | 6855 | 1183 | 31170 | 540506 | 14776 |
| Fidelity Enhanced Large Cap Core ETF | 109426 | 263864 | 319362 | 796 | (13281) | (3851) | 36796 | 964 |
| Fidelity Enhanced Mid Cap ETF | 53874 | 87448 | 133379 | 89 | (3502) | (4441) | - | - |
| Fidelity Enhanced Small Cap ETF | 77964 | 90833 | 154127 | - | (9984) | (4686) | - | - |
| Fidelity Floating Rate High Income Fund | 114037 | 134163 | 39990 | 12114 | (538) | (2589) | 205083 | 22537 |
| Fidelity Fundamental Small-Mid Cap ETF | 79108 | 79558 | 17960 | 730 | (1323) | 16369 | 155752 | 5075 |
| Fidelity Hedged Equity Fund | 186769 | 349090 | 219726 | 1510 | 4898 | 32965 | 353996 | 23742 |
| Fidelity High Income Fund | 113408 | 539300 | 249438 | 22332 | 1143 | 17848 | 422261 | 52131 |
| Fidelity Inflation-Protected Bond Index Fund | 221287 | 551297 | 253316 | 19570 | 295 | 4783 | 524152 | 57473 |
| Fidelity Infrastructure Fund | 17694 | 906 | - | 907 | - | 3961 | 22561 | 1345 |
| Fidelity International Capital Appreciation Fund | - | 163406 | 40397 | 18561 | (2407) | (4743) | 334174 | 9353 |
| Fidelity International Capital Appreciation Fund | 116977 | 161731 | 55747 | 22866 | (724) | (3922) | - | - |
| Fidelity International Discovery Fund | 152901 | 259832 | 196443 | 16678 | 9210 | 34188 | 259688 | 4545 |
| Fidelity International Small Cap Fund | 56902 | 79290 | 155296 | - | 18504 | 600 | - | - |
| Fidelity International Small Cap Opportunities Fund | 78450 | 140706 | 99727 | 14160 | 3596 | 10667 | 133692 | 6130 |
| Fidelity International Value Fund | 76381 | 106813 | 222031 | - | 39679 | (842) | - | - |
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 1907759 | 2387841 | 1110977 | 112967 | - | - | 3184623 | 3184623 |
| Fidelity Japan Smaller Companies Fund | 36845 | 51200 | 19635 | 10515 | (303) | 3064 | 71171 | 4241 |
| Fidelity Long-Term Treasury Bond Index Fund | 144233 | 232474 | 366854 | 5683 | (2798) | 7661 | 14716 | 1584 |
| Fidelity Overseas Fund | 560145 | 1001278 | 629798 | 47707 | 1129 | 108192 | 1040946 | 14452 |
| Fidelity Real Estate Investment Portfolio | 70403 | 60972 | 69639 | 2460 | 213 | (867) | 61082 | 1615 |
| Fidelity Stock Selector Small Cap Fund | 184341 | 238090 | 96050 | 2557 | (1600) | 38490 | 363271 | 8582 |
| Fidelity Total Bond Fund | 3299294 | 4285634 | 1546811 | 210892 | (8774) | 131288 | 6160631 | 637087 |
| Fidelity Total International Equity Fund | - | 354664 | 16867 | 4115 | (359) | 6085 | 343523 | 23071 |
| VIP Investment Grade Bond II Portfolio - Investor Class | 3285706 | 4334331 | 1532820 | 242874 | (17903) | 90441 | 6159755 | 650449 |
| VIP Stock Selector Portfolio - Investor Class | 2095268 | 2867738 | 1332199 | 23224 | (12404) | 538172 | 4156575 | 289052 |
| VIP Value Strategies Portfolio - Investor Class | 105338 | 141866 | 55799 | 8309 | (1718) | 5890 | 195577 | 12425 |
|  | 14015005 | 21111845 | 9974402 | 831868 | 47703 | 1361431 | 26561388 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 13486598 | 13486598 | - | - |
|  **Domestic Equity Funds** | 5867866 | 5867866 | - | - |
|  **International Equity Funds** | 4022301 | 4022301 | - | - |
|  **U.S. Treasury Obligations** | 19974 | - | 19974 | - |
|  **Money Market Funds** | 4570341 | 4570341 | - | - |
| **Total Investments in Securities:** | 27967080 | 27947106 | 19974 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (1084) | (1084) | - | - |
| Total Liabilities | (1084) | (1084) | - | - |
| **Total Derivative Instruments:** | (1084) | (1084) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | - | (1084) |
| **Total Interest Rate Risk**  | - | (1084) |
| **Total Value of Derivatives** | - | (1084) |

---

(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 FundsManager® 30% Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $19,970) | $19974 |  |
| Fidelity Central Funds (cost $1,385,723) | 1385718 |  |
| Other affiliated issuers (cost $24,810,871) | 26561388 |  |
| Total Investment in Securities (cost $26,216,564) |  | $27967080 |
| Cash |  | 9164 |
| Receivable for investments sold |  | 172 |
| Distributions receivable from Fidelity Central Funds |  | 4412 |
| **Total assets** |  | 27980828 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $2 |  |
| Payable for fund shares redeemed | 180 |  |
| Accrued management fee | 2294 |  |
| Distribution and service plan fees payable | 49 |  |
| Payable for daily variation margin on futures contracts | 719 |  |
| **Total liabilities** |  | 3244 |
| **Net Assets**  |  | $27977584 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $26217076 |
| Total accumulated earnings (loss) |  | 1760508 |
| **Net Assets** |  | $27977584 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($379,044 ÷ 33,300 shares) |  | $11.38 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($378,962 ÷ 33,300 shares) |  | $11.38 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($27,219,578 ÷ 2,391,606 shares) |  | $11.38 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $710466 |
| Interest  |  | 821 |
| Income from Fidelity Central Funds  |  | 45277 |
| **Total income** |  | 756564 |
| **Expenses** |  |  |
| Management fee | $32996 |  |
| Distribution and service plan fees | 1295 |  |
| Independent trustees' fees and expenses | 50 |  |
| Total expenses before reductions | 34341 |  |
| Expense reductions | (12196) |  |
| Total expenses after reductions |  | 22145 |
| **Net Investment income (loss)** |  | 734419 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (33) |  |
| Affiliated issuers | 47703 |  |
| Futures contracts | 10842 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 121402 |  |
| Total net realized gain (loss) |  | 179914 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Fidelity Central Funds  | (5) |  |
| Other affiliated issuers  | 1361431 |  |
| Futures contracts | (1084) |  |
| Total change in net unrealized appreciation (depreciation) |  | 1360342 |
| **Net gain (loss)** |  | 1540256 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2274675 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $734419 | $388969 |
| &nbsp;&nbsp;Net realized gain (loss) | 179914<br>| 49128<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1360342 | 181048<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2274675<br>| 619145<br>|
| Distributions to shareholders | (900465)<br>| (424674)<br>|
| Share transactions - net increase (decrease) | 11863191<br>| 8339096<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 13237401<br>| 8533567<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 14740183 | 6206616<br>|
| &nbsp;&nbsp;End of period | $27977584 | $14740183 |

---

**Financial Highlights** 

**VIP FundsManager® 30% Portfolio Service Class**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $10.61 | $10.27 | $10.00 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .37  | .38  | .36  |
| Net realized and unrealized gain (loss)  | .78  | .28  | .12  |
| Total from investment operations  | 1.15  | .66  | .48  |
| Distributions from net investment income  | (.31)  | (.29)  | (.21)  |
| Distributions from net realized gain  | (.07)  | (.03)  | -  |
| Total distributions  | (.38)  | (.32)  | (.21)  |
| Net asset value, end of period  | $11.38 | $10.61 | $10.27 |
| **Total Return** D,E,F | 10.86% <br>| 6.42%  | 4.80%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25% I |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10% I |
| Expenses net of all reductions, if any  | .10%  | .09%  | .09% I |
| Net investment income (loss)  | 3.33%  | 3.60%  | 5.05% I |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $379 | $353 | $342 |
| Portfolio turnover rate J | 48% <br>| 33%  | 29% I |

---

A*For the period April 13, 2023 (commencement of operations) through December 31, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP FundsManager® 30% Portfolio Service Class 2**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $10.61 | $10.27 | $10.00 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .35  | .37  | .35  |
| Net realized and unrealized gain (loss)  | .79  | .27  | .12  |
| Total from investment operations  | 1.14  | .64  | .47  |
| Distributions from net investment income  | (.29)  | (.27)  | (.20)  |
| Distributions from net realized gain  | (.07)  | (.03)  | -  |
| Total distributions  | (.37) D | (.30)  | (.20)  |
| Net asset value, end of period  | $11.38 | $10.61 | $10.27 |
| **Total Return** E,F,G | 10.71% <br>| 6.26%  | 4.69%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |
| Expenses before reductions  | .40%  | .40%  | .40% J |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25% J |
| Expenses net of all reductions, if any  | .25%  | .24%  | .24% J |
| Net investment income (loss)  | 3.18%  | 3.45%  | 4.90% J |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $379 | $353 | $342 |
| Portfolio turnover rate K | 48% <br>| 33%  | 29% J |

---

A*For the period April 13, 2023 (commencement of operations) through December 31, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP FundsManager® 30% Portfolio Investor Class**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $10.61 | $10.27 | $10.00 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .37  | .39  | .36  |
| Net realized and unrealized gain (loss)  | .78  | .27  | .12  |
| Total from investment operations  | 1.15  | .66  | .48  |
| Distributions from net investment income  | (.31)  | (.29)  | (.21)  |
| Distributions from net realized gain  | (.07)  | (.03)  | -  |
| Total distributions  | (.38)  | (.32)  | (.21)  |
| Net asset value, end of period  | $11.38 | $10.61 | $10.27 |
| **Total Return** D,E,F | 10.86% <br>| 6.42%  | 4.80%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |
| Expenses before reductions  | .15%  | .15%  | .15% I |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10% I |
| Expenses net of all reductions, if any  | .10%  | .09%  | .09% I |
| Net investment income (loss)  | 3.33%  | 3.60%  | 5.05% I |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $27220 | $14033 | $5523 |
| Portfolio turnover rate J | 48% <br>| 33%  | 29% I |

---

A*For the period April 13, 2023 (commencement of operations) through December 31, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP FundsManager® 40% Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 43.1%** | &nbsp;&nbsp;**Bond Funds - 43.1%** | &nbsp;&nbsp;**Bond Funds - 43.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Floating Rate High Income Fund (b) | 43673 | 397419 |
| Fidelity High Income Fund (b) | 101302 | 820549 |
| Fidelity Inflation-Protected Bond Index Fund (b) | 111881 | 1020355 |
| Fidelity Long-Term Treasury Bond Index Fund (b) | 2731 | 25373 |
| Fidelity Total Bond Fund (b) | 1097299 | 10610884 |
| VIP Investment Grade Bond II Portfolio - Investor Class (b) | 1119995 | 10606351 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $23,357,132) |  | **23480931** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 27.0%** | &nbsp;&nbsp;**Domestic Equity Funds - 27.0%** | &nbsp;&nbsp;**Domestic Equity Funds - 27.0%** |
|  | Shares | Value ($)<br>|
| Fidelity Blue Chip Growth ETF (b) | 7619 | 417826 |
| Fidelity Commodity Strategy Fund (b) | 4142 | 421598 |
| Fidelity Contrafund (b) | 16664 | 404924 |
| Fidelity Fundamental Small-Mid Cap ETF (b) | 12525 | 384392 |
| Fidelity Hedged Equity Fund (b) | 46125 | 687731 |
| Fidelity Real Estate Investment Portfolio (b) | 3233 | 122291 |
| Fidelity Stock Selector Small Cap Fund (b) | 22261 | 942288 |
| VIP Stock Selector Portfolio - Investor Class (b) | 750015 | 10785210 |
| VIP Value Strategies Portfolio - Investor Class (b) | 32603 | 513171 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $12,224,346) |  | **14679431** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 18.4%** | &nbsp;&nbsp;**International Equity Funds - 18.4%** | &nbsp;&nbsp;**International Equity Funds - 18.4%** |
|  | Shares | Value ($)<br>|
| Fidelity Canada Fund (b) | 5922 | 462944 |
| Fidelity Emerging Markets Fund (b) | 53540 | 2670036 |
| Fidelity Enhanced International ETF (b) | 31935 | 1168182 |
| Fidelity Infrastructure Fund (b) | 2147 | 36029 |
| Fidelity International Capital Appreciation Fund (b) | 24277 | 867406 |
| Fidelity International Discovery Fund (b) | 11793 | 673860 |
| Fidelity International Small Cap Opportunities Fund (b) | 15892 | 346614 |
| Fidelity Japan Smaller Companies Fund (b) | 8215 | 137843 |
| Fidelity Overseas Fund (b) | 38110 | 2745098 |
| Fidelity Total International Equity Fund (b) | 59792 | 890307 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $8,998,590) |  | **9998319** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/15/2026 (d)<br>(Cost $19,970)<br>| 3.90 | 20000 | **19973** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 11.4%** | &nbsp;&nbsp;**Money Market Funds - 11.4%** | &nbsp;&nbsp;**Money Market Funds - 11.4%** | &nbsp;&nbsp;**Money Market Funds - 11.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 3.79 | 2269943 | 2270397 |
| Fidelity Investments Money Market Government Portfolio - Institutional Class (b)(f) | 3.71 | 3942477 | 3942477 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $6,212,886) |  |  | **6212874** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $50,812,924)<br>| <br>**54391528** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **68501** |
| **NET ASSETS - 100.0%** | **54460029** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |
| CBOT 10Y US Treasury Notes Contracts (United States) | 4 | 3/2026 | 449125 | (2168) |
| The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. | The notional amount of long futures as a percentage of Net Assets is 0.8%. |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Affiliated fund.

(c) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(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 $19,973.

(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) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 1052919 | 3019486 | 1801996 | 58927 | - | (12) | 2270397 | 2269943 | 0.0% |
| Total | 1052919 | 3019486 | 1801996 | 58927 | - | (12) | 2270397 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Blue Chip Growth ETF | 174308 | 228711 | 32430 | 179 | (915) | 48152 | 417826 | 7619 |
| Fidelity Canada Fund | 166514 | 359047 | 102562 | 24156 | (350) | 40295 | 462944 | 5922 |
| Fidelity Commodity Strategy Fund | 118716 | 356449 | 75683 | 9771 | (1565) | 23681 | 421598 | 4142 |
| Fidelity Contrafund | 173389 | 282281 | 84457 | 18015 | 1755 | 31956 | 404924 | 16664 |
| Fidelity Emerging Markets Discovery Fund | 108535 | 147389 | 296771 | - | 36816 | 4031 | - | - |
| Fidelity Emerging Markets Fund | 1052621 | 2260146 | 1143779 | 1241 | 50409 | 450639 | 2670036 | 53540 |
| Fidelity Enhanced International ETF | 104146 | 1090694 | 91881 | 14504 | 2070 | 63153 | 1168182 | 31935 |
| Fidelity Enhanced Large Cap Core ETF | 186779 | 268927 | 429239 | 957 | (24466) | (2001) | - | - |
| Fidelity Enhanced Mid Cap ETF | 83242 | 112106 | 185220 | 99 | (3142) | (6986) | - | - |
| Fidelity Enhanced Small Cap ETF | 120504 | 110735 | 212230 | - | (11335) | (7674) | - | - |
| Fidelity Floating Rate High Income Fund | 190243 | 268502 | 57248 | 18982 | (565) | (3513) | 397419 | 43673 |
| Fidelity Fundamental Small-Mid Cap ETF | 176467 | 209970 | 37343 | 1538 | (208) | 35506 | 384392 | 12525 |
| Fidelity Hedged Equity Fund | 311917 | 643459 | 327401 | 2847 | 14128 | 45628 | 687731 | 46125 |
| Fidelity High Income Fund | 188079 | 921064 | 317269 | 35931 | 1144 | 27531 | 820549 | 101302 |
| Fidelity Inflation-Protected Bond Index Fund | 370582 | 984176 | 336993 | 33794 | 1200 | 1718 | 1020355 | 111881 |
| Fidelity Infrastructure Fund | 28255 | 1449 | - | 1448 | - | 6325 | 36029 | 2147 |
| Fidelity International Capital Appreciation Fund | - | 527759 | 58009 | 47187 | (1946) | (13318) | 867406 | 24277 |
| Fidelity International Capital Appreciation Fund | 266754 | 270544 | 109708 | 44082 | (805) | (13865) | - | - |
| Fidelity International Discovery Fund | 349229 | 591344 | 346360 | 42399 | 11058 | 68589 | 673860 | 11793 |
| Fidelity International Small Cap Fund | 128880 | 142516 | 307922 | - | 37270 | (744) | - | - |
| Fidelity International Small Cap Opportunities Fund | 178109 | 327375 | 180951 | 35987 | 5544 | 16537 | 346614 | 15892 |
| Fidelity International Value Fund | 173620 | 191058 | 439181 | - | 79469 | (4966) | - | - |
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 2071016 | 3223648 | 1352187 | 117424 | - | - | 3942477 | 3942477 |
| Fidelity Japan Smaller Companies Fund | 61917 | 102057 | 26450 | 19964 | (48) | 367 | 137843 | 8215 |
| Fidelity Long-Term Treasury Bond Index Fund | 241097 | 332019 | 555224 | 8426 | (3743) | 11224 | 25373 | 2731 |
| Fidelity Overseas Fund | 1277242 | 2414979 | 1152362 | 114914 | 4646 | 200593 | 2745098 | 38110 |
| Fidelity Real Estate Investment Portfolio | 117683 | 114391 | 109061 | 4234 | 1092 | (1814) | 122291 | 3233 |
| Fidelity Stock Selector Small Cap Fund | - | 617812 | 180341 | 6499 | (3308) | 508125 | 942288 | 22261 |
| Fidelity Total Bond Fund | 4899510 | 7507461 | 1950990 | 294427 | (4179) | 159082 | 10610884 | 1097299 |
| Fidelity Total International Equity Fund | 411122 | 895354 | 18987 | 10456 | (160) | (397022) | 890307 | 59792 |
| VIP Investment Grade Bond II Portfolio - Investor Class | 4880088 | 7651262 | 1941692 | 405299 | (17302) | 33995 | 10606351 | 1119995 |
| VIP Stock Selector Portfolio - Investor Class | 4672710 | 7468259 | 2593790 | 58377 | 30466 | 1207565 | 10785210 | 750015 |
| VIP Value Strategies Portfolio - Investor Class | 234927 | 366525 | 105560 | 19336 | (2926) | 20205 | 513171 | 32603 |
|  | 23518201 | 40989468 | 15159281 | 1392473 | 200104 | 2552994 | 52101158 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 23480931 | 23480931 | - | - |
|  **Domestic Equity Funds** | 14679431 | 14679431 | - | - |
|  **International Equity Funds** | 9998319 | 9998319 | - | - |
|  **U.S. Treasury Obligations** | 19973 | - | 19973 | - |
|  **Money Market Funds** | 6212874 | 6212874 | - | - |
| **Total Investments in Securities:** | 54391528 | 54371555 | 19973 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (2168) | (2168) | - | - |
| Total Liabilities | (2168) | (2168) | - | - |
| **Total Derivative Instruments:** | (2168) | (2168) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | - | (2168) |
| **Total Interest Rate Risk**  | - | (2168) |
| **Total Value of Derivatives** | - | (2168) |

---

(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 FundsManager® 40% Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $19,970) | $19973 |  |
| Fidelity Central Funds (cost $2,270,409) | 2270397 |  |
| Other affiliated issuers (cost $48,522,545) | 52101158 |  |
| Total Investment in Securities (cost $50,812,924) |  | $54391528 |
| Cash |  | 35335 |
| Receivable for fund shares sold |  | 690223 |
| Distributions receivable from Fidelity Central Funds |  | 7249 |
| **Total assets** |  | 55124335 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $658455 |  |
| Payable for fund shares redeemed | 19 |  |
| Accrued management fee | 4343 |  |
| Distribution and service plan fees payable | 51 |  |
| Payable for daily variation margin on futures contracts | 1438 |  |
| **Total liabilities** |  | 664306 |
| **Net Assets**  |  | $54460029 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $50738029 |
| Total accumulated earnings (loss) |  | 3722000 |
| **Net Assets** |  | $54460029 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($395,408 ÷ 33,300 shares) |  | $11.87 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($395,318 ÷ 33,300 shares) |  | $11.87 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($53,669,303 ÷ 4,520,712 shares) |  | $11.87 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $1110575 |
| Interest  |  | 937 |
| Income from Fidelity Central Funds  |  | 58927 |
| **Total income** |  | 1170439 |
| **Expenses** |  |  |
| Management fee | $51694 |  |
| Distribution and service plan fees | 1333 |  |
| Independent trustees' fees and expenses | 76 |  |
| Total expenses before reductions | 53103 |  |
| Expense reductions | (18513) |  |
| Total expenses after reductions |  | 34590 |
| **Net Investment income (loss)** |  | 1135849 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (8) |  |
| Affiliated issuers | 200104 |  |
| Futures contracts | 17815 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 281898 |  |
| Total net realized gain (loss) |  | 499809 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (2) |  |
| Fidelity Central Funds  | (12) |  |
| Other affiliated issuers  | 2552994 |  |
| Futures contracts | (2168) |  |
| Total change in net unrealized appreciation (depreciation) |  | 2550812 |
| **Net gain (loss)** |  | 3050621 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4186470 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1135849 | $600229 |
| &nbsp;&nbsp;Net realized gain (loss) | 499809<br>| 78815<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2550812 | 533658<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4186470<br>| 1212702<br>|
| Distributions to shareholders | (1476616)<br>| (688686)<br>|
| Share transactions - net increase (decrease) | 27145251<br>| 9957972<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 29855105<br>| 10481988<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 24604924 | 14122936<br>|
| &nbsp;&nbsp;End of period | $54460029 | $24604924 |

---

**Financial Highlights** 

**VIP FundsManager® 40% Portfolio Service Class**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $10.88 | $10.41 | $10.00 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .38  | .35  | .39  |
| Net realized and unrealized gain (loss)  | .96  | .44  | .17  |
| Total from investment operations  | 1.34  | .79  | .56  |
| Distributions from net investment income  | (.26)  | (.27)  | (.15)  |
| Distributions from net realized gain  | (.09)  | (.04)  | - D |
| Total distributions  | (.35)  | (.32) E | (.15)  |
| Net asset value, end of period  | $11.87 | $10.88 | $10.41 |
| **Total Return** F,G,H | 12.30% <br>| 7.56%  | 5.61%  |
| **Ratios to Average Net Assets** C,I,J |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25% K |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10% K |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10% K |
| Net investment income (loss)  | 3.28%  | 3.23%  | 5.41% K |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $395 | $362 | $347 |
| Portfolio turnover rate L | 45% <br>| 34%  | 26% K |

---

A*For the period April 13, 2023 (commencement of operations) through December 31, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

E*Total distributions per share do not sum due to rounding.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP FundsManager® 40% Portfolio Service Class 2**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $10.87 | $10.41 | $10.00 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .36  | .34  | .38  |
| Net realized and unrealized gain (loss)  | .97  | .42  | .17  |
| Total from investment operations  | 1.33  | .76  | .55  |
| Distributions from net investment income  | (.24)  | (.26)  | (.14)  |
| Distributions from net realized gain  | (.09)  | (.04)  | - D |
| Total distributions  | (.33)  | (.30)  | (.14)  |
| Net asset value, end of period  | $11.87 | $10.87 | $10.41 |
| **Total Return** E,F,G | 12.24% <br>| 7.31%  | 5.50%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |
| Expenses before reductions  | .40%  | .40%  | .40% J |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25% J |
| Expenses net of all reductions, if any  | .25%  | .25%  | .25% J |
| Net investment income (loss)  | 3.13%  | 3.08%  | 5.26% J |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $395 | $362 | $347 |
| Portfolio turnover rate K | 45% <br>| 34%  | 26% J |

---

A*For the period April 13, 2023 (commencement of operations) through December 31, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP FundsManager® 40% Portfolio Investor Class**<br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $10.87 | $10.41 | $10.00 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .38  | .35  | .39  |
| Net realized and unrealized gain (loss)  | .97  | .43  | .17  |
| Total from investment operations  | 1.35  | .78  | .56  |
| Distributions from net investment income  | (.26)  | (.27)  | (.15)  |
| Distributions from net realized gain  | (.09)  | (.04)  | - D |
| Total distributions  | (.35)  | (.32) E | (.15)  |
| Net asset value, end of period  | $11.87 | $10.87 | $10.41 |
| **Total Return** F,G,H | 12.40% <br>| 7.46%  | 5.61%  |
| **Ratios to Average Net Assets** C,I,J |  |  |  |
| Expenses before reductions  | .15%  | .15%  | .15% K |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10% K |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10% K |
| Net investment income (loss)  | 3.28%  | 3.23%  | 5.41% K |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $53669 | $23881 | $13430 |
| Portfolio turnover rate L | 45% <br>| 34%  | 26% K |

---

A*For the period April 13, 2023 (commencement of operations) through December 31, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

E*Total distributions per share do not sum due to rounding.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP FundsManager® 50% Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 38.0%** | &nbsp;&nbsp;**Bond Funds - 38.0%** | &nbsp;&nbsp;**Bond Funds - 38.0%** |
|  | Shares | Value ($)<br>|
| Fidelity Floating Rate High Income Fund (b) | 3074986 | 27982374 |
| Fidelity High Income Fund (b) | 7318986 | 59283783 |
| Fidelity Inflation-Protected Bond Index Fund (b) | 8190295 | 74695488 |
| Fidelity Long-Term Treasury Bond Index Fund (b) | 236736 | 2199273 |
| Fidelity New Markets Income Fund (b) | 186322 | 2567522 |
| Fidelity Total Bond Fund (b) | 68793738 | 665235445 |
| VIP Investment Grade Bond II Portfolio - Investor Class (b) | 70216165 | 664947079 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $1,508,952,679) |  | **1496910964** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 32.8%** | &nbsp;&nbsp;**Domestic Equity Funds - 32.8%** | &nbsp;&nbsp;**Domestic Equity Funds - 32.8%** |
|  | Shares | Value ($)<br>|
| Fidelity Blue Chip Growth ETF (b) | 738922 | 40522483 |
| Fidelity Commodity Strategy Fund (b) | 225446 | 22948176 |
| Fidelity Contrafund (b) | 1493842 | 36300356 |
| Fidelity Enhanced Large Cap Core ETF (b) | 339944 | 12975662 |
| Fidelity Fundamental Small-Mid Cap ETF (b) | 1245995 | 38239587 |
| Fidelity Hedged Equity Fund (b) | 3394408 | 50610621 |
| Fidelity Real Estate Investment Portfolio (b) | 218969 | 8281393 |
| Fidelity Stock Selector Small Cap Fund (b) | 1977163 | 83693302 |
| VIP Stock Selector Portfolio - Investor Class (b) | 66314788 | 953606645 |
| VIP Value Strategies Portfolio - Investor Class (b) | 2812064 | 44261892 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $952,850,247) |  | **1291440117** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 20.6%** | &nbsp;&nbsp;**International Equity Funds - 20.6%** | &nbsp;&nbsp;**International Equity Funds - 20.6%** |
|  | Shares | Value ($)<br>|
| Fidelity Canada Fund (b) | 514268 | 40205510 |
| Fidelity Emerging Markets Fund (b) | 3904137 | 194699332 |
| Fidelity Enhanced International ETF (b) | 1761643 | 64440901 |
| Fidelity Global Commodity Stock Fund (b) | 356878 | 8036895 |
| Fidelity Infrastructure Fund (b) | 278344 | 4670603 |
| Fidelity International Capital Appreciation Fund (b) | 2191727 | 78310415 |
| Fidelity International Discovery Fund (b) | 1070390 | 61162095 |
| Fidelity International Small Cap Opportunities Fund (b) | 1453378 | 31698164 |
| Fidelity Japan Smaller Companies Fund (b) | 604813 | 10148763 |
| Fidelity Overseas Fund (b) | 3317887 | 238987366 |
| Fidelity Total International Equity Fund (b) | 5411328 | 80574677 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $568,053,188) |  | **812934721** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/15/2026 (d) | 3.90 | 460000 | 459412 |
| US Treasury Bills 0% 1/22/2026 (d) | 3.80 to 3.83 | 410000 | 409191 |
| US Treasury Bills 0% 1/29/2026 (d) | 3.81 | 600000 | 598416 |
| US Treasury Bills 0% 1/8/2026 (d) | 3.89 to 3.90 | 150000 | 149913 |
| US Treasury Bills 0% 2/5/2026 (d) | 3.81 | 1240000 | 1235853 |
| US Treasury Bills 0% 3/12/2026 (d) | 3.57 | 200000 | 198641 |
| US Treasury Bills 0% 3/26/2026 (d) | 3.58 | 20000 | 19837 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $3,070,431) |  |  | **3071263** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.6%** | &nbsp;&nbsp;**Money Market Funds - 8.6%** | &nbsp;&nbsp;**Money Market Funds - 8.6%** | &nbsp;&nbsp;**Money Market Funds - 8.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 3.79 | 189965328 | 190003321 |
| Fidelity Investments Money Market Government Portfolio - Institutional Class (b)(f) | 3.71 | 147487531 | 147487531 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $337,491,060) |  |  | **337490852** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $3,370,417,605)<br>| <br>**3941847917** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(180913)** |
| **NET ASSETS - 100.0%** | **3941667004** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 281 | 3/2026 | 40774505 | 408351 |
| ICE MSCI Emerging Markets Index Contracts (United States) | 526 | 3/2026 | 37119820 | 674968 |
| **TOTAL EQUITY CONTRACTS** |  |  |  | 1083319 |
| Interest Rate Contracts |  |  |  |  |
| CBOT 10Y US Treasury Notes Contracts (United States) | 342 | 3/2026 | 38400188 | (185405) |
| **TOTAL FUTURES CONTRACTS** |  |  |  | **897914** |
| The notional amount of long futures as a percentage of Net Assets is 2.9%. | The notional amount of long futures as a percentage of Net Assets is 2.9%. | The notional amount of long futures as a percentage of Net Assets is 2.9%. | The notional amount of long futures as a percentage of Net Assets is 2.9%. | The notional amount of long futures as a percentage of Net Assets is 2.9%. |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Affiliated fund.

(c) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(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 $3,071,263.

(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) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 311491038 | 300524883 | 422013386 | 11116962 | 994 | (208) | 190003321 | 189965328 | 0.3% |
| Total | 311491038 | 300524883 | 422013386 | 11116962 | 994 | (208) | 190003321 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Blue Chip Growth ETF | 34708693 | 2008157 | 2827897 | 18473 | 102335 | 6531195 | 40522483 | 738922 |
| Fidelity Canada Fund | 23422321 | 19029404 | 6121945 | 2176517 | 383331 | 3492399 | 40205510 | 514268 |
| Fidelity Commodity Strategy Fund | 11031689 | 16437361 | 6108260 | 673587 | (1748595) | 3335981 | 22948176 | 225446 |
| Fidelity Contrafund | 34438561 | 2299139 | 5503279 | 1846903 | 679170 | 4386765 | 36300356 | 1493842 |
| Fidelity Emerging Markets Discovery Fund | 31883781 | 1043493 | 40659404 | - | 11461867 | (3729737) | - | - |
| Fidelity Emerging Markets Fund | 201895040 | 7233855 | 71194939 | 94161 | 17494725 | 39270651 | 194699332 | 3904137 |
| Fidelity Enhanced International ETF | 83807927 | - | 44924217 | 2853054 | 12964845 | 12592346 | 64440901 | 1761643 |
| Fidelity Enhanced Large Cap Core ETF | 38399278 | 62709543 | 84448915 | 233938 | (3097115) | (587129) | 12975662 | 339944 |
| Fidelity Enhanced Mid Cap ETF | 15902553 | 15266051 | 29622155 | 18224 | (279318) | (1267131) | - | - |
| Fidelity Enhanced Small Cap ETF | 23017446 | 13843337 | 33919593 | - | (1280558) | (1660632) | - | - |
| Fidelity Floating Rate High Income Fund | 30464838 | 2258259 | 4131862 | 2125550 | (81239) | (527622) | 27982374 | 3074986 |
| Fidelity Fundamental Small-Mid Cap ETF | 7233569 | 28163531 | 1441572 | 218507 | (24870) | 4308929 | 38239587 | 1245995 |
| Fidelity Global Commodity Stock Fund | 5403457 | 1916814 | 988849 | 198777 | 140200 | 1565273 | 8036895 | 356878 |
| Fidelity Hedged Equity Fund | 51689783 | 28542712 | 36511859 | 216314 | 5567489 | 1322496 | 50610621 | 3394408 |
| Fidelity High Income Fund | 29968250 | 57391809 | 31600159 | 3768120 | 1082734 | 2441149 | 59283783 | 7318986 |
| Fidelity Inflation-Protected Bond Index Fund | 59721163 | 44598614 | 31323854 | 3032977 | (158138) | 1918846 | 74695488 | 8190295 |
| Fidelity Infrastructure Fund | 3662919 | 187740 | - | 187740 | - | 819944 | 4670603 | 278344 |
| Fidelity International Capital Appreciation Fund | - | 31259773 | 4113722 | 4430827 | (36521) | 15332382 | 78310415 | 2191727 |
| Fidelity International Capital Appreciation Fund | 52277195 | 5560140 | 5792861 | 5416446 | 1097076 | (17273047) | - | - |
| Fidelity International Discovery Fund | 58922483 | 4340351 | 12883366 | 3999026 | 3048565 | 7734062 | 61162095 | 1070390 |
| Fidelity International Small Cap Fund | 25306344 | 99538 | 30686715 | - | 12501281 | (7220448) | - | - |
| Fidelity International Small Cap Opportunities Fund | 44008139 | 3577994 | 23188025 | 3402953 | 3915075 | 3384981 | 31698164 | 1453378 |
| Fidelity International Value Fund | 44203520 | 131930 | 59312029 | - | 21654133 | (6677554) | - | - |
| Fidelity Investments Money Market Government Portfolio - Institutional Class | - | 225041117 | 77553586 | 3167922 | - | - | 147487531 | 147487531 |
| Fidelity Japan Smaller Companies Fund | 32162325 | 1519645 | 28680961 | 1519644 | 8772927 | (3625173) | 10148763 | 604813 |
| Fidelity Long-Term Treasury Bond Index Fund | 38558414 | 20409423 | 57763571 | 1096295 | (3510119) | 4505126 | 2199273 | 236736 |
| Fidelity New Markets Income Fund | 2235726 | 126578 | - | 128523 | - | 205218 | 2567522 | 186322 |
| Fidelity Overseas Fund | 178080869 | 85252273 | 47440400 | 11292850 | 13740517 | 9354107 | 238987366 | 3317887 |
| Fidelity Real Estate Investment Portfolio | 19396790 | 446681 | 11629628 | 384112 | (267366) | 334916 | 8281393 | 218969 |
| Fidelity Stock Selector Small Cap Fund | 52195665 | 34842984 | 13080481 | 599500 | (46943) | 9782077 | 83693302 | 1977163 |
| Fidelity Total Bond Fund | 687454095 | 125495313 | 166243127 | 28555519 | (1027719) | 19556883 | 665235445 | 68793738 |
| Fidelity Total International Equity Fund | - | 81719027 | 2535127 | 982509 | 1845 | 1388932 | 80574677 | 5411328 |
| VIP Investment Grade Bond II Portfolio - Investor Class | 684410809 | 126107036 | 163614716 | 26784891 | (6824953) | 24868903 | 664947079 | 70216165 |
| VIP Stock Selector Portfolio - Investor Class | 986348601 | 33299489 | 216550156 | 5438979 | 37916083 | 112592628 | 953606645 | 66314788 |
| VIP Value Strategies Portfolio - Investor Class | 46778430 | 4392756 | 7812394 | 2233319 | (222748) | 1125848 | 44261892 | 2812064 |
|  | 3638990673 | 1086551867 | 1360209624 | 117096157 | 133917996 | 249583564 | 3748773333 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 1496910964 | 1496910964 | - | - |
|  **Domestic Equity Funds** | 1291440117 | 1291440117 | - | - |
|  **International Equity Funds** | 812934721 | 812934721 | - | - |
|  **U.S. Treasury Obligations** | 3071263 | - | 3071263 | - |
|  **Money Market Funds** | 337490852 | 337490852 | - | - |
| **Total Investments in Securities:** | 3941847917 | 3938776654 | 3071263 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 1083319 | 1083319 | - | - |
| Total Assets | 1083319 | 1083319 | - | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (185405) | (185405) | - | - |
| Total Liabilities | (185405) | (185405) | - | - |
| **Total Derivative Instruments:** | 897914 | 897914 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 1083319 | - |
| **Total Equity Risk**  | 1083319 | - |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | - | (185405) |
| **Total Interest Rate Risk**  | - | (185405) |
| **Total Value of Derivatives** | 1083319 | (185405) |

---

(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 FundsManager® 50% Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,070,431) | $3071263 |  |
| Fidelity Central Funds (cost $190,003,529) | 190003321 |  |
| Other affiliated issuers (cost $3,177,343,645) | 3748773333 |  |
| Total Investment in Securities (cost $3,370,417,605) |  | $3941847917 |
| Receivable for investments sold |  | 908890 |
| Receivable for fund shares sold |  | 12161 |
| Distributions receivable from Fidelity Central Funds |  | 628710 |
| **Total assets** |  | 3943397678 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $9353 |  |
| Payable for fund shares redeemed | 911486 |  |
| Accrued management fee | 328368 |  |
| Distribution and service plan fees payable | 9971 |  |
| Payable for daily variation margin on futures contracts | 471496 |  |
| **Total liabilities** |  | 1730674 |
| **Net Assets**  |  | $3941667004 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3232726984 |
| Total accumulated earnings (loss) |  | 708940020 |
| **Net Assets** |  | $3941667004 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($62,624 ÷ 4,672 shares) |  | $13.40 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($79,988,914 ÷ 6,001,777 shares) |  | $13.33 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,861,615,466 ÷ 288,291,511 shares) |  | $13.39 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $88796432 |
| Interest  |  | 153604 |
| Income from Fidelity Central Funds  |  | 11116962 |
| **Total income** |  | 100066998 |
| **Expenses** |  |  |
| Management fee | $5836247 |  |
| Distribution and service plan fees | 194058 |  |
| Independent trustees' fees and expenses | 9575 |  |
| Total expenses before reductions | 6039880 |  |
| Expense reductions | (2029634) |  |
| Total expenses after reductions |  | 4010246 |
| **Net Investment income (loss)** |  | 96056752 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 163 |  |
| Fidelity Central Funds | 994 |  |
| Other affiliated issuers | 133917996 |  |
| Futures contracts | 8238752 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 28299725 |  |
| Total net realized gain (loss) |  | 170457630 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 296 |  |
| Fidelity Central Funds  | (208) |  |
| Other affiliated issuers  | 249583564 |  |
| Futures contracts | 1124594 |  |
| Total change in net unrealized appreciation (depreciation) |  | 250708246 |
| **Net gain (loss)** |  | 421165876 |
| **Net increase (decrease) in net assets resulting from operations** |  | $517222628 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $96056752 | $98826880 |
| &nbsp;&nbsp;Net realized gain (loss) | 170457630<br>| 139254636<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 250708246 | 106666172<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 517222628<br>| 344747688<br>|
| Distributions to shareholders | (101066686)<br>| (95669676)<br>|
| Share transactions - net increase (decrease) | (428134415)<br>| (647189348)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (11978473)<br>| (398111336)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3953645477 | 4351756813<br>|
| &nbsp;&nbsp;End of period | $3941667004 | $3953645477 |

---

**Financial Highlights** 

**VIP FundsManager® 50% Portfolio Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.04 | $11.37 | $10.33 | $14.51 | $13.57 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .32  | .28  | .25  | .21  | .15  |
| Net realized and unrealized gain (loss)  | 1.39  | .69  | 1.08  | (2.00)  | 1.19  |
| Total from investment operations  | 1.71  | .97  | 1.33  | (1.79)  | 1.34  |
| Distributions from net investment income  | (.35)  | (.30)  | (.29)  | (.23)  | (.16)  |
| Distributions from net realized gain  | -  | -  | -  | (2.16)  | (.24)  |
| Total distributions  | (.35)  | (.30)  | (.29)  | (2.39)  | (.40)  |
| Net asset value, end of period  | $13.40 | $12.04 | $11.37 | $10.33 | $14.51 |
| **Total Return** C,D | 14.21% <br>| 8.50%  | 12.85%  | (13.91)%  | 10.01%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .30%  | .35%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .15%  | .20%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .15%  | .20%  |
| Net investment income (loss)  | 2.47%  | 2.37%  | 2.26%  | 1.86%  | 1.10%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $63 | $56 | $53 | $49 | $69 |
| Portfolio turnover rate G | 30% <br>| 20%  | 14%  | 51% H | 51% H |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP FundsManager® 50% Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.98 | $11.31 | $10.28 | $14.45 | $13.51 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .29  | .26  | .23  | .19  | .13  |
| Net realized and unrealized gain (loss)  | 1.39  | .69  | 1.07  | (1.99)  | 1.18  |
| Total from investment operations  | 1.68  | .95  | 1.30  | (1.80)  | 1.31  |
| Distributions from net investment income  | (.33)  | (.28)  | (.27)  | (.21)  | (.14)  |
| Distributions from net realized gain  | -  | -  | -  | (2.16)  | (.24)  |
| Total distributions  | (.33)  | (.28)  | (.27)  | (2.37)  | (.37) C |
| Net asset value, end of period  | $13.33 | $11.98 | $11.31 | $10.28 | $14.45 |
| **Total Return** D,E | 14.03% <br>| 8.38%  | 12.65%  | (14.04)%  | 9.88%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .40%  | .40%  | .40%  | .45%  | .50%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .30%  | .35%  |
| Expenses net of all reductions, if any  | .25%  | .25%  | .25%  | .30%  | .35%  |
| Net investment income (loss)  | 2.32%  | 2.22%  | 2.11%  | 1.71%  | .95%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $79989 | $77812 | $77398 | $75580 | $94708 |
| Portfolio turnover rate H | 30% <br>| 20%  | 14%  | 51% I | 51% I |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

I*Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP FundsManager® 50% Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.04 | $11.37 | $10.32 | $14.50 | $13.56 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .31  | .28  | .25  | .21  | .15  |
| Net realized and unrealized gain (loss)  | 1.39  | .69  | 1.09  | (2.00)  | 1.19  |
| Total from investment operations  | 1.70  | .97  | 1.34  | (1.79)  | 1.34  |
| Distributions from net investment income  | (.35)  | (.30)  | (.29)  | (.23)  | (.16)  |
| Distributions from net realized gain  | -  | -  | -  | (2.16)  | (.24)  |
| Total distributions  | (.35)  | (.30)  | (.29)  | (2.39)  | (.40)  |
| Net asset value, end of period  | $13.39 | $12.04 | $11.37 | $10.32 | $14.50 |
| **Total Return** C,D | 14.13% <br>| 8.51%  | 12.96%  | (13.94)%  | 10.02%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .15%  | .15%  | .15%  | .20%  | .25%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .15%  | .20%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .15%  | .20%  |
| Net investment income (loss)  | 2.47%  | 2.37%  | 2.26%  | 1.86%  | 1.10%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3861615 | $3875777 | $4274306 | $4419893 | $5887190 |
| Portfolio turnover rate G | 30% <br>| 20%  | 14%  | 51% H | 51% H |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP FundsManager® 60% Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 33.0%** | &nbsp;&nbsp;**Bond Funds - 33.0%** | &nbsp;&nbsp;**Bond Funds - 33.0%** |
|  | Shares | Value ($)<br>|
| Fidelity Floating Rate High Income Fund (b) | 5693871 | 51814230 |
| Fidelity High Income Fund (b) | 14202451 | 115039854 |
| Fidelity Inflation-Protected Bond Index Fund (b) | 15791470 | 144018205 |
| Fidelity Long-Term Treasury Bond Index Fund (b) | 454482 | 4222138 |
| Fidelity New Markets Income Fund (b) | 294291 | 4055332 |
| Fidelity Total Bond Fund (b) | 114119285 | 1103533482 |
| VIP Investment Grade Bond II Portfolio - Investor Class (b) | 116479068 | 1103056770 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $2,540,506,056) |  | **2525740011** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 38.8%** | &nbsp;&nbsp;**Domestic Equity Funds - 38.8%** | &nbsp;&nbsp;**Domestic Equity Funds - 38.8%** |
|  | Shares | Value ($)<br>|
| Fidelity Blue Chip Growth ETF (b) | 1713554 | 93971301 |
| Fidelity Commodity Strategy Fund (b) | 436094 | 44389994 |
| Fidelity Contrafund (b) | 3473552 | 84407309 |
| Fidelity Enhanced Large Cap Core ETF (b) | 432989 | 16527190 |
| Fidelity Fundamental Small-Mid Cap ETF (b) | 2712501 | 83246656 |
| Fidelity Hedged Equity Fund (b) | 6531018 | 97377482 |
| Fidelity Real Estate Investment Portfolio (b) | 411527 | 15563940 |
| Fidelity Stock Selector Small Cap Fund (b) | 4608798 | 195090412 |
| VIP Stock Selector Portfolio - Investor Class (b) | 155424927 | 2235010452 |
| VIP Value Strategies Portfolio - Investor Class (b) | 6579815 | 103566284 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $2,170,556,239) |  | **2969151020** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 24.6%** | &nbsp;&nbsp;**International Equity Funds - 24.6%** | &nbsp;&nbsp;**International Equity Funds - 24.6%** |
|  | Shares | Value ($)<br>|
| Fidelity Canada Fund (b) | 1199091 | 93744956 |
| Fidelity Emerging Markets Fund (b) | 9117270 | 454678258 |
| Fidelity Enhanced International ETF (b) | 4017956 | 146976830 |
| Fidelity Global Commodity Stock Fund (b) | 680369 | 15321918 |
| Fidelity Infrastructure Fund (b) | 496306 | 8328007 |
| Fidelity International Capital Appreciation Fund (b) | 5109671 | 182568530 |
| Fidelity International Discovery Fund (b) | 2498007 | 142736097 |
| Fidelity International Small Cap Opportunities Fund (b) | 3329529 | 72617038 |
| Fidelity Japan Smaller Companies Fund (b) | 1153176 | 19350291 |
| Fidelity Overseas Fund (b) | 7805850 | 562255397 |
| Fidelity Total International Equity Fund (b) | 12613109 | 187809186 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $1,308,453,591) |  | **1886386508** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/15/2026 (d) | 3.90 | 630000 | 629195 |
| US Treasury Bills 0% 1/22/2026 (d) | 3.82 | 20000 | 19960 |
| US Treasury Bills 0% 1/29/2026 (d) | 3.81 | 140000 | 139630 |
| US Treasury Bills 0% 1/8/2026 (d) | 3.89 to 3.90 | 1280000 | 1279259 |
| US Treasury Bills 0% 2/5/2026 (d) | 3.81 | 3370000 | 3358729 |
| US Treasury Bills 0% 3/12/2026 (d) | 3.57 | 400000 | 397281 |
| US Treasury Bills 0% 3/19/2026 (d) | 3.56 | 30000 | 29776 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $5,852,284) |  |  | **5853830** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.6%** | &nbsp;&nbsp;**Money Market Funds - 3.6%** | &nbsp;&nbsp;**Money Market Funds - 3.6%** | &nbsp;&nbsp;**Money Market Funds - 3.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e)<br>(Cost $274,710,704)<br>| 3.79 | 274655352 | **274710283** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $6,300,078,874)<br>| <br>**7661841652** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(691974)** |
| **NET ASSETS - 100.0%** | **7661149678** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 541 | 3/2026 | 78501805 | 786184 |
| ICE MSCI Emerging Markets Index Contracts (United States) | 1003 | 3/2026 | 70781710 | 1286949 |
| **TOTAL EQUITY CONTRACTS** |  |  |  | 2073133 |
| Interest Rate Contracts |  |  |  |  |
| CBOT 10Y US Treasury Notes Contracts (United States) | 652 | 3/2026 | 73207375 | (353462) |
| **TOTAL FUTURES CONTRACTS** |  |  |  | **1719671** |
| The notional amount of long futures as a percentage of Net Assets is 2.9%. | The notional amount of long futures as a percentage of Net Assets is 2.9%. | The notional amount of long futures as a percentage of Net Assets is 2.9%. | The notional amount of long futures as a percentage of Net Assets is 2.9%. | The notional amount of long futures as a percentage of Net Assets is 2.9%. |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Affiliated fund.

(c) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(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 $5,853,830.

(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.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 208767658 | 746427426 | 680487878 | 11131382 | 3498 | (421) | 274710283 | 274655352 | 0.5% |
| Total | 208767658 | 746427426 | 680487878 | 11131382 | 3498 | (421) | 274710283 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Blue Chip Growth ETF | 72650776 | 6693755 | 631707 | 42839 | 11758 | 15246719 | 93971301 | 1713554 |
| Fidelity Canada Fund | 52877619 | 38148463 | 6877584 | 5061628 | (9051) | 9605509 | 93744956 | 1199091 |
| Fidelity Commodity Strategy Fund | 18829687 | 31682913 | 9042493 | 1282511 | (2462982) | 5382869 | 44389994 | 436094 |
| Fidelity Contrafund | 72225823 | 7624830 | 6692078 | 4223439 | 1164377 | 10084357 | 84407309 | 3473552 |
| Fidelity Emerging Markets Discovery Fund | 50757926 | 3461152 | 67066358 | - | 17305098 | (4457818) | - | - |
| Fidelity Emerging Markets Fund | 438241212 | 34238108 | 148650000 | 219191 | 30881425 | 99967513 | 454678258 | 9117270 |
| Fidelity Enhanced International ETF | 123642268 | - | 16634289 | 4746537 | 3703616 | 36265235 | 146976830 | 4017956 |
| Fidelity Enhanced Large Cap Core ETF | 66418460 | 122612200 | 165716892 | 411002 | (5916824) | (869754) | 16527190 | 432989 |
| Fidelity Enhanced Mid Cap ETF | 27193328 | 27315028 | 51776895 | 32058 | (607358) | (2124103) | - | - |
| Fidelity Enhanced Small Cap ETF | 39359760 | 25110890 | 59301447 | - | (2544960) | (2624243) | - | - |
| Fidelity Floating Rate High Income Fund | 51163318 | 5667885 | 3960976 | 3772830 | (11686) | (1044311) | 51814230 | 5693871 |
| Fidelity Fundamental Small-Mid Cap ETF | 15140993 | 60566832 | 1889724 | 473358 | (46505) | 9475060 | 83246656 | 2712501 |
| Fidelity Global Commodity Stock Fund | 10338744 | 2804257 | 946026 | 378110 | 38367 | 3086576 | 15321918 | 680369 |
| Fidelity Hedged Equity Fund | 87581711 | 52831703 | 55375264 | 416199 | 7405179 | 4934153 | 97377482 | 6531018 |
| Fidelity High Income Fund | 51648384 | 108754760 | 51792550 | 7009754 | 1587197 | 4842063 | 115039854 | 14202451 |
| Fidelity Inflation-Protected Bond Index Fund | 99263205 | 88666651 | 46680886 | 5735183 | (1540749) | 4435071 | 144018205 | 15791470 |
| Fidelity Infrastructure Fund | 6531236 | 334752 | - | 334753 | - | 1462019 | 8328007 | 496306 |
| Fidelity International Capital Appreciation Fund | - | 84429806 | 5546344 | 10301041 | (70795) | 25111254 | 182568530 | 5109671 |
| Fidelity International Capital Appreciation Fund | 98790491 | 14039880 | 5519582 | 11097845 | (4460) | (28661720) | - | - |
| Fidelity International Discovery Fund | 118807090 | 15159207 | 14003532 | 9309103 | 462962 | 22310370 | 142736097 | 2498007 |
| Fidelity International Small Cap Fund | 50393862 | 1847172 | 63414724 | - | 23258059 | (12084369) | - | - |
| Fidelity International Small Cap Opportunities Fund | 67510200 | 10806632 | 14947097 | 7788204 | 627154 | 8620149 | 72617038 | 3329529 |
| Fidelity International Value Fund | 77138698 | 2441080 | 106793731 | - | 36869149 | (9655196) | - | - |
| Fidelity Japan Smaller Companies Fund | 51669588 | 2897452 | 43428319 | 2897452 | 10643490 | (2431920) | 19350291 | 1153176 |
| Fidelity Long-Term Treasury Bond Index Fund | 67144997 | 41787512 | 106513912 | 2039887 | (5718586) | 7522127 | 4222138 | 454482 |
| Fidelity New Markets Income Fund | 3531269 | 199926 | - | 202998 | - | 324137 | 4055332 | 294291 |
| Fidelity Overseas Fund | 482884065 | 59333179 | 52909545 | 26295945 | 967011 | 71980687 | 562255397 | 7805850 |
| Fidelity Real Estate Investment Portfolio | 33288385 | 1661725 | 19461311 | 706637 | (433313) | 508454 | 15563940 | 411527 |
| Fidelity Stock Selector Small Cap Fund | 109258326 | 78827418 | 15708013 | 1393964 | (21713) | 22734394 | 195090412 | 4608798 |
| Fidelity Total Bond Fund | 1028036827 | 249599062 | 202976358 | 44980151 | (4912239) | 33786190 | 1103533482 | 114119285 |
| Fidelity Total International Equity Fund | - | 188183559 | 3609531 | 2284458 | 742 | 3234416 | 187809186 | 12613109 |
| VIP Investment Grade Bond II Portfolio - Investor Class | 1023590740 | 252543072 | 199062194 | 44248200 | (7338646) | 33323798 | 1103056770 | 116479068 |
| VIP Stock Selector Portfolio - Investor Class | 2067435170 | 132057625 | 308484268 | 12698362 | 38299962 | 305701963 | 2235010452 | 155424927 |
| VIP Value Strategies Portfolio - Investor Class | 97917265 | 12801146 | 9688258 | 5037429 | (143267) | 2679398 | 103566284 | 6579815 |
|  | 6661261423 | 1765129632 | 1865101888 | 215421068 | 141442412 | 678671047 | 7381277539 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 2525740011 | 2525740011 | - | - |
|  **Domestic Equity Funds** | 2969151020 | 2969151020 | - | - |
|  **International Equity Funds** | 1886386508 | 1886386508 | - | - |
|  **U.S. Treasury Obligations** | 5853830 | - | 5853830 | - |
|  **Money Market Funds** | 274710283 | 274710283 | - | - |
| **Total Investments in Securities:** | 7661841652 | 7655987822 | 5853830 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 2073133 | 2073133 | - | - |
| Total Assets | 2073133 | 2073133 | - | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (353462) | (353462) | - | - |
| Total Liabilities | (353462) | (353462) | - | - |
| **Total Derivative Instruments:** | 1719671 | 1719671 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 2073133 | - |
| **Total Equity Risk**  | 2073133 | - |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | - | (353462) |
| **Total Interest Rate Risk**  | - | (353462) |
| **Total Value of Derivatives** | 2073133 | (353462) |

---

(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 FundsManager® 60% Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,852,284) | $5853830 |  |
| Fidelity Central Funds (cost $274,710,704) | 274710283 |  |
| Other affiliated issuers (cost $6,019,515,886) | 7381277539 |  |
| Total Investment in Securities (cost $6,300,078,874) |  | $7661841652 |
| Receivable for investments sold |  | 1603428 |
| Receivable for fund shares sold |  | 1011852 |
| Distributions receivable from Fidelity Central Funds |  | 913150 |
| **Total assets** |  | 7665370082 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $981845 |  |
| Payable for fund shares redeemed | 1624018 |  |
| Accrued management fee | 636630 |  |
| Distribution and service plan fees payable | 74696 |  |
| Payable for daily variation margin on futures contracts | 903213 |  |
| Other payables and accrued expenses | 2 |  |
| **Total liabilities** |  | 4220404 |
| **Net Assets**  |  | $7661149678 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $6093732220 |
| Total accumulated earnings (loss) |  | 1567417458 |
| **Net Assets** |  | $7661149678 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($153,350,199 ÷ 13,063,459 shares) |  | $11.74 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($597,246,145 ÷ 51,089,797 shares) |  | $11.69 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($6,910,553,334 ÷ 588,698,489 shares) |  | $11.74 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $151983020 |
| Interest  |  | 263541 |
| Income from Fidelity Central Funds  |  | 11131382 |
| **Total income** |  | 163377943 |
| **Expenses** |  |  |
| Management fee | $10790711 |  |
| Distribution and service plan fees | 1596970 |  |
| Independent trustees' fees and expenses | 17455 |  |
| Total expenses before reductions | 12405136 |  |
| Expense reductions | (4326196) |  |
| Total expenses after reductions |  | 8078940 |
| **Net Investment income (loss)** |  | 155299003 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 106 |  |
| Fidelity Central Funds | 3498 |  |
| Other affiliated issuers | 141442412 |  |
| Futures contracts | 13347523 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 63438048 |  |
| Total net realized gain (loss) |  | 218231587 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 936 |  |
| Fidelity Central Funds  | (421) |  |
| Other affiliated issuers  | 678671047 |  |
| Futures contracts | 2509898 |  |
| Total change in net unrealized appreciation (depreciation) |  | 681181460 |
| **Net gain (loss)** |  | 899413047 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1054712050 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $155299003 | $146494204 |
| &nbsp;&nbsp;Net realized gain (loss) | 218231587<br>| 149514712<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 681181460 | 310867401<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1054712050<br>| 606876317<br>|
| Distributions to shareholders | (191431317)<br>| (140926408)<br>|
| Share transactions - net increase (decrease) | (75992234)<br>| (22914353)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 787288499<br>| 443035556<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 6873861179 | 6430825623<br>|
| &nbsp;&nbsp;End of period | $7661149678 | $6873861179 |

---

**Financial Highlights** 

**VIP FundsManager® 60% Portfolio Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.41 | $9.70 | $8.69 | $12.40 | $11.35 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .24  | .23  | .20  | .16  | .13  |
| Net realized and unrealized gain (loss)  | 1.39  | .70  | 1.03  | (1.82)  | 1.25  |
| Total from investment operations  | 1.63  | .93  | 1.23  | (1.66)  | 1.38  |
| Distributions from net investment income  | (.25)  | (.22)  | (.22)  | (.17)  | (.14)  |
| Distributions from net realized gain  | (.05)  | -  | -  | (1.88)  | (.20)  |
| Total distributions  | (.30)  | (.22)  | (.22)  | (2.05)  | (.33) C |
| Net asset value, end of period  | $11.74 | $10.41 | $9.70 | $8.69 | $12.40 |
| **Total Return** D,E | 15.71% <br>| 9.58%  | 14.17%  | (15.06)%  | 12.34%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .29%  | .35%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .14%  | .20%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .14%  | .20%  |
| Net investment income (loss)  | 2.17%  | 2.19%  | 2.18%  | 1.73%  | 1.08%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $153350 | $117198 | $96947 | $68120 | $58353 |
| Portfolio turnover rate H | 25% <br>| 28%  | 18%  | 43% I | 54% I |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

I*Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP FundsManager® 60% Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.37 | $9.66 | $8.65 | $12.36 | $11.31 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .22  | .21  | .19  | .15  | .11  |
| Net realized and unrealized gain (loss)  | 1.38  | .70  | 1.03  | (1.82)  | 1.25  |
| Total from investment operations  | 1.60  | .91  | 1.22  | (1.67)  | 1.36  |
| Distributions from net investment income  | (.24)  | (.20)  | (.21)  | (.16)  | (.12)  |
| Distributions from net realized gain  | (.05)  | -  | -  | (1.88)  | (.20)  |
| Total distributions  | (.28) C | (.20)  | (.21)  | (2.04)  | (.31) C |
| Net asset value, end of period  | $11.69 | $10.37 | $9.66 | $8.65 | $12.36 |
| **Total Return** D,E | 15.51% <br>| 9.45%  | 14.08%  | (15.25)%  | 12.21%  |
| **Ratios to Average Net Assets** A,F,G |  |  |  |  |  |
| Expenses before reductions  | .40%  | .40%  | .40%  | .45%  | .50%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .29%  | .35%  |
| Expenses net of all reductions, if any  | .25%  | .25%  | .25%  | .29%  | .35%  |
| Net investment income (loss)  | 2.02%  | 2.04%  | 2.03%  | 1.58%  | .93%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $597246 | $580499 | $582339 | $534692 | $640658 |
| Portfolio turnover rate H | 25% <br>| 28%  | 18%  | 43% I | 54% I |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Calculated based on average shares outstanding during the period.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

I*Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP FundsManager® 60% Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.41 | $9.70 | $8.69 | $12.40 | $11.35 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .24  | .23  | .20  | .16  | .13  |
| Net realized and unrealized gain (loss)  | 1.39  | .70  | 1.03  | (1.82)  | 1.25  |
| Total from investment operations  | 1.63  | .93  | 1.23  | (1.66)  | 1.38  |
| Distributions from net investment income  | (.25)  | (.22)  | (.22)  | (.17)  | (.14)  |
| Distributions from net realized gain  | (.05)  | -  | -  | (1.88)  | (.20)  |
| Total distributions  | (.30)  | (.22)  | (.22)  | (2.05)  | (.33) C |
| Net asset value, end of period  | $11.74 | $10.41 | $9.70 | $8.69 | $12.40 |
| **Total Return** D,E | 15.71% <br>| 9.58%  | 14.17%  | (15.06)%  | 12.34%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .15%  | .15%  | .15%  | .19%  | .25%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .14%  | .20%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .14%  | .20%  |
| Net investment income (loss)  | 2.17%  | 2.19%  | 2.18%  | 1.73%  | 1.08%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6910553 | $6176165 | $5751540 | $5093696 | $6493070 |
| Portfolio turnover rate H | 25% <br>| 28%  | 18%  | 43% I | 54% I |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

I*Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP FundsManager® 70% Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 23.0%** | &nbsp;&nbsp;**Bond Funds - 23.0%** | &nbsp;&nbsp;**Bond Funds - 23.0%** |
|  | Shares | Value ($)<br>|
| Fidelity Floating Rate High Income Fund (b) | 1951662 | 17760123 |
| Fidelity High Income Fund (b) | 4949053 | 40087330 |
| Fidelity Inflation-Protected Bond Index Fund (b) | 5467321 | 49861968 |
| Fidelity Long-Term Treasury Bond Index Fund (b) | 157579 | 1463912 |
| Fidelity New Markets Income Fund (b) | 96551 | 1330469 |
| Fidelity Total Bond Fund (b) | 26091906 | 252308727 |
| VIP Investment Grade Bond II Portfolio - Investor Class (b) | 26631486 | 252200173 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $614,215,266) |  | **615012702** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 44.8%** | &nbsp;&nbsp;**Domestic Equity Funds - 44.8%** | &nbsp;&nbsp;**Domestic Equity Funds - 44.8%** |
|  | Shares | Value ($)<br>|
| Fidelity Blue Chip Growth ETF (b) | 677489 | 37153497 |
| Fidelity Commodity Strategy Fund (b) | 151274 | 15398146 |
| Fidelity Contrafund (b) | 1409976 | 34262408 |
| Fidelity Enhanced Large Cap Core ETF (b) | 186467 | 7117445 |
| Fidelity Fundamental Small-Mid Cap ETF (b) | 1073216 | 32936999 |
| Fidelity Hedged Equity Fund (b) | 2259591 | 33690498 |
| Fidelity Real Estate Investment Portfolio (b) | 135947 | 5141500 |
| Fidelity Stock Selector Small Cap Fund (b) | 1872846 | 79277566 |
| VIP Stock Selector Portfolio - Investor Class (b) | 63325917 | 910626688 |
| VIP Value Strategies Portfolio - Investor Class (b) | 2678707 | 42162855 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $879,646,520) |  | **1197767602** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 28.6%** | &nbsp;&nbsp;**International Equity Funds - 28.6%** | &nbsp;&nbsp;**International Equity Funds - 28.6%** |
|  | Shares | Value ($)<br>|
| Fidelity Canada Fund (b) | 488175 | 38165486 |
| Fidelity Emerging Markets Fund (b) | 3710171 | 185026221 |
| Fidelity Enhanced International ETF (b) | 1609305 | 58868377 |
| Fidelity Global Commodity Stock Fund (b) | 234124 | 5272465 |
| Fidelity Infrastructure Fund (b) | 163896 | 2750168 |
| Fidelity International Capital Appreciation Fund (b) | 2079607 | 74304358 |
| Fidelity International Discovery Fund (b) | 1016487 | 58082045 |
| Fidelity International Small Cap Opportunities Fund (b) | 1337694 | 29175097 |
| Fidelity Japan Smaller Companies Fund (b) | 396632 | 6655489 |
| Fidelity Overseas Fund (b) | 3188020 | 229633071 |
| Fidelity Total International Equity Fund (b) | 5132647 | 76425117 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $559,383,249) |  | **764357894** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/15/2026 (d) | 3.90 | 160000 | 159796 |
| US Treasury Bills 0% 1/8/2026 (d) | 3.89 to 3.90 | 520000 | 519699 |
| US Treasury Bills 0% 2/5/2026 (d) | 3.81 | 1210000 | 1205953 |
| US Treasury Bills 0% 3/12/2026 (d) | 3.57 | 140000 | 139048 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $2,023,963) |  |  | **2024496** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.6%** | &nbsp;&nbsp;**Money Market Funds - 3.6%** | &nbsp;&nbsp;**Money Market Funds - 3.6%** | &nbsp;&nbsp;**Money Market Funds - 3.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e)<br>(Cost $95,459,305)<br>| 3.79 | 95440058 | **95459146** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $2,150,728,303)<br>| <br>**2674621840** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(225778)** |
| **NET ASSETS - 100.0%** | **2674396062** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 188 | 3/2026 | 27279740 | 273203 |
| ICE MSCI Emerging Markets Index Contracts (United States) | 343 | 3/2026 | 24205510 | 440058 |
| **TOTAL EQUITY CONTRACTS** |  |  |  | 713261 |
| Interest Rate Contracts |  |  |  |  |
| CBOT 10Y US Treasury Notes Contracts (United States) | 225 | 3/2026 | 25263281 | (121977) |
| **TOTAL FUTURES CONTRACTS** |  |  |  | **591284** |
| The notional amount of long futures as a percentage of Net Assets is 2.8%. | The notional amount of long futures as a percentage of Net Assets is 2.8%. | The notional amount of long futures as a percentage of Net Assets is 2.8%. | The notional amount of long futures as a percentage of Net Assets is 2.8%. | The notional amount of long futures as a percentage of Net Assets is 2.8%. |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Affiliated fund.

(c) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(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 $2,024,496.

(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.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 68983699 | 250759817 | 224285312 | 3752116 | 1101 | (159) | 95459146 | 95440058 | 0.2% |
| Total | 68983699 | 250759817 | 224285312 | 3752116 | 1101 | (159) | 95459146 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Blue Chip Growth ETF | 28280265 | 2869019 | 25085 | 16937 | 480 | 6028818 | 37153497 | 677489 |
| Fidelity Canada Fund | 20506597 | 15853771 | 1922829 | 2057564 | (34675) | 3762622 | 38165486 | 488175 |
| Fidelity Commodity Strategy Fund | 7449729 | 9904185 | 3014097 | 440327 | (881938) | 1940267 | 15398146 | 151274 |
| Fidelity Contrafund | 28124144 | 3200397 | 1497736 | 1704204 | 66472 | 4369131 | 34262408 | 1409976 |
| Fidelity Emerging Markets Discovery Fund | 17624623 | 1181048 | 23299103 | - | 5811893 | (1318461) | - | - |
| Fidelity Emerging Markets Fund | 172916140 | 13481928 | 53596145 | 89051 | 11154443 | 41069855 | 185026221 | 3710171 |
| Fidelity Enhanced International ETF | 47969015 | - | 4530132 | 1841958 | 783916 | 14645578 | 58868377 | 1609305 |
| Fidelity Enhanced Large Cap Core ETF | 22687453 | 51843979 | 65330391 | 154127 | (1915390) | (168206) | 7117445 | 186467 |
| Fidelity Enhanced Mid Cap ETF | 9052704 | 9158528 | 17298694 | 10483 | (206661) | (705877) | - | - |
| Fidelity Enhanced Small Cap ETF | 13102915 | 8437111 | 19811798 | - | (854492) | (873736) | - | - |
| Fidelity Floating Rate High Income Fund | 16899666 | 1978828 | 765268 | 1266653 | (3049) | (350054) | 17760123 | 1951662 |
| Fidelity Fundamental Small-Mid Cap ETF | 5893816 | 23683951 | 371278 | 186363 | (26953) | 3757463 | 32936999 | 1073216 |
| Fidelity Global Commodity Stock Fund | 1957343 | 2412480 | 183311 | 129936 | 1649 | 1084304 | 5272465 | 234124 |
| Fidelity Hedged Equity Fund | 29480124 | 18380424 | 18307831 | 143996 | 2467499 | 1670282 | 33690498 | 2259591 |
| Fidelity High Income Fund | 17027174 | 37164641 | 16261313 | 2382347 | 469513 | 1687315 | 40087330 | 4949053 |
| Fidelity Inflation-Protected Bond Index Fund | 32926664 | 29879819 | 13838997 | 1968071 | (465985) | 1401850 | 49861968 | 5467321 |
| Fidelity Infrastructure Fund | 2156818 | 110546 | - | 110546 | - | 482804 | 2750168 | 163896 |
| Fidelity International Capital Appreciation Fund | - | 33587178 | 1206921 | 4186190 | (31823) | 8320405 | 74304358 | 2079607 |
| Fidelity International Capital Appreciation Fund | 39824759 | 5569606 | 1979294 | 4487669 | (4070) | (9775482) | - | - |
| Fidelity International Discovery Fund | 47732397 | 6296721 | 5101334 | 3782330 | 338235 | 8816026 | 58082045 | 1016487 |
| Fidelity International Small Cap Fund | 20085018 | 709862 | 25254295 | - | 8644437 | (4185022) | - | - |
| Fidelity International Small Cap Opportunities Fund | 22690066 | 4414721 | 610390 | 3124361 | (98917) | 2779617 | 29175097 | 1337694 |
| Fidelity International Value Fund | 30696740 | 936527 | 42459342 | - | 14513833 | (3687758) | - | - |
| Fidelity Japan Smaller Companies Fund | 17105676 | 996571 | 14155475 | 996572 | 3078494 | (369777) | 6655489 | 396632 |
| Fidelity Long-Term Treasury Bond Index Fund | 22368169 | 14089909 | 35603139 | 688250 | (1982692) | 2591665 | 1463912 | 157579 |
| Fidelity New Markets Income Fund | 1158535 | 65592 | - | 66599 | - | 106342 | 1330469 | 96551 |
| Fidelity Overseas Fund | 194416096 | 21423226 | 15603530 | 10657804 | 292574 | 29104705 | 229633071 | 3188020 |
| Fidelity Real Estate Investment Portfolio | 10867633 | 559232 | 6309077 | 230230 | (149442) | 173154 | 5141500 | 135947 |
| Fidelity Stock Selector Small Cap Fund | 42528499 | 31069544 | 3448991 | 565616 | (50317) | 9178831 | 79277566 | 1872846 |
| Fidelity Total Bond Fund | 226778243 | 67280768 | 48066087 | 9910770 | (1349353) | 7665156 | 252308727 | 26091906 |
| Fidelity Total International Equity Fund | - | 75757136 | 649821 | 928256 | (548) | 1318350 | 76425117 | 5132647 |
| VIP Investment Grade Bond II Portfolio - Investor Class | 225803503 | 68271261 | 47186466 | 10107234 | (1912242) | 7224117 | 252200173 | 26631486 |
| VIP Stock Selector Portfolio - Investor Class | 804721746 | 56826290 | 88309633 | 5169430 | 9385950 | 128002335 | 910626688 | 63325917 |
| VIP Value Strategies Portfolio - Investor Class | 38114591 | 5249756 | 2254711 | 2020878 | (69908) | 1123127 | 42162855 | 2678707 |
|  | 2218946861 | 622644555 | 578252514 | 69424752 | 46970933 | 266869746 | 2577138198 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 615012702 | 615012702 | - | - |
|  **Domestic Equity Funds** | 1197767602 | 1197767602 | - | - |
|  **International Equity Funds** | 764357894 | 764357894 | - | - |
|  **U.S. Treasury Obligations** | 2024496 | - | 2024496 | - |
|  **Money Market Funds** | 95459146 | 95459146 | - | - |
| **Total Investments in Securities:** | 2674621840 | 2672597344 | 2024496 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 713261 | 713261 | - | - |
| Total Assets | 713261 | 713261 | - | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (121977) | (121977) | - | - |
| Total Liabilities | (121977) | (121977) | - | - |
| **Total Derivative Instruments:** | 591284 | 591284 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 713261 | - |
| **Total Equity Risk**  | 713261 | - |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | - | (121977) |
| **Total Interest Rate Risk**  | - | (121977) |
| **Total Value of Derivatives** | 713261 | (121977) |

---

(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 FundsManager® 70% Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,023,963) | $2024496 |  |
| Fidelity Central Funds (cost $95,459,305) | 95459146 |  |
| Other affiliated issuers (cost $2,053,245,035) | 2577138198 |  |
| Total Investment in Securities (cost $2,150,728,303) |  | $2674621840 |
| Receivable for investments sold |  | 47251 |
| Receivable for fund shares sold |  | 90249 |
| Distributions receivable from Fidelity Central Funds |  | 317057 |
| **Total assets** |  | 2675076397 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $47853 |  |
| Payable for fund shares redeemed | 89189 |  |
| Accrued management fee | 221839 |  |
| Distribution and service plan fees payable | 9425 |  |
| Payable for daily variation margin on futures contracts | 312029 |  |
| **Total liabilities** |  | 680335 |
| **Net Assets**  |  | $2674396062 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2076973087 |
| Total accumulated earnings (loss) |  | 597422975 |
| **Net Assets** |  | $2674396062 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($81,881 ÷ 5,413 shares) |  | $15.13 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($75,878,552 ÷ 5,051,599 shares) |  | $15.02 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,598,435,629 ÷ 171,875,137 shares) |  | $15.12 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $43944275 |
| Interest  |  | 85346 |
| Income from Fidelity Central Funds  |  | 3752116 |
| **Total income** |  | 47781737 |
| **Expenses** |  |  |
| Management fee | $3667201 |  |
| Distribution and service plan fees | 179089 |  |
| Independent trustees' fees and expenses | 5901 |  |
| Total expenses before reductions | 3852191 |  |
| Expense reductions | (1299439) |  |
| Total expenses after reductions |  | 2552752 |
| **Net Investment income (loss)** |  | 45228985 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 18 |  |
| Fidelity Central Funds | 1101 |  |
| Other affiliated issuers | 46970933 |  |
| Futures contracts | 4305442 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 25480477 |  |
| Total net realized gain (loss) |  | 76757971 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 324 |  |
| Fidelity Central Funds  | (159) |  |
| Other affiliated issuers  | 266869746 |  |
| Futures contracts | 801839 |  |
| Total change in net unrealized appreciation (depreciation) |  | 267671750 |
| **Net gain (loss)** |  | 344429721 |
| **Net increase (decrease) in net assets resulting from operations** |  | $389658706 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $45228985 | $41386047 |
| &nbsp;&nbsp;Net realized gain (loss) | 76757971<br>| 52628766<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 267671750 | 129730719<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 389658706<br>| 223745532<br>|
| Distributions to shareholders | (69805727)<br>| (39755123)<br>|
| Share transactions - net increase (decrease) | 65254902<br>| 32337091<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 385107881<br>| 216327500<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2289288181 | 2072960681<br>|
| &nbsp;&nbsp;End of period | $2674396062 | $2289288181 |

---

**Financial Highlights** 

**VIP FundsManager® 70% Portfolio Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.28 | $12.19 | $10.74 | $15.55 | $13.90 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .26  | .25  | .21  | .18  | .15  |
| Net realized and unrealized gain (loss)  | 1.99  | 1.08  | 1.48  | (2.33)  | 1.86  |
| Total from investment operations  | 2.25  | 1.33  | 1.69  | (2.15)  | 2.01  |
| Distributions from net investment income  | (.27)  | (.24)  | (.24)  | (.19)  | (.16)  |
| Distributions from net realized gain  | (.13)  | -  | -  | (2.47)  | (.20)  |
| Total distributions  | (.40)  | (.24)  | (.24)  | (2.66)  | (.36)  |
| Net asset value, end of period  | $15.13 | $13.28 | $12.19 | $10.74 | $15.55 |
| **Total Return** C,D | 17.11% <br>| 10.87%  | 15.72%  | (15.65)%  | 14.60%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .29%  | .35%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .14%  | .20%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .14%  | .20%  |
| Net investment income (loss)  | 1.85%  | 1.88%  | 1.87%  | 1.58%  | .99%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $82 | $72 | $66 | $58 | $84 |
| Portfolio turnover rate G | 24% <br>| 29%  | 15%  | 33% H | 60% H |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP FundsManager® 70% Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.19 | $12.11 | $10.67 | $15.47 | $13.83 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .24  | .22  | .20  | .16  | .12  |
| Net realized and unrealized gain (loss)  | 1.97  | 1.07  | 1.46  | (2.31)  | 1.85  |
| Total from investment operations  | 2.21  | 1.29  | 1.66  | (2.15)  | 1.97  |
| Distributions from net investment income  | (.25)  | (.21)  | (.22)  | (.17)  | (.13)  |
| Distributions from net realized gain  | (.13)  | -  | -  | (2.47)  | (.20)  |
| Total distributions  | (.38)  | (.21)  | (.22)  | (2.65) C | (.33)  |
| Net asset value, end of period  | $15.02 | $13.19 | $12.11 | $10.67 | $15.47 |
| **Total Return** D,E | 16.91% <br>| 10.68%  | 15.57%  | (15.79)%  | 14.44%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .40%  | .40%  | .40%  | .44%  | .50%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .29%  | .35%  |
| Expenses net of all reductions, if any  | .25%  | .25%  | .25%  | .29%  | .35%  |
| Net investment income (loss)  | 1.70%  | 1.73%  | 1.72%  | 1.43%  | .84%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $75879 | $69647 | $68638 | $61541 | $74699 |
| Portfolio turnover rate H | 24% <br>| 29%  | 15%  | 33% I | 60% I |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

I*Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP FundsManager® 70% Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.27 | $12.18 | $10.73 | $15.54 | $13.90 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .26  | .25  | .21  | .18  | .15  |
| Net realized and unrealized gain (loss)  | 1.99  | 1.08  | 1.48  | (2.33)  | 1.85  |
| Total from investment operations  | 2.25  | 1.33  | 1.69  | (2.15)  | 2.00  |
| Distributions from net investment income  | (.27)  | (.24)  | (.24)  | (.19)  | (.16)  |
| Distributions from net realized gain  | (.13)  | -  | -  | (2.47)  | (.20)  |
| Total distributions  | (.40)  | (.24)  | (.24)  | (2.66)  | (.36)  |
| Net asset value, end of period  | $15.12 | $13.27 | $12.18 | $10.73 | $15.54 |
| **Total Return** C,D | 17.12% <br>| 10.88%  | 15.73%  | (15.67)%  | 14.52%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .15%  | .15%  | .15%  | .19%  | .25%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .14%  | .20%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .14%  | .20%  |
| Net investment income (loss)  | 1.85%  | 1.88%  | 1.87%  | 1.58%  | .99%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2598436 | $2219570 | $2004256 | $1786172 | $2136227 |
| Portfolio turnover rate G | 24% <br>| 29%  | 15%  | 33% H | 60% H |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP FundsManager® 85% Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 12.9%** | &nbsp;&nbsp;**Bond Funds - 12.9%** | &nbsp;&nbsp;**Bond Funds - 12.9%** |
|  | Shares | Value ($)<br>|
| Fidelity Floating Rate High Income Fund (b) | 889742 | 8096650 |
| Fidelity High Income Fund (b) | 2223496 | 18010319 |
| Fidelity Inflation-Protected Bond Index Fund (b) | 2433489 | 22193423 |
| Fidelity Long-Term Treasury Bond Index Fund (b) | 70268 | 652786 |
| Fidelity New Markets Income Fund (b) | 39060 | 538253 |
| Fidelity Total Bond Fund (b) | 5473849 | 52932116 |
| VIP Investment Grade Bond II Portfolio - Investor Class (b) | 5575421 | 52799240 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $153,178,222) |  | **155222787** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 53.5%** | &nbsp;&nbsp;**Domestic Equity Funds - 53.5%** | &nbsp;&nbsp;**Domestic Equity Funds - 53.5%** |
|  | Shares | Value ($)<br>|
| Fidelity Blue Chip Growth ETF (b) | 346594 | 19007216 |
| Fidelity Commodity Strategy Fund (b) | 58504 | 5955131 |
| Fidelity Contrafund (b) | 757657 | 18411072 |
| Fidelity Enhanced Large Cap Core ETF (b) | 369979 | 14122098 |
| Fidelity Fundamental Small-Mid Cap ETF (b) | 549073 | 16851050 |
| Fidelity Hedged Equity Fund (b) | 1000804 | 14921994 |
| Fidelity Real Estate Investment Portfolio (b) | 61869 | 2339896 |
| Fidelity Stock Selector Small Cap Fund (b) | 1007606 | 42651941 |
| VIP Stock Selector Portfolio - Investor Class (b) | 33930564 | 487921511 |
| VIP Value Strategies Portfolio - Investor Class (b) | 1444902 | 22742750 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $482,116,314) |  | **644924659** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 33.2%** | &nbsp;&nbsp;**International Equity Funds - 33.2%** | &nbsp;&nbsp;**International Equity Funds - 33.2%** |
|  | Shares | Value ($)<br>|
| Fidelity Canada Fund (b) | 267051 | 20878069 |
| Fidelity Emerging Markets Fund (b) | 1904128 | 94958880 |
| Fidelity Enhanced International ETF (b) | 549105 | 20086261 |
| Fidelity Global Commodity Stock Fund (b) | 146596 | 3301347 |
| Fidelity Infrastructure Fund (b) | 70783 | 1187740 |
| Fidelity International Capital Appreciation Fund (b) | 1136367 | 40602401 |
| Fidelity International Discovery Fund (b) | 555467 | 31739369 |
| Fidelity International Small Cap Opportunities Fund (b) | 737320 | 16080942 |
| Fidelity Japan Fund (b) | 35222 | 696342 |
| Fidelity Japan Smaller Companies Fund (b) | 134613 | 2258798 |
| Fidelity Overseas Fund (b) | 1750701 | 126103000 |
| Fidelity Total International Equity Fund (b) | 2803390 | 41742472 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $308,534,109) |  | **399635621** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/15/2026 (d) | 3.90 | 30000 | 29961 |
| US Treasury Bills 0% 1/2/2026 (d) | 3.90 | 550000 | 550000 |
| US Treasury Bills 0% 1/8/2026 (d) | 3.89 to 3.90 | 700000 | 699595 |
| US Treasury Bills 0% 2/5/2026 (d) | 3.81 | 90000 | 89699 |
| US Treasury Bills 0% 3/12/2026 (d) | 3.57 | 180000 | 178777 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $1,547,802) |  |  | **1548032** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e)<br>(Cost $3,580,079)<br>| 3.79 | 3579267 | **3579983** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $948,956,526)<br>| <br>**1204911082** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(331247)** |
| **NET ASSETS - 100.0%** | **1204579835** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 3 | 3/2026 | 1033875 | 293 |
| ICE MSCI EAFE Index Contracts (United States) | 168 | 3/2026 | 24377640 | 244138 |
| ICE MSCI Emerging Markets Index Contracts (United States) | 239 | 3/2026 | 16866230 | 306823 |
| **TOTAL EQUITY CONTRACTS** |  |  |  | 551254 |
| Interest Rate Contracts |  |  |  |  |
| CBOT 10Y US Treasury Notes Contracts (United States) | 99 | 3/2026 | 11115844 | (53670) |
| **TOTAL FUTURES CONTRACTS** |  |  |  | **497584** |
| The notional amount of long futures as a percentage of Net Assets is 4.4%. | The notional amount of long futures as a percentage of Net Assets is 4.4%. | The notional amount of long futures as a percentage of Net Assets is 4.4%. | The notional amount of long futures as a percentage of Net Assets is 4.4%. | The notional amount of long futures as a percentage of Net Assets is 4.4%. |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Affiliated fund.

(c) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(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 $1,548,032.

(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.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 2251223 | 103987443 | 102659789 | 292216 | 1203 | (97) | 3579983 | 3579267 | 0.0% |
| Total | 2251223 | 103987443 | 102659789 | 292216 | 1203 | (97) | 3579983 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Blue Chip Growth ETF | 14524992 | 1401250 | - | 8665 | - | 3080974 | 19007216 | 346594 |
| Fidelity Canada Fund | 10051210 | 10317288 | 1337201 | 1110145 | (19832) | 1866604 | 20878069 | 267051 |
| Fidelity Commodity Strategy Fund | 2609210 | 4493086 | 1533028 | 167284 | (410780) | 796643 | 5955131 | 58504 |
| Fidelity Contrafund | 14449975 | 2753203 | 1113282 | 897013 | 23414 | 2297762 | 18411072 | 757657 |
| Fidelity Emerging Markets Discovery Fund | 6024131 | 1014526 | 8617158 | - | 1839907 | (261406) | - | - |
| Fidelity Emerging Markets Fund | 84368625 | 13807755 | 29232533 | 44955 | 4807672 | 21207361 | 94958880 | 1904128 |
| Fidelity Enhanced International ETF | 21649757 | 222039 | 8576185 | 764228 | 1945954 | 4844696 | 20086261 | 549105 |
| Fidelity Enhanced Large Cap Core ETF | 9382811 | 33732386 | 28936953 | 124511 | (559449) | 503303 | 14122098 | 369979 |
| Fidelity Enhanced Mid Cap ETF | 3767041 | 3878112 | 7260871 | 4389 | (93342) | (290940) | - | - |
| Fidelity Enhanced Small Cap ETF | 5452431 | 3590577 | 8316207 | - | (375759) | (351042) | - | - |
| Fidelity Floating Rate High Income Fund | 4923357 | 3778710 | 454212 | 542246 | (2296) | (148909) | 8096650 | 889742 |
| Fidelity Fundamental Small-Mid Cap ETF | 3027118 | 12165998 | 242320 | 95420 | (26303) | 1926557 | 16851050 | 549073 |
| Fidelity Global Commodity Stock Fund | 1945858 | 863326 | 156595 | 80332 | (359) | 649117 | 3301347 | 146596 |
| Fidelity Hedged Equity Fund | 12127648 | 8026433 | 6982927 | 63778 | 897533 | 853307 | 14921994 | 1000804 |
| Fidelity High Income Fund | 4893512 | 19348419 | 7122099 | 1019979 | 56445 | 834042 | 18010319 | 2223496 |
| Fidelity Inflation-Protected Bond Index Fund | 13725438 | 14107134 | 6003551 | 859666 | (430001) | 811455 | 22193423 | 2433489 |
| Fidelity Infrastructure Fund | 931485 | 47742 | - | 47742 | - | 208513 | 1187740 | 70783 |
| Fidelity International Capital Appreciation Fund | - | 20271653 | 924747 | 2255364 | (22940) | 3080977 | 40602401 | 1136367 |
| Fidelity International Capital Appreciation Fund | 19713204 | 3808672 | 1306651 | 2287460 | (3269) | (4014498) | - | - |
| Fidelity International Discovery Fund | 23746660 | 6080070 | 2642404 | 2038432 | 34248 | 4520795 | 31739369 | 555467 |
| Fidelity International Small Cap Fund | 9890353 | 1047931 | 13162328 | - | 4069614 | (1845570) | - | - |
| Fidelity International Small Cap Opportunities Fund | 11851284 | 3664167 | 864483 | 1701837 | (84664) | 1514638 | 16080942 | 737320 |
| Fidelity International Value Fund | 14860335 | 1392575 | 21551252 | - | 6951676 | (1653334) | - | - |
| Fidelity Japan Fund | 528424 | 63065 | - | 63065 | - | 104853 | 696342 | 35222 |
| Fidelity Japan Smaller Companies Fund | 6913423 | 338226 | 6162046 | 338225 | 1452471 | (283276) | 2258798 | 134613 |
| Fidelity Long-Term Treasury Bond Index Fund | 9388546 | 6495582 | 15485712 | 293381 | (830185) | 1084555 | 652786 | 70268 |
| Fidelity New Markets Income Fund | 468695 | 26536 | - | 26944 | - | 43022 | 538253 | 39060 |
| Fidelity Overseas Fund | 92780850 | 30230183 | 10497674 | 5733709 | 113130 | 13476511 | 126103000 | 1750701 |
| Fidelity Real Estate Investment Portfolio | 4613495 | 494334 | 2773947 | 102936 | (113303) | 119317 | 2339896 | 61869 |
| Fidelity Stock Selector Small Cap Fund | 21842967 | 18338311 | 2387777 | 300154 | (16926) | 4875366 | 42651941 | 1007606 |
| Fidelity Total Bond Fund | 46447709 | 23474292 | 18237312 | 1954835 | (75178) | 1322605 | 52932116 | 5473849 |
| Fidelity Total International Equity Fund | - | 41688065 | 652944 | 500159 | (2283) | 709634 | 41742472 | 2803390 |
| VIP Investment Grade Bond II Portfolio - Investor Class | 46251001 | 23554643 | 17949956 | 2092546 | (523641) | 1467193 | 52799240 | 5575421 |
| VIP Stock Selector Portfolio - Investor Class | 413426873 | 60936796 | 58500589 | 2723311 | 2772772 | 69285659 | 487921511 | 33930564 |
| VIP Value Strategies Portfolio - Investor Class | 19575950 | 4073673 | 1508910 | 1059970 | (39496) | 641533 | 22742750 | 1444902 |
|  | 956154368 | 379526758 | 290493854 | 29302681 | 21334830 | 133278017 | 1199783067 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 155222787 | 155222787 | - | - |
|  **Domestic Equity Funds** | 644924659 | 644924659 | - | - |
|  **International Equity Funds** | 399635621 | 399635621 | - | - |
|  **U.S. Treasury Obligations** | 1548032 | - | 1548032 | - |
|  **Money Market Funds** | 3579983 | 3579983 | - | - |
| **Total Investments in Securities:** | 1204911082 | 1203363050 | 1548032 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 551254 | 551254 | - | - |
| Total Assets | 551254 | 551254 | - | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (53670) | (53670) | - | - |
| Total Liabilities | (53670) | (53670) | - | - |
| **Total Derivative Instruments:** | 497584 | 497584 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 551254 | - |
| **Total Equity Risk**  | 551254 | - |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | - | (53670) |
| **Total Interest Rate Risk**  | - | (53670) |
| **Total Value of Derivatives** | 551254 | (53670) |

---

(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 FundsManager® 85% Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,547,802) | $1548032 |  |
| Fidelity Central Funds (cost $3,580,079) | 3579983 |  |
| Other affiliated issuers (cost $943,828,645) | 1199783067 |  |
| Total Investment in Securities (cost $948,956,526) |  | $1204911082 |
| Receivable for investments sold |  | 46982 |
| Receivable for fund shares sold |  | 9549451 |
| Distributions receivable from Fidelity Central Funds |  | 9692 |
| **Total assets** |  | 1214517207 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $9542675 |  |
| Payable for fund shares redeemed | 53755 |  |
| Accrued management fee | 98549 |  |
| Distribution and service plan fees payable | 8002 |  |
| Payable for daily variation margin on futures contracts | 234391 |  |
| **Total liabilities** |  | 9937372 |
| **Net Assets**  |  | $1204579835 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $914805600 |
| Total accumulated earnings (loss) |  | 289774235 |
| **Net Assets** |  | $1204579835 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($120,519 ÷ 7,668 shares) |  | $15.72 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($64,293,414 ÷ 4,154,316 shares) |  | $15.48 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,140,165,902 ÷ 72,912,515 shares) |  | $15.64 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $15873806 |
| Interest  |  | 66009 |
| Income from Fidelity Central Funds  |  | 292216 |
| **Total income** |  | 16232031 |
| **Expenses** |  |  |
| Management fee | $1583417 |  |
| Distribution and service plan fees | 150381 |  |
| Independent trustees' fees and expenses | 2531 |  |
| Total expenses before reductions | 1736329 |  |
| Expense reductions | (590598) |  |
| Total expenses after reductions |  | 1145731 |
| **Net Investment income (loss)** |  | 15086300 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 40 |  |
| Fidelity Central Funds | 1203 |  |
| Other affiliated issuers | 21334830 |  |
| Futures contracts | 6320146 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 13428875 |  |
| Total net realized gain (loss) |  | 41085094 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 84 |  |
| Fidelity Central Funds  | (97) |  |
| Other affiliated issuers  | 133278017 |  |
| Futures contracts | 1319777 |  |
| Total change in net unrealized appreciation (depreciation) |  | 134597781 |
| **Net gain (loss)** |  | 175682875 |
| **Net increase (decrease) in net assets resulting from operations** |  | $190769175 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $15086300 | $13289649 |
| &nbsp;&nbsp;Net realized gain (loss) | 41085094<br>| 25610836<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 134597781 | 63287400<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 190769175<br>| 102187885<br>|
| Distributions to shareholders | (34425962)<br>| (12653461)<br>|
| Share transactions - net increase (decrease) | 88881285<br>| 67748056<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 245224498<br>| 157282480<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 959355337 | 802072857<br>|
| &nbsp;&nbsp;End of period | $1204579835 | $959355337 |

---

**Financial Highlights** 

**VIP FundsManager® 85% Portfolio Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.58 | $12.23 | $10.55 | $15.82 | $13.88 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .21  | .20  | .17  | .12  | .12  |
| Net realized and unrealized gain (loss)  | 2.40  | 1.33  | 1.69  | (2.46)  | 2.34  |
| Total from investment operations  | 2.61  | 1.53  | 1.86  | (2.34)  | 2.46  |
| Distributions from net investment income  | (.21)  | (.18)  | (.18)  | (.13)  | (.15)  |
| Distributions from net realized gain  | (.26)  | -  | -  | (2.80)  | (.37)  |
| Total distributions  | (.47)  | (.18)  | (.18)  | (2.93)  | (.52)  |
| Net asset value, end of period  | $15.72 | $13.58 | $12.23 | $10.55 | $15.82 |
| **Total Return** C,D | 19.43% <br>| 12.53%  | 17.69%  | (17.01)%  | 18.02%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .29%  | .25%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .14%  | .20%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .14%  | .20%  |
| Net investment income (loss)  | 1.43%  | 1.49%  | 1.48%  | 1.18%  | .78%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $121 | $113 | $111 | $100 | $- |
| Portfolio turnover rate G | 28% <br>| 34%  | 19%  | 28% H | 68% H |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP FundsManager® 85% Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.38 | $12.05 | $10.40 | $15.65 | $13.76 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .18  | .17  | .15  | .11  | .10  |
| Net realized and unrealized gain (loss)  | 2.37  | 1.32  | 1.67  | (2.45)  | 2.29  |
| Total from investment operations  | 2.55  | 1.49  | 1.82  | (2.34)  | 2.39  |
| Distributions from net investment income  | (.19)  | (.16)  | (.17)  | (.11)  | (.13)  |
| Distributions from net realized gain  | (.26)  | -  | -  | (2.80)  | (.37)  |
| Total distributions  | (.45)  | (.16)  | (.17)  | (2.91)  | (.50)  |
| Net asset value, end of period  | $15.48 | $13.38 | $12.05 | $10.40 | $15.65 |
| **Total Return** C,D | 19.26% <br>| 12.38%  | 17.48%  | (17.19)%  | 17.64%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .40%  | .40%  | .40%  | .44%  | .50%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .29%  | .35%  |
| Expenses net of all reductions, if any  | .25%  | .25%  | .25%  | .29%  | .35%  |
| Net investment income (loss)  | 1.28%  | 1.34%  | 1.33%  | 1.03%  | .68%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $64293 | $58215 | $53871 | $48826 | $58047 |
| Portfolio turnover rate G | 28% <br>| 34%  | 19%  | 28% H | 68% H |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP FundsManager® 85% Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.51 | $12.17 | $10.50 | $15.77 | $13.86 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .21  | .20  | .17  | .13  | .12  |
| Net realized and unrealized gain (loss)  | 2.39  | 1.32  | 1.68  | (2.47)  | 2.31  |
| Total from investment operations  | 2.60  | 1.52  | 1.85  | (2.34)  | 2.43  |
| Distributions from net investment income  | (.21)  | (.18)  | (.18)  | (.13)  | (.15)  |
| Distributions from net realized gain  | (.26)  | -  | -  | (2.80)  | (.37)  |
| Total distributions  | (.47)  | (.18)  | (.18)  | (2.93)  | (.52)  |
| Net asset value, end of period  | $15.64 | $13.51 | $12.17 | $10.50 | $15.77 |
| **Total Return** C,D | 19.46% <br>| 12.51%  | 17.68%  | (17.07)%  | 17.83%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .15%  | .15%  | .15%  | .19%  | .25%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .14%  | .20%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .14%  | .20%  |
| Net investment income (loss)  | 1.43%  | 1.49%  | 1.48%  | 1.18%  | .83%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1140166 | $901027 | $748091 | $635839 | $755243 |
| Portfolio turnover rate G | 28% <br>| 34%  | 19%  | 28% H | 68% H |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

VIP FundsManager 20% Portfolio, VIP FundsManager 30% Portfolio, VIP FundsManager 40% Portfolio, VIP FundsManager 50% Portfolio, VIP FundsManager 60% Portfolio, VIP FundsManager 70% Portfolio, and VIP FundsManager 85% Portfolio (the Funds) are funds of Variable Insurance Products Fund V (the Trust). 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. Each Fund is authorized to issue an unlimited number of shares. 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 three classes of shares: Service Class, Service Class 2 and Investor Class. All classes have equal rights and voting privileges, except for matters affecting a single class. Each Fund is a fund of funds, and therefore invests in other funds instead of individual securities. Each Fund invests primarily in a combination of Fidelity mutual funds and exchange-traded funds.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

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. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of 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:

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.

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.

Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025 is included at the end of each Fund's Schedule of Investments.

**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. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds are recorded on the ex-dividend date. Distributions from any underlying mutual funds or exchange-traded funds that are deemed to be return of capital are recorded as a reduction of cost of investments. Interest income is accrued as earned. Interest income 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.

**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, 2025, 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.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to the short-term gain distributions from the underlying mutual funds or exchange-traded funds (ETFs), futures contracts, 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 for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **VIP FundsManager 20% Portfolio**  | 654044781 | 43711698 | (7811255) | 35900443 |
| **VIP FundsManager 30% Portfolio**  | 26299687 | 1758739 | (91346) | 1667393 |
| **VIP FundsManager 40% Portfolio**  | 50900809 | 3784881 | (294162) | 3490719 |
| **VIP FundsManager 50% Portfolio**  | 3381266213 | 596664508 | (36082804) | 560581704 |
| **VIP FundsManager 60% Portfolio**  | 6317396662 | 1397495748 | (53050758) | 1344444990 |
| **VIP FundsManager 70% Portfolio**  | 2155163132 | 531993322 | (12534614) | 519458708 |
| **VIP FundsManager 85% Portfolio**  | 951400070 | 257002118 | (3491106) | 253511012 |

---

The tax-based components of distributable earnings as of period end were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Undistributed long-term capital gain ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **VIP FundsManager 20% Portfolio**  | 52814 | - | (17371737) | 35900443 |
| **VIP FundsManager 30% Portfolio**  | 2152 | 90962 | - | 1667393 |
| **VIP FundsManager 40% Portfolio**  | 2872 | 228410 | - | 3490719 |
| **VIP FundsManager 50% Portfolio**  | 526182 | 147832133 | - | 560581705 |
| **VIP FundsManager 60% Portfolio**  | 2442596 | 220529873 | - | 1346164661 |
| **VIP FundsManager 70% Portfolio**  | 685842 | 77278426 | - | 519458708 |
| **VIP FundsManager 85% Portfolio**  | 432251 | 35830971 | - | 253511012 |

---

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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **VIP FundsManager 20% Portfolio**  | (10279078) | (7092659) | (17371737) |

---

The tax character of distributions paid was as follows:

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| | | | |
|:---|:---|:---|:---|
| **December 31, 2025** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **VIP FundsManager 20% Portfolio**  | 24583977 | - | 24583977 |
| **VIP FundsManager 30% Portfolio**  | 771355 | 129110 | 900465 |
| **VIP FundsManager 40% Portfolio**  | 1221335 | 255281 | 1476616 |
| **VIP FundsManager 50% Portfolio**  | 101066686 | - | 101066686 |
| **VIP FundsManager 60% Portfolio**  | 163178621 | 28252696 | 191431317 |
| **VIP FundsManager 70% Portfolio**  | 47698933 | 22106794 | 69805727 |
| **VIP FundsManager 85% Portfolio**  | 21356990 | 13068972 | 34425962 |

---

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2024** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **VIP FundsManager 20% Portfolio**  | 24562137 | - | 24562137 |
| **VIP FundsManager 30% Portfolio**  | 414627 | 10047 | 424674 |
| **VIP FundsManager 40% Portfolio**  | 666858 | 21828 | 688686 |
| **VIP FundsManager 50% Portfolio**  | 95669676 | - | 95669676 |
| **VIP FundsManager 60% Portfolio**  | 140926408 | - | 140926408 |
| **VIP FundsManager 70% Portfolio**  | 39755123 | - | 39755123 |
| **VIP FundsManager 85% Portfolio**  | 12653461 | - | 12653461 |

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**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>|
| Interest Rate Risk  | Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates. |

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives.** The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

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| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **VIP FundsManager 20% Portfolio** |  |  |
| **Equity Risk** |  |  |
| Futures Contracts | 1009122 | 191014 |
| **Total Equity Risk** | <u>1009122</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>191014</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | 384394 | (31985) |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>384394</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(31985)</u> |
| Totals | <u>1393516</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>159029</u> |
| **VIP FundsManager 30% Portfolio** |  |  |
| **Interest Rate Risk** |  |  |
| Futures Contracts | 10842 | (1084) |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>10842</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(1084)</u> |
| Totals | &nbsp;&nbsp;&nbsp;&nbsp; <u>10842</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(1084)</u> |
| **VIP FundsManager 40% Portfolio** |  |  |
| **Interest Rate Risk** |  |  |
| Futures Contracts | 17815 | (2168) |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>17815</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(2168)</u> |
| Totals | &nbsp;&nbsp;&nbsp;&nbsp; <u>17815</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(2168)</u> |
| **VIP FundsManager 50% Portfolio** |  |  |
| **Equity Risk** |  |  |
| Futures Contracts | 5989314 | 1309999 |
| **Total Equity Risk** | <u>5989314</u> | <u>1309999</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | 2249438 | (185405) |
| **Total Interest Rate Risk** | <u>2249438</u> | <u>(185405)</u> |
| Totals | <u>8238752</u> | <u>1124594</u> |
| **VIP FundsManager 60% Portfolio** |  |  |
| **Equity Risk** |  |  |
| Futures Contracts | 9399252 | 2863360 |
| **Total Equity Risk** | <u>9399252</u> | <u>2863360</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | 3948271 | (353462) |
| **Total Interest Rate Risk** | <u>3948271</u> | <u>(353462)</u> |
| Totals | <u>13347523</u> | <u>2509898</u> |
| **VIP FundsManager 70% Portfolio** |  |  |
| **Equity Risk** |  |  |
| Futures Contracts | 2985373 | 923816 |
| **Total Equity Risk** | <u>2985373</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>923816</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | 1320069 | (121977) |
| **Total Interest Rate Risk** | <u>1320069</u> | <u>(121977)</u> |
| Totals | <u>4305442</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>801839</u> |
| **VIP FundsManager 85% Portfolio** |  |  |
| **Equity Risk** |  |  |
| Futures Contracts | 5765279 | 1373447 |
| **Total Equity Risk** | <u>5765279</u> | <u>1373447</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | 554867 | (53670) |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>554867</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(53670)</u> |
| Totals | <u>6320146</u> | <u>1319777</u> |

---

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.

**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, bond market and fluctuations in interest rates.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP FundsManager 20% Portfolio** | 205867422 | 203850858 |
| **VIP FundsManager 30% Portfolio** | 21111845 | 9974402 |
| **VIP FundsManager 40% Portfolio** | 40989468 | 15159281 |
| **VIP FundsManager 50% Portfolio** | 1086551867 | 1360209624 |
| **VIP FundsManager 60% Portfolio** | 1765129632 | 1865101888 |
| **VIP FundsManager 70% Portfolio** | 622644555 | 578252514 |
| **VIP FundsManager 85% Portfolio** | 379526758 | 290493854 |

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**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) provides the Funds with investment management related services. For these services each Fund pays a monthly management fee to the investment adviser. The management fee is based on an annual rate of .15% of each fund's average net assets. Under the management contract, the investment adviser pays all other fund-level operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee is reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

During the period, the investment adviser waived a portion of its management fee as described in the Expense Reductions note.

**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:

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| | | | |
|:---|:---|:---|:---|
|  | **Service Class ($)** | **Service Class 2 ($)** | **Total ($)** |
| **VIP FundsManager 20% Portfolio**  | 60 | 33794 | 33854 |
| **VIP FundsManager 30% Portfolio**  | 370 | 925 | 1295 |
| **VIP FundsManager 40% Portfolio**  | 381 | 952 | 1333 |
| **VIP FundsManager 50% Portfolio**  | 60 | 193998 | 194058 |
| **VIP FundsManager 60% Portfolio**  | 135002 | 1461968 | 1596970 |
| **VIP FundsManager 70% Portfolio**  | 76 | 179013 | 179089 |
| **VIP FundsManager 85% Portfolio**  | 114 | 150267 | 150381 |

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**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP FundsManager 20% Portfolio** | 342039 | 1230539 | (480) |
| **VIP FundsManager 30% Portfolio** | 501192 | 27838 | (179) |
| **VIP FundsManager 40% Portfolio** | 818683 | 49504 | (649) |
| **VIP FundsManager 50% Portfolio** | 984041 | 821517 | 159254 |
| **VIP FundsManager 60% Portfolio** | 1907529 | 455673 | 71713 |
| **VIP FundsManager 70% Portfolio** | 655456 | 104457 | 9601 |
| **VIP FundsManager 85% Portfolio** | 292090 | 2022305 | 9959 |

---

**Prior Fiscal Year Reallocation of Underlying Fund Investments.** During the period, the investment adviser reallocated investments of the Funds. This involved taxable redemptions of each Fund's interest in Fidelity U.S. Low Volatility Equity Fund ("Underlying Fund") for investments. Net realized gain (loss) on the redemptions of the Underlying Fund in connection with the reallocation is included in the accompanying Statements of Operations as "Net realized gain (loss) on Affiliated issuers."

Details of these transactions with the net realized gain (loss) for the Funds are presented in the accompanying table:

---

| | | |
|:---|:---|:---|
|  | **Value of Investments and Cash reallocated ($)** | **Net realized gain (loss) on redemptions of Underlying Fund ($)** |
| **VIP FundsManager 20% Portfolio** | 7324821 | 953928 |
| **VIP FundsManager 50% Portfolio** | 42189458 | 5917244 |
| **VIP FundsManager 60% Portfolio** | 63616477 | 8938799 |
| **VIP FundsManager 70% Portfolio** | 20635443 | 2889874 |
| **VIP FundsManager 85% Portfolio** | 7972170 | 1111792 |

---

**7. Expense Reductions.** 

The investment adviser contractually agreed to waive each Fund's management fee in an amount equal to .05% of each Fund's average net assets until April 30, 2027. During the period, each Fund's management fees were reduced by the following amounts:

---

| | |
|:---|:---|
|  | **Management Fee Waiver ($)** |
| **VIP FundsManager 20% Portfolio** | 339733 |
| **VIP FundsManager 30% Portfolio** | 10999 |
| **VIP FundsManager 40% Portfolio** | 17231 |
| **VIP FundsManager 50% Portfolio** | 1948607 |
| **VIP FundsManager 60% Portfolio** | 3602722 |
| **VIP FundsManager 70% Portfolio** | 1224367 |
| **VIP FundsManager 85% Portfolio** | 528649 |

---

In addition, FMR has contractually agreed to reimburse 0.10% of class-level expenses for each Fund's Service Class and Service Class 2. During the period, this reimbursement reduced each Fund's Service Class and Service Class 2's expenses by the following amounts:

---

| | |
|:---|:---|
|  | **Reimbursement ($)**  |
| **VIP FundsManager 20% Portfolio** |  |
| Service Class | 60 |
| Service Class 2 | 13517 |
| **VIP FundsManager 30% Portfolio** |  |
| Service Class | 370 |
| Service Class 2 | 370 |
| **VIP FundsManager 40% Portfolio** |  |
| Service Class | 381 |
| Service Class 2 | 381 |
| **VIP FundsManager 50% Portfolio** |  |
| Service Class | 60 |
| Service Class 2 | 77599 |
| **VIP FundsManager 60% Portfolio** |  |
| Service Class | 135002 |
| Service Class 2 | 584787 |
| **VIP FundsManager 70% Portfolio** |  |
| Service Class | 76 |
| Service Class 2 | 71605 |
| **VIP FundsManager 85% Portfolio** |  |
| Service Class | 114 |
| Service Class 2 | 60107 |

---

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 FundsManager 20% Portfolio**  | 1921 |
| **VIP FundsManager 30% Portfolio**  | 457 |
| **VIP FundsManager 40% Portfolio**  | 520 |
| **VIP FundsManager 50% Portfolio**  | 3368 |
| **VIP FundsManager 60% Portfolio**  | 3685 |
| **VIP FundsManager 70% Portfolio**  | 3391 |
| **VIP FundsManager 85% Portfolio**  | 1728 |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024**  |
| **VIP FundsManager 20% Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Service Class | $2236 | $2204 |
| Service Class 2 | 515251 | 428565 |
| Investor Class | <u>24066490</u> | <u>24131368</u> |
| Total  | <u>$24583977</u> | <u>$24562137</u> |
| **VIP FundsManager 30% Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Service Class | $12720 | $10622 |
| Service Class 2 | 12188 | 10090 |
| Investor Class | <u>875557</u> | <u>403962</u> |
| Total  | <u>$900465</u> | <u>$424674</u> |
| **VIP FundsManager 40% Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Service Class | $11555 | $10556 |
| Service Class 2 | 10989 | 10023 |
| Investor Class | <u>1454072</u> | <u>668107</u> |
| Total  | <u>$1476616</u> | <u>$688686</u> |
| **VIP FundsManager 50% Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Service Class | $1636 | $1388 |
| Service Class 2 | 1949079 | 1769713 |
| Investor Class | <u>99115971</u> | <u>93898575</u> |
| Total  | <u>$101066686</u> | <u>$95669676</u> |
| **VIP FundsManager 60% Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Service Class | $3761416 | $2407728 |
| Service Class 2 | 14439860 | 11178443 |
| Investor Class | <u>173230041</u> | <u>127340237</u> |
| Total  | <u>$191431317</u> | <u>$140926408</u> |
| **VIP FundsManager 70% Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Service Class | $2179 | $1272 |
| Service Class 2 | 1930501 | 1116348 |
| Investor Class | <u>67873047</u> | <u>38637503</u> |
| Total  | <u>$69805727</u> | <u>$39755123</u> |
| **VIP FundsManager 85% Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Service Class | $3656 | $1497 |
| Service Class 2 | 1864732 | 697777 |
| Investor Class | <u>32557574</u> | <u>11954187</u> |
| Total  | <u>$34425962</u> | <u>$12653461</u> |

---

**9. Share Transactions.**

Transactions for each class of shares were as follows and may contain in-kind transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024**  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024**  |
| **VIP FundsManager 20% Portfolio** |  |  |  |  |
| **Service Class** |  |  |  |  |
| Shares sold | 641 | 602 | $7121 | $6446 |
| Reinvestment of distributions  | 16 | 21 | 182 | 219 |
| Shares redeemed | <u>(768)</u> | <u>(694)</u> | <u>(8483)</u> | <u>(7500)</u> |
| Net increase (decrease) | <u>(111)</u> | <u>(71)</u> | <u>$(1180)</u> | <u>$(835)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 341111 | 239233 | $3755070 | $2584163 |
| Reinvestment of distributions  | 46134 | 40374 | 515251 | 428565 |
| Shares redeemed | <u>(197574)</u> | <u>(229927)</u> | <u>(2162628)</u> | <u>(2474285)</u> |
| Net increase (decrease) | <u>189671</u> | <u>49680</u> | <u>$2107693</u> | <u>$538443</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 2041553 | 1217947 | $22743655 | $13199944 |
| Reinvestment of distributions  | 2147866 | 2267071 | 24066490 | 24131368 |
| Shares redeemed | <u>(6522559)</u> | <u>(10497596)</u> | <u>(72052855)</u> | <u>(113083923)</u> |
| Net increase (decrease) | <u>(2333140)</u> | <u>(7012578)</u> | <u>$(25242710)</u> | <u>$(75752611)</u> |
| **VIP FundsManager 30% Portfolio** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 1472594 | 890942 | $16286018 | $9490756 |
| Reinvestment of distributions  | 75668 | 37015 | 862798 | 393307 |
| Shares redeemed | <u>(478864)</u> | <u>(143530)</u> | <u>(5285625)</u> | <u>(1544967)</u> |
| Net increase (decrease) | <u>1069398</u> | <u>784427</u> | <u>$11863191</u> | <u>$8339096</u> |
| **VIP FundsManager 40% Portfolio** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 2904151 | 1066790 | $33552057 | $11740344 |
| Reinvestment of distributions  | 121397 | 60388 | 1442481 | 657520 |
| Shares redeemed | <u>(701074)</u> | <u>(221049)</u> | <u>(7849287)</u> | <u>(2439892)</u> |
| Net increase (decrease) | <u>2324474</u> | <u>906129</u> | <u>$27145251</u> | <u>$9957972</u> |
| **VIP FundsManager 50% Portfolio** |  |  |  |  |
| **Service Class** |  |  |  |  |
| Shares sold | 24 | 26 | $314 | $315 |
| Shares redeemed | <u>(25)</u> | <u>(26)</u> | <u>(313)</u> | <u>(313)</u> |
| Net increase (decrease) | <u>(1)</u> | <u>-</u> | <u>$1</u> | <u>$2</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 734201 | 683358 | $9081473 | $8078532 |
| Reinvestment of distributions  | 146495 | 147556 | 1949079 | 1769713 |
| Shares redeemed | <u>(1375112)</u> | <u>(1175311)</u> | <u>(17105956)</u> | <u>(14053154)</u> |
| Net increase (decrease) | <u>(494416)</u> | <u>(344397)</u> | <u>$(6075404)</u> | <u>$(4204909)</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 1553760 | 2266957 | $19883513 | $27355707 |
| Reinvestment of distributions  | 7410218 | 7796561 | 99115971 | 93898575 |
| Shares redeemed | <u>(42672938)</u> | <u>(64028367)</u> | <u>(541058496)</u> | <u>(764238723)</u> |
| Net increase (decrease) | <u>(33708960)</u> | <u>(53964849)</u> | <u>$(422059012)</u> | <u>$(642984441)</u> |
| **VIP FundsManager 60% Portfolio** |  |  |  |  |
| **Service Class** |  |  |  |  |
| Shares sold | 3327530 | 2653727 | $36439736 | $27426524 |
| Reinvestment of distributions  | 325101 | 230821 | 3759991 | 2406684 |
| Shares redeemed | <u>(1843419)</u> | <u>(1625705)</u> | <u>(20268245)</u> | <u>(16755404)</u> |
| Net increase (decrease) | <u>1809212</u> | <u>1258843</u> | <u>$19931482</u> | <u>$13077804</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 1457180 | 1889185 | $16113038 | $19461905 |
| Reinvestment of distributions  | 1259799 | 1076634 | 14439860 | 11178443 |
| Shares redeemed | <u>(7593447)</u> | <u>(7274295)</u> | <u>(83873528)</u> | <u>(74460234)</u> |
| Net increase (decrease) | <u>(4876468)</u> | <u>(4308476)</u> | <u>$(53320630)</u> | <u>$(43819886)</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 38654534 | 60737620 | $423268166 | $628300050 |
| Reinvestment of distributions  | 15007567 | 12214883 | 173230041 | 127340237 |
| Shares redeemed | <u>(58057887)</u> | <u>(72857954)</u> | <u>(639101293)</u> | <u>(747812558)</u> |
| Net increase (decrease) | (4395786) | <u>94549</u> | <u>$(42603086)</u> | <u>$7827729</u> |
| **VIP FundsManager 70% Portfolio** |  |  |  |  |
| **Service Class** |  |  |  |  |
| Shares sold | 234 | 257 | $3307 | $3307 |
| Reinvestment of distributions  | 2 | 1 | 27 | 17 |
| Shares redeemed | <u>(237)</u> | <u>(255)</u> | <u>(3309)</u> | <u>(3304)</u> |
| Net increase (decrease) | <u>(1)</u> | <u>3</u> | <u>$25</u> | <u>$20</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 248704 | 241852 | $3472592 | $3129428 |
| Reinvestment of distributions  | 134251 | 84569 | 1930500 | 1116348 |
| Shares redeemed | <u>(611648)</u> | <u>(715086)</u> | <u>(8506775)</u> | <u>(9298374)</u> |
| Net increase (decrease) | <u>(228693)</u> | <u>(388665)</u> | <u>$(3103683)</u> | <u>$(5052598)</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 7174239 | 9344829 | $101251313 | $122005457 |
| Reinvestment of distributions  | 4669508 | 2908326 | 67873047 | 38637503 |
| Shares redeemed | <u>(7201696)</u> | <u>(9534789)</u> | <u>(100765800)</u> | <u>(123253291)</u> |
| Net increase (decrease) | <u>4642051</u> | <u>2718366</u> | <u>$68358560</u> | <u>$37389669</u> |
| **VIP FundsManager 85% Portfolio** |  |  |  |  |
| **Service Class** |  |  |  |  |
| Shares sold | 181 | 284 | $2593 | $3755 |
| Reinvestment of distributions  | 246 | 110 | 3656 | 1497 |
| Shares redeemed | <u>(1070)</u> | <u>(1171)</u> | <u>(15331)</u> | <u>(15384)</u> |
| Net increase (decrease) | <u>(643)</u> | <u>(777)</u> | <u>$(9082)</u> | <u>$(10132)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 288276 | 322858 | $4124265 | $4206733 |
| Reinvestment of distributions  | 127788 | 52143 | 1864731 | 697777 |
| Shares redeemed | <u>(613072)</u> | <u>(493276)</u> | <u>(8747148)</u> | <u>(6417266)</u> |
| Net increase (decrease) | <u>(197008)</u> | <u>(118275)</u> | <u>$(2758152)</u> | <u>$(1512756)</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 8213068 | 7939691 | $118951847 | $104431714 |
| Reinvestment of distributions  | 2193874 | 884245 | 32557574 | 11954187 |
| Shares redeemed | <u>(4176631)</u> | <u>(3606258)</u> | <u>(59860902)</u> | <u>(47114957)</u> |
| Net increase (decrease) | <u>6230311</u> | <u>5217678</u> | <u>$91648519</u> | <u>$69270944</u> |

---

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

Funds do not invest in underlying mutual funds for the purpose of exercising management or control; however, investments by funds within their principal investment strategies may represent a significant portion of the underlying mutual fund's net assets. At the end of the period, certain Funds were the owners of record of 10% or more of the total outstanding shares of the following underlying mutual funds as shown below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **VIP FundsManager 50% Portfolio** | **VIP FundsManager 60% Portfolio** | **VIP FundsManager 70% Portfolio** | **VIP FundsManager 85% Portfolio** |
| Fidelity Commodity Strategy Fund | 21% | 40% | 14% | - |
| Fidelity Hedged Equity Fund | - | 16% | - | - |
| Fidelity Total International Equity Fund | - | 12% | - | - |
| VIP Investment Grade Bond II Portfolio  | 19% | 31% | - | - |
| VIP Stock Selector Portfolio | 20% | 48% | 19% | 10% |
| VIP Value Strategies Portfolio | - | 11% | - | - |

---

The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following underlying mutual funds.

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| Fidelity Commodity Strategy Fund | 86% |
| Fidelity Hedged Equity Fund | 33% |
| Fidelity Total International Equity Fund | 25% |
| VIP Investment Grade Bond II Portfolio | 63% |
| VIP Stock Selector Portfolio | 99% |
| VIP Value Strategies Portfolio | 23% |

---

`

In addition, 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%, respectively, of the outstanding shares of the following Funds:

---

| | | | |
|:---|:---|:---|:---|
|  | **Affiliated %** | **Number of Unaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| VIP FundsManager 20% Portfolio | 98% | - | - |
| VIP FundsManager 30% Portfolio | 100% | - | - |
| VIP FundsManager 40% Portfolio | 100% | - | - |
| VIP FundsManager 50% Portfolio | 48% | - | - |
| VIP FundsManager 60% Portfolio | 31% | 3 | 45% |
| VIP FundsManager 70% Portfolio | 97% | - | - |
| VIP FundsManager 85% Portfolio | 95% | - | - |

---

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund V and Shareholders of each of the seven funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (seven of the funds constituting Variable Insurance Products Fund V, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2025, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Statement of Operations**  | &nbsp;&nbsp;**Statement of Changes in Net Assets**  | &nbsp;&nbsp;**Financial Highlights**  |
| &nbsp;&nbsp;VIP FundsManager 20% Portfolio<br> VIP FundsManager 50% Portfolio<br> VIP FundsManager 60% Portfolio<br> VIP FundsManager 70% Portfolio<br> VIP FundsManager 85% Portfolio | &nbsp;&nbsp;For the year ended December 31, 2025 | &nbsp;&nbsp;For the years ended December 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| &nbsp;&nbsp;VIP FundsManager 30% Portfolio<br> VIP FundsManager 40% Portfolio | &nbsp;&nbsp;For the year ended December 31, 2025<br>| &nbsp;&nbsp;For the years ended December 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended December 31, 2025 and 2024, and for the period April 13, 2023 (commencement of operations) through December 31, 2023 |

---

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' 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 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 of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 13, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended December 31, 2025, or, if subsequently determined to be different, the net capital gain of such year.

---

| | |
|:---|:---|
| **VIP FundsManager 30% Portfolio** | $199880 |
| **VIP FundsManager 40% Portfolio** | $442466 |
| **VIP FundsManager 50% Portfolio** | $147832133 |
| **VIP FundsManager 60% Portfolio** | $221336533 |
| **VIP FundsManager 70% Portfolio** | $77393715 |
| **VIP FundsManager 85% Portfolio** | $35945907 |

---

A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax.

---

| | |
|:---|:---|
| **VIP FundsManager 20% Portfolio** | 33.78% |
| **VIP FundsManager 30% Portfolio** | 28.22% |
| **VIP FundsManager 40% Portfolio** | 24.32% |
| **VIP FundsManager 50% Portfolio** | 22.14% |
| **VIP FundsManager 60% Portfolio** | 18.80% |
| **VIP FundsManager 70% Portfolio** | 14.85% |
| **VIP FundsManager 85% Portfolio** | 7.87% |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **VIP FundsManager 20% Portfolio** | $22109201 |
| **VIP FundsManager 30% Portfolio** | $660322 |
| **VIP FundsManager 40% Portfolio** | $959970 |
| **VIP FundsManager 50% Portfolio** | $77812490 |
| **VIP FundsManager 60% Portfolio** | $116002791 |
| **VIP FundsManager 70% Portfolio** | $29420189 |
| **VIP FundsManager 85% Portfolio** | $7008817 |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | | | |
|:---|:---|:---|:---|
|  | **Investor Class** | **Service Class** | **Service Class 2** |
| **VIP FundsManager 20% Portfolio** |  |  |  |
| February, 2025 | 0% | 0% | 0% |
| December, 2025 | 2% | 2% | 2% |
| **VIP FundsManager 30% Portfolio** |  |  |  |
| February, 2025 | 2% | 2% | 2% |
| December, 2025 | 4% | 4% | 4% |
| **VIP FundsManager 40% Portfolio** |  |  |  |
| December, 2025 | 6% | 6% | 6% |
| **VIP FundsManager 50% Portfolio** |  |  |  |
| February, 2025 | 1% | 1% | 1% |
| December, 2025 | 7% | 7% | 8% |
| **VIP FundsManager 60% Portfolio** |  |  |  |
| February, 2025 | 1% | 1% | 1% |
| December, 2025 | 10% | 10% | 11% |
| **VIP FundsManager 70% Portfolio** |  |  |  |
| February, 2025 | 0% | 0% | 0% |
| December, 2025 | 14% | 14% | 15% |
| **VIP FundsManager 85% Portfolio** |  |  |  |
| February, 2025 | 0% | 0% | 0% |
| December, 2025 | 17% | 17% | 18% |

---

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 FundsManager 20% Portfolio** |  |  |  |
| Investor Class | 12/30/2025 | $0.0143 | $0.0014 |
| Service Class | 12/30/2025 | $0.0143 | $0.0014 |
| Service Class 2 | 12/30/2025 | $0.0138 | $0.0014 |
| **VIP FundsManager 30% Portfolio** |  |  |  |
| Investor Class | 12/30/2025 | $0.0200 | $0.0024 |
| Service Class | 12/30/2025 | $0.0200 | $0.0024 |
| Service Class 2 | 12/30/2025 | $0.0190 | $0.0024 |
| **VIP FundsManager 40% Portfolio** |  |  |  |
| Investor Class | 12/30/2025 | $0.0262 | $0.0031 |
| Service Class | 12/30/2025 | $0.0262 | $0.0031 |
| Service Class 2 | 12/30/2025 | $0.0246 | $0.0031 |
| **VIP FundsManager 50% Portfolio** |  |  |  |
| Investor Class | 12/30/2025 | $0.0423 | $0.0040 |
| Service Class | 12/30/2025 | $0.0423 | $0.0040 |
| Service Class 2 | 12/30/2025 | $0.0398 | $0.0040 |
| **VIP FundsManager 60% Portfolio** |  |  |  |
| Investor Class | 12/30/2025 | $0.0407 | $0.0041 |
| Service Class | 12/30/2025 | $0.0407 | $0.0041 |
| Service Class 2 | 12/30/2025 | $0.0379 | $0.0041 |
| **VIP FundsManager 70% Portfolio** |  |  |  |
| Investor Class | 12/30/2025 | $0.0599 | $0.0061 |
| Service Class | 12/30/2025 | $0.0599 | $0.0061 |
| Service Class 2 | 12/30/2025 | $0.0550 | $0.0061 |
| **VIP FundsManager 85% Portfolio** |  |  |  |
| Investor Class | 12/30/2025 | $0.0715 | $0.0072 |
| Service Class | 12/30/2025 | $0.0715 | $0.0072 |
| Service Class 2 | 12/30/2025 | $0.0659 | $0.0072 |

---

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**VIP FundsManager 20% Portfolio**

**VIP FundsManager 30% Portfolio**

**VIP FundsManager 40% Portfolio**

**VIP FundsManager 50% Portfolio**

**VIP FundsManager 60% Portfolio**

**VIP FundsManager 70% Portfolio**

**VIP FundsManager 85% Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) for each fund (the Advisory Contract, and each fund's Advisory Contract collectively, the Advisory Contracts). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contract, including the services and support provided to each fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of each fund's Advisory Contract before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew each fund's Advisory Contract. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and the total expense ratio of a representative class; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in that fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contract was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds and experience of investment personnel of FMR, and also considered FMR's implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups with responsibility for the underlying Fidelity funds in which each fund invests. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, such as size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by Fidelity under the Advisory Contract and under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the investment adviser, or reports it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against one or more appropriate indices, including a customized blended index that reflects the respective weights of the fund's asset classes (each a benchmark index) and an appropriate peer group of funds with similar investment objectives (peer group). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance. For VIP FundsManager 50%, VIP FundsManager 60%, VIP FundsManager 70%, and VIP FundsManager 85%, the fund underperformed its benchmark and peers for the one- and three-year periods ended May 31, 2025, and as a result, the Board continues to engage in discussions with FMR regarding the steps it is taking to address performance of these funds.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and the total expense ratio of the representative class (Investor Class), the Board considered each fund's all-inclusive (subject to certain limited exceptions) fee rate. The Board also considered other expenses, such as pricing and bookkeeping fees and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also considered fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) for Investor Class of each fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of Investor Class of each fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Investor Class of each fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Investor Class of each fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of Investor Class of each fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

The information provided to the Board indicated that the level of servicing for both Fidelity's and competitors' classes ranges across classes from those that provide all servicing at the class level, like Investor Classes, to those that split servicing between the class level and the annuity level. When servicing is provided at the annuity level, it is not reflected in the total expense ratio of the class and, for that reason, the fees of funds that provide service at the class level are not directly comparable to the fees of funds that provide service at the annuity level.

<u>Other Contractual Arrangements</u>. The Board considered that FMR has contractually agreed to waive 0.05% of each fund's management fee through April 30, 2026.

The Board further considered that FMR contractually agreed to reimburse 0.10% of "class-level" expenses for Service Class and Service Class 2 as long as these classes continue to be sold to unaffiliated insurance companies.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that each fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the funds and all the Fidelity funds, including the Fidelity funds in which the funds invest.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contract should be renewed through September 30, 2026.

![](img123137_4.jpg)<br>

1.843208.119 VIPFM-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Freedom Lifetime Income® I Portfolio**

**VIP Freedom Lifetime Income® II Portfolio**

**VIP Freedom Lifetime Income® III Portfolio**

**Annual Report**

**December 31, 2025**

![](img123138_1.jpg)

![](img123138_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIPFLI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Freedom Lifetime Income® I Portfolio](#Sub_Sec_Fund_1492_VIPFLI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Freedom Lifetime Income® II Portfolio](#Sub_Sec_Fund_1493_VIPFLI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Freedom Lifetime Income® III Portfolio](#Sub_Sec_Fund_1494_VIPFLI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1492_VIPFLI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPFLI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPFLI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPFLI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPFLI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPFLI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPFLI-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the 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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**VIP Freedom Lifetime Income® I Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 61.4%** | &nbsp;&nbsp;**Bond Funds - 61.4%** | &nbsp;&nbsp;**Bond Funds - 61.4%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 136848 | 1248051 |
| Fidelity International Bond Index Fund (a) | 31181 | 285931 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 25451 | 236440 |
| VIP High Income Portfolio - Investor Class (a) | 20180 | 97672 |
| VIP Investment Grade Bond II Portfolio - Investor Class (a) | 324145 | 3069656 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $5,131,864) |  | **4937750** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 12.0%** | &nbsp;&nbsp;**Domestic Equity Funds - 12.0%** | &nbsp;&nbsp;**Domestic Equity Funds - 12.0%** |
|  | Shares | Value ($)<br>|
| Fidelity Commodity Strategy Fund (a) | 915 | 93090 |
| VIP Contrafund Portfolio - Investor Class (a) | 2594 | 153426 |
| VIP Equity Income Portfolio - Investor Class (a) | 4270 | 124423 |
| VIP Growth & Income Portfolio - Investor Class (a) | 5161 | 170784 |
| VIP Growth Portfolio - Investor Class (a) | 2638 | 254518 |
| VIP Mid Cap Portfolio - Investor Class (a) | 1054 | 39042 |
| VIP Value Portfolio - Investor Class (a) | 4521 | 86890 |
| VIP Value Strategies Portfolio - Investor Class (a) | 2736 | 43066 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $675,872) |  | **965239** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 12.4%** | &nbsp;&nbsp;**International Equity Funds - 12.4%** | &nbsp;&nbsp;**International Equity Funds - 12.4%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Investor Class (a) | 19925 | 313224 |
| VIP Overseas Portfolio - Investor Class (a) | 25075 | 686798 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $640,290) |  | **1000022** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 14.2%** | &nbsp;&nbsp;**Money Market Funds - 14.2%** | &nbsp;&nbsp;**Money Market Funds - 14.2%** | &nbsp;&nbsp;**Money Market Funds - 14.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Investor Class (a)(b)<br>(Cost $1,144,817)<br>| 3.60 | 1144817 | **1144817** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $7,592,843)<br>| <br>**8047828** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(2)** |
| **NET ASSETS - 100.0%** | **8047826** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Commodity Strategy Fund | - | 92719 | 587 | 458 | 5 | 953 | 93090 | 915 |
| Fidelity Inflation-Protected Bond Index Fund | 1320236 | 127604 | 234753 | 49607 | (10189) | 46834 | 1248051 | 136848 |
| Fidelity International Bond Index Fund | 266860 | 69219 | 46039 | 10697 | (792) | (3317) | 285931 | 31181 |
| Fidelity Long-Term Treasury Bond Index Fund | 253951 | 96911 | 120282 | 11075 | (18601) | 24461 | 236440 | 25451 |
| VIP Contrafund Portfolio - Investor Class | 139049 | 82903 | 68241 | 23778 | (3339) | 3054 | 153426 | 2594 |
| VIP Emerging Markets Portfolio - Investor Class | 451571 | 134047 | 384884 | 9080 | 51826 | 60664 | 313224 | 19925 |
| VIP Equity Income Portfolio - Investor Class | 113450 | 60344 | 58838 | 8895 | (1092) | 10559 | 124423 | 4270 |
| VIP Government Money Market Portfolio - Investor Class | 1295809 | 436745 | 587737 | 51753 | - | - | 1144817 | 1144817 |
| VIP Growth & Income Portfolio - Investor Class | 155658 | 86367 | 80609 | 17867 | (1192) | 10560 | 170784 | 5161 |
| VIP Growth Portfolio - Investor Class | 230446 | 129154 | 99073 | 32029 | (8044) | 2035 | 254518 | 2638 |
| VIP High Income Portfolio - Investor Class | 101970 | 8602 | 16555 | 6268 | (206) | 3861 | 97672 | 20180 |
| VIP Investment Grade Bond II Portfolio - Investor Class | 3298468 | 429142 | 752827 | 124029 | (24683) | 119556 | 3069656 | 324145 |
| VIP Mid Cap Portfolio - Investor Class | 35718 | 18912 | 14903 | 4300 | (893) | 208 | 39042 | 1054 |
| VIP Overseas Portfolio - Investor Class | 622390 | 299863 | 304485 | 67994 | 28524 | 40506 | 686798 | 25075 |
| VIP Value Portfolio - Investor Class | 79717 | 42155 | 35086 | 7623 | (1661) | 1765 | 86890 | 4521 |
| VIP Value Strategies Portfolio - Investor Class | 39622 | 18132 | 15277 | 2099 | (1012) | 1601 | 43066 | 2736 |
|  | 8404915 | 2132819 | 2820176 | 427552 | 8651 | 323300 | 8047828 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 4937750 | 4937750 | - | - |
|  **Domestic Equity Funds** | 965239 | 965239 | - | - |
|  **International Equity Funds** | 1000022 | 1000022 | - | - |
|  **Money Market Funds** | 1144817 | 1144817 | - | - |
| **Total Investments in Securities:** | 8047828 | 8047828 | - | - |

---

**VIP Freedom Lifetime Income® I Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $7,592,843) | $8047828 |  |
| Total Investment in Securities (cost $7,592,843) |  | $8047828 |
| Receivable for investments sold |  | 91444 |
| **Total assets** |  | 8139272 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $91311 |  |
| Payable for fund shares redeemed | 135 |  |
| **Total liabilities** |  | 91446 |
| **Net Assets**  |  | $8047826 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $7521411 |
| Total accumulated earnings (loss) |  | 526415 |
| **Net Assets** |  | $8047826 |
| **Net Asset Value**, offering price and redemption price per share ($8,047,826 ÷ 739,288 shares) |  | $10.89 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $277454 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $20 |  |
| **Total expenses** |  | 20 |
| **Net Investment income (loss)** |  | 277434 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | 8651 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 150098 |  |
| Total net realized gain (loss) |  | 158749 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 323300 |  |
| Total change in net unrealized appreciation (depreciation) |  | 323300 |
| **Net gain (loss)** |  | 482049 |
| **Net increase (decrease) in net assets resulting from operations** |  | $759483 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $277434 | $301255 |
| &nbsp;&nbsp;Net realized gain (loss) | 158749<br>| 77092<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 323300 | (611)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 759483<br>| 377736<br>|
| Distributions to shareholders | (277209)<br>| (334854)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 13941 | 42879 |
| Reinvestment of distributions | 277209<br>| 334854<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1130511) | (987272) |
| **Net increase (decrease) in net assets resulting from share transactions** | (839361)<br>| (609539)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (357087)<br>| (566657)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 8404913 | 8971570<br>|
| &nbsp;&nbsp;End of period | $8047826 | $8404913 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1241 | 4007 |
| Issued in reinvestment of distributions | 25726<br>| 32590<br>|
| &nbsp;&nbsp;Redeemed | (105122) | (93901) |
| &nbsp;&nbsp;Net increase (decrease) | (78155) | (57304) |

---

**Financial Highlights** 

**VIP Freedom Lifetime Income® I Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.28 | $10.26 | $9.93 | $12.01 | $12.11 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .36  | .36  | .35  | .27  | .22  |
| Net realized and unrealized gain (loss)  | .63  | .08  | .42  | (1.66)  | .17  |
| Total from investment operations  | .99  | .44  | .77  | (1.39)  | .39  |
| Distributions from net investment income  | (.38)  | (.41)  | (.44)  | (.24)  | (.13)  |
| Distributions from net realized gain  | - C | (.01)  | -  | (.45)  | (.36)  |
| Total distributions  | (.38)  | (.42)  | (.44)  | (.69)  | (.49)  |
| Net asset value, end of period  | $10.89 | $10.28 | $10.26 | $9.93 | $12.01 |
| **Total Return** D,E | 9.70% <br>| 4.28%  | 7.89%  | (12.01)%  | 3.26%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 3.37%  | 3.44%  | 3.43%  | 2.59%  | 1.83%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $8048 | $8405 | $8972 | $9355 | $11934 |
| Portfolio turnover rate I | 26% <br>| 20%  | 17%  | 63%  | 18%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**VIP Freedom Lifetime Income® II Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 59.4%** | &nbsp;&nbsp;**Bond Funds - 59.4%** | &nbsp;&nbsp;**Bond Funds - 59.4%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 408588 | 3726320 |
| Fidelity International Bond Index Fund (a) | 102460 | 939554 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 88087 | 818330 |
| VIP High Income Portfolio - Investor Class (a) | 63968 | 309607 |
| VIP Investment Grade Bond II Portfolio - Investor Class (a) | 986600 | 9343099 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $15,764,861) |  | **15136910** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 15.4%** | &nbsp;&nbsp;**Domestic Equity Funds - 15.4%** | &nbsp;&nbsp;**Domestic Equity Funds - 15.4%** |
|  | Shares | Value ($)<br>|
| Fidelity Commodity Strategy Fund (a) | 2676 | 272363 |
| VIP Contrafund Portfolio - Investor Class (a) | 10870 | 642981 |
| VIP Equity Income Portfolio - Investor Class (a) | 17895 | 521460 |
| VIP Growth & Income Portfolio - Investor Class (a) | 21630 | 715724 |
| VIP Growth Portfolio - Investor Class (a) | 11056 | 1066643 |
| VIP Mid Cap Portfolio - Investor Class (a) | 4416 | 163613 |
| VIP Value Portfolio - Investor Class (a) | 18945 | 364127 |
| VIP Value Strategies Portfolio - Investor Class (a) | 11466 | 180477 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $2,270,166) |  | **3927388** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 14.8%** | &nbsp;&nbsp;**International Equity Funds - 14.8%** | &nbsp;&nbsp;**International Equity Funds - 14.8%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Investor Class (a) | 74687 | 1174083 |
| VIP Overseas Portfolio - Investor Class (a) | 94649 | 2592433 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $2,346,420) |  | **3766516** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 10.4%** | &nbsp;&nbsp;**Money Market Funds - 10.4%** | &nbsp;&nbsp;**Money Market Funds - 10.4%** | &nbsp;&nbsp;**Money Market Funds - 10.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Investor Class (a)(b)<br>(Cost $2,669,669)<br>| 3.60 | 2669669 | **2669669** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $23,051,116)<br>| <br>**25500483** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(8)** |
| **NET ASSETS - 100.0%** | **25500475** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Commodity Strategy Fund | - | 271103 | 1465 | 1249 | 8 | 2717 | 272363 | 2676 |
| Fidelity Inflation-Protected Bond Index Fund | 3653389 | 534578 | 555592 | 145356 | (28734) | 127322 | 3726320 | 408588 |
| Fidelity International Bond Index Fund | 867424 | 215060 | 129530 | 35259 | (4037) | (9363) | 939554 | 102460 |
| Fidelity Long-Term Treasury Bond Index Fund | 836058 | 311390 | 348533 | 36810 | (51380) | 70795 | 818330 | 88087 |
| VIP Contrafund Portfolio - Investor Class | 652726 | 248341 | 269743 | 103081 | 4299 | 7358 | 642981 | 10870 |
| VIP Emerging Markets Portfolio - Investor Class | 1624010 | 427844 | 1303916 | 33597 | 195852 | 230293 | 1174083 | 74687 |
| VIP Equity Income Portfolio - Investor Class | 532591 | 161433 | 221021 | 38234 | 6684 | 41773 | 521460 | 17895 |
| VIP Government Money Market Portfolio - Investor Class | 2581462 | 1479779 | 1391572 | 112130 | - | - | 2669669 | 2669669 |
| VIP Growth & Income Portfolio - Investor Class | 730727 | 234553 | 303204 | 76768 | 25940 | 27708 | 715724 | 21630 |
| VIP Growth Portfolio - Investor Class | 1081755 | 371991 | 380921 | 137627 | (17549) | 11367 | 1066643 | 11056 |
| VIP High Income Portfolio - Investor Class | 307222 | 30488 | 38950 | 19853 | (2556) | 13403 | 309607 | 63968 |
| VIP Investment Grade Bond II Portfolio - Investor Class | 9217327 | 1550152 | 1678860 | 375729 | (49784) | 304264 | 9343099 | 986600 |
| VIP Mid Cap Portfolio - Investor Class | 167677 | 57328 | 59770 | 18949 | (2209) | 587 | 163613 | 4416 |
| VIP Overseas Portfolio - Investor Class | 2502752 | 825581 | 1000983 | 263478 | 140765 | 124318 | 2592433 | 94649 |
| VIP Value Portfolio - Investor Class | 374248 | 117860 | 130917 | 33672 | (3871) | 6807 | 364127 | 18945 |
| VIP Value Strategies Portfolio - Investor Class | 186018 | 51140 | 60308 | 9215 | (2487) | 6114 | 180477 | 11466 |
|  | 25315386 | 6888621 | 7875285 | 1441007 | 210941 | 965463 | 25500483 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 15136910 | 15136910 | - | - |
|  **Domestic Equity Funds** | 3927388 | 3927388 | - | - |
|  **International Equity Funds** | 3766516 | 3766516 | - | - |
|  **Money Market Funds** | 2669669 | 2669669 | - | - |
| **Total Investments in Securities:** | 25500483 | 25500483 | - | - |

---

**VIP Freedom Lifetime Income® II Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $23,051,116) | $25500483 |  |
| Total Investment in Securities (cost $23,051,116) |  | $25500483 |
| Receivable for investments sold |  | 217293 |
| **Total assets** |  | 25717776 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $216872 |  |
| Payable for fund shares redeemed | 429 |  |
| **Total liabilities** |  | 217301 |
| **Net Assets**  |  | $25500475 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $22302920 |
| Total accumulated earnings (loss) |  | 3197555 |
| **Net Assets** |  | $25500475 |
| **Net Asset Value**, offering price and redemption price per share ($25,500,475 ÷ 2,049,038 shares) |  | $12.45 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $819186 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $62 |  |
| **Total expenses** |  | 62 |
| **Net Investment income (loss)** |  | 819124 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | 210941 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 621821 |  |
| Total net realized gain (loss) |  | 832762 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 965463 |  |
| Total change in net unrealized appreciation (depreciation) |  | 965463 |
| **Net gain (loss)** |  | 1798225 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2617349 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $819124 | $814134 |
| &nbsp;&nbsp;Net realized gain (loss) | 832762<br>| 620187<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 965463 | (2014)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2617349<br>| 1432307<br>|
| Distributions to shareholders | (1398315)<br>| (935406)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 182309 | 207598 |
| Reinvestment of distributions | 1398315<br>| 935406<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (2614561) | (2649501) |
| **Net increase (decrease) in net assets resulting from share transactions** | (1033937)<br>| (1506497)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 185097<br>| (1009596)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 25315378 | 26324974<br>|
| &nbsp;&nbsp;End of period | $25500475 | $25315378 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 14221 | 16796 |
| Issued in reinvestment of distributions | 115585<br>| 78988<br>|
| &nbsp;&nbsp;Redeemed | (212944) | (219447) |
| &nbsp;&nbsp;Net increase (decrease) | (83138) | (123663) |

---

**Financial Highlights** 

**VIP Freedom Lifetime Income® II Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.87 | $11.67 | $11.04 | $13.96 | $13.83 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .39  | .38  | .35  | .29  | .25  |
| Net realized and unrealized gain (loss)  | .88  | .27  | .72  | (2.12)  | .60  |
| Total from investment operations  | 1.27  | .65  | 1.07  | (1.83)  | .85  |
| Distributions from net investment income  | (.40)  | (.42)  | (.44)  | (.26)  | (.15)  |
| Distributions from net realized gain  | (.28)  | (.02)  | -  | (.83)  | (.57)  |
| Total distributions  | (.69) C | (.45) C | (.44)  | (1.09)  | (.72)  |
| Net asset value, end of period  | $12.45 | $11.87 | $11.67 | $11.04 | $13.96 |
| **Total Return** D,E | 10.90% <br>| 5.57%  | 9.80%  | (13.83)%  | 6.27%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 3.22%  | 3.13%  | 3.07%  | 2.43%  | 1.78%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $25500 | $25315 | $26325 | $26287 | $33250 |
| Portfolio turnover rate I | 27% <br>| 23%  | 18%  | 63%  | 23%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**VIP Freedom Lifetime Income® III Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 52.3%** | &nbsp;&nbsp;**Bond Funds - 52.3%** | &nbsp;&nbsp;**Bond Funds - 52.3%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 407776 | 3718921 |
| Fidelity International Bond Index Fund (a) | 107584 | 986541 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 151622 | 1408568 |
| VIP High Income Portfolio - Investor Class (a) | 75359 | 364736 |
| VIP Investment Grade Bond II Portfolio - Investor Class (a) | 973931 | 9223131 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $16,442,559) |  | **15701897** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 25.1%** | &nbsp;&nbsp;**Domestic Equity Funds - 25.1%** | &nbsp;&nbsp;**Domestic Equity Funds - 25.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Commodity Strategy Fund (a) | 2480 | 252394 |
| VIP Contrafund Portfolio - Investor Class (a) | 21635 | 1279681 |
| VIP Equity Income Portfolio - Investor Class (a) | 35616 | 1037852 |
| VIP Growth & Income Portfolio - Investor Class (a) | 43048 | 1424454 |
| VIP Growth Portfolio - Investor Class (a) | 22004 | 2122971 |
| VIP Mid Cap Portfolio - Investor Class (a) | 8789 | 325621 |
| VIP Value Portfolio - Investor Class (a) | 37704 | 724679 |
| VIP Value Strategies Portfolio - Investor Class (a) | 22820 | 359183 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $4,298,426) |  | **7526835** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 21.4%** | &nbsp;&nbsp;**International Equity Funds - 21.4%** | &nbsp;&nbsp;**International Equity Funds - 21.4%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Investor Class (a) | 126050 | 1981502 |
| VIP Overseas Portfolio - Investor Class (a) | 162367 | 4447237 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $4,132,329) |  | **6428739** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Investor Class (a)(b)<br>(Cost $353,307)<br>| 3.60 | 353307 | **353307** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $25,226,621)<br>| <br>**30010778** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(2)** |
| **NET ASSETS - 100.0%** | **30010776** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Commodity Strategy Fund | - | 251212 | 1119 | 882 | 7 | 2294 | 252394 | 2480 |
| Fidelity Inflation-Protected Bond Index Fund | 3481287 | 750284 | 598467 | 141780 | (52347) | 142589 | 3718921 | 407776 |
| Fidelity International Bond Index Fund | 1129914 | 226624 | 357213 | 37634 | (16360) | 3576 | 986541 | 107584 |
| Fidelity Long-Term Treasury Bond Index Fund | 1472172 | 317512 | 409478 | 58014 | (62326) | 90688 | 1408568 | 151622 |
| VIP Contrafund Portfolio - Investor Class | 1300683 | 386680 | 449025 | 204779 | 16285 | 25058 | 1279681 | 21635 |
| VIP Emerging Markets Portfolio - Investor Class | 2479623 | 489490 | 1684358 | 54428 | 226580 | 470167 | 1981502 | 126050 |
| VIP Equity Income Portfolio - Investor Class | 1061311 | 206679 | 335155 | 75801 | 10825 | 94192 | 1037852 | 35616 |
| VIP Government Money Market Portfolio - Investor Class | 228821 | 1395918 | 1271432 | 14016 | - | - | 353307 | 353307 |
| VIP Growth & Income Portfolio - Investor Class | 1456136 | 313426 | 468161 | 152263 | 54297 | 68756 | 1424454 | 43048 |
| VIP Growth Portfolio - Investor Class | 2155604 | 593647 | 642658 | 273063 | (4830) | 21208 | 2122971 | 22004 |
| VIP High Income Portfolio - Investor Class | 350041 | 44325 | 41916 | 23183 | 243 | 12043 | 364736 | 75359 |
| VIP Investment Grade Bond II Portfolio - Investor Class | 7918105 | 2366219 | 1281099 | 365353 | (24051) | 243957 | 9223131 | 973931 |
| VIP Mid Cap Portfolio - Investor Class | 334134 | 91691 | 99599 | 37709 | (2815) | 2210 | 325621 | 8789 |
| VIP Overseas Portfolio - Investor Class | 4345058 | 1024982 | 1352462 | 457309 | 188337 | 241322 | 4447237 | 162367 |
| VIP Value Portfolio - Investor Class | 745778 | 163614 | 195536 | 67218 | (3258) | 14081 | 724679 | 37704 |
| VIP Value Strategies Portfolio - Investor Class | 370691 | 73549 | 95009 | 18352 | (3245) | 13197 | 359183 | 22820 |
|  | 28829358 | 8695852 | 9282687 | 1981784 | 327342 | 1445338 | 30010778 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 15701897 | 15701897 | - | - |
|  **Domestic Equity Funds** | 7526835 | 7526835 | - | - |
|  **International Equity Funds** | 6428739 | 6428739 | - | - |
|  **Money Market Funds** | 353307 | 353307 | - | - |
| **Total Investments in Securities:** | 30010778 | 30010778 | - | - |

---

**VIP Freedom Lifetime Income® III Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $25,226,621) | $30010778 |  |
| Total Investment in Securities (cost $25,226,621) |  | $30010778 |
| Receivable for investments sold |  | 281013 |
| **Total assets** |  | 30291791 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $280516 |  |
| Payable for fund shares redeemed | 499 |  |
| **Total liabilities** |  | 281015 |
| **Net Assets**  |  | $30010776 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $23856654 |
| Total accumulated earnings (loss) |  | 6154122 |
| **Net Assets** |  | $30010776 |
| **Net Asset Value**, offering price and redemption price per share ($30,010,776 ÷ 2,154,147 shares) |  | $13.93 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $806346 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $72 |  |
| **Total expenses** |  | 72 |
| **Net Investment income (loss)** |  | 806274 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | 327342 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 1175438 |  |
| Total net realized gain (loss) |  | 1502780 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 1445338 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1445338 |
| **Net gain (loss)** |  | 2948118 |
| **Net increase (decrease) in net assets resulting from operations** |  | $3754392 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $806274 | $734282 |
| &nbsp;&nbsp;Net realized gain (loss) | 1502780<br>| 1358378<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1445338 | 98829<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 3754392<br>| 2191489<br>|
| Distributions to shareholders | (2111313)<br>| (1106077)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 36139 | 313980 |
| Reinvestment of distributions | 2111313<br>| 1106077<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (2609114) | (2297248) |
| **Net increase (decrease) in net assets resulting from share transactions** | (461662)<br>| (877191)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1181417<br>| 208221<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 28829359 | 28621138<br>|
| &nbsp;&nbsp;End of period | $30010776 | $28829359 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 2533 | 23085 |
| Issued in reinvestment of distributions | 159610<br>| 84874<br>|
| &nbsp;&nbsp;Redeemed | (193077) | (172774) |
| &nbsp;&nbsp;Net increase (decrease) | (30934) | (64815) |

---

**Financial Highlights** 

**VIP Freedom Lifetime Income® III Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.19 | $12.72 | $11.63 | $15.29 | $14.72 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .37  | .33  | .30  | .27  | .26  |
| Net realized and unrealized gain (loss)  | 1.36  | .65  | 1.17  | (2.58)  | 1.15  |
| Total from investment operations  | 1.73  | .98  | 1.47  | (2.31)  | 1.41  |
| Distributions from net investment income  | (.37)  | (.37)  | (.38)  | (.26)  | (.16)  |
| Distributions from net realized gain  | (.61)  | (.14)  | -  | (1.10)  | (.67)  |
| Total distributions  | (.99) C | (.51)  | (.38)  | (1.35) C | (.84) C |
| Net asset value, end of period  | $13.93 | $13.19 | $12.72 | $11.63 | $15.29 |
| **Total Return** D,E | 13.62% <br>| 7.80%  | 12.73%  | (16.04)%  | 9.78%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.73%  | 2.51%  | 2.47%  | 2.18%  | 1.73%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $30011 | $28829 | $28621 | $27768 | $36135 |
| Portfolio turnover rate I | 29% <br>| 25%  | 19%  | 61%  | 28%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

VIP Freedom Lifetime Income I Portfolio, VIP Freedom Lifetime Income II Portfolio, and VIP Freedom Lifetime Income III Portfolio (the Funds) are funds of Variable Insurance Products Fund V (the Trust). 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. Each Fund is authorized to issue an unlimited number of shares. 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 is a fund of funds, and therefore invests in other funds instead of individual securities. Each Fund invests primarily in a combination of Fidelity U.S. equity funds, international equity funds, bond funds, and short-term funds.

**2. 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. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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:

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. The aggregate value of investments by input level as of December 31, 2025 is included at the end of each Fund's Schedule of Investments.

**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. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds are recorded on the ex-dividend date. Distributions from any underlying mutual funds or exchange-traded funds that are deemed to be return of capital are recorded as a reduction of cost of investments.

**Expenses.** 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, 2025, 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.

Distributions are declared and recorded on the ex-dividend date. 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 short-term gain distributions from the Underlying Funds, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **VIP Freedom Lifetime Income I Portfolio**  | 7636907 | 664084 | (253163) | 410921 |
| **VIP Freedom Lifetime Income II Portfolio**  | 23175103 | 3104169 | (778789) | 2325380 |
| **VIP Freedom Lifetime Income III Portfolio**  | 25343240 | 5555071 | (887533) | 4667538 |

---

The tax-based components of distributable earnings as of period end were as follows for each Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Undistributed long-term capital gain ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **VIP Freedom Lifetime Income I Portfolio**  | 32882 | 82611 | 410921 |
| **VIP Freedom Lifetime Income II Portfolio**  | 103515 | 768661 | 2325380 |
| **VIP Freedom Lifetime Income III Portfolio**  | 103649 | 1382934 | 4667538 |

---

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2025** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **VIP Freedom Lifetime Income I Portfolio**  | 277209 | - | 277209 |
| **VIP Freedom Lifetime Income II Portfolio**  | 836271 | 562044 | 1398315 |
| **VIP Freedom Lifetime Income III Portfolio**  | 853319 | 1257994 | 2111313 |

---

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2024** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **VIP Freedom Lifetime Income I Portfolio**  | 334854 | - | 334854 |
| **VIP Freedom Lifetime Income II Portfolio**  | 935406 | - | 935406 |
| **VIP Freedom Lifetime Income III Portfolio**  | 883329 | 222748 | 1106077 |

---

**3. 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 Freedom Lifetime Income I Portfolio** | 2132819 | 2820176 |
| **VIP Freedom Lifetime Income II Portfolio** | 6888621 | 7875285 |
| **VIP Freedom Lifetime Income III Portfolio** | 8695852 | 9282687 |

---

**4. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) provides the Funds with investment management related services. The Funds do not pay any fees for these services. Under the management contract, the investment adviser pays all expenses, except the compensation of the independent Trustees, and certain miscellaneous expenses such as interest expense.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**5. 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 Freedom Lifetime Income I Portfolio**  | 100 |
| **VIP Freedom Lifetime Income II Portfolio**  | 100 |
| **VIP Freedom Lifetime Income III Portfolio**  | 100 |

---

**6. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund V and the Shareholders of VIP Freedom Lifetime Income I Portfolio, VIP Freedom Lifetime Income II Portfolio and VIP Freedom Lifetime Income III Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of VIP Freedom Lifetime Income I Portfolio, VIP Freedom Lifetime Income II Portfolio and VIP Freedom Lifetime Income III Portfolio (the "Funds"), each a fund of Variable Insurance Products Fund V, including the schedules of investments, as of December 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, and the results of its 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 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 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, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended December 31, 2025, or, if subsequently determined to be different, the net capital gain of such year.

---

| | |
|:---|:---|
| **VIP Freedom Lifetime Income I Portfolio** | $82611 |
| **VIP Freedom Lifetime Income II Portfolio** | $770822 |
| **VIP Freedom Lifetime Income III Portfolio** | $1383684 |

---

A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax:

---

| | |
|:---|:---|
| **VIP Freedom Lifetime Income I Portfolio** | 32.83% |
| **VIP Freedom Lifetime Income II Portfolio** | 27.28% |
| **VIP Freedom Lifetime Income III Portfolio** | 17.74% |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| **VIP Freedom Lifetime Income I Portfolio** |  |
| December 2025 | 3% |
| **VIP Freedom Lifetime Income II Portfolio** |  |
| December 2025 | 4% |
| **VIP Freedom Lifetime Income III Portfolio** |  |
| December 2025 | 8% |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **VIP Freedom Lifetime Income I Portfolio** | $240030 |
| **VIP Freedom Lifetime Income II Portfolio** | $690185 |
| **VIP Freedom Lifetime Income III Portfolio** | $624012 |

---

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 Freedom Lifetime Income I Portfolio** | 12/17/25 | $0.0339 | $0.0030 |
| **VIP Freedom Lifetime Income II Portfolio** | 12/17/25 | $0.0443 | $0.0041 |
| **VIP Freedom Lifetime Income III Portfolio** | 12/17/25 | $0.0625 | $0.0065 |

---

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**VIP Freedom Lifetime Income I Portfolio**

**VIP Freedom Lifetime Income II Portfolio**

**VIP Freedom Lifetime Income III Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) for each fund (the Advisory Contract, and each fund's Advisory Contract collectively, the Advisory Contracts). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contract, including the services and support provided to each fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of each fund's Advisory Contract before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew each fund's Advisory Contract. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in that fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contract was in the best interests of each fund and its shareholders and that the fact that no fees are payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds and experience of investment personnel, and also considered FMR's implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups with responsibility for the underlying Fidelity funds in which each fund invests. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, such as size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by Fidelity under the Advisory Contract and under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the investment adviser, or reports it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against one or more appropriate indices, including a customized blended index that reflects the respective weights of the fund's asset classes (each a benchmark index). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance. VIP Freedom Lifetime Income I Portfolio underperformed its benchmark and peers for the one- and three-year periods ended January 31, 2025, and as a result, the Board continues to engage in discussions with FMR regarding the steps it is taking to address the fund's performance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board noted that the funds do not pay FMR a management fee for investment advisory services, and that each fund bears indirectly the fees and expenses, including the management fees, paid by the underlying Fidelity funds in which it invests. In its review of each fund's total expense ratio, the Board considered each fund's all-inclusive (subject to certain limited exceptions) fee rate. The Board noted that each fund invests in a class of shares of the underlying Fidelity funds that does not charge a 12b-1 fee. The Board considered that the funds do not pay transfer agent fees. Instead, the applicable class of each underlying Fidelity fund bears its pro rata portion of each fund's transfer agent fee according to the percentage of each fund's assets invested in that underlying fund. The Board further noted that FMR pays all other expenses of each fund, with limited exceptions. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). For each fund, data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) for each fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons for each fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of each fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of each fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that each fund's management fee rate ranked equal to the competitive median of the total peer group for 2024 and equal to the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of each fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that each fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each 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 considered the level of Fidelity's profits in respect of the funds and all the Fidelity funds, including the Fidelity funds in which the funds invest.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund were not relevant to the renewal of each fund's Advisory Contract because the funds do not pay management fees and FMR pays all other expenses of each fund, with limited exceptions.

**Economies of Scale.** The Board concluded that because the funds do not pay management fees and FMR pays all other expenses of each fund, with limited exceptions, economies of scale cannot be realized by the funds, but may be realized by the other Fidelity funds in which each fund invests, many of which may benefit from breakpoints under the group fee arrangement.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contract should be renewed through September 30, 2026.

![](img123138_4.jpg)<br>

1.816199.120 VIPFLI-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Freedom Income Portfolio℠**

**VIP Freedom 2010 Portfolio℠**

**VIP Freedom 2015 Portfolio℠**

**VIP Freedom 2020 Portfolio℠**

**VIP Freedom 2025 Portfolio℠**

**VIP Freedom 2030 Portfolio℠**

**VIP Freedom 2035 Portfolio℠**

**VIP Freedom 2040 Portfolio℠**

**VIP Freedom 2045 Portfolio℠**

**VIP Freedom 2050 Portfolio℠**

**VIP Freedom 2055 Portfolio℠**

**VIP Freedom 2060 Portfolio℠**

**VIP Freedom 2065 Portfolio℠**

**VIP Freedom 2070 Portfolio℠**

**(VIP Freedom Income Portfolio℠ to be renamed VIP Freedom Retirement Portfolio℠ effective April 30, 2026)**

**Annual Report**

**December 31, 2025**

![](img123139_1.jpg)

![](img123139_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIPFF2K-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Freedom Income Portfolio℠](#Sub_Sec_Fund_1417_VIPFF2K-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Freedom 2010 Portfolio℠](#Sub_Sec_Fund_1423_VIPFF2K-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Freedom 2015 Portfolio℠](#Sub_Sec_Fund_1426_VIPFF2K-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Freedom 2020 Portfolio℠](#Sub_Sec_Fund_1429_VIPFF2K-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Freedom 2025 Portfolio℠](#Sub_Sec_Fund_1432_VIPFF2K-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Freedom 2030 Portfolio℠](#Sub_Sec_Fund_1435_VIPFF2K-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Freedom 2035 Portfolio℠](#Sub_Sec_Fund_2159_VIPFF2K-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Freedom 2040 Portfolio℠](#Sub_Sec_Fund_2162_VIPFF2K-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Freedom 2045 Portfolio℠](#Sub_Sec_Fund_2165_VIPFF2K-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Freedom 2050 Portfolio℠](#Sub_Sec_Fund_2168_VIPFF2K-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Freedom 2055 Portfolio℠](#Sub_Sec_Fund_3360_VIPFF2K-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Freedom 2060 Portfolio℠](#Sub_Sec_Fund_3361_VIPFF2K-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Freedom 2065 Portfolio℠](#Sub_Sec_Fund_3362_VIPFF2K-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Freedom 2070 Portfolio℠](#Sub_Sec_Fund_7671_VIPFF2K-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1417_VIPFF2K-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPFF2K-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPFF2K-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPFF2K-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPFF2K-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPFF2K-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPFF2K-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the 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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**VIP Freedom Income Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 61.1%** | &nbsp;&nbsp;**Bond Funds - 61.1%** | &nbsp;&nbsp;**Bond Funds - 61.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 2223310 | 20276586 |
| Fidelity International Bond Index Fund (a) | 435252 | 3991263 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 374099 | 3475377 |
| VIP High Income Portfolio - Initial Class (a) | 95112 | 464146 |
| VIP Investment Grade Bond II Portfolio - Initial Class (a) | 4499008 | 42605605 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $72,865,333) |  | **70812977** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 11.4%** | &nbsp;&nbsp;**Domestic Equity Funds - 11.4%** | &nbsp;&nbsp;**Domestic Equity Funds - 11.4%** |
|  | Shares | Value ($)<br>|
| VIP Contrafund Portfolio - Initial Class (a) | 38737 | 2319974 |
| VIP Equity-Income Portfolio - Initial Class (a) | 63905 | 1880737 |
| VIP Growth & Income Portfolio - Initial Class (a) | 77432 | 2582341 |
| VIP Growth Portfolio - Initial Class (a) | 39381 | 3848278 |
| VIP Mid Cap Portfolio - Initial Class (a) | 15737 | 590277 |
| VIP Value Portfolio - Initial Class (a) | 68143 | 1313805 |
| VIP Value Strategies Portfolio - Initial Class (a) | 40856 | 650833 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $10,756,516) |  | **13186245** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 12.4%** | &nbsp;&nbsp;**International Equity Funds - 12.4%** | &nbsp;&nbsp;**International Equity Funds - 12.4%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Initial Class (a) | 307742 | 4871563 |
| VIP Overseas Portfolio - Initial Class (a) | 347300 | 9557706 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $10,274,313) |  | **14429269** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 15.1%** | &nbsp;&nbsp;**Money Market Funds - 15.1%** | &nbsp;&nbsp;**Money Market Funds - 15.1%** | &nbsp;&nbsp;**Money Market Funds - 15.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Initial Class (a)(b)<br>(Cost $17,561,896)<br>| 3.64 | 17561896 | **17561896** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $111,458,058)<br>| <br>**115990387** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(8893)** |
| **NET ASSETS - 100.0%** | **115981494** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Inflation-Protected Bond Index Fund | 14157460 | 11764501 | 5952126 | 747459 | (165356) | 489015 | 20276586 | 2223310 |
| Fidelity International Bond Index Fund | 2813265 | 2463476 | 1227287 | 143571 | (9083) | (49108) | 3991263 | 435252 |
| Fidelity Long-Term Treasury Bond Index Fund | 2437808 | 3173262 | 2217206 | 144520 | (239721) | 321234 | 3475377 | 374099 |
| VIP Contrafund Portfolio - Initial Class | 1465989 | 1940839 | 1121481 | 328596 | (22508) | 57135 | 2319974 | 38737 |
| VIP Emerging Markets Portfolio - Initial Class | 4760511 | 3878623 | 5328869 | 128190 | 315942 | 1245356 | 4871563 | 307742 |
| VIP Equity-Income Portfolio - Initial Class | 1195991 | 1500717 | 949463 | 127089 | (18062) | 151554 | 1880737 | 63905 |
| VIP Government Money Market Portfolio - Initial Class | 13660362 | 14558711 | 10657177 | 682326 | - | - | 17561896 | 17561896 |
| VIP Growth & Income Portfolio - Initial Class | 1640442 | 2104511 | 1307512 | 255854 | (16198) | 161098 | 2582341 | 77432 |
| VIP Growth Portfolio - Initial Class | 2429643 | 3099308 | 1672085 | 456963 | (33921) | 25333 | 3848278 | 39381 |
| VIP High Income Portfolio - Initial Class | 1074957 | 712782 | 1369649 | 88508 | (33500) | 79556 | 464146 | 95112 |
| VIP Investment Grade Bond II Portfolio - Initial Class | 34810823 | 24559283 | 17893193 | 1753777 | (137202) | 1265894 | 42605605 | 4499008 |
| VIP Mid Cap Portfolio - Initial Class | 376525 | 461205 | 255338 | 55912 | (4487) | 12372 | 590277 | 15737 |
| VIP Overseas Portfolio - Initial Class | 6561403 | 8396887 | 6098409 | 961062 | 104252 | 593573 | 9557706 | 347300 |
| VIP Value Portfolio - Initial Class | 840358 | 1041703 | 599563 | 99725 | (7593) | 38900 | 1313805 | 68143 |
| VIP Value Strategies Portfolio - Initial Class | 417414 | 478003 | 273859 | 28090 | (5725) | 35000 | 650833 | 40856 |
|  | 88642951 | 80133811 | 56923217 | 6001642 | (273162) | 4426912 | 115990387 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 70812977 | 70812977 | - | - |
|  **Domestic Equity Funds** | 13186245 | 13186245 | - | - |
|  **International Equity Funds** | 14429269 | 14429269 | - | - |
|  **Money Market Funds** | 17561896 | 17561896 | - | - |
| **Total Investments in Securities:** | 115990387 | 115990387 | - | - |

---

**VIP Freedom Income Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $111,458,058) | $115990387 |  |
| Total Investment in Securities (cost $111,458,058) |  | $115990387 |
| Receivable for investments sold |  | 2111483 |
| Receivable for fund shares sold |  | 2519 |
| **Total assets** |  | 118104389 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1538274 |  |
| Payable for fund shares redeemed | 575736 |  |
| Distribution and service plan fees payable | 8885 |  |
| **Total liabilities** |  | 2122895 |
| **Net Assets**  |  | $115981494 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $110621529 |
| Total accumulated earnings (loss) |  | 5359965 |
| **Net Assets** |  | $115981494 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($26,237,367 ÷ 2,244,767 shares) |  | $11.69 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($78,218,235 ÷ 6,703,534 shares) |  | $11.67 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($11,525,892 ÷ 990,679 shares) |  | $11.63 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $3910768 |
| **Expenses** |  |  |
| Distribution and service plan fees | $97680 |  |
| Independent trustees' fees and expenses | 254 |  |
| Total expenses before reductions | 97934 |  |
| Expense reductions | (8) |  |
| Total expenses after reductions |  | 97926 |
| **Net Investment income (loss)** |  | 3812842 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | (273162) |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 2090874 |  |
| Total net realized gain (loss) |  | 1817712 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 4426912 |  |
| Total change in net unrealized appreciation (depreciation) |  | 4426912 |
| **Net gain (loss)** |  | 6244624 |
| **Net increase (decrease) in net assets resulting from operations** |  | $10057466 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3812842 | $2933760 |
| &nbsp;&nbsp;Net realized gain (loss) | 1817712<br>| 1130032<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 4426912 | (996299)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 10057466<br>| 3067493<br>|
| Distributions to shareholders | (3656954)<br>| (3128768)<br>|
| Share transactions - net increase (decrease) | 20944973<br>| 18891667<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 27345485<br>| 18830392<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 88636009 | 69805617<br>|
| &nbsp;&nbsp;End of period | $115981494 | $88636009 |

---

**Financial Highlights** 

**VIP Freedom Income Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.03 | $10.97 | $10.61 | $12.76 | $12.74 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .42  | .43  | .41  | .30  | .24  |
| Net realized and unrealized gain (loss)  | .64  | .06  | .42  | (1.79)  | .18  |
| Total from investment operations  | 1.06  | .49  | .83  | (1.49)  | .42  |
| Distributions from net investment income  | (.39)  | (.42)  | (.47)  | (.26)  | (.13)  |
| Distributions from net realized gain  | - C | (.01)  | -  | (.40)  | (.27)  |
| Total distributions  | (.40) D | (.43)  | (.47)  | (.66)  | (.40)  |
| Net asset value, end of period  | $11.69 | $11.03 | $10.97 | $10.61 | $12.76 |
| **Total Return** E,F | 9.63% <br>| 4.45%  | 7.91%  | (12.05)%  | 3.35%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions I | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any I | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any I | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 3.64%  | 3.86%  | 3.75%  | 2.71%  | 1.85%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $26237 | $26044 | $22698 | $15085 | $17011 |
| Portfolio turnover rate J | 53% <br>| 40% K | 40%  | 91%  | 52%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount represents less than .005%.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**VIP Freedom Income Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.01 | $10.96 | $10.60 | $12.74 | $12.73 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .41  | .42  | .39  | .29  | .22  |
| Net realized and unrealized gain (loss)  | .64  | .05  | .43  | (1.77)  | .18  |
| Total from investment operations  | 1.05  | .47  | .82  | (1.48)  | .40  |
| Distributions from net investment income  | (.38)  | (.41)  | (.46)  | (.25)  | (.12)  |
| Distributions from net realized gain  | - C | (.01)  | -  | (.40)  | (.27)  |
| Total distributions  | (.39) D | (.42)  | (.46)  | (.66) D | (.39)  |
| Net asset value, end of period  | $11.67 | $11.01 | $10.96 | $10.60 | $12.74 |
| **Total Return** E,F | 9.56% <br>| 4.28%  | 7.81%  | (12.06)%  | 3.17%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 3.54%  | 3.76%  | 3.65%  | 2.61%  | 1.75%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $78218 | $49067 | $32753 | $31739 | $32637 |
| Portfolio turnover rate I | 53% <br>| 40% J | 40%  | 91%  | 52%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

J*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**VIP Freedom Income Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.98 | $10.92 | $10.56 | $12.69 | $12.68 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .39  | .40  | .38  | .27  | .20  |
| Net realized and unrealized gain (loss)  | .63  | .06  | .42  | (1.77)  | .18  |
| Total from investment operations  | 1.02  | .46  | .80  | (1.50)  | .38  |
| Distributions from net investment income  | (.36)  | (.39)  | (.44)  | (.22)  | (.10)  |
| Distributions from net realized gain  | - C | (.01)  | -  | (.40)  | (.27)  |
| Total distributions  | (.37) D | (.40)  | (.44)  | (.63) D | (.37)  |
| Net asset value, end of period  | $11.63 | $10.98 | $10.92 | $10.56 | $12.69 |
| **Total Return** E,F | 9.31% <br>| 4.20%  | 7.65%  | (12.26)%  | 3.03%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 3.39%  | 3.61%  | 3.50%  | 2.46%  | 1.60%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $11526 | $13525 | $14354 | $16984 | $28521 |
| Portfolio turnover rate I | 53% <br>| 40% J | 40%  | 91%  | 52%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

J*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**VIP Freedom 2010 Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 59.6%** | &nbsp;&nbsp;**Bond Funds - 59.6%** | &nbsp;&nbsp;**Bond Funds - 59.6%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 4389863 | 40035555 |
| Fidelity International Bond Index Fund (a) | 926251 | 8493726 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 820089 | 7618630 |
| VIP High Income Portfolio - Initial Class (a) | 196690 | 959845 |
| VIP Investment Grade Bond II Portfolio - Initial Class (a) | 9053293 | 85734683 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $149,756,626) |  | **142842439** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 13.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 13.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 13.7%** |
|  | Shares | Value ($)<br>|
| VIP Contrafund Portfolio - Initial Class (a) | 96285 | 5766495 |
| VIP Equity-Income Portfolio - Initial Class (a) | 158847 | 4674873 |
| VIP Growth & Income Portfolio - Initial Class (a) | 192463 | 6418642 |
| VIP Growth Portfolio - Initial Class (a) | 97884 | 9565227 |
| VIP Mid Cap Portfolio - Initial Class (a) | 39113 | 1467123 |
| VIP Value Portfolio - Initial Class (a) | 169371 | 3265482 |
| VIP Value Strategies Portfolio - Initial Class (a) | 101549 | 1617681 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $22,763,736) |  | **32775523** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 14.0%** | &nbsp;&nbsp;**International Equity Funds - 14.0%** | &nbsp;&nbsp;**International Equity Funds - 14.0%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Initial Class (a) | 707613 | 11201508 |
| VIP Overseas Portfolio - Initial Class (a) | 811321 | 22327554 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $22,735,061) |  | **33529062** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 12.7%** | &nbsp;&nbsp;**Money Market Funds - 12.7%** | &nbsp;&nbsp;**Money Market Funds - 12.7%** | &nbsp;&nbsp;**Money Market Funds - 12.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Initial Class (a)(b)<br>(Cost $30,653,035)<br>| 3.64 | 30653035 | **30653035** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $225,908,458)<br>| <br>**239800059** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(44901)** |
| **NET ASSETS - 100.0%** | **239755158** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Inflation-Protected Bond Index Fund | 37823003 | 11020752 | 9724706 | 1507721 | (487773) | 1452406 | 40035555 | 4389863 |
| Fidelity International Bond Index Fund | 8447623 | 2426265 | 2259413 | 329399 | 3596 | (124345) | 8493726 | 926251 |
| Fidelity Long-Term Treasury Bond Index Fund | 7439795 | 4213736 | 4217845 | 351848 | (600475) | 783419 | 7618630 | 820089 |
| VIP Contrafund Portfolio - Initial Class | 5838873 | 2806885 | 2970737 | 906403 | 21004 | 70470 | 5766495 | 96285 |
| VIP Emerging Markets Portfolio - Initial Class | 15353892 | 4762175 | 12895832 | 296786 | 1441686 | 2539587 | 11201508 | 707613 |
| VIP Equity-Income Portfolio - Initial Class | 4763862 | 1935458 | 2448183 | 337638 | 4722 | 419014 | 4674873 | 158847 |
| VIP Government Money Market Portfolio - Initial Class | 28170443 | 18182127 | 15699535 | 1219927 | - | - | 30653035 | 30653035 |
| VIP Growth & Income Portfolio - Initial Class | 6534105 | 2750459 | 3330758 | 677117 | 83929 | 380907 | 6418642 | 192463 |
| VIP Growth Portfolio - Initial Class | 9676806 | 4140166 | 4169247 | 1209009 | (165733) | 83235 | 9565227 | 97884 |
| VIP High Income Portfolio - Initial Class | 3027309 | 431496 | 2600072 | 186241 | 15386 | 85726 | 959845 | 196690 |
| VIP Investment Grade Bond II Portfolio - Initial Class | 92921207 | 19163410 | 29098908 | 3550769 | (723185) | 3472159 | 85734683 | 9053293 |
| VIP Mid Cap Portfolio - Initial Class | 1499844 | 658569 | 672245 | 167736 | (23949) | 4904 | 1467123 | 39113 |
| VIP Overseas Portfolio - Initial Class | 23066286 | 9790302 | 13044825 | 2383371 | 1258045 | 1257746 | 22327554 | 811321 |
| VIP Value Portfolio - Initial Class | 3347529 | 1404900 | 1500851 | 302283 | (42458) | 56362 | 3265482 | 169371 |
| VIP Value Strategies Portfolio - Initial Class | 1662740 | 622484 | 692941 | 82963 | (33246) | 58644 | 1617681 | 101549 |
|  | 249573317 | 84309184 | 105326098 | 13509211 | 751549 | 10540234 | 239800059 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 142842439 | 142842439 | - | - |
|  **Domestic Equity Funds** | 32775523 | 32775523 | - | - |
|  **International Equity Funds** | 33529062 | 33529062 | - | - |
|  **Money Market Funds** | 30653035 | 30653035 | - | - |
| **Total Investments in Securities:** | 239800059 | 239800059 | - | - |

---

**VIP Freedom 2010 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $225,908,458) | $239800059 |  |
| Total Investment in Securities (cost $225,908,458) |  | $239800059 |
| Cash |  | 1 |
| Receivable for investments sold |  | 2511267 |
| Receivable for fund shares sold |  | 3956 |
| **Total assets** |  | 242315283 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $2403419 |  |
| Payable for fund shares redeemed | 111808 |  |
| Distribution and service plan fees payable | 44898 |  |
| **Total liabilities** |  | 2560125 |
| **Net Assets**  |  | $239755158 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $221139409 |
| Total accumulated earnings (loss) |  | 18615749 |
| **Net Assets** |  | $239755158 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($15,846,934 ÷ 1,304,191 shares) |  | $12.15 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($16,205,501 ÷ 1,335,919 shares) |  | $12.13 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($207,702,723 ÷ 17,261,334 shares) |  | $12.03 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $8002966 |
| **Expenses** |  |  |
| Distribution and service plan fees | $556495 |  |
| Independent trustees' fees and expenses | 610 |  |
| **Total expenses** |  | 557105 |
| **Net Investment income (loss)** |  | 7445861 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | 751549 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 5506245 |  |
| Total net realized gain (loss) |  | 6257794 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 10540234 |  |
| Total change in net unrealized appreciation (depreciation) |  | 10540234 |
| **Net gain (loss)** |  | 16798028 |
| **Net increase (decrease) in net assets resulting from operations** |  | $24243889 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $7445861 | $7865957 |
| &nbsp;&nbsp;Net realized gain (loss) | 6257794<br>| 4923358<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 10540234 | 748791<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 24243889<br>| 13538106<br>|
| Distributions to shareholders | (10473227)<br>| (8877417)<br>|
| Share transactions - net increase (decrease) | (23541284)<br>| (27976626)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (9770622)<br>| (23315937)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 249525780 | 272841717<br>|
| &nbsp;&nbsp;End of period | $239755158 | $249525780 |

---

**Financial Highlights** 

**VIP Freedom 2010 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.50 | $11.33 | $11.55 | $14.45 | $14.28 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .39  | .37  | .34  | .30  | .26  |
| Net realized and unrealized gain (loss)  | .81  | .24  | .70  | (2.16)  | .56  |
| Total from investment operations  | 1.20  | .61  | 1.04  | (1.86)  | .82  |
| Distributions from net investment income  | (.40)  | (.43)  | (.46)  | (.27)  | (.15)  |
| Distributions from net realized gain  | (.15)  | (.01)  | (.80)  | (.77)  | (.50)  |
| Total distributions  | (.55)  | (.44)  | (1.26)  | (1.04)  | (.65)  |
| Net asset value, end of period  | $12.15 | $11.50 | $11.33 | $11.55 | $14.45 |
| **Total Return** C,D | 10.53% <br>| 5.38%  | 9.48%  | (13.53)%  | 5.89%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions G | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 3.23%  | 3.21%  | 3.10%  | 2.47%  | 1.82%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $15847 | $15568 | $17668 | $12298 | $16685 |
| Portfolio turnover rate H | 34% <br>| 25%  | 21%  | 231%  | 29%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount represents less than .005%.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2010 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.48 | $11.31 | $11.54 | $14.43 | $14.26 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .37  | .36  | .33  | .29  | .25  |
| Net realized and unrealized gain (loss)  | .81  | .23  | .68  | (2.15)  | .56  |
| Total from investment operations  | 1.18  | .59  | 1.01  | (1.86)  | .81  |
| Distributions from net investment income  | (.39)  | (.41)  | (.44)  | (.26)  | (.14)  |
| Distributions from net realized gain  | (.15)  | (.01)  | (.80)  | (.77)  | (.50)  |
| Total distributions  | (.53) C | (.42)  | (1.24)  | (1.03)  | (.64)  |
| Net asset value, end of period  | $12.13 | $11.48 | $11.31 | $11.54 | $14.43 |
| **Total Return** D,E | 10.44% <br>| 5.26%  | 9.28%  | (13.57)%  | 5.79%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 3.13%  | 3.11%  | 3.00%  | 2.37%  | 1.72%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $16206 | $16163 | $19596 | $21518 | $27360 |
| Portfolio turnover rate H | 34% <br>| 25%  | 21%  | 231%  | 29%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2010 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.39 | $11.23 | $11.46 | $14.33 | $14.17 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .35  | .34  | .31  | .27  | .22  |
| Net realized and unrealized gain (loss)  | .80  | .23  | .69  | (2.13)  | .56  |
| Total from investment operations  | 1.15  | .57  | 1.00  | (1.86)  | .78  |
| Distributions from net investment income  | (.37)  | (.40)  | (.43)  | (.24)  | (.12)  |
| Distributions from net realized gain  | (.15)  | (.01)  | (.80)  | (.77)  | (.50)  |
| Total distributions  | (.51) C | (.41)  | (1.23)  | (1.01)  | (.62)  |
| Net asset value, end of period  | $12.03 | $11.39 | $11.23 | $11.46 | $14.33 |
| **Total Return** D,E | 10.26% <br>| 5.06%  | 9.18%  | (13.66)%  | 5.60%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 2.98%  | 2.96%  | 2.85%  | 2.22%  | 1.57%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $207703 | $217795 | $235579 | $251283 | $327526 |
| Portfolio turnover rate H | 34% <br>| 25%  | 21%  | 231%  | 29%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2015 Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 57.1%** | &nbsp;&nbsp;**Bond Funds - 57.1%** | &nbsp;&nbsp;**Bond Funds - 57.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 940047 | 8573228 |
| Fidelity International Bond Index Fund (a) | 222016 | 2035891 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 201114 | 1868345 |
| VIP High Income Portfolio - Initial Class (a) | 44853 | 218882 |
| VIP Investment Grade Bond II Portfolio - Initial Class (a) | 1952500 | 18490179 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $32,239,959) |  | **31186525** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 18.3%** | &nbsp;&nbsp;**Domestic Equity Funds - 18.3%** | &nbsp;&nbsp;**Domestic Equity Funds - 18.3%** |
|  | Shares | Value ($)<br>|
| VIP Contrafund Portfolio - Initial Class (a) | 29449 | 1763696 |
| VIP Equity-Income Portfolio - Initial Class (a) | 48584 | 1429830 |
| VIP Growth & Income Portfolio - Initial Class (a) | 58865 | 1963132 |
| VIP Growth Portfolio - Initial Class (a) | 29940 | 2925692 |
| VIP Mid Cap Portfolio - Initial Class (a) | 11961 | 448670 |
| VIP Value Portfolio - Initial Class (a) | 51801 | 998731 |
| VIP Value Strategies Portfolio - Initial Class (a) | 31057 | 494737 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $3,185,576) |  | **10024488** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 17.1%** | &nbsp;&nbsp;**International Equity Funds - 17.1%** | &nbsp;&nbsp;**International Equity Funds - 17.1%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Initial Class (a) | 194165 | 3073632 |
| VIP Overseas Portfolio - Initial Class (a) | 228114 | 6277710 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $4,460,920) |  | **9351342** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.5%** | &nbsp;&nbsp;**Money Market Funds - 7.5%** | &nbsp;&nbsp;**Money Market Funds - 7.5%** | &nbsp;&nbsp;**Money Market Funds - 7.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Initial Class (a)(b)<br>(Cost $4,091,324)<br>| 3.64 | 4091324 | **4091324** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $43,977,779)<br>| <br>**54653679** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(5551)** |
| **NET ASSETS - 100.0%** | **54648128** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Inflation-Protected Bond Index Fund | 8176222 | 3617313 | 3434260 | 326771 | (82300) | 306605 | 8573228 | 940047 |
| Fidelity International Bond Index Fund | 2126381 | 833343 | 896585 | 81425 | (18353) | (8895) | 2035891 | 222016 |
| Fidelity Long-Term Treasury Bond Index Fund | 1792433 | 1299110 | 1271298 | 85944 | (137938) | 186038 | 1868345 | 201114 |
| VIP Contrafund Portfolio - Initial Class | 1920459 | 943418 | 1157131 | 286353 | 137453 | (80503) | 1763696 | 29449 |
| VIP Emerging Markets Portfolio - Initial Class | 4213215 | 1567800 | 3878939 | 80517 | 884389 | 287167 | 3073632 | 194165 |
| VIP Equity-Income Portfolio - Initial Class | 1566884 | 626066 | 914908 | 105366 | 68101 | 83687 | 1429830 | 48584 |
| VIP Government Money Market Portfolio - Initial Class | 3364905 | 4355194 | 3628775 | 158892 | - | - | 4091324 | 4091324 |
| VIP Growth & Income Portfolio - Initial Class | 2149133 | 899088 | 1262873 | 210942 | 207573 | (29789) | 1963132 | 58865 |
| VIP Growth Portfolio - Initial Class | 3182794 | 1488219 | 1763601 | 376610 | (24187) | 42467 | 2925692 | 29940 |
| VIP High Income Portfolio - Initial Class | 705653 | 189745 | 702159 | 42395 | 69890 | (44247) | 218882 | 44853 |
| VIP Investment Grade Bond II Portfolio - Initial Class | 19944584 | 7004969 | 9095139 | 757985 | (188536) | 824301 | 18490179 | 1952500 |
| VIP Mid Cap Portfolio - Initial Class | 493313 | 232953 | 272024 | 54311 | (7535) | 1963 | 448670 | 11961 |
| VIP Overseas Portfolio - Initial Class | 6870432 | 3219535 | 4594832 | 681017 | 828060 | (45485) | 6277710 | 228114 |
| VIP Value Portfolio - Initial Class | 1101042 | 464257 | 574248 | 97904 | (11056) | 18736 | 998731 | 51801 |
| VIP Value Strategies Portfolio - Initial Class | 546899 | 217345 | 278623 | 26664 | (7274) | 16390 | 494737 | 31057 |
|  | 58154349 | 26958355 | 33725395 | 3373096 | 1718287 | 1558435 | 54653679 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 31186525 | 31186525 | - | - |
|  **Domestic Equity Funds** | 10024488 | 10024488 | - | - |
|  **International Equity Funds** | 9351342 | 9351342 | - | - |
|  **Money Market Funds** | 4091324 | 4091324 | - | - |
| **Total Investments in Securities:** | 54653679 | 54653679 | - | - |

---

**VIP Freedom 2015 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $43,977,779) | $54653679 |  |
| Total Investment in Securities (cost $43,977,779) |  | $54653679 |
| Receivable for investments sold |  | 478146 |
| Receivable for fund shares sold |  | 204 |
| **Total assets** |  | 55132029 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $427082 |  |
| Payable for fund shares redeemed | 51261 |  |
| Distribution and service plan fees payable | 5558 |  |
| **Total liabilities** |  | 483901 |
| **Net Assets**  |  | $54648128 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $40930470 |
| Total accumulated earnings (loss) |  | 13717658 |
| **Net Assets** |  | $54648128 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($22,793,541 ÷ 1,902,174 shares) |  | $11.98 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($9,212,099 ÷ 771,019 shares) |  | $11.95 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($22,642,488 ÷ 1,903,919 shares) |  | $11.89 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $1700973 |
| **Expenses** |  |  |
| Distribution and service plan fees | $72976 |  |
| Independent trustees' fees and expenses | 145 |  |
| Total expenses before reductions | 73121 |  |
| Expense reductions | (2) |  |
| Total expenses after reductions |  | 73119 |
| **Net Investment income (loss)** |  | 1627854 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | 1718287 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 1672123 |  |
| Total net realized gain (loss) |  | 3390410 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 1558435 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1558435 |
| **Net gain (loss)** |  | 4948845 |
| **Net increase (decrease) in net assets resulting from operations** |  | $6576699 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1627854 | $1697882 |
| &nbsp;&nbsp;Net realized gain (loss) | 3390410<br>| 2491319<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1558435 | (507022)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 6576699<br>| 3682179<br>|
| Distributions to shareholders | (3991080)<br>| (3687246)<br>|
| Share transactions - net increase (decrease) | (6085990)<br>| (4144040)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (3500371)<br>| (4149107)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 58148499 | 62297606<br>|
| &nbsp;&nbsp;End of period | $54648128 | $58148499 |

---

**Financial Highlights** 

**VIP Freedom 2015 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.48 | $11.49 | $10.95 | $14.42 | $14.12 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .34  | .35  | .32  | .27  | .25  |
| Net realized and unrealized gain (loss)  | .98  | .38  | .85  | (2.21)  | .81  |
| Total from investment operations  | 1.32  | .73  | 1.17  | (1.94)  | 1.06  |
| Distributions from net investment income  | (.36)  | (.39)  | (.41)  | (.26)  | (.16)  |
| Distributions from net realized gain  | (.46)  | (.35)  | (.22)  | (1.26)  | (.60)  |
| Total distributions  | (.82)  | (.74)  | (.63)  | (1.53) C | (.76)  |
| Net asset value, end of period  | $11.98 | $11.48 | $11.49 | $10.95 | $14.42 |
| **Total Return** D,E | 11.87% <br>| 6.52%  | 10.95%  | (14.60)%  | 7.69%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.89%  | 2.96%  | 2.90%  | 2.26%  | 1.75%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $22794 | $23392 | $24978 | $21474 | $33325 |
| Portfolio turnover rate I | 46% <br>| 35%  | 32%  | 73%  | 43%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2015 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.45 | $11.46 | $10.92 | $14.38 | $14.08 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .33  | .33  | .31  | .25  | .24  |
| Net realized and unrealized gain (loss)  | .98  | .39  | .85  | (2.20)  | .80  |
| Total from investment operations  | 1.31  | .72  | 1.16  | (1.95)  | 1.04  |
| Distributions from net investment income  | (.35)  | (.37)  | (.40)  | (.25)  | (.14)  |
| Distributions from net realized gain  | (.46)  | (.35)  | (.22)  | (1.26)  | (.60)  |
| Total distributions  | (.81)  | (.73) C | (.62)  | (1.51)  | (.74)  |
| Net asset value, end of period  | $11.95 | $11.45 | $11.46 | $10.92 | $14.38 |
| **Total Return** D,E | 11.78% <br>| 6.43%  | 10.86%  | (14.66)%  | 7.59%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 2.79%  | 2.86%  | 2.80%  | 2.16%  | 1.65%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $9212 | $12187 | $12904 | $16217 | $20808 |
| Portfolio turnover rate H | 46% <br>| 35%  | 32%  | 73%  | 43%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2015 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.39 | $11.41 | $10.88 | $14.33 | $14.04 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .31  | .31  | .29  | .23  | .21  |
| Net realized and unrealized gain (loss)  | .98  | .38  | .84  | (2.19)  | .80  |
| Total from investment operations  | 1.29  | .69  | 1.13  | (1.96)  | 1.01  |
| Distributions from net investment income  | (.33)  | (.36)  | (.38)  | (.23)  | (.12)  |
| Distributions from net realized gain  | (.46)  | (.35)  | (.22)  | (1.26)  | (.60)  |
| Total distributions  | (.79)  | (.71)  | (.60)  | (1.49)  | (.72)  |
| Net asset value, end of period  | $11.89 | $11.39 | $11.41 | $10.88 | $14.33 |
| **Total Return** C,D | 11.66% <br>| 6.21%  | 10.64%  | (14.79)%  | 7.39%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 2.64%  | 2.71%  | 2.65%  | 2.01%  | 1.50%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $22642 | $22569 | $24415 | $25377 | $37143 |
| Portfolio turnover rate G | 46% <br>| 35%  | 32%  | 73%  | 43%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2020 Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 54.1%** | &nbsp;&nbsp;**Bond Funds - 54.1%** | &nbsp;&nbsp;**Bond Funds - 54.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 7883891 | 71901083 |
| Fidelity International Bond Index Fund (a) | 2146115 | 19679875 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 1958516 | 18194618 |
| VIP High Income Portfolio - Initial Class (a) | 412609 | 2013531 |
| VIP Investment Grade Bond II Portfolio - Initial Class (a) | 16899262 | 160036009 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $282,705,353) |  | **271825116** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 23.3%** | &nbsp;&nbsp;**Domestic Equity Funds - 23.3%** | &nbsp;&nbsp;**Domestic Equity Funds - 23.3%** |
|  | Shares | Value ($)<br>|
| VIP Contrafund Portfolio - Initial Class (a) | 344226 | 20615685 |
| VIP Equity-Income Portfolio - Initial Class (a) | 567910 | 16713591 |
| VIP Growth & Income Portfolio - Initial Class (a) | 688070 | 22947131 |
| VIP Growth Portfolio - Initial Class (a) | 349976 | 34199631 |
| VIP Mid Cap Portfolio - Initial Class (a) | 139819 | 5244615 |
| VIP Value Portfolio - Initial Class (a) | 605485 | 11673758 |
| VIP Value Strategies Portfolio - Initial Class (a) | 363014 | 5782819 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $43,924,672) |  | **117177230** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 20.5%** | &nbsp;&nbsp;**International Equity Funds - 20.5%** | &nbsp;&nbsp;**International Equity Funds - 20.5%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Initial Class (a) | 2107407 | 33360251 |
| VIP Overseas Portfolio - Initial Class (a) | 2521695 | 69397044 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $52,628,242) |  | **102757295** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Initial Class (a)(b)<br>(Cost $10,710,883)<br>| 3.64 | 10710883 | **10710883** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $389,969,150)<br>| <br>**502470524** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(74512)** |
| **NET ASSETS - 100.0%** | **502396012** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 72142 | 72142 | 26 | - | - | - | - | 0.0% |
| Total | - | 72142 | 72142 | 26 | - | - | - |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Inflation-Protected Bond Index Fund | 71173664 | 21197739 | 22178401 | 2683981 | (1297233) | 3095358 | 71901083 | 7883891 |
| Fidelity International Bond Index Fund | 21311031 | 5094418 | 6469882 | 775020 | 21469 | (277161) | 19679875 | 2146115 |
| Fidelity Long-Term Treasury Bond Index Fund | 18599851 | 8046924 | 8869215 | 789613 | (1085789) | 1502847 | 18194618 | 1958516 |
| VIP Contrafund Portfolio - Initial Class | 22926822 | 7436907 | 10471372 | 3313147 | 1892173 | (1168845) | 20615685 | 344226 |
| VIP Emerging Markets Portfolio - Initial Class | 44725435 | 9820447 | 33138000 | 862855 | 7619427 | 4332942 | 33360251 | 2107407 |
| VIP Equity-Income Portfolio - Initial Class | 18706116 | 4236310 | 8005714 | 1223793 | 926090 | 850789 | 16713591 | 567910 |
| VIP Government Money Market Portfolio - Initial Class | 3991713 | 29873770 | 23154600 | 272576 | - | - | 10710883 | 10710883 |
| VIP Growth & Income Portfolio - Initial Class | 25657037 | 6260370 | 11066270 | 2453224 | 2693081 | (597087) | 22947131 | 688070 |
| VIP Growth Portfolio - Initial Class | 37996681 | 11504807 | 15598298 | 4381144 | 86795 | 209646 | 34199631 | 349976 |
| VIP High Income Portfolio - Initial Class | 6518530 | 909538 | 5626276 | 387881 | 79311 | 132428 | 2013531 | 412609 |
| VIP Investment Grade Bond II Portfolio - Initial Class | 162490234 | 44698539 | 51737297 | 6494751 | (1195191) | 5779724 | 160036009 | 16899262 |
| VIP Mid Cap Portfolio - Initial Class | 5889310 | 1805987 | 2420643 | 622432 | (63896) | 33857 | 5244615 | 139819 |
| VIP Overseas Portfolio - Initial Class | 77372468 | 21166058 | 37100458 | 7477419 | 7304180 | 654796 | 69397044 | 2521695 |
| VIP Value Portfolio - Initial Class | 13144687 | 3327946 | 4926270 | 1124843 | (74382) | 201777 | 11673758 | 605485 |
| VIP Value Strategies Portfolio - Initial Class | 6529148 | 1537018 | 2408855 | 306808 | (83231) | 208739 | 5782819 | 363014 |
|  | 537032727 | 176916778 | 243171551 | 33169487 | 16822804 | 14959810 | 502470524 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 271825116 | 271825116 | - | - |
|  **Domestic Equity Funds** | 117177230 | 117177230 | - | - |
|  **International Equity Funds** | 102757295 | 102757295 | - | - |
|  **Money Market Funds** | 10710883 | 10710883 | - | - |
| **Total Investments in Securities:** | 502470524 | 502470524 | - | - |

---

**VIP Freedom 2020 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $389,969,150) | $502470524 |  |
| Total Investment in Securities (cost $389,969,150) |  | $502470524 |
| Cash |  | 26 |
| Receivable for investments sold |  | 4748074 |
| Receivable for fund shares sold |  | 32639 |
| **Total assets** |  | 507251263 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $4129232 |  |
| Payable for fund shares redeemed | 651482 |  |
| Distribution and service plan fees payable | 74537 |  |
| **Total liabilities** |  | 4855251 |
| **Net Assets**  |  | $502396012 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $357508736 |
| Total accumulated earnings (loss) |  | 144887276 |
| **Net Assets** |  | $502396012 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($86,164,130 ÷ 6,499,816 shares) |  | $13.26 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($99,483,510 ÷ 7,540,078 shares) |  | $13.19 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($316,748,372 ÷ 24,123,277 shares) |  | $13.13 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $14168914 |
| Income from Fidelity Central Funds  |  | 26 |
| **Total income** |  | 14168940 |
| **Expenses** |  |  |
| Distribution and service plan fees | $929573 |  |
| Independent trustees' fees and expenses | 1285 |  |
| Total expenses before reductions | 930858 |  |
| Expense reductions | (11) |  |
| Total expenses after reductions |  | 930847 |
| **Net Investment income (loss)** |  | 13238093 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | 16822804 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 19000573 |  |
| Total net realized gain (loss) |  | 35823377 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 14959810 |  |
| Total change in net unrealized appreciation (depreciation) |  | 14959810 |
| **Net gain (loss)** |  | 50783187 |
| **Net increase (decrease) in net assets resulting from operations** |  | $64021280 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $13238093 | $13489925 |
| &nbsp;&nbsp;Net realized gain (loss) | 35823377<br>| 31880750<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 14959810 | (4434640)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 64021280<br>| 40936035<br>|
| Distributions to shareholders | (41878024)<br>| (30855896)<br>|
| Share transactions - net increase (decrease) | (56698666)<br>| (50321719)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (34555410)<br>| (40241580)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 536951422 | 577193002<br>|
| &nbsp;&nbsp;End of period | $502396012 | $536951422 |

---

**Financial Highlights** 

**VIP Freedom 2020 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.70 | $12.50 | $11.56 | $15.42 | $15.03 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .35  | .33  | .31  | .28  | .27  |
| Net realized and unrealized gain (loss)  | 1.27  | .61  | 1.10  | (2.51)  | 1.11  |
| Total from investment operations  | 1.62  | .94  | 1.41  | (2.23)  | 1.38  |
| Distributions from net investment income  | (.36)  | (.38)  | (.39)  | (.27)  | (.17)  |
| Distributions from net realized gain  | (.70)  | (.36)  | (.08)  | (1.36)  | (.81)  |
| Total distributions  | (1.06)  | (.74)  | (.47)  | (1.63)  | (.99) C |
| Net asset value, end of period  | $13.26 | $12.70 | $12.50 | $11.56 | $15.42 |
| **Total Return** D,E | 13.33% <br>| 7.71%  | 12.40%  | (15.69)%  | 9.47%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.73%  | 2.57%  | 2.60%  | 2.26%  | 1.77%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $86164 | $80740 | $85393 | $63227 | $82875 |
| Portfolio turnover rate I | 34% <br>| 29%  | 27%  | 121%  | 34%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2020 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.64 | $12.45 | $11.51 | $15.37 | $14.97 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .34  | .32  | .30  | .27  | .25  |
| Net realized and unrealized gain (loss)  | 1.26  | .60  | 1.10  | (2.52)  | 1.12  |
| Total from investment operations  | 1.60  | .92  | 1.40  | (2.25)  | 1.37  |
| Distributions from net investment income  | (.35)  | (.36)  | (.38)  | (.26)  | (.16)  |
| Distributions from net realized gain  | (.70)  | (.36)  | (.08)  | (1.36)  | (.81)  |
| Total distributions  | (1.05)  | (.73) C | (.46)  | (1.61) C | (.97)  |
| Net asset value, end of period  | $13.19 | $12.64 | $12.45 | $11.51 | $15.37 |
| **Total Return** D,E | 13.18% <br>| 7.55%  | 12.34%  | (15.83)%  | 9.47%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 2.63%  | 2.47%  | 2.50%  | 2.16%  | 1.67%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $99484 | $124111 | $125938 | $129176 | $167097 |
| Portfolio turnover rate H | 34% <br>| 29%  | 27%  | 121%  | 34%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2020 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.59 | $12.40 | $11.46 | $15.31 | $14.92 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .32  | .30  | .28  | .25  | .23  |
| Net realized and unrealized gain (loss)  | 1.25  | .59  | 1.10  | (2.51)  | 1.11  |
| Total from investment operations  | 1.57  | .89  | 1.38  | (2.26)  | 1.34  |
| Distributions from net investment income  | (.33)  | (.34)  | (.36)  | (.24)  | (.13)  |
| Distributions from net realized gain  | (.70)  | (.36)  | (.08)  | (1.36)  | (.81)  |
| Total distributions  | (1.03)  | (.70)  | (.44)  | (1.59) C | (.95) C |
| Net asset value, end of period  | $13.13 | $12.59 | $12.40 | $11.46 | $15.31 |
| **Total Return** D,E | 12.99% <br>| 7.40%  | 12.22%  | (15.97)%  | 9.26%  |
| **Ratios to Average Net Assets** A,F,G |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 2.48%  | 2.32%  | 2.35%  | 2.01%  | 1.51%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $316748 | $332101 | $365862 | $372526 | $508713 |
| Portfolio turnover rate H | 34% <br>| 29%  | 27%  | 121%  | 34%  |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Calculated based on average shares outstanding during the period.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2025 Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 47.4%** | &nbsp;&nbsp;**Bond Funds - 47.4%** | &nbsp;&nbsp;**Bond Funds - 47.4%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 5385965 | 49119998 |
| Fidelity International Bond Index Fund (a) | 1300744 | 11927819 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 2756618 | 25608986 |
| VIP High Income Portfolio - Initial Class (a) | 985943 | 4811403 |
| VIP Investment Grade Bond II Portfolio - Initial Class (a) | 10193369 | 96531208 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $195,602,641) |  | **187999414** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 28.1%** | &nbsp;&nbsp;**Domestic Equity Funds - 28.1%** | &nbsp;&nbsp;**Domestic Equity Funds - 28.1%** |
|  | Shares | Value ($)<br>|
| VIP Contrafund Portfolio - Initial Class (a) | 327756 | 19629327 |
| VIP Equity-Income Portfolio - Initial Class (a) | 540739 | 15913958 |
| VIP Growth & Income Portfolio - Initial Class (a) | 655149 | 21849204 |
| VIP Growth Portfolio - Initial Class (a) | 333225 | 32562747 |
| VIP Mid Cap Portfolio - Initial Class (a) | 133134 | 4993863 |
| VIP Value Portfolio - Initial Class (a) | 576520 | 11115312 |
| VIP Value Strategies Portfolio - Initial Class (a) | 345656 | 5506297 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $65,129,798) |  | **111570708** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 23.9%** | &nbsp;&nbsp;**International Equity Funds - 23.9%** | &nbsp;&nbsp;**International Equity Funds - 23.9%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Initial Class (a) | 1903226 | 30128068 |
| VIP Overseas Portfolio - Initial Class (a) | 2343862 | 64503084 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $63,683,185) |  | **94631152** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Initial Class (a)(b)<br>(Cost $2,556,534)<br>| 3.64 | 2556534 | **2556534** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $326,972,158)<br>| <br>**396757808** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(36852)** |
| **NET ASSETS - 100.0%** | **396720956** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Inflation-Protected Bond Index Fund | 47014642 | 19107259 | 18133275 | 1898783 | (959986) | 2149313 | 49119998 | 5385965 |
| Fidelity International Bond Index Fund | 15492655 | 9649404 | 13034757 | 374183 | (366556) | 187073 | 11927819 | 1300744 |
| Fidelity Long-Term Treasury Bond Index Fund | 27307986 | 9644032 | 11827790 | 1095289 | (1249871) | 1734629 | 25608986 | 2756618 |
| VIP Contrafund Portfolio - Initial Class | 20147098 | 8807365 | 10200906 | 3095973 | 500253 | 375517 | 19629327 | 327756 |
| VIP Emerging Markets Portfolio - Initial Class | 36318807 | 11206697 | 27877780 | 766559 | 2580244 | 7900100 | 30128068 | 1903226 |
| VIP Equity-Income Portfolio - Initial Class | 16438299 | 5500620 | 7724450 | 1153041 | 225795 | 1473694 | 15913958 | 540739 |
| VIP Government Money Market Portfolio - Initial Class | - | 17440392 | 14883858 | 151290 | - | - | 2556534 | 2556534 |
| VIP Growth & Income Portfolio - Initial Class | 22546540 | 7935425 | 10712455 | 2311633 | 906732 | 1172962 | 21849204 | 655149 |
| VIP Growth Portfolio - Initial Class | 33389766 | 13995325 | 15473486 | 4129063 | 125621 | 525521 | 32562747 | 333225 |
| VIP High Income Portfolio - Initial Class | 4750857 | 1332373 | 1450724 | 303735 | (35589) | 214486 | 4811403 | 985943 |
| VIP Investment Grade Bond II Portfolio - Initial Class | 79485409 | 44224347 | 29608960 | 3857661 | (132029) | 2562441 | 96531208 | 10193369 |
| VIP Mid Cap Portfolio - Initial Class | 5175374 | 2151729 | 2370521 | 571142 | (15335) | 52616 | 4993863 | 133134 |
| VIP Overseas Portfolio - Initial Class | 66017272 | 26048205 | 34167827 | 6837304 | 2001907 | 4603527 | 64503084 | 2343862 |
| VIP Value Portfolio - Initial Class | 11551167 | 4309416 | 4983471 | 1026316 | (2471) | 240671 | 11115312 | 576520 |
| VIP Value Strategies Portfolio - Initial Class | 5737612 | 1999461 | 2426060 | 281366 | (32957) | 228241 | 5506297 | 345656 |
|  | 391373484 | 183352050 | 204876320 | 27853338 | 3545758 | 23420791 | 396757808 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 187999414 | 187999414 | - | - |
|  **Domestic Equity Funds** | 111570708 | 111570708 | - | - |
|  **International Equity Funds** | 94631152 | 94631152 | - | - |
|  **Money Market Funds** | 2556534 | 2556534 | - | - |
| **Total Investments in Securities:** | 396757808 | 396757808 | - | - |

---

**VIP Freedom 2025 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $326,972,158) | $396757808 |  |
| Total Investment in Securities (cost $326,972,158) |  | $396757808 |
| Receivable for investments sold |  | 3264084 |
| Receivable for fund shares sold |  | 76903 |
| **Total assets** |  | 400098795 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $2751144 |  |
| Payable for fund shares redeemed | 589842 |  |
| Distribution and service plan fees payable | 36853 |  |
| **Total liabilities** |  | 3377839 |
| **Net Assets**  |  | $396720956 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $308381128 |
| Total accumulated earnings (loss) |  | 88339828 |
| **Net Assets** |  | $396720956 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($98,523,132 ÷ 5,712,420 shares) |  | $17.25 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($203,064,787 ÷ 11,821,567 shares) |  | $17.18 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($95,133,037 ÷ 5,576,156 shares) |  | $17.06 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $10234074 |
| **Expenses** |  |  |
| Distribution and service plan fees | $457271 |  |
| Independent trustees' fees and expenses | 979 |  |
| Total expenses before reductions | 458250 |  |
| Expense reductions | (1) |  |
| Total expenses after reductions |  | 458249 |
| **Net Investment income (loss)** |  | 9775825 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | 3545758 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 17619264 |  |
| Total net realized gain (loss) |  | 21165022 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 23420791 |  |
| Total change in net unrealized appreciation (depreciation) |  | 23420791 |
| **Net gain (loss)** |  | 44585813 |
| **Net increase (decrease) in net assets resulting from operations** |  | $54361638 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $9775825 | $8864939 |
| &nbsp;&nbsp;Net realized gain (loss) | 21165022<br>| 16981212<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 23420791 | 4708092<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 54361638<br>| 30554243<br>|
| Distributions to shareholders | (23359797)<br>| (10214778)<br>|
| Share transactions - net increase (decrease) | (25615116)<br>| (12560504)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 5386725<br>| 7778961<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 391334231 | 383555270<br>|
| &nbsp;&nbsp;End of period | $396720956 | $391334231 |

---

**Financial Highlights** 

**VIP Freedom 2025 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.01 | $15.17 | $13.73 | $17.82 | $16.84 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .43  | .38  | .37  | .32  | .32  |
| Net realized and unrealized gain (loss)  | 1.84  | .90  | 1.49  | (3.10)  | 1.47  |
| Total from investment operations  | 2.27  | 1.28  | 1.86  | (2.78)  | 1.79  |
| Distributions from net investment income  | (.44)  | (.41)  | (.42)  | (.31)  | (.19)  |
| Distributions from net realized gain  | (.59)  | (.03)  | -  | (1.00)  | (.62)  |
| Total distributions  | (1.03)  | (.44)  | (.42)  | (1.31)  | (.81)  |
| Net asset value, end of period  | $17.25 | $16.01 | $15.17 | $13.73 | $17.82 |
| **Total Return** C,D | 14.59% <br>| 8.47%  | 13.62%  | (16.43)%  | 10.83%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions G | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.56%  | 2.39%  | 2.53%  | 2.19%  | 1.82%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $98523 | $94275 | $92164 | $45943 | $59715 |
| Portfolio turnover rate H | 46% <br>| 41%  | 34%  | 73%  | 32%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount represents less than .005%.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2025 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.95 | $15.11 | $13.68 | $17.76 | $16.79 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .41  | .37  | .35  | .30  | .30  |
| Net realized and unrealized gain (loss)  | 1.83  | .90  | 1.48  | (3.08)  | 1.46  |
| Total from investment operations  | 2.24  | 1.27  | 1.83  | (2.78)  | 1.76  |
| Distributions from net investment income  | (.42)  | (.39)  | (.40)  | (.29)  | (.17)  |
| Distributions from net realized gain  | (.59)  | (.03)  | -  | (1.00)  | (.62)  |
| Total distributions  | (1.01)  | (.43) C | (.40)  | (1.30) C | (.79)  |
| Net asset value, end of period  | $17.18 | $15.95 | $15.11 | $13.68 | $17.76 |
| **Total Return** D,E | 14.47% <br>| 8.40%  | 13.48%  | (16.51)%  | 10.71%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 2.46%  | 2.29%  | 2.43%  | 2.09%  | 1.72%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $203065 | $190259 | $183294 | $174000 | $199248 |
| Portfolio turnover rate H | 46% <br>| 41%  | 34%  | 73%  | 32%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2025 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.85 | $15.01 | $13.59 | $17.65 | $16.69 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .38  | .34  | .33  | .28  | .27  |
| Net realized and unrealized gain (loss)  | 1.81  | .90  | 1.47  | (3.07)  | 1.46  |
| Total from investment operations  | 2.19  | 1.24  | 1.80  | (2.79)  | 1.73  |
| Distributions from net investment income  | (.39)  | (.37)  | (.38)  | (.27)  | (.15)  |
| Distributions from net realized gain  | (.59)  | (.03)  | -  | (1.00)  | (.62)  |
| Total distributions  | (.98)  | (.40)  | (.38)  | (1.27)  | (.77)  |
| Net asset value, end of period  | $17.06 | $15.85 | $15.01 | $13.59 | $17.65 |
| **Total Return** C,D | 14.23% <br>| 8.28%  | 13.32%  | (16.64)%  | 10.55%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 2.31%  | 2.14%  | 2.28%  | 1.94%  | 1.57%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $95133 | $106799 | $108097 | $103892 | $130746 |
| Portfolio turnover rate G | 46% <br>| 41%  | 34%  | 73%  | 32%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2030 Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 41.1%** | &nbsp;&nbsp;**Bond Funds - 41.1%** | &nbsp;&nbsp;**Bond Funds - 41.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 8548545 | 77962733 |
| Fidelity International Bond Index Fund (a) | 2566568 | 23535427 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 6934366 | 64420263 |
| VIP High Income Portfolio - Initial Class (a) | 2218671 | 10827113 |
| VIP Investment Grade Bond II Portfolio - Initial Class (a) | 20106116 | 190404918 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $380,415,754) |  | **367150454** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 32.0%** | &nbsp;&nbsp;**Domestic Equity Funds - 32.0%** | &nbsp;&nbsp;**Domestic Equity Funds - 32.0%** |
|  | Shares | Value ($)<br>|
| VIP Contrafund Portfolio - Initial Class (a) | 838915 | 50242619 |
| VIP Equity-Income Portfolio - Initial Class (a) | 1384060 | 40732886 |
| VIP Growth & Income Portfolio - Initial Class (a) | 1676899 | 55924595 |
| VIP Growth Portfolio - Initial Class (a) | 852930 | 83348342 |
| VIP Mid Cap Portfolio - Initial Class (a) | 340762 | 12781968 |
| VIP Value Portfolio - Initial Class (a) | 1475638 | 28450297 |
| VIP Value Strategies Portfolio - Initial Class (a) | 884715 | 14093514 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $180,921,106) |  | **285574221** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 26.5%** | &nbsp;&nbsp;**International Equity Funds - 26.5%** | &nbsp;&nbsp;**International Equity Funds - 26.5%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Initial Class (a) | 4734584 | 74948457 |
| VIP Overseas Portfolio - Initial Class (a) | 5865177 | 161409684 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $166,519,076) |  | **236358141** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Initial Class (a)(b)<br>(Cost $3,499,148)<br>| 3.64 | 3499148 | **3499148** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $731,355,084)<br>| <br>**892581964** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(87452)** |
| **NET ASSETS - 100.0%** | **892494512** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 283927 | 283927 | 81 | - | - | - | - | 0.0% |
| Total | - | 283927 | 283927 | 81 | - | - | - |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Inflation-Protected Bond Index Fund | 65375169 | 31213150 | 20033202 | 2887396 | (1426774) | 2914351 | 77962733 | 8548545 |
| Fidelity International Bond Index Fund | 27059742 | 21413743 | 24558098 | 666827 | (640783) | 260823 | 23535427 | 2566568 |
| Fidelity Long-Term Treasury Bond Index Fund | 58066871 | 22237684 | 16978665 | 2478498 | (1757742) | 2852115 | 64420263 | 6934366 |
| VIP Contrafund Portfolio - Initial Class | 45804499 | 19586040 | 16920801 | 7767820 | 75736 | 1697145 | 50242619 | 838915 |
| VIP Emerging Markets Portfolio - Initial Class | 78968760 | 22964998 | 51166411 | 1897645 | 3493812 | 20687298 | 74948457 | 4734584 |
| VIP Equity-Income Portfolio - Initial Class | 37371996 | 11947684 | 12551175 | 2920900 | 47793 | 3916588 | 40732886 | 1384060 |
| VIP Government Money Market Portfolio - Initial Class | - | 34963035 | 31463887 | 300681 | - | - | 3499148 | 3499148 |
| VIP Growth & Income Portfolio - Initial Class | 51259178 | 17573711 | 17607274 | 5869469 | 140914 | 4558066 | 55924595 | 1676899 |
| VIP Growth Portfolio - Initial Class | 75912005 | 31662517 | 25299143 | 10486689 | (21169) | 1094132 | 83348342 | 852930 |
| VIP High Income Portfolio - Initial Class | 9528143 | 2961630 | 1995031 | 682447 | (40457) | 372828 | 10827113 | 2218671 |
| VIP Investment Grade Bond II Portfolio - Initial Class | 137593733 | 87516618 | 38733079 | 7602021 | (305684) | 4333330 | 190404918 | 20106116 |
| VIP Mid Cap Portfolio - Initial Class | 11766086 | 4794664 | 3886584 | 1402330 | (26563) | 134365 | 12781968 | 340762 |
| VIP Overseas Portfolio - Initial Class | 146843425 | 55545414 | 54247283 | 16902520 | 1641799 | 11626329 | 161409684 | 5865177 |
| VIP Value Portfolio - Initial Class | 26261181 | 9607379 | 8036005 | 2528506 | (22224) | 639966 | 28450297 | 1475638 |
| VIP Value Strategies Portfolio - Initial Class | 13044270 | 4460679 | 3947305 | 696725 | (37599) | 573469 | 14093514 | 884715 |
|  | 784855058 | 378448946 | 327423943 | 65090474 | 1121059 | 55660805 | 892581964 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 367150454 | 367150454 | - | - |
|  **Domestic Equity Funds** | 285574221 | 285574221 | - | - |
|  **International Equity Funds** | 236358141 | 236358141 | - | - |
|  **Money Market Funds** | 3499148 | 3499148 | - | - |
| **Total Investments in Securities:** | 892581964 | 892581964 | - | - |

---

**VIP Freedom 2030 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $731,355,084) | $892581964 |  |
| Total Investment in Securities (cost $731,355,084) |  | $892581964 |
| Receivable for investments sold |  | 8021779 |
| Receivable for fund shares sold |  | 456179 |
| **Total assets** |  | 901059922 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $7370461 |  |
| Payable for fund shares redeemed | 1107498 |  |
| Distribution and service plan fees payable | 87451 |  |
| **Total liabilities** |  | 8565410 |
| **Net Assets**  |  | $892494512 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $694019955 |
| Total accumulated earnings (loss) |  | 198474557 |
| **Net Assets** |  | $892494512 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($204,546,084 ÷ 11,570,805 shares) |  | $17.68 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($445,320,136 ÷ 25,282,159 shares) |  | $17.61 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($242,628,292 ÷ 13,840,577 shares) |  | $17.53 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $21026863 |
| Income from Fidelity Central Funds  |  | 81 |
| **Total income** |  | 21026944 |
| **Expenses** |  |  |
| Distribution and service plan fees | $994158 |  |
| Independent trustees' fees and expenses | 2033 |  |
| Total expenses before reductions | 996191 |  |
| Expense reductions | (3) |  |
| Total expenses after reductions |  | 996188 |
| **Net Investment income (loss)** |  | 20030756 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | 1121059 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 44063611 |  |
| Total net realized gain (loss) |  | 45184670 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 55660805 |  |
| Total change in net unrealized appreciation (depreciation) |  | 55660805 |
| **Net gain (loss)** |  | 100845475 |
| **Net increase (decrease) in net assets resulting from operations** |  | $120876231 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $20030756 | $16031511 |
| &nbsp;&nbsp;Net realized gain (loss) | 45184670<br>| 38994860<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 55660805 | 9180382<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 120876231<br>| 64206753<br>|
| Distributions to shareholders | (54821477)<br>| (18336552)<br>|
| Share transactions - net increase (decrease) | 41664276<br>| 35981736<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 107719030<br>| 81851937<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 784775482 | 702923545<br>|
| &nbsp;&nbsp;End of period | $892494512 | $784775482 |

---

**Financial Highlights** 

**VIP Freedom 2030 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.39 | $15.36 | $13.72 | $17.93 | $16.83 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .42  | .37  | .34  | .29  | .31  |
| Net realized and unrealized gain (loss)  | 2.04  | 1.07  | 1.67  | (3.16)  | 1.72  |
| Total from investment operations  | 2.46  | 1.44  | 2.01  | (2.87)  | 2.03  |
| Distributions from net investment income  | (.41)  | (.38)  | (.37)  | (.29)  | (.19)  |
| Distributions from net realized gain  | (.75)  | (.04)  | -  | (1.05)  | (.74)  |
| Total distributions  | (1.17) C | (.41) C | (.37)  | (1.34)  | (.93)  |
| Net asset value, end of period  | $17.68 | $16.39 | $15.36 | $13.72 | $17.93 |
| **Total Return** D,E | 15.52% <br>| 9.41%  | 14.70%  | (16.87)%  | 12.37%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.49%  | 2.25%  | 2.33%  | 1.96%  | 1.77%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $204546 | $189258 | $162784 | $116986 | $138193 |
| Portfolio turnover rate I | 39% <br>| 31%  | 26%  | 76%  | 28%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2030 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.34 | $15.31 | $13.68 | $17.88 | $16.79 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .41  | .35  | .32  | .27  | .29  |
| Net realized and unrealized gain (loss)  | 2.01  | 1.08  | 1.66  | (3.14)  | 1.72  |
| Total from investment operations  | 2.42  | 1.43  | 1.98  | (2.87)  | 2.01  |
| Distributions from net investment income  | (.40)  | (.36)  | (.35)  | (.28)  | (.18)  |
| Distributions from net realized gain  | (.75)  | (.04)  | -  | (1.05)  | (.74)  |
| Total distributions  | (1.15)  | (.40)  | (.35)  | (1.33)  | (.92)  |
| Net asset value, end of period  | $17.61 | $16.34 | $15.31 | $13.68 | $17.88 |
| **Total Return** C,D | 15.33% <br>| 9.34%  | 14.56%  | (16.94)%  | 12.24%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 2.40%  | 2.15%  | 2.23%  | 1.86%  | 1.67%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $445320 | $369233 | $319543 | $271187 | $294595 |
| Portfolio turnover rate G | 39% <br>| 31%  | 26%  | 76%  | 28%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2030 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.27 | $15.25 | $13.62 | $17.81 | $16.73 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .38  | .33  | .30  | .25  | .27  |
| Net realized and unrealized gain (loss)  | 2.00  | 1.06  | 1.66  | (3.14)  | 1.70  |
| Total from investment operations  | 2.38  | 1.39  | 1.96  | (2.89)  | 1.97  |
| Distributions from net investment income  | (.37)  | (.33)  | (.33)  | (.26)  | (.15)  |
| Distributions from net realized gain  | (.75)  | (.04)  | -  | (1.05)  | (.74)  |
| Total distributions  | (1.12)  | (.37)  | (.33)  | (1.30) C | (.89)  |
| Net asset value, end of period  | $17.53 | $16.27 | $15.25 | $13.62 | $17.81 |
| **Total Return** D,E | 15.16% <br>| 9.14%  | 14.46%  | (17.09)%  | 12.07%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 2.25%  | 2.00%  | 2.08%  | 1.71%  | 1.52%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $242628 | $226284 | $220596 | $198433 | $243043 |
| Portfolio turnover rate H | 39% <br>| 31%  | 26%  | 76%  | 28%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2035 Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 33.0%** | &nbsp;&nbsp;**Bond Funds - 33.0%** | &nbsp;&nbsp;**Bond Funds - 33.0%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 2408838 | 21968604 |
| Fidelity International Bond Index Fund (a) | 1097528 | 10064335 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 3821067 | 35497714 |
| VIP High Income Portfolio - Initial Class (a) | 1166042 | 5690286 |
| VIP Investment Grade Bond II Portfolio - Initial Class (a) | 8596617 | 81409966 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $159,048,295) |  | **154630905** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 36.9%** | &nbsp;&nbsp;**Domestic Equity Funds - 36.9%** | &nbsp;&nbsp;**Domestic Equity Funds - 36.9%** |
|  | Shares | Value ($)<br>|
| VIP Contrafund Portfolio - Initial Class (a) | 508057 | 30427508 |
| VIP Equity-Income Portfolio - Initial Class (a) | 838197 | 24668141 |
| VIP Growth & Income Portfolio - Initial Class (a) | 1015550 | 33868596 |
| VIP Growth Portfolio - Initial Class (a) | 516549 | 50477135 |
| VIP Mid Cap Portfolio - Initial Class (a) | 206373 | 7741048 |
| VIP Value Portfolio - Initial Class (a) | 893667 | 17229903 |
| VIP Value Strategies Portfolio - Initial Class (a) | 535805 | 8535367 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $135,498,412) |  | **172947698** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 29.8%** | &nbsp;&nbsp;**International Equity Funds - 29.8%** | &nbsp;&nbsp;**International Equity Funds - 29.8%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Initial Class (a) | 2782346 | 44044544 |
| VIP Overseas Portfolio - Initial Class (a) | 3469694 | 95485990 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $111,787,531) |  | **139530534** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Initial Class (a)(b)<br>(Cost $1,840,933)<br>| 3.64 | 1840933 | **1840933** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $408,175,171)<br>| <br>**468950070** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(52398)** |
| **NET ASSETS - 100.0%** | **468897672** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 473740 | 473740 | 150 | - | - | - | - | 0.0% |
| Total | - | 473740 | 473740 | 150 | - | - | - |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Inflation-Protected Bond Index Fund | 15312116 | 12312354 | 5903536 | 753802 | (187821) | 452891 | 21968604 | 2408838 |
| Fidelity International Bond Index Fund | 10954552 | 10749350 | 11472020 | 253458 | (94239) | (73308) | 10064335 | 1097528 |
| Fidelity Long-Term Treasury Bond Index Fund | 29166730 | 14625194 | 8844851 | 1294090 | (190157) | 740798 | 35497714 | 3821067 |
| VIP Contrafund Portfolio - Initial Class | 25562817 | 13050274 | 9154687 | 4579103 | (98083) | 1067187 | 30427508 | 508057 |
| VIP Emerging Markets Portfolio - Initial Class | 41828206 | 15543049 | 26721691 | 1091854 | 1027419 | 12367561 | 44044544 | 2782346 |
| VIP Equity-Income Portfolio - Initial Class | 20857239 | 8411297 | 6863320 | 1728886 | (13033) | 2275958 | 24668141 | 838197 |
| VIP Government Money Market Portfolio - Initial Class | - | 17699376 | 15858443 | 149087 | - | - | 1840933 | 1840933 |
| VIP Growth & Income Portfolio - Initial Class | 28607468 | 11988924 | 9388714 | 3474491 | 20408 | 2640510 | 33868596 | 1015550 |
| VIP Growth Portfolio - Initial Class | 42365299 | 21161026 | 13553085 | 6208650 | (209675) | 713570 | 50477135 | 516549 |
| VIP High Income Portfolio - Initial Class | 4528679 | 1960049 | 950470 | 352289 | 4877 | 147151 | 5690286 | 1166042 |
| VIP Investment Grade Bond II Portfolio - Initial Class | 45327408 | 47575346 | 12670609 | 3180000 | (5409) | 1183230 | 81409966 | 8596617 |
| VIP Mid Cap Portfolio - Initial Class | 6566603 | 3240346 | 2136505 | 818638 | (13094) | 83698 | 7741048 | 206373 |
| VIP Overseas Portfolio - Initial Class | 79977130 | 36757359 | 28131978 | 9785824 | 142397 | 6741082 | 95485990 | 3469694 |
| VIP Value Portfolio - Initial Class | 14656408 | 6719321 | 4522165 | 1471862 | (21087) | 397426 | 17229903 | 893667 |
| VIP Value Strategies Portfolio - Initial Class | 7280062 | 3155141 | 2227829 | 406675 | (43764) | 371757 | 8535367 | 535805 |
|  | 372990717 | 224948406 | 158399903 | 35548709 | 318739 | 29109511 | 468950070 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 154630905 | 154630905 | - | - |
|  **Domestic Equity Funds** | 172947698 | 172947698 | - | - |
|  **International Equity Funds** | 139530534 | 139530534 | - | - |
|  **Money Market Funds** | 1840933 | 1840933 | - | - |
| **Total Investments in Securities:** | 468950070 | 468950070 | - | - |

---

**VIP Freedom 2035 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $408,175,171) | $468950070 |  |
| Total Investment in Securities (cost $408,175,171) |  | $468950070 |
| Receivable for investments sold |  | 3949438 |
| Receivable for fund shares sold |  | 277597 |
| **Total assets** |  | 473177105 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3952790 |  |
| Payable for fund shares redeemed | 274243 |  |
| Distribution and service plan fees payable | 52400 |  |
| **Total liabilities** |  | 4279433 |
| **Net Assets**  |  | $468897672 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $386812021 |
| Total accumulated earnings (loss) |  | 82085651 |
| **Net Assets** |  | $468897672 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($70,205,738 ÷ 2,327,541 shares) |  | $30.16 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($240,294,557 ÷ 7,998,217 shares) |  | $30.04 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($158,397,377 ÷ 5,312,748 shares) |  | $29.81 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $9729697 |
| Income from Fidelity Central Funds  |  | 150 |
| **Total income** |  | 9729847 |
| **Expenses** |  |  |
| Distribution and service plan fees | $577815 |  |
| Independent trustees' fees and expenses | 996 |  |
| Total expenses before reductions | 578811 |  |
| Expense reductions | (2) |  |
| Total expenses after reductions |  | 578809 |
| **Net Investment income (loss)** |  | 9151038 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | 318739 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 25819012 |  |
| Total net realized gain (loss) |  | 26137751 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 29109511 |  |
| Total change in net unrealized appreciation (depreciation) |  | 29109511 |
| **Net gain (loss)** |  | 55247262 |
| **Net increase (decrease) in net assets resulting from operations** |  | $64398300 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $9151038 | $6365395 |
| &nbsp;&nbsp;Net realized gain (loss) | 26137751<br>| 21360522<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 29109511 | 4773572<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 64398300<br>| 32499489<br>|
| Distributions to shareholders | (29855421)<br>| (11041046)<br>|
| Share transactions - net increase (decrease) | 61409097<br>| 48454817<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 95951976<br>| 69913260<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 372945696 | 303032436<br>|
| &nbsp;&nbsp;End of period | $468897672 | $372945696 |

---

**Financial Highlights** 

**VIP Freedom 2035 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.90 | $25.99 | $22.71 | $30.05 | $27.34 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .67  | .56  | .51  | .40  | .45  |
| Net realized and unrealized gain (loss)  | 3.80  | 2.28  | 3.30  | (5.43)  | 3.69  |
| Total from investment operations  | 4.47  | 2.84  | 3.81  | (5.03)  | 4.14  |
| Distributions from net investment income  | (.63)  | (.53)  | (.48)  | (.42)  | (.30)  |
| Distributions from net realized gain  | (1.58)  | (.40)  | (.05)  | (1.89)  | (1.13)  |
| Total distributions  | (2.21)  | (.93)  | (.53)  | (2.31)  | (1.43)  |
| Net asset value, end of period  | $30.16 | $27.90 | $25.99 | $22.71 | $30.05 |
| **Total Return** C,D | 16.69% <br>| 11.03%  | 16.85%  | (17.69)%  | 15.46%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions G | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.33%  | 2.02%  | 2.10%  | 1.68%  | 1.53%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $70206 | $51996 | $39129 | $18619 | $17426 |
| Portfolio turnover rate H | 38% <br>| 34%  | 26%  | 49%  | 34%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount represents less than .005%.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2035 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.80 | $25.90 | $22.64 | $29.96 | $27.27 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .64  | .53  | .49  | .38  | .42  |
| Net realized and unrealized gain (loss)  | 3.79  | 2.27  | 3.28  | (5.42)  | 3.67  |
| Total from investment operations  | 4.43  | 2.80  | 3.77  | (5.04)  | 4.09  |
| Distributions from net investment income  | (.60)  | (.50)  | (.46)  | (.40)  | (.27)  |
| Distributions from net realized gain  | (1.58)  | (.40)  | (.05)  | (1.89)  | (1.13)  |
| Total distributions  | (2.19) C | (.90)  | (.51)  | (2.28) C | (1.40)  |
| Net asset value, end of period  | $30.04 | $27.80 | $25.90 | $22.64 | $29.96 |
| **Total Return** D,E | 16.58% <br>| 10.93%  | 16.71%  | (17.75)%  | 15.32%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 2.23%  | 1.92%  | 2.00%  | 1.58%  | 1.43%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $240295 | $180271 | $141514 | $98376 | $82275 |
| Portfolio turnover rate H | 38% <br>| 34%  | 26%  | 49%  | 34%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2035 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.60 | $25.72 | $22.49 | $29.78 | $27.11 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .59  | .49  | .45  | .34  | .37  |
| Net realized and unrealized gain (loss)  | 3.76  | 2.25  | 3.25  | (5.38)  | 3.66  |
| Total from investment operations  | 4.35  | 2.74  | 3.70  | (5.04)  | 4.03  |
| Distributions from net investment income  | (.56)  | (.46)  | (.42)  | (.36)  | (.23)  |
| Distributions from net realized gain  | (1.58)  | (.40)  | (.05)  | (1.89)  | (1.13)  |
| Total distributions  | (2.14)  | (.86)  | (.47)  | (2.25)  | (1.36)  |
| Net asset value, end of period  | $29.81 | $27.60 | $25.72 | $22.49 | $29.78 |
| **Total Return** C,D | 16.42% <br>| 10.77%  | 16.53%  | (17.89)%  | 15.18%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 2.08%  | 1.77%  | 1.85%  | 1.43%  | 1.28%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $158397 | $140678 | $122389 | $98634 | $113228 |
| Portfolio turnover rate G | 38% <br>| 34%  | 26%  | 49%  | 34%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2040 Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 18.0%** | &nbsp;&nbsp;**Bond Funds - 18.0%** | &nbsp;&nbsp;**Bond Funds - 18.0%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 852419 | 7774063 |
| Fidelity International Bond Index Fund (a) | 940022 | 8619999 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 3864418 | 35900441 |
| VIP High Income Portfolio - Initial Class (a) | 1107498 | 5404589 |
| VIP Investment Grade Bond II Portfolio - Initial Class (a) | 2357169 | 22322387 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $83,797,049) |  | **80021479** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 45.8%** | &nbsp;&nbsp;**Domestic Equity Funds - 45.8%** | &nbsp;&nbsp;**Domestic Equity Funds - 45.8%** |
|  | Shares | Value ($)<br>|
| VIP Contrafund Portfolio - Initial Class (a) | 599287 | 35891287 |
| VIP Equity-Income Portfolio - Initial Class (a) | 988706 | 29097607 |
| VIP Growth & Income Portfolio - Initial Class (a) | 1197909 | 39950258 |
| VIP Growth Portfolio - Initial Class (a) | 609296 | 59540379 |
| VIP Mid Cap Portfolio - Initial Class (a) | 243437 | 9131327 |
| VIP Value Portfolio - Initial Class (a) | 1054157 | 20324144 |
| VIP Value Strategies Portfolio - Initial Class (a) | 632031 | 10068257 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $158,888,787) |  | **204003259** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 35.8%** | &nbsp;&nbsp;**International Equity Funds - 35.8%** | &nbsp;&nbsp;**International Equity Funds - 35.8%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Initial Class (a) | 3158901 | 50005409 |
| VIP Overseas Portfolio - Initial Class (a) | 3975968 | 109418637 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $127,895,616) |  | **159424046** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Initial Class (a)(b)<br>(Cost $1,706,843)<br>| 3.64 | 1706843 | **1706843** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $372,288,295)<br>| <br>**445155627** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(35958)** |
| **NET ASSETS - 100.0%** | **445119669** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 324801 | 324801 | 94 | - | - | - | - | 0.0% |
| Total | - | 324801 | 324801 | 94 | - | - | - |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Inflation-Protected Bond Index Fund | 5011433 | 3941407 | 1279824 | 264407 | 6932 | 100088 | 7774063 | 852419 |
| Fidelity International Bond Index Fund | 7963874 | 9580685 | 8788481 | 203877 | 58949 | (195028) | 8619999 | 940022 |
| Fidelity Long-Term Treasury Bond Index Fund | 27790061 | 15527572 | 7966002 | 1293247 | (273522) | 822332 | 35900441 | 3864418 |
| VIP Contrafund Portfolio - Initial Class | 29328261 | 14147180 | 8767411 | 5376393 | 10853 | 1172404 | 35891287 | 599287 |
| VIP Emerging Markets Portfolio - Initial Class | 45313121 | 15961542 | 26371998 | 1224923 | 1221249 | 13881495 | 50005409 | 3158901 |
| VIP Equity-Income Portfolio - Initial Class | 23930024 | 9228650 | 6733592 | 2029373 | 19603 | 2652922 | 29097607 | 988706 |
| VIP Government Money Market Portfolio - Initial Class | - | 16933071 | 15226228 | 143321 | - | - | 1706843 | 1706843 |
| VIP Growth & Income Portfolio - Initial Class | 32821997 | 12760741 | 8782647 | 4079887 | 64759 | 3085408 | 39950258 | 1197909 |
| VIP Growth Portfolio - Initial Class | 48605670 | 23744695 | 13520550 | 7290815 | (2431) | 712995 | 59540379 | 609296 |
| VIP High Income Portfolio - Initial Class | 4249628 | 1880283 | 873538 | 333828 | 3082 | 145134 | 5404589 | 1107498 |
| VIP Investment Grade Bond II Portfolio - Initial Class | 2871539 | 25423652 | 5874636 | 805485 | (3409) | (94759) | 22322387 | 2357169 |
| VIP Mid Cap Portfolio - Initial Class | 7534013 | 3568962 | 2056597 | 960591 | (40214) | 125163 | 9131327 | 243437 |
| VIP Overseas Portfolio - Initial Class | 89364488 | 39404808 | 26938773 | 11162273 | 202740 | 7385374 | 109418637 | 3975968 |
| VIP Value Portfolio - Initial Class | 16815680 | 7704917 | 4645389 | 1731693 | (34158) | 483094 | 20324144 | 1054157 |
| VIP Value Strategies Portfolio - Initial Class | 8352561 | 3514065 | 2189586 | 478211 | (43543) | 434760 | 10068257 | 632031 |
|  | 349952350 | 203322230 | 140015252 | 37378324 | 1190890 | 30711382 | 445155627 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 80021479 | 80021479 | - | - |
|  **Domestic Equity Funds** | 204003259 | 204003259 | - | - |
|  **International Equity Funds** | 159424046 | 159424046 | - | - |
|  **Money Market Funds** | 1706843 | 1706843 | - | - |
| **Total Investments in Securities:** | 445155627 | 445155627 | - | - |

---

**VIP Freedom 2040 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $372,288,295) | $445155627 |  |
| Total Investment in Securities (cost $372,288,295) |  | $445155627 |
| Receivable for investments sold |  | 3514636 |
| Receivable for fund shares sold |  | 337362 |
| **Total assets** |  | 449007625 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3427335 |  |
| Payable for fund shares redeemed | 424663 |  |
| Distribution and service plan fees payable | 35958 |  |
| **Total liabilities** |  | 3887956 |
| **Net Assets**  |  | $445119669 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $346574812 |
| Total accumulated earnings (loss) |  | 98544857 |
| **Net Assets** |  | $445119669 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($102,751,979 ÷ 3,450,555 shares) |  | $29.78 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($279,605,557 ÷ 9,420,978 shares) |  | $29.68 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($62,762,133 ÷ 2,127,946 shares) |  | $29.49 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $7351451 |
| Income from Fidelity Central Funds  |  | 94 |
| **Total income** |  | 7351545 |
| **Expenses** |  |  |
| Distribution and service plan fees | $394037 |  |
| Independent trustees' fees and expenses | 955 |  |
| Total expenses before reductions | 394992 |  |
| Expense reductions | (5) |  |
| Total expenses after reductions |  | 394987 |
| **Net Investment income (loss)** |  | 6956558 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | 1190890 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 30026873 |  |
| Total net realized gain (loss) |  | 31217763 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 30711382 |  |
| Total change in net unrealized appreciation (depreciation) |  | 30711382 |
| **Net gain (loss)** |  | 61929145 |
| **Net increase (decrease) in net assets resulting from operations** |  | $68885703 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $6956558 | $4623544 |
| &nbsp;&nbsp;Net realized gain (loss) | 31217763<br>| 25179823<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 30711382 | 6935278<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 68885703<br>| 36738645<br>|
| Distributions to shareholders | (31525492)<br>| (9691579)<br>|
| Share transactions - net increase (decrease) | 57836707<br>| 41947663<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 95196918<br>| 68994729<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 349922751 | 280928022<br>|
| &nbsp;&nbsp;End of period | $445119669 | $349922751 |

---

**Financial Highlights** 

**VIP Freedom 2040 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.30 | $24.91 | $21.58 | $29.04 | $25.96 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .52  | .41  | .38  | .34  | .41  |
| Net realized and unrealized gain (loss)  | 4.37  | 2.82  | 3.65  | (5.31)  | 4.11  |
| Total from investment operations  | 4.89  | 3.23  | 4.03  | (4.97)  | 4.52  |
| Distributions from net investment income  | (.50)  | (.39)  | (.37)  | (.39)  | (.26)  |
| Distributions from net realized gain  | (1.91)  | (.44)  | (.32)  | (2.10)  | (1.18)  |
| Total distributions  | (2.41)  | (.84) C | (.70) C | (2.49)  | (1.44)  |
| Net asset value, end of period  | $29.78 | $27.30 | $24.91 | $21.58 | $29.04 |
| **Total Return** D,E | 18.79% <br>| 13.10%  | 18.87%  | (18.22)%  | 17.83%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.83%  | 1.52%  | 1.64%  | 1.49%  | 1.45%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $102752 | $86501 | $66167 | $41856 | $45822 |
| Portfolio turnover rate I | 35% <br>| 34%  | 28%  | 39%  | 32%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2040 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.22 | $24.85 | $21.52 | $28.97 | $25.91 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .49  | .38  | .36  | .32  | .38  |
| Net realized and unrealized gain (loss)  | 4.35  | 2.80  | 3.64  | (5.30)  | 4.10  |
| Total from investment operations  | 4.84  | 3.18  | 4.00  | (4.98)  | 4.48  |
| Distributions from net investment income  | (.47)  | (.37)  | (.35)  | (.37)  | (.24)  |
| Distributions from net realized gain  | (1.91)  | (.44)  | (.32)  | (2.10)  | (1.18)  |
| Total distributions  | (2.38)  | (.81)  | (.67)  | (2.47)  | (1.42)  |
| Net asset value, end of period  | $29.68 | $27.22 | $24.85 | $21.52 | $28.97 |
| **Total Return** C,D | 18.66% <br>| 12.94%  | 18.82%  | (18.30)%  | 17.68%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 1.73%  | 1.42%  | 1.54%  | 1.39%  | 1.35%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $279606 | $208187 | $169888 | $124508 | $119062 |
| Portfolio turnover rate G | 35% <br>| 34%  | 28%  | 39%  | 32%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2040 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.07 | $24.71 | $21.41 | $28.83 | $25.80 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .44  | .34  | .32  | .28  | .33  |
| Net realized and unrealized gain (loss)  | 4.32  | 2.79  | 3.62  | (5.26)  | 4.08  |
| Total from investment operations  | 4.76  | 3.13  | 3.94  | (4.98)  | 4.41  |
| Distributions from net investment income  | (.43)  | (.33)  | (.32)  | (.33)  | (.20)  |
| Distributions from net realized gain  | (1.91)  | (.44)  | (.32)  | (2.10)  | (1.18)  |
| Total distributions  | (2.34)  | (.77)  | (.64)  | (2.44) C | (1.38)  |
| Net asset value, end of period  | $29.49 | $27.07 | $24.71 | $21.41 | $28.83 |
| **Total Return** D,E | 18.44% <br>| 12.81%  | 18.61%  | (18.41)%  | 17.50%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 1.58%  | 1.27%  | 1.39%  | 1.24%  | 1.20%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $62762 | $55235 | $44872 | $35481 | $41525 |
| Portfolio turnover rate H | 35% <br>| 34%  | 28%  | 39%  | 32%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2045 Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 8.4%** | &nbsp;&nbsp;**Bond Funds - 8.4%** | &nbsp;&nbsp;**Bond Funds - 8.4%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 203426 | 1855244 |
| Fidelity International Bond Index Fund (a) | 22508 | 206400 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 1868500 | 17358369 |
| VIP Investment Grade Bond II Portfolio - Initial Class (a) | 212078 | 2008380 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $22,428,966) |  | **21428393** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 51.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 51.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 51.7%** |
|  | Shares | Value ($)<br>|
| VIP Contrafund Portfolio - Initial Class (a) | 389541 | 23329593 |
| VIP Equity-Income Portfolio - Initial Class (a) | 642660 | 18913485 |
| VIP Growth & Income Portfolio - Initial Class (a) | 778647 | 25967894 |
| VIP Growth Portfolio - Initial Class (a) | 396043 | 38701299 |
| VIP Mid Cap Portfolio - Initial Class (a) | 158243 | 5935680 |
| VIP Value Portfolio - Initial Class (a) | 685218 | 13210999 |
| VIP Value Strategies Portfolio - Initial Class (a) | 410838 | 6544648 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $108,554,665) |  | **132603598** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 39.6%** | &nbsp;&nbsp;**International Equity Funds - 39.6%** | &nbsp;&nbsp;**International Equity Funds - 39.6%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Initial Class (a) | 2015253 | 31901461 |
| VIP Overseas Portfolio - Initial Class (a) | 2534918 | 69760952 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $83,539,670) |  | **101662413** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Initial Class (a)(b)<br>(Cost $932,136)<br>| 3.64 | 932136 | **932136** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $215,455,437)<br>| <br>**256626540** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(35599)** |
| **NET ASSETS - 100.0%** | **256590941** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 849485 | 849485 | 302 | - | - | - | - | 0.0% |
| Total | - | 849485 | 849485 | 302 | - | - | - |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Inflation-Protected Bond Index Fund | - | 1900133 | 13115 | 32545 | (202) | (31572) | 1855244 | 203426 |
| Fidelity International Bond Index Fund | 1938409 | 827532 | 2570587 | 573 | (19367) | 30413 | 206400 | 22508 |
| Fidelity Long-Term Treasury Bond Index Fund | 12778766 | 8791619 | 4394562 | 554486 | (348129) | 530675 | 17358369 | 1868500 |
| VIP Contrafund Portfolio - Initial Class | 17443253 | 10005292 | 4827199 | 3384580 | (56566) | 764813 | 23329593 | 389541 |
| VIP Emerging Markets Portfolio - Initial Class | 25287739 | 12208882 | 14528450 | 759728 | 336099 | 8597191 | 31901461 | 2015253 |
| VIP Equity-Income Portfolio - Initial Class | 14232197 | 6954701 | 3892582 | 1286107 | (16073) | 1635242 | 18913485 | 642660 |
| VIP Government Money Market Portfolio - Initial Class | - | 9511896 | 8579760 | 79133 | - | - | 932136 | 932136 |
| VIP Growth & Income Portfolio - Initial Class | 19520824 | 9175166 | 4627112 | 2588012 | (19704) | 1918720 | 25967894 | 778647 |
| VIP Growth Portfolio - Initial Class | 28908730 | 17113761 | 7707282 | 4625907 | (63488) | 449578 | 38701299 | 396043 |
| VIP Investment Grade Bond II Portfolio - Initial Class | - | 4160314 | 2067280 | 89823 | (14353) | (70301) | 2008380 | 212078 |
| VIP Mid Cap Portfolio - Initial Class | 4480819 | 2486962 | 1103012 | 595122 | (18345) | 89256 | 5935680 | 158243 |
| VIP Overseas Portfolio - Initial Class | 53765396 | 27362976 | 15567384 | 7032480 | (113069) | 4313033 | 69760952 | 2534918 |
| VIP Value Portfolio - Initial Class | 10000865 | 5589534 | 2679129 | 1079518 | (20469) | 320198 | 13210999 | 685218 |
| VIP Value Strategies Portfolio - Initial Class | 4967506 | 2536230 | 1222134 | 299511 | (18318) | 281364 | 6544648 | 410838 |
|  | 193324504 | 118624998 | 73779588 | 22407525 | (371984) | 18828610 | 256626540 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 21428393 | 21428393 | - | - |
|  **Domestic Equity Funds** | 132603598 | 132603598 | - | - |
|  **International Equity Funds** | 101662413 | 101662413 | - | - |
|  **Money Market Funds** | 932136 | 932136 | - | - |
| **Total Investments in Securities:** | 256626540 | 256626540 | - | - |

---

**VIP Freedom 2045 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $215,455,437) | $256626540 |  |
| Total Investment in Securities (cost $215,455,437) |  | $256626540 |
| Cash |  | 2 |
| Receivable for investments sold |  | 1602252 |
| Receivable for fund shares sold |  | 640762 |
| **Total assets** |  | 258869556 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1900357 |  |
| Payable for fund shares redeemed | 342650 |  |
| Distribution and service plan fees payable | 35608 |  |
| **Total liabilities** |  | 2278615 |
| **Net Assets**  |  | $256590941 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $199909984 |
| Total accumulated earnings (loss) |  | 56680957 |
| **Net Assets** |  | $256590941 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($31,023,554 ÷ 1,011,339 shares) |  | $30.68 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($88,770,474 ÷ 2,905,194 shares) |  | $30.56 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($136,796,913 ÷ 4,507,435 shares) |  | $30.35 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $3478173 |
| Income from Fidelity Central Funds  |  | 302 |
| **Total income** |  | 3478475 |
| **Expenses** |  |  |
| Distribution and service plan fees | $385375 |  |
| Independent trustees' fees and expenses | 530 |  |
| Total expenses before reductions | 385905 |  |
| Expense reductions | (2) |  |
| Total expenses after reductions |  | 385903 |
| **Net Investment income (loss)** |  | 3092572 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | (371984) |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 18929352 |  |
| Total net realized gain (loss) |  | 18557368 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 18828610 |  |
| Total change in net unrealized appreciation (depreciation) |  | 18828610 |
| **Net gain (loss)** |  | 37385978 |
| **Net increase (decrease) in net assets resulting from operations** |  | $40478550 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3092572 | $2102383 |
| &nbsp;&nbsp;Net realized gain (loss) | 18557368<br>| 14338291<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 18828610 | 4743448<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 40478550<br>| 21184122<br>|
| Distributions to shareholders | (16611985)<br>| (5192516)<br>|
| Share transactions - net increase (decrease) | 39429174<br>| 23590217<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 63295739<br>| 39581823<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 193295202 | 153713379<br>|
| &nbsp;&nbsp;End of period | $256590941 | $193295202 |

---

**Financial Highlights** 

**VIP Freedom 2045 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.81 | $25.21 | $21.76 | $29.30 | $26.09 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .45  | .37  | .37  | .34  | .40  |
| Net realized and unrealized gain (loss)  | 4.81  | 3.08  | 3.80  | (5.35)  | 4.16  |
| Total from investment operations  | 5.26  | 3.45  | 4.17  | (5.01)  | 4.56  |
| Distributions from net investment income  | (.43)  | (.36)  | (.35)  | (.38)  | (.27)  |
| Distributions from net realized gain  | (1.96)  | (.48)  | (.37)  | (2.15)  | (1.08)  |
| Total distributions  | (2.39)  | (.85) C | (.72)  | (2.53)  | (1.35)  |
| Net asset value, end of period  | $30.68 | $27.81 | $25.21 | $21.76 | $29.30 |
| **Total Return** D,E | 19.83% <br>| 13.84%  | 19.41%  | (18.21)%  | 17.83%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.55%  | 1.36%  | 1.59%  | 1.50%  | 1.42%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $31024 | $23336 | $17029 | $7366 | $6866 |
| Portfolio turnover rate I | 33% <br>| 31%  | 24%  | 39%  | 29%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2045 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.71 | $25.13 | $21.69 | $29.22 | $26.03 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .42  | .35  | .35  | .32  | .37  |
| Net realized and unrealized gain (loss)  | 4.79  | 3.05  | 3.79  | (5.34)  | 4.14  |
| Total from investment operations  | 5.21  | 3.40  | 4.14  | (5.02)  | 4.51  |
| Distributions from net investment income  | (.40)  | (.34)  | (.33)  | (.36)  | (.24)  |
| Distributions from net realized gain  | (1.96)  | (.48)  | (.37)  | (2.15)  | (1.08)  |
| Total distributions  | (2.36)  | (.82)  | (.70)  | (2.51)  | (1.32)  |
| Net asset value, end of period  | $30.56 | $27.71 | $25.13 | $21.69 | $29.22 |
| **Total Return** C,D | 19.73% <br>| 13.70%  | 19.33%  | (18.30)%  | 17.69%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 1.45%  | 1.26%  | 1.49%  | 1.40%  | 1.32%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $88770 | $53830 | $41877 | $23628 | $22218 |
| Portfolio turnover rate G | 33% <br>| 31%  | 24%  | 39%  | 29%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2045 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.54 | $24.98 | $21.57 | $29.07 | $25.90 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .37  | .30  | .31  | .28  | .33  |
| Net realized and unrealized gain (loss)  | 4.75  | 3.04  | 3.76  | (5.30)  | 4.12  |
| Total from investment operations  | 5.12  | 3.34  | 4.07  | (5.02)  | 4.45  |
| Distributions from net investment income  | (.35)  | (.30)  | (.30)  | (.33)  | (.20)  |
| Distributions from net realized gain  | (1.96)  | (.48)  | (.37)  | (2.15)  | (1.08)  |
| Total distributions  | (2.31)  | (.78)  | (.66) C | (2.48)  | (1.28)  |
| Net asset value, end of period  | $30.35 | $27.54 | $24.98 | $21.57 | $29.07 |
| **Total Return** D,E | 19.53% <br>| 13.54%  | 19.13%  | (18.42)%  | 17.53%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 1.30%  | 1.11%  | 1.34%  | 1.25%  | 1.17%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $136797 | $116129 | $94807 | $73408 | $78396 |
| Portfolio turnover rate H | 33% <br>| 31%  | 24%  | 39%  | 29%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2050 Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 7.5%** | &nbsp;&nbsp;**Bond Funds - 7.5%** | &nbsp;&nbsp;**Bond Funds - 7.5%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 145787 | 1329574 |
| Fidelity International Bond Index Fund (a) | 6900 | 63271 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 1543957 | 14343363 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $16,535,028) |  | **15736208** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 52.2%** | &nbsp;&nbsp;**Domestic Equity Funds - 52.2%** | &nbsp;&nbsp;**Domestic Equity Funds - 52.2%** |
|  | Shares | Value ($)<br>|
| VIP Contrafund Portfolio - Initial Class (a) | 322312 | 19303249 |
| VIP Equity-Income Portfolio - Initial Class (a) | 531746 | 15649288 |
| VIP Growth & Income Portfolio - Initial Class (a) | 644262 | 21486137 |
| VIP Growth Portfolio - Initial Class (a) | 327691 | 32021999 |
| VIP Mid Cap Portfolio - Initial Class (a) | 130932 | 4911274 |
| VIP Value Portfolio - Initial Class (a) | 566947 | 10930730 |
| VIP Value Strategies Portfolio - Initial Class (a) | 339932 | 5415117 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $88,906,455) |  | **109717794** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 40.0%** | &nbsp;&nbsp;**International Equity Funds - 40.0%** | &nbsp;&nbsp;**International Equity Funds - 40.0%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Initial Class (a) | 1663867 | 26339015 |
| VIP Overseas Portfolio - Initial Class (a) | 2094528 | 57641397 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $68,622,258) |  | **83980412** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Initial Class (a)(b)<br>(Cost $742,517)<br>| 3.64 | 742517 | **742517** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $174,806,258)<br>| <br>**210176931** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(25633)** |
| **NET ASSETS - 100.0%** | **210151298** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 338378 | 338378 | 120 | - | - | - | - | 0.0% |
| Total | - | 338378 | 338378 | 120 | - | - | - |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Inflation-Protected Bond Index Fund | - | 1359771 | 7879 | 22966 | (101) | (22217) | 1329574 | 145787 |
| Fidelity International Bond Index Fund | 1688328 | 382625 | 2018658 | 189 | (15425) | 26401 | 63271 | 6900 |
| Fidelity Long-Term Treasury Bond Index Fund | 11130165 | 6933852 | 3886584 | 464155 | (227012) | 392942 | 14343363 | 1543957 |
| VIP Contrafund Portfolio - Initial Class | 15192965 | 7942923 | 4351101 | 2827926 | (48037) | 566499 | 19303249 | 322312 |
| VIP Emerging Markets Portfolio - Initial Class | 22025297 | 9266796 | 12430095 | 629131 | 216545 | 7260472 | 26339015 | 1663867 |
| VIP Equity-Income Portfolio - Initial Class | 12396049 | 5426130 | 3516146 | 1070430 | (3642) | 1346897 | 15649288 | 531746 |
| VIP Government Money Market Portfolio - Initial Class | - | 7889439 | 7146922 | 64594 | - | - | 742517 | 742517 |
| VIP Growth & Income Portfolio - Initial Class | 17002407 | 7153297 | 4218235 | 2152594 | (15686) | 1564354 | 21486137 | 644262 |
| VIP Growth Portfolio - Initial Class | 25179315 | 13593026 | 6942478 | 3847620 | (65994) | 258130 | 32021999 | 327691 |
| VIP Investment Grade Bond II Portfolio - Initial Class | - | 2771128 | 2751061 | 25424 | (20067) | - | - | - |
| VIP Mid Cap Portfolio - Initial Class | 3902729 | 1928959 | 953983 | 501602 | (4396) | 37965 | 4911274 | 130932 |
| VIP Overseas Portfolio - Initial Class | 46829077 | 21185425 | 14009373 | 5851000 | (20768) | 3657036 | 57641397 | 2094528 |
| VIP Value Portfolio - Initial Class | 8710588 | 4363708 | 2354945 | 909868 | (12112) | 223491 | 10930730 | 566947 |
| VIP Value Strategies Portfolio - Initial Class | 4326612 | 1966067 | 1069878 | 251839 | (9656) | 201972 | 5415117 | 339932 |
|  | 168383532 | 92163146 | 65657338 | 18619338 | (226351) | 15513942 | 210176931 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 15736208 | 15736208 | - | - |
|  **Domestic Equity Funds** | 109717794 | 109717794 | - | - |
|  **International Equity Funds** | 83980412 | 83980412 | - | - |
|  **Money Market Funds** | 742517 | 742517 | - | - |
| **Total Investments in Securities:** | 210176931 | 210176931 | - | - |

---

**VIP Freedom 2050 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $174,806,258) | $210176931 |  |
| Total Investment in Securities (cost $174,806,258) |  | $210176931 |
| Receivable for investments sold |  | 1532021 |
| Receivable for fund shares sold |  | 92955 |
| **Total assets** |  | 211801907 |
| **Liabilities** |  |  |
| Payable to custodian bank | $4 |  |
| Payable for investments purchased  | 1568052 |  |
| Payable for fund shares redeemed | 56921 |  |
| Distribution and service plan fees payable | 25632 |  |
| **Total liabilities** |  | 1650609 |
| **Net Assets**  |  | $210151298 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $162390895 |
| Total accumulated earnings (loss) |  | 47760403 |
| **Net Assets** |  | $210151298 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($43,460,910 ÷ 1,569,968 shares) |  | $27.68 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($70,677,520 ÷ 2,563,485 shares) |  | $27.57 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($96,012,868 ÷ 3,502,598 shares) |  | $27.41 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $2834668 |
| Income from Fidelity Central Funds  |  | 120 |
| **Total income** |  | 2834788 |
| **Expenses** |  |  |
| Distribution and service plan fees | $278170 |  |
| Independent trustees' fees and expenses | 447 |  |
| Total expenses before reductions | 278617 |  |
| Expense reductions | (6) |  |
| Total expenses after reductions |  | 278611 |
| **Net Investment income (loss)** |  | 2556177 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | (226351) |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 15784670 |  |
| Total net realized gain (loss) |  | 15558319 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 15513942 |  |
| Total change in net unrealized appreciation (depreciation) |  | 15513942 |
| **Net gain (loss)** |  | 31072261 |
| **Net increase (decrease) in net assets resulting from operations** |  | $33628438 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2556177 | $1879926 |
| &nbsp;&nbsp;Net realized gain (loss) | 15558319<br>| 12165221<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 15513942 | 4773618<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 33628438<br>| 18818765<br>|
| Distributions to shareholders | (14232692)<br>| (4759754)<br>|
| Share transactions - net increase (decrease) | 22393381<br>| 17996348<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 41789127<br>| 32055359<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 168362171 | 136306812<br>|
| &nbsp;&nbsp;End of period | $210151298 | $168362171 |

---

**Financial Highlights** 

**VIP Freedom 2050 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.09 | $22.77 | $19.64 | $26.36 | $23.45 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .39  | .33  | .33  | .31  | .38  |
| Net realized and unrealized gain (loss)  | 4.34  | 2.78  | 3.44  | (4.83)  | 3.72  |
| Total from investment operations  | 4.73  | 3.11  | 3.77  | (4.52)  | 4.10  |
| Distributions from net investment income  | (.38)  | (.33)  | (.32)  | (.35)  | (.24)  |
| Distributions from net realized gain  | (1.76)  | (.46)  | (.32)  | (1.85)  | (.95)  |
| Total distributions  | (2.14)  | (.79)  | (.64)  | (2.20)  | (1.19)  |
| Net asset value, end of period  | $27.68 | $25.09 | $22.77 | $19.64 | $26.36 |
| **Total Return** C,D | 19.79% <br>| 13.83%  | 19.45%  | (18.22)%  | 17.83%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions G | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.51%  | 1.34%  | 1.57%  | 1.50%  | 1.48%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $43461 | $33293 | $27394 | $17775 | $19102 |
| Portfolio turnover rate H | 35% <br>| 34%  | 24%  | 38%  | 30%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount represents less than .005%.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2050 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.00 | $22.69 | $19.58 | $26.29 | $23.39 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .37  | .31  | .31  | .29  | .35  |
| Net realized and unrealized gain (loss)  | 4.32  | 2.77  | 3.42  | (4.82)  | 3.72  |
| Total from investment operations  | 4.69  | 3.08  | 3.73  | (4.53)  | 4.07  |
| Distributions from net investment income  | (.36)  | (.31)  | (.30)  | (.33)  | (.22)  |
| Distributions from net realized gain  | (1.76)  | (.46)  | (.32)  | (1.85)  | (.95)  |
| Total distributions  | (2.12)  | (.77)  | (.62)  | (2.18)  | (1.17)  |
| Net asset value, end of period  | $27.57 | $25.00 | $22.69 | $19.58 | $26.29 |
| **Total Return** C,D | 19.68% <br>| 13.74%  | 19.30%  | (18.31)%  | 17.73%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 1.41%  | 1.24%  | 1.47%  | 1.40%  | 1.38%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $70678 | $57267 | $44557 | $31042 | $30244 |
| Portfolio turnover rate G | 35% <br>| 34%  | 24%  | 38%  | 30%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2050 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.87 | $22.58 | $19.48 | $26.18 | $23.31 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .32  | .27  | .28  | .26  | .31  |
| Net realized and unrealized gain (loss)  | 4.30  | 2.75  | 3.41  | (4.81)  | 3.69  |
| Total from investment operations  | 4.62  | 3.02  | 3.69  | (4.55)  | 4.00  |
| Distributions from net investment income  | (.32)  | (.27)  | (.27)  | (.30)  | (.18)  |
| Distributions from net realized gain  | (1.76)  | (.46)  | (.32)  | (1.85)  | (.95)  |
| Total distributions  | (2.08)  | (.73)  | (.59)  | (2.15)  | (1.13)  |
| Net asset value, end of period  | $27.41 | $24.87 | $22.58 | $19.48 | $26.18 |
| **Total Return** C,D | 19.50% <br>| 13.55%  | 19.19%  | (18.47)%  | 17.51%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 1.26%  | 1.09%  | 1.32%  | 1.25%  | 1.23%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $96013 | $77802 | $64355 | $46602 | $47661 |
| Portfolio turnover rate G | 35% <br>| 34%  | 24%  | 38%  | 30%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2055 Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 6.7%** | &nbsp;&nbsp;**Bond Funds - 6.7%** | &nbsp;&nbsp;**Bond Funds - 6.7%** |
|  | Shares | Value ($)<br>|
| Fidelity Inflation-Protected Bond Index Fund (a) | 2388 | 21777 |
| Fidelity Long-Term Treasury Bond Index Fund (a) | 255424 | 2372885 |
| VIP Investment Grade Bond II Portfolio - Initial Class (a) | 1133 | 10729 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $2,450,400) |  | **2405391** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 52.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 52.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 52.7%** |
|  | Shares | Value ($)<br>|
| VIP Contrafund Portfolio - Initial Class (a) | 55951 | 3350913 |
| VIP Equity-Income Portfolio - Initial Class (a) | 92306 | 2716563 |
| VIP Growth & Income Portfolio - Initial Class (a) | 111839 | 3729817 |
| VIP Growth Portfolio - Initial Class (a) | 56884 | 5558731 |
| VIP Mid Cap Portfolio - Initial Class (a) | 22728 | 852545 |
| VIP Value Portfolio - Initial Class (a) | 98419 | 1897526 |
| VIP Value Strategies Portfolio - Initial Class (a) | 59009 | 940019 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $17,268,074) |  | **19046114** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 40.4%** | &nbsp;&nbsp;**International Equity Funds - 40.4%** | &nbsp;&nbsp;**International Equity Funds - 40.4%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Initial Class (a) | 289184 | 4577777 |
| VIP Overseas Portfolio - Initial Class (a) | 363708 | 10009241 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $12,890,622) |  | **14587018** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Initial Class (a)(b)<br>(Cost $113,176)<br>| 3.64 | 113176 | **113176** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $32,722,272)<br>| <br>**36151699** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(4271)** |
| **NET ASSETS - 100.0%** | **36147428** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Inflation-Protected Bond Index Fund | - | 22658 | 493 | 487 | (1) | (387) | 21777 | 2388 |
| Fidelity International Bond Index Fund | 216040 | 39593 | 257177 | - | (1842) | 3386 | - | - |
| Fidelity Long-Term Treasury Bond Index Fund | 1424250 | 1578010 | 659416 | 69891 | (27495) | 57536 | 2372885 | 255424 |
| VIP Contrafund Portfolio - Initial Class | 1944113 | 1888186 | 560053 | 455519 | (2554) | 81221 | 3350913 | 55951 |
| VIP Emerging Markets Portfolio - Initial Class | 2818382 | 2336581 | 1726727 | 104538 | 38063 | 1111478 | 4577777 | 289184 |
| VIP Equity-Income Portfolio - Initial Class | 1586224 | 1418573 | 491302 | 175195 | (2420) | 205488 | 2716563 | 92306 |
| VIP Government Money Market Portfolio - Initial Class | - | 1266649 | 1153473 | 9876 | - | - | 113176 | 113176 |
| VIP Growth & Income Portfolio - Initial Class | 2175652 | 1893953 | 570896 | 353267 | (2943) | 234051 | 3729817 | 111839 |
| VIP Growth Portfolio - Initial Class | 3221982 | 3206691 | 899717 | 631584 | (12261) | 42036 | 5558731 | 56884 |
| VIP Investment Grade Bond II Portfolio - Initial Class | - | 420372 | 407869 | 2572 | (1812) | 38 | 10729 | 1133 |
| VIP Mid Cap Portfolio - Initial Class | 499397 | 468628 | 127689 | 77818 | (1281) | 13490 | 852545 | 22728 |
| VIP Overseas Portfolio - Initial Class | 5992309 | 5580461 | 1969174 | 956126 | (7353) | 412998 | 10009241 | 363708 |
| VIP Value Portfolio - Initial Class | 1114600 | 1068915 | 331947 | 141151 | (3301) | 49259 | 1897526 | 98419 |
| VIP Value Strategies Portfolio - Initial Class | 553618 | 499465 | 154182 | 39464 | (2077) | 43195 | 940019 | 59009 |
|  | 21546567 | 21688735 | 9310115 | 3017488 | (27277) | 2253789 | 36151699 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 2405391 | 2405391 | - | - |
|  **Domestic Equity Funds** | 19046114 | 19046114 | - | - |
|  **International Equity Funds** | 14587018 | 14587018 | - | - |
|  **Money Market Funds** | 113176 | 113176 | - | - |
| **Total Investments in Securities:** | 36151699 | 36151699 | - | - |

---

**VIP Freedom 2055 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $32,722,272) | $36151699 |  |
| Total Investment in Securities (cost $32,722,272) |  | $36151699 |
| Receivable for investments sold |  | 297689 |
| Receivable for fund shares sold |  | 26873 |
| **Total assets** |  | 36476261 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $317259 |  |
| Payable for fund shares redeemed | 7302 |  |
| Distribution and service plan fees payable | 4272 |  |
| **Total liabilities** |  | 328833 |
| **Net Assets**  |  | $36147428 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $30518310 |
| Total accumulated earnings (loss) |  | 5629118 |
| **Net Assets** |  | $36147428 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($6,204,628 ÷ 398,418 shares) |  | $15.57 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($14,944,701 ÷ 961,176 shares) |  | $15.55 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($14,998,099 ÷ 967,669 shares) |  | $15.50 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $456694 |
| **Expenses** |  |  |
| Distribution and service plan fees | $42497 |  |
| Independent trustees' fees and expenses | 66 |  |
| Total expenses before reductions | 42563 |  |
| Expense reductions | (3) |  |
| Total expenses after reductions |  | 42560 |
| **Net Investment income (loss)** |  | 414134 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | (27277) |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 2560794 |  |
| Total net realized gain (loss) |  | 2533517 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 2253789 |  |
| Total change in net unrealized appreciation (depreciation) |  | 2253789 |
| **Net gain (loss)** |  | 4787306 |
| **Net increase (decrease) in net assets resulting from operations** |  | $5201440 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $414134 | $238076 |
| &nbsp;&nbsp;Net realized gain (loss) | 2533517<br>| 1598659<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2253789 | 252940<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 5201440<br>| 2089675<br>|
| Distributions to shareholders | (1959918)<br>| (534199)<br>|
| Share transactions - net increase (decrease) | 11362177<br>| 6137574<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 14603699<br>| 7693050<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 21543729 | 13850679<br>|
| &nbsp;&nbsp;End of period | $36147428 | $21543729 |

---

**Financial Highlights** 

**VIP Freedom 2055 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.06 | $12.74 | $10.94 | $14.28 | $12.67 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .23  | .20  | .21  | .18  | .23  |
| Net realized and unrealized gain (loss)  | 2.44  | 1.54  | 1.91  | (2.69)  | 2.02  |
| Total from investment operations  | 2.67  | 1.74  | 2.12  | (2.51)  | 2.25  |
| Distributions from net investment income  | (.20)  | (.18)  | (.17)  | (.16)  | (.17)  |
| Distributions from net realized gain  | (.96)  | (.24)  | (.15)  | (.67)  | (.46)  |
| Total distributions  | (1.16)  | (.42)  | (.32)  | (.83)  | (.64) C |
| Net asset value, end of period  | $15.57 | $14.06 | $12.74 | $10.94 | $14.28 |
| **Total Return** D,E | 19.85% <br>| 13.80%  | 19.48%  | (18.26)%  | 17.79%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | -% H | .01%  | -% H | -% H | -% H |
| Expenses net of fee waivers, if any  | -% H<br>| .01%  | -% H | -% H | -% H |
| Expenses net of all reductions, if any  | -% H | .01%  | -% H | -% H | -% H |
| Net investment income (loss)  | 1.60%  | 1.42%  | 1.80%  | 1.57%  | 1.64%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6205 | $4477 | $2508 | $746 | $501 |
| Portfolio turnover rate I | 33% <br>| 43%  | 30%  | 58%  | 35%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2055 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.05 | $12.73 | $10.93 | $14.27 | $12.66 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .22  | .18  | .20  | .17  | .22  |
| Net realized and unrealized gain (loss)  | 2.43  | 1.55  | 1.91  | (2.69)  | 2.02  |
| Total from investment operations  | 2.65  | 1.73  | 2.11  | (2.52)  | 2.24  |
| Distributions from net investment income  | (.19)  | (.17)  | (.16)  | (.14)  | (.16)  |
| Distributions from net realized gain  | (.96)  | (.24)  | (.15)  | (.67)  | (.46)  |
| Total distributions  | (1.15)  | (.41)  | (.31)  | (.82) C | (.63) C |
| Net asset value, end of period  | $15.55 | $14.05 | $12.73 | $10.93 | $14.27 |
| **Total Return** D,E | 19.71% <br>| 13.72%  | 19.40%  | (18.36)%  | 17.72%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .10%  | .11%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 1.50%  | 1.32%  | 1.70%  | 1.47%  | 1.54%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $14945 | $6653 | $4647 | $2306 | $2549 |
| Portfolio turnover rate H | 33% <br>| 43%  | 30%  | 58%  | 35%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2055 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.01 | $12.69 | $10.91 | $14.25 | $12.65 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .20  | .16  | .18  | .15  | .20  |
| Net realized and unrealized gain (loss)  | 2.42  | 1.55  | 1.89  | (2.68)  | 2.01  |
| Total from investment operations  | 2.62  | 1.71  | 2.07  | (2.53)  | 2.21  |
| Distributions from net investment income  | (.17)  | (.15)  | (.14)  | (.13)  | (.15)  |
| Distributions from net realized gain  | (.96)  | (.24)  | (.15)  | (.67)  | (.46)  |
| Total distributions  | (1.13)  | (.39)  | (.29)  | (.81) C | (.61)  |
| Net asset value, end of period  | $15.50 | $14.01 | $12.69 | $10.91 | $14.25 |
| **Total Return** D,E | 19.53% <br>| 13.61%  | 19.12%  | (18.46)%  | 17.52%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .25%  | .26%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 1.35%  | 1.17%  | 1.55%  | 1.32%  | 1.39%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $14998 | $10413 | $6696 | $3659 | $2663 |
| Portfolio turnover rate H | 33% <br>| 43%  | 30%  | 58%  | 35%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2060 Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 6.6%** | &nbsp;&nbsp;**Bond Funds - 6.6%** | &nbsp;&nbsp;**Bond Funds - 6.6%** |
|  | Shares | Value ($)<br>|
| Fidelity Long-Term Treasury Bond Index Fund (a) | 218587 | 2030670 |
| VIP Investment Grade Bond II Portfolio - Initial Class (a) | 1964 | 18597 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $2,123,357) |  | **2049267** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 52.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 52.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 52.7%** |
|  | Shares | Value ($)<br>|
| VIP Contrafund Portfolio - Initial Class (a) | 48212 | 2887394 |
| VIP Equity-Income Portfolio - Initial Class (a) | 79537 | 2340772 |
| VIP Growth & Income Portfolio - Initial Class (a) | 96369 | 3213908 |
| VIP Growth Portfolio - Initial Class (a) | 49016 | 4789813 |
| VIP Mid Cap Portfolio - Initial Class (a) | 19584 | 734613 |
| VIP Value Portfolio - Initial Class (a) | 84805 | 1635047 |
| VIP Value Strategies Portfolio - Initial Class (a) | 50848 | 810014 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $14,102,178) |  | **16411561** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 40.4%** | &nbsp;&nbsp;**International Equity Funds - 40.4%** | &nbsp;&nbsp;**International Equity Funds - 40.4%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Initial Class (a) | 249188 | 3944648 |
| VIP Overseas Portfolio - Initial Class (a) | 313613 | 8630622 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $10,564,426) |  | **12575270** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Initial Class (a)(b)<br>(Cost $91,197)<br>| 3.64 | 91197 | **91197** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $26,881,158)<br>| <br>**31127295** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(4004)** |
| **NET ASSETS - 100.0%** | **31123291** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Inflation-Protected Bond Index Fund | - | 3703 | 3733 | 57 | 30 | - | - | - |
| Fidelity International Bond Index Fund | 262371 | 27366 | 291419 | - | (2370) | 4052 | - | - |
| Fidelity Long-Term Treasury Bond Index Fund | 1729561 | 1212223 | 942509 | 66860 | (50935) | 82330 | 2030670 | 218587 |
| VIP Contrafund Portfolio - Initial Class | 2361039 | 1501157 | 1035549 | 417932 | (9295) | 70042 | 2887394 | 48212 |
| VIP Emerging Markets Portfolio - Initial Class | 3422794 | 1841350 | 2393337 | 93541 | 4954 | 1068887 | 3944648 | 249188 |
| VIP Equity-Income Portfolio - Initial Class | 1926385 | 1086486 | 864417 | 158777 | (14921) | 207239 | 2340772 | 79537 |
| VIP Government Money Market Portfolio - Initial Class | - | 1140459 | 1049262 | 9168 | - | - | 91197 | 91197 |
| VIP Growth & Income Portfolio - Initial Class | 2642224 | 1479956 | 1120476 | 319685 | (19521) | 231725 | 3213908 | 96369 |
| VIP Growth Portfolio - Initial Class | 3912956 | 2462159 | 1581221 | 571445 | (32821) | 28740 | 4789813 | 49016 |
| VIP Investment Grade Bond II Portfolio - Initial Class | - | 395166 | 375076 | 2242 | (1538) | 45 | 18597 | 1964 |
| VIP Mid Cap Portfolio - Initial Class | 606495 | 381795 | 257681 | 73496 | (6439) | 10443 | 734613 | 19584 |
| VIP Overseas Portfolio - Initial Class | 7277382 | 4256091 | 3390185 | 866996 | (75673) | 563007 | 8630622 | 313613 |
| VIP Value Portfolio - Initial Class | 1353656 | 855882 | 602674 | 133720 | (10002) | 38185 | 1635047 | 84805 |
| VIP Value Strategies Portfolio - Initial Class | 672374 | 389150 | 278183 | 37080 | (8611) | 35284 | 810014 | 50848 |
|  | 26167237 | 17032943 | 14185722 | 2750999 | (227142) | 2339979 | 31127295 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 2049267 | 2049267 | - | - |
|  **Domestic Equity Funds** | 16411561 | 16411561 | - | - |
|  **International Equity Funds** | 12575270 | 12575270 | - | - |
|  **Money Market Funds** | 91197 | 91197 | - | - |
| **Total Investments in Securities:** | 31127295 | 31127295 | - | - |

---

**VIP Freedom 2060 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $26,881,158) | $31127295 |  |
| Total Investment in Securities (cost $26,881,158) |  | $31127295 |
| Receivable for investments sold |  | 262971 |
| Receivable for fund shares sold |  | 91348 |
| **Total assets** |  | 31481614 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $353468 |  |
| Payable for fund shares redeemed | 852 |  |
| Distribution and service plan fees payable | 4003 |  |
| **Total liabilities** |  | 358323 |
| **Net Assets**  |  | $31123291 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $25240469 |
| Total accumulated earnings (loss) |  | 5882822 |
| **Net Assets** |  | $31123291 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,662,149 ÷ 240,642 shares) |  | $15.22 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($13,219,479 ÷ 869,962 shares) |  | $15.20 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($14,241,663 ÷ 940,528 shares) |  | $15.14 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $413913 |
| **Expenses** |  |  |
| Distribution and service plan fees | $42012 |  |
| Independent trustees' fees and expenses | 65 |  |
| Total expenses before reductions | 42077 |  |
| Expense reductions | (2) |  |
| Total expenses after reductions |  | 42075 |
| **Net Investment income (loss)** |  | 371838 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | (227142) |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 2337086 |  |
| Total net realized gain (loss) |  | 2109944 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 2339979 |  |
| Total change in net unrealized appreciation (depreciation) |  | 2339979 |
| **Net gain (loss)** |  | 4449923 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4821761 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $371838 | $285308 |
| &nbsp;&nbsp;Net realized gain (loss) | 2109944<br>| 1832907<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2339979 | 436095<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4821761<br>| 2554310<br>|
| Distributions to shareholders | (2219311)<br>| (694907)<br>|
| Share transactions - net increase (decrease) | 2356770<br>| 3533385<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 4959220<br>| 5392788<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 26164071 | 20771283<br>|
| &nbsp;&nbsp;End of period | $31123291 | $26164071 |

---

**Financial Highlights** 

**VIP Freedom 2060 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.88 | $12.59 | $10.82 | $14.18 | $12.65 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .22  | .20  | .20  | .19  | .21  |
| Net realized and unrealized gain (loss)  | 2.40  | 1.53  | 1.88  | (2.67)  | 2.04  |
| Total from investment operations  | 2.62  | 1.73  | 2.08  | (2.48)  | 2.25  |
| Distributions from net investment income  | (.21)  | (.17)  | (.17)  | (.16)  | (.18)  |
| Distributions from net realized gain  | (1.07)  | (.27)  | (.15)  | (.72)  | (.54)  |
| Total distributions  | (1.28)  | (.44)  | (.31) C | (.88)  | (.72)  |
| Net asset value, end of period  | $15.22 | $13.88 | $12.59 | $10.82 | $14.18 |
| **Total Return** D,E | 19.83% <br>| 13.89%  | 19.39%  | (18.19)%  | 17.79%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | -% H | .01%  | -% H | -% H | -% H |
| Expenses net of fee waivers, if any  | -% H<br>| .01%  | -% H | -% H | -% H |
| Expenses net of all reductions, if any  | -% H | .01%  | -% H | -% H | -% H |
| Net investment income (loss)  | 1.52%  | 1.42%  | 1.70%  | 1.69%  | 1.51%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3662 | $2925 | $1690 | $471 | $523 |
| Portfolio turnover rate I | 52% <br>| 54%  | 25%  | 45%  | 60%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2060 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.86 | $12.58 | $10.81 | $14.17 | $12.65 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .20  | .18  | .19  | .18  | .20  |
| Net realized and unrealized gain (loss)  | 2.41  | 1.53  | 1.88  | (2.67)  | 2.03  |
| Total from investment operations  | 2.61  | 1.71  | 2.07  | (2.49)  | 2.23  |
| Distributions from net investment income  | (.19)  | (.16)  | (.16)  | (.15)  | (.17)  |
| Distributions from net realized gain  | (1.07)  | (.27)  | (.15)  | (.72)  | (.54)  |
| Total distributions  | (1.27) C | (.43)  | (.30) C | (.87)  | (.71)  |
| Net asset value, end of period  | $15.20 | $13.86 | $12.58 | $10.81 | $14.17 |
| **Total Return** D,E | 19.75% <br>| 13.72%  | 19.30%  | (18.27)%  | 17.62%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .10%  | .11%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 1.42%  | 1.32%  | 1.60%  | 1.59%  | 1.41%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $13219 | $13987 | $13329 | $8331 | $6124 |
| Portfolio turnover rate H | 52% <br>| 54%  | 25%  | 45%  | 60%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2060 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.82 | $12.55 | $10.79 | $14.15 | $12.63 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .18  | .16  | .17  | .16  | .18  |
| Net realized and unrealized gain (loss)  | 2.39  | 1.52  | 1.88  | (2.66)  | 2.03  |
| Total from investment operations  | 2.57  | 1.68  | 2.05  | (2.50)  | 2.21  |
| Distributions from net investment income  | (.18)  | (.14)  | (.14)  | (.14)  | (.15)  |
| Distributions from net realized gain  | (1.07)  | (.27)  | (.15)  | (.72)  | (.54)  |
| Total distributions  | (1.25)  | (.41)  | (.29)  | (.86)  | (.69)  |
| Net asset value, end of period  | $15.14 | $13.82 | $12.55 | $10.79 | $14.15 |
| **Total Return** C,D | 19.53% <br>| 13.53%  | 19.12%  | (18.38)%  | 17.52%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .25%  | .26%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 1.27%  | 1.17%  | 1.45%  | 1.44%  | 1.26%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $14242 | $9251 | $5752 | $3094 | $2254 |
| Portfolio turnover rate G | 52% <br>| 54%  | 25%  | 45%  | 60%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2065 Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 6.6%** | &nbsp;&nbsp;**Bond Funds - 6.6%** | &nbsp;&nbsp;**Bond Funds - 6.6%** |
|  | Shares | Value ($)<br>|
| Fidelity Long-Term Treasury Bond Index Fund (a) | 83017 | 771231 |
| VIP Investment Grade Bond II Portfolio - Initial Class (a) | 738 | 6991 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $791,640) |  | **778222** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 52.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 52.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 52.7%** |
|  | Shares | Value ($)<br>|
| VIP Contrafund Portfolio - Initial Class (a) | 18310 | 1096569 |
| VIP Equity-Income Portfolio - Initial Class (a) | 30207 | 888984 |
| VIP Growth & Income Portfolio - Initial Class (a) | 36599 | 1220566 |
| VIP Growth Portfolio - Initial Class (a) | 18615 | 1819066 |
| VIP Mid Cap Portfolio - Initial Class (a) | 7438 | 278994 |
| VIP Value Portfolio - Initial Class (a) | 32207 | 620958 |
| VIP Value Strategies Portfolio - Initial Class (a) | 19311 | 307622 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $5,803,179) |  | **6232759** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 40.4%** | &nbsp;&nbsp;**International Equity Funds - 40.4%** | &nbsp;&nbsp;**International Equity Funds - 40.4%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Initial Class (a) | 94633 | 1498042 |
| VIP Overseas Portfolio - Initial Class (a) | 119101 | 3277671 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $4,300,413) |  | **4775713** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Initial Class (a)(b)<br>(Cost $34,519)<br>| 3.64 | 34519 | **34519** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $10,929,751)<br>| <br>**11821213** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(915)** |
| **NET ASSETS - 100.0%** | **11820298** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Inflation-Protected Bond Index Fund | - | 1437 | 1449 | 21 | 12 | - | - | - |
| Fidelity International Bond Index Fund | 73462 | 16647 | 90640 | - | (576) | 1107 | - | - |
| Fidelity Long-Term Treasury Bond Index Fund | 484223 | 632446 | 356645 | 23319 | (8654) | 19861 | 771231 | 83017 |
| VIP Contrafund Portfolio - Initial Class | 661072 | 803414 | 393924 | 153030 | (1160) | 27167 | 1096569 | 18310 |
| VIP Emerging Markets Portfolio - Initial Class | 958356 | 1022264 | 872727 | 35149 | 30804 | 359345 | 1498042 | 94633 |
| VIP Equity-Income Portfolio - Initial Class | 539372 | 612679 | 330917 | 58873 | (1440) | 69290 | 888984 | 30207 |
| VIP Government Money Market Portfolio - Initial Class | - | 438555 | 404036 | 3351 | - | - | 34519 | 34519 |
| VIP Growth & Income Portfolio - Initial Class | 739800 | 831684 | 427740 | 118692 | (1513) | 78335 | 1220566 | 36599 |
| VIP Growth Portfolio - Initial Class | 1095598 | 1363887 | 651252 | 212201 | (5611) | 16444 | 1819066 | 18615 |
| VIP Investment Grade Bond II Portfolio - Initial Class | - | 141101 | 133493 | 864 | (630) | 13 | 6991 | 738 |
| VIP Mid Cap Portfolio - Initial Class | 169814 | 203494 | 98584 | 26118 | (1582) | 5852 | 278994 | 7438 |
| VIP Overseas Portfolio - Initial Class | 2037598 | 2376890 | 1274788 | 321325 | 4032 | 133939 | 3277671 | 119101 |
| VIP Value Portfolio - Initial Class | 379015 | 456351 | 229950 | 47327 | (2712) | 18254 | 620958 | 32207 |
| VIP Value Strategies Portfolio - Initial Class | 188262 | 214569 | 109249 | 13237 | (1879) | 15919 | 307622 | 19311 |
|  | 7326572 | 9115418 | 5375394 | 1013507 | 9091 | 745526 | 11821213 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 778222 | 778222 | - | - |
|  **Domestic Equity Funds** | 6232759 | 6232759 | - | - |
|  **International Equity Funds** | 4775713 | 4775713 | - | - |
|  **Money Market Funds** | 34519 | 34519 | - | - |
| **Total Investments in Securities:** | 11821213 | 11821213 | - | - |

---

**VIP Freedom 2065 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $10,929,751) | $11821213 |  |
| Total Investment in Securities (cost $10,929,751) |  | $11821213 |
| Receivable for investments sold |  | 99023 |
| Receivable for fund shares sold |  | 3588 |
| **Total assets** |  | 11923824 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $98597 |  |
| Payable for fund shares redeemed | 4012 |  |
| Distribution and service plan fees payable | 917 |  |
| **Total liabilities** |  | 103526 |
| **Net Assets**  |  | $11820298 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $10256487 |
| Total accumulated earnings (loss) |  | 1563811 |
| **Net Assets** |  | $11820298 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,740,897 ÷ 246,425 shares) |  | $15.18 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($6,007,684 ÷ 396,455 shares) |  | $15.15 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,071,717 ÷ 136,914 shares) |  | $15.13 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $153229 |
| **Expenses** |  |  |
| Distribution and service plan fees | $9221 |  |
| Independent trustees' fees and expenses | 22 |  |
| **Total expenses** |  | 9243 |
| **Net Investment income (loss)** |  | 143986 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | 9091 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 860278 |  |
| Total net realized gain (loss) |  | 869369 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 745526 |  |
| Total change in net unrealized appreciation (depreciation) |  | 745526 |
| **Net gain (loss)** |  | 1614895 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1758881 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $143986 | $77212 |
| &nbsp;&nbsp;Net realized gain (loss) | 869369<br>| 579740<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 745526 | (156269)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1758881<br>| 500683<br>|
| Distributions to shareholders | (730775)<br>| (135733)<br>|
| Share transactions - net increase (decrease) | 3466221<br>| 3583577<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 4494327<br>| 3948527<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 7325971 | 3377444<br>|
| &nbsp;&nbsp;End of period | $11820298 | $7325971 |

---

**Financial Highlights** 

**VIP Freedom 2065 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.78 | $12.40 | $10.65 | $13.92 | $12.47 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .23  | .22  | .20  | .17  | .25  |
| Net realized and unrealized gain (loss)  | 2.39  | 1.49  | 1.85  | (2.61)  | 1.96  |
| Total from investment operations  | 2.62  | 1.71  | 2.05  | (2.44)  | 2.21  |
| Distributions from net investment income  | (.20)  | (.16)  | (.17)  | (.15)  | (.18)  |
| Distributions from net realized gain  | (1.02)  | (.17)  | (.13)  | (.67)  | (.58)  |
| Total distributions  | (1.22)  | (.33)  | (.30)  | (.83) C | (.76)  |
| Net asset value, end of period  | $15.18 | $13.78 | $12.40 | $10.65 | $13.92 |
| **Total Return** D,E | 19.86% <br>| 13.85%  | 19.35%  | (18.22)%  | 17.81%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.61%  | 1.59%  | 1.70%  | 1.50%  | 1.82%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3741 | $1985 | $844 | $537 | $482 |
| Portfolio turnover rate I | 56% <br>| 50%  | 74%  | 48%  | 24%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2065 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.76 | $12.39 | $10.64 | $13.91 | $12.46 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .22  | .20  | .18  | .16  | .24  |
| Net realized and unrealized gain (loss)  | 2.38  | 1.49  | 1.86  | (2.61)  | 1.97  |
| Total from investment operations  | 2.60  | 1.69  | 2.04  | (2.45)  | 2.21  |
| Distributions from net investment income  | (.19)  | (.15)  | (.16)  | (.14)  | (.17)  |
| Distributions from net realized gain  | (1.02)  | (.17)  | (.13)  | (.67)  | (.58)  |
| Total distributions  | (1.21)  | (.32)  | (.29)  | (.82) C | (.76) C |
| Net asset value, end of period  | $15.15 | $13.76 | $12.39 | $10.64 | $13.91 |
| **Total Return** D,E | 19.71% <br>| 13.70%  | 19.29%  | (18.32)%  | 17.77%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 1.51%  | 1.49%  | 1.60%  | 1.40%  | 1.72%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6008 | $3951 | $1816 | $1181 | $1224 |
| Portfolio turnover rate H | 56% <br>| 50%  | 74%  | 48%  | 24%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2065 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.75 | $12.38 | $10.63 | $13.90 | $12.46 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .19  | .18  | .17  | .14  | .22  |
| Net realized and unrealized gain (loss)  | 2.38  | 1.49  | 1.85  | (2.61)  | 1.95  |
| Total from investment operations  | 2.57  | 1.67  | 2.02  | (2.47)  | 2.17  |
| Distributions from net investment income  | (.17)  | (.14)  | (.14)  | (.13)  | (.15)  |
| Distributions from net realized gain  | (1.02)  | (.17)  | (.13)  | (.67)  | (.58)  |
| Total distributions  | (1.19)  | (.30) C | (.27)  | (.80)  | (.73)  |
| Net asset value, end of period  | $15.13 | $13.75 | $12.38 | $10.63 | $13.90 |
| **Total Return** D,E | 19.52% <br>| 13.61%  | 19.12%  | (18.44)%  | 17.47%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 1.36%  | 1.34%  | 1.45%  | 1.25%  | 1.57%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2072 | $1390 | $718 | $534 | $559 |
| Portfolio turnover rate H | 56% <br>| 50%  | 74%  | 48%  | 24%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2070 Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 6.6%** | &nbsp;&nbsp;**Bond Funds - 6.6%** | &nbsp;&nbsp;**Bond Funds - 6.6%** |
|  | Shares | Value ($)<br>|
| Fidelity Long-Term Treasury Bond Index Fund (a) | 24215 | 224961 |
| VIP Investment Grade Bond II Portfolio - Initial Class (a) | 217 | 2051 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $228,182) |  | **227012** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 52.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 52.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 52.7%** |
|  | Shares | Value ($)<br>|
| VIP Contrafund Portfolio - Initial Class (a) | 5344 | 320028 |
| VIP Equity-Income Portfolio - Initial Class (a) | 8816 | 259444 |
| VIP Growth & Income Portfolio - Initial Class (a) | 10681 | 356215 |
| VIP Growth Portfolio - Initial Class (a) | 5433 | 530891 |
| VIP Mid Cap Portfolio - Initial Class (a) | 2171 | 81436 |
| VIP Value Portfolio - Initial Class (a) | 9399 | 181220 |
| VIP Value Strategies Portfolio - Initial Class (a) | 5636 | 89779 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $1,819,306) |  | **1819013** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 40.4%** | &nbsp;&nbsp;**International Equity Funds - 40.4%** | &nbsp;&nbsp;**International Equity Funds - 40.4%** |
|  | Shares | Value ($)<br>|
| VIP Emerging Markets Portfolio - Initial Class (a) | 27619 | 437211 |
| VIP Overseas Portfolio - Initial Class (a) | 34760 | 956600 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $1,361,091) |  | **1393811** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| VIP Government Money Market Portfolio - Initial Class (a)(b)<br>(Cost $10,072)<br>| 3.64 | 10072 | **10072** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $3,418,651)<br>| <br>**3449908** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(195)** |
| **NET ASSETS - 100.0%** | **3449713** |

---

**Legend**

(a) Affiliated fund.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Inflation-Protected Bond Index Fund | - | 88 | 89 | 1 | 1 | - | - | - |
| Fidelity International Bond Index Fund | 5056 | 770 | 5862 | - | (44) | 80 | - | - |
| Fidelity Long-Term Treasury Bond Index Fund | 33334 | 374455 | 180622 | 1933 | (2136) | (70) | 224961 | 24215 |
| VIP Contrafund Portfolio - Initial Class | 45498 | 536055 | 258107 | 11181 | (5946) | 2528 | 320028 | 5344 |
| VIP Emerging Markets Portfolio - Initial Class | 65960 | 733008 | 389985 | 2598 | (1079) | 29307 | 437211 | 27619 |
| VIP Equity-Income Portfolio - Initial Class | 37123 | 432910 | 214511 | 4326 | (941) | 4863 | 259444 | 8816 |
| VIP Government Money Market Portfolio - Initial Class | - | 43884 | 33812 | 230 | - | - | 10072 | 10072 |
| VIP Growth & Income Portfolio - Initial Class | 50918 | 592051 | 288229 | 8725 | (3554) | 5029 | 356215 | 10681 |
| VIP Growth Portfolio - Initial Class | 75405 | 895962 | 425342 | 15600 | (21708) | 6574 | 530891 | 5433 |
| VIP Investment Grade Bond II Portfolio - Initial Class | - | 28349 | 26230 | 64 | (70) | 2 | 2051 | 217 |
| VIP Mid Cap Portfolio - Initial Class | 11688 | 138108 | 65438 | 1883 | (1400) | (1522) | 81436 | 2171 |
| VIP Overseas Portfolio - Initial Class | 140241 | 1563237 | 748296 | 23602 | (14902) | 16320 | 956600 | 34760 |
| VIP Value Portfolio - Initial Class | 26086 | 305503 | 147594 | 3404 | (1424) | (1351) | 181220 | 9399 |
| VIP Value Strategies Portfolio - Initial Class | 12957 | 150320 | 71834 | 956 | (1207) | (457) | 89779 | 5636 |
|  | 504266 | 5794700 | 2855951 | 74503 | (54410) | 61303 | 3449908 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 227012 | 227012 | - | - |
|  **Domestic Equity Funds** | 1819013 | 1819013 | - | - |
|  **International Equity Funds** | 1393811 | 1393811 | - | - |
|  **Money Market Funds** | 10072 | 10072 | - | - |
| **Total Investments in Securities:** | 3449908 | 3449908 | - | - |

---

**VIP Freedom 2070 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Affiliated issuers (cost $3,418,651) | $3449908 |  |
| Total Investment in Securities (cost $3,418,651) |  | $3449908 |
| Receivable for investments sold |  | 31324 |
| **Total assets** |  | 3481232 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $31302 |  |
| Payable for fund shares redeemed | 24 |  |
| Distribution and service plan fees payable | 193 |  |
| **Total liabilities** |  | 31519 |
| **Net Assets**  |  | $3449713 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3419351 |
| Total accumulated earnings (loss) |  | 30362 |
| **Net Assets** |  | $3449713 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($336,527 ÷ 30,000 shares) |  | $11.22 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,975,244 ÷ 265,479 shares) |  | $11.21 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($137,942 ÷ 12,303 shares) |  | $11.21 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Affiliated issuers |  | $11503 |
| **Expenses** |  |  |
| Distribution and service plan fees | $611 |  |
| Independent trustees' fees and expenses | 1 |  |
| **Total expenses** |  | 612 |
| **Net Investment income (loss)** |  | 10891 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers | (54410) |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 63000 |  |
| Total net realized gain (loss) |  | 8590 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Affiliated issuers  | 61303 |  |
| Total change in net unrealized appreciation (depreciation) |  | 61303 |
| **Net gain (loss)** |  | 69893 |
| **Net increase (decrease) in net assets resulting from operations** |  | $80784 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **For the period July 1, 2024 (commencement of operations) through December 31, 2024**  |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $10891 | $5546 |
| &nbsp;&nbsp;Net realized gain (loss) | 8590<br>| 36905<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 61303 | (30046)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 80784<br>| 12405<br>|
| Distributions to shareholders | (54657)<br>| (8170)<br>|
| Share transactions - net increase (decrease) | 2919351<br>| 500000<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2945478<br>| 504235<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 504235 | -<br>|
| &nbsp;&nbsp;End of period | $3449713 | $504235 |

---

**Financial Highlights** 

**VIP Freedom 2070 Portfolio℠ Initial Class**<br>

---

| | | |
|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $10.08 | $10.00 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .16  | .11  |
| Net realized and unrealized gain (loss)  | 1.76  | .14  |
| Total from investment operations  | 1.92  | .25  |
| Distributions from net investment income  | (.04)  | (.12)  |
| Distributions from net realized gain  | (.74)  | (.05)  |
| Total distributions  | (.78)  | (.17)  |
| Net asset value, end of period  | $11.22 | $10.08 |
| **Total Return** D,E | 19.93% <br>| 2.47%  |
| **Ratios to Average Net Assets** C,F,G |  |  |
| Expenses before reductions H | -%  | -% I |
| Expenses net of fee waivers, if any H | -% <br>| -% I |
| Expenses net of all reductions, if any H | -%  | -% I |
| Net investment income (loss)  | 1.50%  | 2.21% I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $337 | $303 |
| Portfolio turnover rate J | 344% <br>| 26% I |

---

A*For the period July 1, 2024 (commencement of operations) through December 31, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*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.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2070 Portfolio℠ Service Class**<br>

---

| | | |
|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $10.08 | $10.00 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .15  | .11  |
| Net realized and unrealized gain (loss)  | 1.76  | .13  |
| Total from investment operations  | 1.91  | .24  |
| Distributions from net investment income  | (.04)  | (.11)  |
| Distributions from net realized gain  | (.74)  | (.05)  |
| Total distributions  | (.78)  | (.16)  |
| Net asset value, end of period  | $11.21 | $10.08 |
| **Total Return** D,E | 19.82% <br>| 2.42%  |
| **Ratios to Average Net Assets** C,F,G |  |  |
| Expenses before reductions  | .10%  | .10% H |
| Expenses net of fee waivers, if any  | .10% <br>| .10% H |
| Expenses net of all reductions, if any  | .10%  | .10% H |
| Net investment income (loss)  | 1.40%  | 2.11% H |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $2975 | $101 |
| Portfolio turnover rate I | 344% <br>| 26% H |

---

A*For the period July 1, 2024 (commencement of operations) through December 31, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*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.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2070 Portfolio℠ Service Class 2**<br>

---

| | | |
|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $10.08 | $10.00 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .13  | .10  |
| Net realized and unrealized gain (loss)  | 1.75  | .13  |
| Total from investment operations  | 1.88  | .23  |
| Distributions from net investment income  | (.02)  | (.10)  |
| Distributions from net realized gain  | (.74)  | (.05)  |
| Total distributions  | (.75) D | (.15)  |
| Net asset value, end of period  | $11.21 | $10.08 |
| **Total Return** E,F | 19.59% <br>| 2.34%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | .25%  | .25% I |
| Expenses net of fee waivers, if any  | .25% <br>| .25% I |
| Expenses net of all reductions, if any  | .25%  | .25% I |
| Net investment income (loss)  | 1.25%  | 1.96% I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $138 | $101 |
| Portfolio turnover rate J | 344% <br>| 26% I |

---

A*For the period July 1, 2024 (commencement of operations) through December 31, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

G*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.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

VIP Freedom Income Portfolio (to be renamed VIP Freedom Retirement Portfolio effective April 30, 2026), VIP Freedom 2010 Portfolio, VIP Freedom 2015 Portfolio, VIP Freedom 2020 Portfolio, VIP Freedom 2025 Portfolio, VIP Freedom 2030 Portfolio, VIP Freedom 2035 Portfolio, VIP Freedom 2040 Portfolio, VIP Freedom 2045 Portfolio, VIP Freedom 2050 Portfolio, VIP Freedom 2055 Portfolio, VIP Freedom 2060 Portfolio, VIP Freedom 2065 Portfolio and VIP Freedom 2070 Portfolio (the Funds) are funds of Variable Insurance Products Fund V (the Trust). 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. Each Fund is authorized to issue an unlimited number of shares. 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 three classes of shares: Initial Class, Service Class and Service Class 2. All classes have equal rights and voting privileges, except for matters affecting a single class. Each Fund is a fund of funds, and therefore invests in other funds instead of individual securities. Each Fund invests primarily in a combination of Fidelity U.S. equity funds, international equity funds, bond funds, and short-term funds.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

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. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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:

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. The aggregate value of investments by input level as of December 31, 2025 is included at the end of each Fund's Schedule of Investments.

**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. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds are recorded on the ex-dividend date.

**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, 2025, 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.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to the short-term gain distributions from the underlying mutual funds or exchange-traded funds (ETFs), capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation) ($)** |
| **VIP Freedom Income Portfolio**  | 112170144 | 6812659 | (2992416) | 3820243 |
| **VIP Freedom 2010 Portfolio** | 227860149 | 20950710 | (9010800) | 11939910 |
| **VIP Freedom 2015 Portfolio** | 44403586 | 11761745 | (1511652) | 10250093 |
| **VIP Freedom 2020 Portfolio** | 393424454 | 123880827 | (14834757) | 109046070 |
| **VIP Freedom 2025 Portfolio** | 328946807 | 77556293 | (9745292) | 67811001 |
| **VIP Freedom 2030 Portfolio** | 738014961 | 171897132 | (17330129) | 154567003 |
| **VIP Freedom 2035 Portfolio** | 412384050 | 64545431 | (7979411) | 56566020 |
| **VIP Freedom 2040 Portfolio** | 375889231 | 75552552 | (6286156) | 69266396 |
| **VIP Freedom 2045 Portfolio** | 218362313 | 41510510 | (3246283) | 38264227 |
| **VIP Freedom 2050 Portfolio** | 177209626 | 35500640 | (2533335) | 32967305 |
| **VIP Freedom 2055 Portfolio** | 33014218 | 3709765 | (572284) | 3137481 |
| **VIP Freedom 2060 Portfolio** | 27248979 | 4373706 | (495390) | 3878316 |
| **VIP Freedom 2065 Portfolio** | 11012583 | 1050626 | (241996) | 808630 |
| **VIP Freedom 2070 Portfolio** | 3461088 | 39874 | (51054) | (11180) |

---

The tax-based components of distributable earnings as of period end were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Undistributed long-term capital gain ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **VIP Freedom Income Portfolio**  | 640261 | 899463 | - | 3820243 |
| **VIP Freedom 2010 Portfolio** | 1013738 | 5662102 | - | 11939910 |
| **VIP Freedom 2015 Portfolio** | 248803 | 3218762 | - | 10250093 |
| **VIP Freedom 2020 Portfolio** | 1976519 | 33864688 | - | 109046070 |
| **VIP Freedom 2025 Portfolio** | 1857103 | 18671724 | - | 67811001 |
| **VIP Freedom 2030 Portfolio** | 2508207 | 41399349 | - | 154567003 |
| **VIP Freedom 2035 Portfolio** | 902420 | 24617212 | - | 56566020 |
| **VIP Freedom 2040 Portfolio** | 586227 | 28692236 | - | 69266396 |
| **VIP Freedom 2045 Portfolio** | 178957 | 18237772 | - | 38264227 |
| **VIP Freedom 2050 Portfolio** | 98327 | 14694772 | - | 32967305 |
| **VIP Freedom 2055 Portfolio** | 13957 | 2477680 | - | 3137481 |
| **VIP Freedom 2060 Portfolio** | - | 2004506 | - | 3878316 |
| **VIP Freedom 2065 Portfolio** | 6847 | 748332 | - | 808630 |
| **VIP Freedom 2070 Portfolio** | - | 41542 | - | (11180) |

---

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2025** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **VIP Freedom Income Portfolio**  | 3656954 | - | 3656954 |
| **VIP Freedom 2010 Portfolio** | 7454618 | 3018609 | 10473227 |
| **VIP Freedom 2015 Portfolio** | 1671451 | 2319629 | 3991080 |
| **VIP Freedom 2020 Portfolio** | 13317197 | 28560827 | 41878024 |
| **VIP Freedom 2025 Portfolio** | 9999166 | 13360631 | 23359797 |
| **VIP Freedom 2030 Portfolio** | 20614846 | 34206631 | 54821477 |
| **VIP Freedom 2035 Portfolio** | 9968301 | 19887120 | 29855421 |
| **VIP Freedom 2040 Portfolio** | 8166255 | 23359237 | 31525492 |
| **VIP Freedom 2045 Portfolio** | 3834343 | 12777642 | 16611985 |
| **VIP Freedom 2050 Portfolio** | 3186453 | 11046239 | 14232692 |
| **VIP Freedom 2055 Portfolio** | 509166 | 1450752 | 1959918 |
| **VIP Freedom 2060 Portfolio** | 504710 | 1714601 | 2219311 |
| **VIP Freedom 2065 Portfolio** | 181607 | 549168 | 730775 |
| **VIP Freedom 2070 Portfolio** | 13732 | 40925 | 54657 |

---

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2024** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **VIP Freedom Income Portfolio**  | 3128768 | - | 3128768 |
| **VIP Freedom 2010 Portfolio** | 8877417 | - | 8877417 |
| **VIP Freedom 2015 Portfolio** | 2107005 | 1580241 | 3687246 |
| **VIP Freedom 2020 Portfolio** | 17148254 | 13707642 | 30855896 |
| **VIP Freedom 2025 Portfolio** | 10214778 | - | 10214778 |
| **VIP Freedom 2030 Portfolio** | 18336552 | - | 18336552 |
| **VIP Freedom 2035 Portfolio** | 7604689 | 3436357 | 11041046 |
| **VIP Freedom 2040 Portfolio** | 5851627 | 3839952 | 9691579 |
| **VIP Freedom 2045 Portfolio** | 2815603 | 2376913 | 5192516 |
| **VIP Freedom 2050 Portfolio** | 2506084 | 2253670 | 4759754 |
| **VIP Freedom 2055 Portfolio** | 320226 | 213973 | 534199 |
| **VIP Freedom 2060 Portfolio** | 371501 | 323406 | 694907 |
| **VIP Freedom 2065 Portfolio** | 101110 | 34623 | 135733 |
| **VIP Freedom 2070 PortfolioA** | 8170 | - | 8170 |

---

*A For the period July 1, 2024 (commencement of operations) through December 31, 2024.*

**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 Freedom Income Portfolio** | 80133811 | 56923217 |
| **VIP Freedom 2010 Portfolio** | 84309184 | 105326098 |
| **VIP Freedom 2015 Portfolio** | 26958355 | 33725395 |
| **VIP Freedom 2020 Portfolio** | 176916778 | 243171551 |
| **VIP Freedom 2025 Portfolio** | 183352050 | 204876320 |
| **VIP Freedom 2030 Portfolio** | 378448946 | 327423943 |
| **VIP Freedom 2035 Portfolio** | 224948406 | 158399903 |
| **VIP Freedom 2040 Portfolio** | 203322230 | 140015252 |
| **VIP Freedom 2045 Portfolio** | 118624998 | 73779588 |
| **VIP Freedom 2050 Portfolio** | 92163146 | 65657338 |
| **VIP Freedom 2055 Portfolio** | 21688735 | 9310115 |
| **VIP Freedom 2060 Portfolio** | 17032943 | 14185722 |
| **VIP Freedom 2065 Portfolio** | 9115418 | 5375394 |
| **VIP Freedom 2070 Portfolio** | 5794700 | 2855951 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser), provides the Funds with investment management related services. The Funds do not pay any fees for these services. Under the management contract, the investment adviser pays all expenses, except distribution and service plan fees and the compensation of the independent Trustees, and certain miscellaneous expenses such as interest expense.

**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 Freedom Income Portfolio** | 68622 | 29058 | 97680 |
| **VIP Freedom 2010 Portfolio** | 16412 | 540083 | 556495 |
| **VIP Freedom 2015 Portfolio** | 10926 | 62050 | 72976 |
| **VIP Freedom 2020 Portfolio** | 108275 | 821298 | 929573 |
| **VIP Freedom 2025 Portfolio** | 200202 | 257069 | 457271 |
| **VIP Freedom 2030 Portfolio** | 406866 | 587292 | 994158 |
| **VIP Freedom 2035 Portfolio** | 209262 | 368553 | 577815 |
| **VIP Freedom 2040 Portfolio** | 246434 | 147603 | 394037 |
| **VIP Freedom 2045 Portfolio** | 71780 | 313595 | 385375 |
| **VIP Freedom 2050 Portfolio** | 63392 | 214778 | 278170 |
| **VIP Freedom 2055 Portfolio** | 10804 | 31693 | 42497 |
| **VIP Freedom 2060 Portfolio** | 12589 | 29423 | 42012 |
| **VIP Freedom 2065 Portfolio** | 5044 | 4177 | 9221 |
| **VIP Freedom 2070 Portfolio** | 331 | 280 | 611 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**6. 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 Freedom Income Portfolio** | 8 |
| **VIP Freedom 2015 Portfolio** | 2 |
| **VIP Freedom 2020 Portfolio** | 11 |
| **VIP Freedom 2025 Portfolio** | 1 |
| **VIP Freedom 2030 Portfolio** | 3 |
| **VIP Freedom 2035 Portfolio** | 2 |
| **VIP Freedom 2040 Portfolio** | 5 |
| **VIP Freedom 2045 Portfolio** | 2 |
| **VIP Freedom 2050 Portfolio** | 6 |
| **VIP Freedom 2055 Portfolio**  | 3 |
| **VIP Freedom 2060 Portfolio**  | 2 |

---

**7. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024A**  |
| **VIP Freedom Income Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $872426 | $953801 |
| Service Class | 2423695 | 1697713 |
| Service Class 2 | &nbsp;&nbsp;&nbsp;&nbsp; <u>360833</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>477254</u> |
| Total  | <u>$3656954</u> | <u>$3128768</u> |
| **VIP Freedom 2010 Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $702721 | $596244 |
| Service Class | 709298 | 596287 |
| Service Class 2 | <u>9061208</u> | <u>7684886</u> |
| Total  | <u>$10473227</u> | <u>$8877417</u> |
| **VIP Freedom 2015 Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $1577618 | $1493521 |
| Service Class | 708665 | 794866 |
| Service Class 2 | <u>1704797</u> | <u>1398859</u> |
| Total  | <u>$3991080</u> | <u>$3687246</u> |
| **VIP Freedom 2020 Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $6673869 | $4714470 |
| Service Class | 9091146 | 6842418 |
| Service Class 2 | <u>26113009</u> | <u>19299008</u> |
| Total  | <u>$41878024</u> | <u>$30855896</u> |
| **VIP Freedom 2025 Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $5902850 | $2553584 |
| Service Class | 11547772 | 4969981 |
| Service Class 2 | <u>5909175</u> | <u>2691213</u> |
| Total  | <u>$23359797</u> | <u>$10214778</u> |
| **VIP Freedom 2030 Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $13455109 | $4596693 |
| Service Class | 26183545 | 8654565 |
| Service Class 2 | <u>15182823</u> | <u>5085294</u> |
| Total  | <u>$54821477</u> | <u>$18336552</u> |
| **VIP Freedom 2035 Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $4376560 | $1559140 |
| Service Class | 14814085 | 5270497 |
| Service Class 2 | <u>10664776</u> | <u>4211409</u> |
| Total  | <u>$29855421</u> | <u>$11041046</u> |
| **VIP Freedom 2040 Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $7619722 | $2445240 |
| Service Class | 19141904 | 5758235 |
| Service Class 2 | <u>4763866</u> | <u>1488104</u> |
| Total  | <u>$31525492</u> | <u>$9691579</u> |
| **VIP Freedom 2045 Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $2081389 | $644337 |
| Service Class | 4898783 | 1431254 |
| Service Class 2 | <u>9631813</u> | <u>3116925</u> |
| Total  | <u>$16611985</u> | <u>$5192516</u> |
| **VIP Freedom 2050 Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $2896851 | $992104 |
| Service Class | 4753882 | 1609195 |
| Service Class 2 | <u>6581959</u> | <u>2158455</u> |
| Total  | <u>$14232692</u> | <u>$4759754</u> |
| **VIP Freedom 2055 Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $364665 | $111558 |
| Service Class | 700358 | 168172 |
| Service Class 2 | &nbsp;&nbsp;&nbsp;&nbsp; <u>894895</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>254469</u> |
| Total  | <u>$1959918</u> | <u>$534199</u> |
| **VIP Freedom 2060 Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $233747 | $74260 |
| Service Class | 1065162 | 390876 |
| Service Class 2 | &nbsp;&nbsp;&nbsp;&nbsp; <u>920402</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>229771</u> |
| Total  | <u>$2219311</u> | <u>$694907</u> |
| **VIP Freedom 2065 Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $203807 | $37337 |
| Service Class | 392885 | 72831 |
| Service Class 2 | &nbsp;&nbsp;&nbsp;&nbsp; <u>134083</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>25565</u> |
| Total  | <u>$730775</u> | <u>$135733</u> |
| **VIP Freedom 2070 Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $23280 | $5010 |
| Service Class | 23757 | 1620 |
| Service Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>7620</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1540</u> |
| Total  | <u>$54657</u> | <u>$8170</u> |

---

*A Distributions for VIP Freedom 2070 Portfolio are for the period July 1, 2024 (commencement of sale of shares) through December 31, 2024.*

**8. Share Transactions.**

Transactions for each class of shares were as follows and may contain in-kind transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024A**  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024A**  |
| **VIP Freedom Income Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 379315 | 284405 | $4338131 | $3210218 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 446775 | - | 4968120 |
| Reinvestment of distributions  | 75363 | 86614 | 872426 | 953801 |
| Shares redeemed | <u>(572020)</u> | <u>(524498)</u> | <u>(6645632)</u> | <u>(5884868)</u> |
| Net increase (decrease) | <u>(117342)</u> | <u>293296</u> | <u>$(1435075)</u> | <u>$3247271</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 4223326 | 2178367 | $47759875 | $24571664 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 329353 | - | 3655826 |
| Reinvestment of distributions  | 209451 | 154405 | 2423695 | 1697713 |
| Shares redeemed | <u>(2186011)</u> | <u>(1194553)</u> | <u>(25109823)</u> | <u>(13368019)</u> |
| Net increase (decrease) | <u>2246766</u> | <u>1467572</u> | <u>$25073747</u> | <u>$16557184</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 322292 | 295324 | $3736333 | $3307774 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 25230 | - | 279044 |
| Reinvestment of distributions  | 31348 | 43564 | 360833 | 477254 |
| Shares redeemed | <u>(595145)</u> | <u>(446208)</u> | <u>(6790865)</u> | <u>(4976860)</u> |
| Net increase (decrease) | <u>(241505)</u> | <u>(82090)</u> | <u>$(2693699)</u> | <u>$(912788)</u> |
| **VIP Freedom 2010 Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 182476 | 225458 | $2177111 | $2628064 |
| Reinvestment of distributions  | 58962 | 51974 | 702721 | 596244 |
| Shares redeemed | <u>(290933)</u> | <u>(483160)</u> | <u>(3454403)</u> | <u>(5614292)</u> |
| Net increase (decrease) | <u>(49495)</u> | <u>(205728)</u> | <u>$(574571)</u> | <u>$(2389984)</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 243990 | 284244 | $2941325 | $3331968 |
| Reinvestment of distributions  | 59628 | 52091 | 709297 | 596287 |
| Shares redeemed | <u>(375315)</u> | <u>(661196)</u> | <u>(4528837)</u> | <u>(7736504)</u> |
| Net increase (decrease) | <u>(71697)</u> | <u>(324861)</u> | <u>$(878215)</u> | <u>$(3808249)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 1230971 | 808374 | $14633578 | $9324567 |
| Reinvestment of distributions  | 769004 | 676384 | 9061208 | 7684886 |
| Shares redeemed | <u>(3855930)</u> | <u>(3352996)</u> | <u>(45783284)</u> | <u>(38787846)</u> |
| Net increase (decrease) | <u>(1855955)</u> | <u>(1868238)</u> | <u>$(22088498)</u> | <u>$(21778393)</u> |
| **VIP Freedom 2015 Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 167514 | 91095 | $1964300 | $1074280 |
| Reinvestment of distributions  | 136353 | 131910 | 1577618 | 1493521 |
| Shares redeemed | <u>(439723)</u> | <u>(359400)</u> | <u>(5174679)</u> | <u>(4179733)</u> |
| Net increase (decrease) | <u>(135856)</u> | <u>(136395)</u> | <u>$(1632761)</u> | <u>$(1611932)</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 275781 | 536687 | $3256071 | $6228387 |
| Reinvestment of distributions  | 61529 | 70442 | 708665 | 794866 |
| Shares redeemed | <u>(631149)</u> | <u>(668660)</u> | <u>(7488071)</u> | <u>(7740561)</u> |
| Net increase (decrease) | <u>(293839)</u> | <u>(61531)</u> | <u>$(3523335)</u> | <u>$(717308)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 679809 | 220685 | $7880277 | $2599097 |
| Reinvestment of distributions  | 148927 | 124505 | 1704796 | 1398859 |
| Shares redeemed | <u>(905579)</u> | <u>(504383)</u> | <u>(10514967)</u> | <u>(5812756)</u> |
| Net increase (decrease) | <u>(76843)</u> | <u>(159193)</u> | <u>$(929894)</u> | <u>$(1814800)</u> |
| **VIP Freedom 2020 Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 1247418 | 1083159 | $16050181 | $13863619 |
| Reinvestment of distributions  | 527226 | 378386 | 6673869 | 4714470 |
| Shares redeemed | <u>(1633870)</u> | <u>(1932796)</u> | <u>(20989831)</u> | <u>(24689059)</u> |
| Net increase (decrease) | <u>140774</u> | <u>(471251)</u> | <u>$1734219</u> | <u>$(6110970)</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 1734324 | 2995047 | $22340450 | $38591476 |
| Reinvestment of distributions  | 723779 | 551080 | 9091146 | 6842418 |
| Shares redeemed | <u>(4736672)</u> | <u>(3843278)</u> | <u>(60252327)</u> | <u>(49202209)</u> |
| Net increase (decrease) | <u>(2278569)</u> | <u>(297151)</u> | <u>$(28820731)</u> | <u>$(3768315)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 821299 | 648688 | $10421793 | $8243992 |
| Reinvestment of distributions  | 2087787 | 1564994 | 26113009 | 19299008 |
| Shares redeemed | <u>(5173862)</u> | <u>(5339980)</u> | <u>(66146956)</u> | <u>(67985434)</u> |
| Net increase (decrease) | <u>(2264776)</u> | <u>(3126298)</u> | <u>$(29612154)</u> | <u>$(40442434)</u> |
| **VIP Freedom 2025 Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 699538 | 802556 | $11622211 | $12905572 |
| Reinvestment of distributions  | 359143 | 160505 | 5902850 | 2553584 |
| Shares redeemed | <u>(1233343)</u> | <u>(1152345)</u> | <u>(20416817)</u> | <u>(18407342)</u> |
| Net increase (decrease) | <u>(174662)</u> | <u>(189284)</u> | <u>$(2891756)</u> | <u>$(2948186)</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 4315212 | 4104611 | $71223625 | $66050791 |
| Reinvestment of distributions  | 705405 | 313381 | 11547772 | 4969981 |
| Shares redeemed | <u>(5124935)</u> | <u>(4620321)</u> | <u>(85890536)</u> | <u>(73210407)</u> |
| Net increase (decrease) | <u>(104318)</u> | <u>(202329)</u> | <u>$(3119139)</u> | <u>$(2189635)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 893899 | 963283 | $14606760 | $15275803 |
| Reinvestment of distributions  | 364660 | 171133 | 5909175 | 2691213 |
| Shares redeemed | <u>(2421463)</u> | <u>(1595094)</u> | <u>(40120156)</u> | <u>(25389699)</u> |
| Net increase (decrease) | <u>(1162904)</u> | <u>(460678)</u> | <u>$(19604221)</u> | <u>$(7422683)</u> |
| **VIP Freedom 2030 Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 1989407 | 2429792 | $33595712 | $39677916 |
| Reinvestment of distributions  | 804982 | 281761 | 13455109 | 4596693 |
| Shares redeemed | <u>(2767841)</u> | <u>(1764008)</u> | <u>(47083962)</u> | <u>(28938630)</u> |
| Net increase (decrease) | <u>26548</u> | <u>947545</u> | <u>$(33141)</u> | <u>$15335979</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 7272436 | 6345375 | $122385001 | $104407309 |
| Reinvestment of distributions  | 1569549 | 532308 | 26183545 | 8654565 |
| Shares redeemed | <u>(6157228)</u> | <u>(5147020)</u> | <u>(105128587)</u> | <u>(83033096)</u> |
| Net increase (decrease) | <u>2684757</u> | <u>1730663</u> | <u>$43439959</u> | <u>$30028778</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 1865679 | 1699229 | $31145647 | $27634128 |
| Reinvestment of distributions  | 917067 | 314611 | 15182823 | 5085294 |
| Shares redeemed | <u>(2852330)</u> | <u>(2573104)</u> | <u>(48071012)</u> | <u>(42102443)</u> |
| Net increase (decrease) | <u>(69584)</u> | <u>(559264)</u> | <u>$(1742542)</u> | <u>$(9383021)</u> |
| **VIP Freedom 2035 Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 673991 | 539181 | $19360678 | $14905818 |
| Reinvestment of distributions  | 154467 | 56996 | 4376559 | 1559140 |
| Shares redeemed | <u>(364651)</u> | <u>(238210)</u> | <u>(10488980)</u> | <u>(6464325)</u> |
| Net increase (decrease) | <u>463807</u> | <u>357967</u> | <u>$13248257</u> | <u>$10000633</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 2908252 | 2563366 | $82602257 | $71523833 |
| Reinvestment of distributions  | 525097 | 193512 | 14814085 | 5270497 |
| Shares redeemed | <u>(1919605)</u> | <u>(1736158)</u> | <u>(55051797)</u> | <u>(47718477)</u> |
| Net increase (decrease) | <u>1513744</u> | <u>1020720</u> | <u>$42364545</u> | <u>$29075853</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 945211 | 861901 | $26963741 | $23824011 |
| Reinvestment of distributions  | 382165 | 156222 | 10664776 | 4211409 |
| Shares redeemed | <u>(1110868)</u> | <u>(679676)</u> | <u>(31832222)</u> | <u>(18657089)</u> |
| Net increase (decrease) | <u>216508</u> | <u>338447</u> | <u>$5796295</u> | <u>$9378331</u> |
| **VIP Freedom 2040 Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 701539 | 840567 | $19433144 | $22592849 |
| Reinvestment of distributions  | 277373 | 92425 | 7619722 | 2445240 |
| Shares redeemed | <u>(696771)</u> | <u>(420346)</u> | <u>(19542991)</u> | <u>(11316844)</u> |
| Net increase (decrease) | <u>282141</u> | <u>512646</u> | <u>$7509875</u> | <u>$13721245</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 2780990 | 2285320 | $77582610 | $61889922 |
| Reinvestment of distributions  | 698501 | 218549 | 19141904 | 5758235 |
| Shares redeemed | <u>(1706634)</u> | <u>(1693644)</u> | <u>(48694584)</u> | <u>(45331621)</u> |
| Net increase (decrease) | <u>1772857</u> | <u>810225</u> | <u>$48029930</u> | <u>$22316536</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 404865 | 454054 | $11283158 | $12115198 |
| Reinvestment of distributions  | 175471 | 56954 | 4763866 | 1488104 |
| Shares redeemed | <u>(493113)</u> | <u>(286277)</u> | <u>(13750122)</u> | <u>(7693420)</u> |
| Net increase (decrease) | <u>87223</u> | <u>224731</u> | <u>$2296902</u> | <u>$5909882</u> |
| **VIP Freedom 2045 Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 233852 | 248890 | $6724463 | $6810083 |
| Reinvestment of distributions  | 74129 | 24011 | 2081389 | 644337 |
| Shares redeemed | <u>(135770)</u> | <u>(109200)</u> | <u>(3847816)</u> | <u>(3021983)</u> |
| Net increase (decrease) | <u>172211</u> | <u>163701</u> | <u>$4958036</u> | <u>$4432437</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 1481525 | 838926 | $41616651 | $23224944 |
| Reinvestment of distributions  | 174685 | 53561 | 4898783 | 1431254 |
| Shares redeemed | <u>(693376)</u> | <u>(616539)</u> | <u>(19866583)</u> | <u>(16822669)</u> |
| Net increase (decrease) | <u>962834</u> | <u>275948</u> | <u>$26648851</u> | <u>$7833529</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 849297 | 724114 | $23937144 | $19629173 |
| Reinvestment of distributions  | 347943 | 117865 | 9631813 | 3116925 |
| Shares redeemed | <u>(906292)</u> | <u>(420852)</u> | <u>(25746670)</u> | <u>(11421847)</u> |
| Net increase (decrease) | <u>290948</u> | <u>421127</u> | <u>$7822287</u> | <u>$11324251</u> |
| **VIP Freedom 2050 Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 410521 | 537589 | $10605426 | $13359347 |
| Reinvestment of distributions  | 114305 | 41100 | 2896851 | 992104 |
| Shares redeemed | <u>(281989)</u> | <u>(454781)</u> | <u>(7237868)</u> | <u>(11108842)</u> |
| Net increase (decrease) | <u>242837</u> | <u>123908</u> | <u>$6264409</u> | <u>$3242609</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 1047490 | 780515 | $27059562 | $19389175 |
| Reinvestment of distributions  | 188569 | 66891 | 4753882 | 1609195 |
| Shares redeemed | <u>(963713)</u> | <u>(520035)</u> | <u>(25145764)</u> | <u>(12919038)</u> |
| Net increase (decrease) | <u>272346</u> | <u>327371</u> | <u>$6667680</u> | <u>$8079332</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 604756 | 654132 | $15493722 | $15977764 |
| Reinvestment of distributions  | 263135 | 90532 | 6581959 | 2158455 |
| Shares redeemed | <u>(494175)</u> | <u>(466286)</u> | <u>(12614389)</u> | <u>(11461812)</u> |
| Net increase (decrease) | <u>373716</u> | <u>278378</u> | <u>$9461292</u> | <u>$6674407</u> |
| **VIP Freedom 2055 Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 178360 | 194369 | $2620070 | $2667830 |
| Reinvestment of distributions  | 25397 | 7661 | 364198 | 105165 |
| Shares redeemed | <u>(123702)</u> | <u>(80542)</u> | <u>(1803464)</u> | <u>(1135377)</u> |
| Net increase (decrease) | <u>80055</u> | <u>121488</u> | <u>$1180804</u> | <u>$1637618</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 626419 | 284261 | $8895973 | $3991814 |
| Reinvestment of distributions  | 48657 | 12346 | 700357 | 168172 |
| Shares redeemed | <u>(187561)</u> | <u>(188049)</u> | <u>(2644131)</u> | <u>(2614190)</u> |
| Net increase (decrease) | <u>487515</u> | <u>108558</u> | <u>$6952199</u> | <u>$1545796</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 248207 | 299655 | $3585392 | $4158264 |
| Reinvestment of distributions  | 61828 | 18368 | 878788 | 248909 |
| Shares redeemed | <u>(85815)</u> | <u>(102054)</u> | <u>(1235006)</u> | <u>(1453013)</u> |
| Net increase (decrease) | <u>224220</u> | <u>215969</u> | <u>$3229174</u> | <u>$2954160</u> |
| **VIP Freedom 2060 Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 138681 | 131915 | $1993576 | $1799085 |
| Reinvestment of distributions  | 15417 | 4746 | 217092 | 64106 |
| Shares redeemed | <u>(124271)</u> | <u>(60081)</u> | <u>(1751059)</u> | <u>(825218)</u> |
| Net increase (decrease) | <u>29827</u> | <u>76580</u> | <u>$459609</u> | <u>$1037973</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 397512 | 513380 | $5680693 | $7166128 |
| Reinvestment of distributions  | 76332 | 29300 | 1065162 | 390876 |
| Shares redeemed | <u>(613166)</u> | <u>(593023)</u> | <u>(8656242)</u> | <u>(7925941)</u> |
| Net increase (decrease) | <u>(139322)</u> | <u>(50343)</u> | <u>$(1910387)</u> | <u>$(368937)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 268824 | 222528 | $3773535 | $3031935 |
| Reinvestment of distributions  | 64369 | 16712 | 898646 | 222682 |
| Shares redeemed | <u>(62108)</u> | <u>(28199)</u> | <u>(864633)</u> | <u>(390268)</u> |
| Net increase (decrease) | <u>271085</u> | <u>211041</u> | <u>$3807548</u> | <u>$2864349</u> |
| **VIP Freedom 2065 Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 137424 | 97358 | $1950580 | $1316511 |
| Reinvestment of distributions  | 11342 | 1944 | 163007 | 26469 |
| Shares redeemed | <u>(46336)</u> | <u>(23342)</u> | <u>(659155)</u> | <u>(314702)</u> |
| Net increase (decrease) | <u>102430</u> | <u>75960</u> | <u>$1454432</u> | <u>$1028278</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 300315 | 234751 | $4233026 | $3213478 |
| Reinvestment of distributions  | 25765 | 4861 | 365506 | 65687 |
| Shares redeemed | <u>(216725)</u> | <u>(99069)</u> | <u>(3102842)</u> | <u>(1335547)</u> |
| Net increase (decrease) | <u>109355</u> | <u>140543</u> | <u>$1495690</u> | <u>$1943618</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 38147 | 45463 | $546276 | $643125 |
| Reinvestment of distributions  | 6654 | 1145 | 94316 | 15465 |
| Shares redeemed | <u>(9022)</u> | <u>(3424)</u> | <u>(124493)</u> | <u>(46909)</u> |
| Net increase (decrease) | <u>35779</u> | <u>43184</u> | <u>$516099</u> | <u>$611681</u> |
| **VIP Freedom 2070 Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | <u>-</u> | <u>30000</u> | <u>$</u> <u>-</u> | <u>$300000</u> |
| Net increase (decrease) | <u>-</u> | <u>30000</u> | <u>$-</u> | <u>$300000</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 492310 | 10000 | $5536636 | $100000 |
| Reinvestment of distributions  | 1422 | - | 16006 | - |
| Shares redeemed | <u>(238253)</u> | <u>-</u> | <u>(2658102)</u> | <u>-</u> |
| Net increase (decrease) | <u>255479</u> | <u>10000</u> | <u>$2894540</u> | <u>$100000</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 2307 | 10000 | $24850 | $100000 |
| Reinvestment of distributions  | 8 | - | 90 | - |
| Shares redeemed | <u>(12)</u> | <u>-</u> | <u>(129)</u> | <u>-</u> |
| Net increase (decrease) | <u>2303</u> | <u>10000</u> | <u>$24811</u> | <u>$100000</u> |

---

*A Share transactions for VIP Freedom 2070 Portfolio are for the period July 1, 2024 (commencement of operations) through December 31, 2024.*

**9. 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.

Funds do not invest in underlying mutual funds for the purpose of exercising management or control; however, investments by funds within their principal investment strategies may represent a significant portion of the underlying mutual fund's net assets. At the end of the period, certain Funds were the owners of record of 10% or more of the total outstanding shares of the following underlying mutual funds as shown below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Affiliated %**  | **Number ofUnaffiliated Shareholders** | **Unaffiliated Shareholders %**  |
| **VIP Freedom Income Portfolio**  | 11% | 3 | 62% |
| **VIP Freedom 2010 Portfolio**  | - | 1 | 82% |
| **VIP Freedom 2015 Portfolio**  | 26% | 2 | 22% |
| **VIP Freedom 2020 Portfolio**  | - | 1 | 65% |
| **VIP Freedom 2025 Portfolio**  | - | 3 | 53% |
| **VIP Freedom 2030 Portfolio**  | - | 2 | 51% |
| **VIP Freedom 2035 Portfolio**  | - | 5 | 77% |
| **VIP Freedom 2040 Portfolio**  | - | 2 | 55% |
| **VIP Freedom 2045 Portfolio**  | - | 4 | 70% |
| **VIP Freedom 2050 Portfolio**  | - | 4 | 77% |
| **VIP Freedom 2055 Portfolio**  | - | 2 | 63% |
| **VIP Freedom 2060 Portfolio**  | - | 2 | 76% |
| **VIP Freedom 2065 Portfolio**  | 11% | 3 | 64% |
| **VIP Freedom 2070 Portfolio**  | 16% | 1 | 76% |

---

The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following underlying mutual funds.

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| VIP Emerging Markets Portfolio | 23% |
| VIP Overseas Portfolio | 32% |
| VIP Value Portfolio | 20% |

---

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**11. Prior Fiscal Year Reorganization Information.**

On June 7, 2024, VIP Freedom Income Portfolio acquired all of the assets and assumed all of the liabilities of VIP Freedom 2005 Portfolio ("Acquired Fund") pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees ("The Board"). The securities held by the Acquired Fund were the primary assets acquired by the VIP Freedom Income Portfolio. The acquisition was accomplished by an exchange of each class of VIP Freedom Income Portfolio for corresponding shares then outstanding of the Acquired Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by VIP Freedom Income Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of VIP Freedom Income Portfolio's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Fund and Share Class** | **Investments $** | **Unrealized appreciation (depreciation) $** | **Net Assets $** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **VIP Freedom 2005 Portfolio** | 8901778 | 394296 |  |  |  |
| **Initial Class** |  |  | 4968120 | 446775 | 1.0339208633 |
| **Service Class** |  |  | 3655826 | 329353 | 1.0437297297 |
| **Service Class 2** |  |  | 279044 | 25230 | 1.0365009042 |

---

---

| | | |
|:---|:---|:---|
| **Surviving Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| **VIP Freedom Income Portfolio** | 69407822 | 78310812 |

---

Pro forma results of operations of the combined entity for the entire period ended December 31, 2024, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| **Net investment income (loss)** | $2977729 |
| **Total net realized gain (loss)** | 1095342 |
| **Total change in net unrealized appreciation (depreciation)** | <u>(826367)</u> |
| **Net increase (decrease) in net assets resulting from operations** | <u>$3246704</u> |

---

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired funds that have been included in the VIP Freedom Income Portfolio's Statement of Operations since June 7, 2024.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund V and the Shareholders of VIP Freedom Income Portfolio, VIP Freedom 2010 Portfolio, VIP Freedom 2015 Portfolio, VIP Freedom 2020 Portfolio, VIP Freedom 2025 Portfolio, VIP Freedom 2030 Portfolio, VIP Freedom 2035 Portfolio, VIP Freedom 2040 Portfolio, VIP Freedom 2045 Portfolio, VIP Freedom 2050 Portfolio, VIP Freedom 2055 Portfolio, VIP Freedom 2060 Portfolio, VIP Freedom 2065 Portfolio and VIP Freedom 2070 Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of VIP Freedom Income Portfolio, VIP Freedom 2010 Portfolio, VIP Freedom 2015 Portfolio, VIP Freedom 2020 Portfolio, VIP Freedom 2025 Portfolio, VIP Freedom 2030 Portfolio, VIP Freedom 2035 Portfolio, VIP Freedom 2040 Portfolio, VIP Freedom 2045 Portfolio, VIP Freedom 2050 Portfolio, VIP Freedom 2055 Portfolio, VIP Freedom 2060 Portfolio, VIP Freedom 2065 Portfolio and VIP Freedom 2070 Portfolio (the "Funds"), each a fund of Variable Insurance Products Fund V, including the schedules of investments, as of December 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, except for the statements of changes in net assets and financial highlights for VIP Freedom 2070 Portfolio, which are for the year then ended and for the period from July 1, 2024 (commencement of operations) through December 31, 2024, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, and the results of their operations for the year then ended, changes in their net assets for each of the two years in the period then ended and financial highlights for each of the five years in the period then ended (or for the period mentioned above), 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, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 13, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended December 31, 2025, or, if subsequently determined to be different, the net capital gain of such year.

---

| | |
|:---|:---|
| **VIP Freedom Income Portfolio** | $899463 |
| **VIP Freedom 2010 Portfolio** | $5694673 |
| **VIP Freedom 2015 Portfolio** | $3222028 |
| **VIP Freedom 2020 Portfolio** | $33899995 |
| **VIP Freedom 2025 Portfolio** | $18676271 |
| **VIP Freedom 2030 Portfolio** | $41434189 |
| **VIP Freedom 2035 Portfolio** | $24630375 |
| **VIP Freedom 2040 Portfolio** | $28699482 |
| **VIP Freedom 2045 Portfolio** | $18241428 |
| **VIP Freedom 2050 Portfolio** | $14695387 |
| **VIP Freedom 2055 Portfolio** | $2479705 |
| **VIP Freedom 2060 Portfolio** | $2064905 |
| **VIP Freedom 2065 Portfolio** | $838309 |
| **VIP Freedom 2070 Portfolio** | $48540 |

---

A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax.

---

| | |
|:---|:---|
| **VIP Freedom Income Portfolio** | 33.11% |
| **VIP Freedom 2010 Portfolio** | 29.41% |
| **VIP Freedom 2015 Portfolio** | 23.76% |
| **VIP Freedom 2020 Portfolio** | 19.03% |
| **VIP Freedom 2025 Portfolio** | 16.77% |
| **VIP Freedom 2030 Portfolio** | 13.31% |
| **VIP Freedom 2035 Portfolio** | 9.57% |
| **VIP Freedom 2040 Portfolio** | 5.25% |
| **VIP Freedom 2045 Portfolio** | 3.03% |
| **VIP Freedom 2050 Portfolio** | 2.92% |
| **VIP Freedom 2055 Portfolio** | 2.62% |
| **VIP Freedom 2060 Portfolio** | 2.68% |
| **VIP Freedom 2065 Portfolio** | 2.58% |
| **VIP Freedom 2070 Portfolio** | 2.86% |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **VIP Freedom Income Portfolio** | $3341419 |
| **VIP Freedom 2010 Portfolio** | $6475400 |
| **VIP Freedom 2015 Portfolio** | $1347269 |
| **VIP Freedom 2020 Portfolio** | $10270188 |
| **VIP Freedom 2025 Portfolio** | $7204752 |
| **VIP Freedom 2030 Portfolio** | $13725377 |
| **VIP Freedom 2035 Portfolio** | $5584405 |
| **VIP Freedom 2040 Portfolio** | $2892745 |
| **VIP Freedom 2045 Portfolio**<br>| $761807 |
| **VIP Freedom 2050 Portfolio**<br>| $593845 |
| **VIP Freedom 2055 Portfolio** | $86991 |
| **VIP Freedom 2060 Portfolio** | $81084 |
| **VIP Freedom 2065 Portfolio** | $29903 |
| **VIP Freedom 2070 Portfolio** | $2361 |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| **VIP Freedom Income Portfolio** |  |  |  |
| February, 2025 | 0% | 0% | 0% |
| December, 2025 | 3% | 3% | 3% |
| **VIP Freedom 2010 Portfolio** |  |  |  |
| February, 2025 | 0% | 0% | 0% |
| December, 2025 | 4% | 4% | 5% |
| **VIP Freedom 2015 Portfolio** |  |  |  |
| February, 2025 | 0% | 0% | 0% |
| December, 2025 | 6% | 6% | 6% |
| **VIP Freedom 2020 Portfolio** |  |  |  |
| February, 2025 | 0% | 0% | 0% |
| December, 2025 | 8% | 9% | 9% |
| **VIP Freedom 2025 Portfolio** |  |  |  |
| February, 2025 | 0% | 0% | 0% |
| December, 2025 | 11% | 11% | 12% |
| **VIP Freedom 2030 Portfolio** |  |  |  |
| February, 2025 | 0% | 0% | 0% |
| December, 2025 | 12% | 13% | 14% |
| <br>**VIP Freedom 2035 Portfolio** |  |  |  |
| February, 2025 | 0% | 0% | 0% |
| December, 2025 | 15% | 16% | 17% |
| **VIP Freedom 2040 Portfolio** |  |  |  |
| February, 2025 | 0% | 0% | 0% |
| December, 2025 | 22% | 23% | 25% |
| **VIP Freedom 2045 Portfolio** |  |  |  |
| February, 2025 | 0% | 0% | 0% |
| December, 2025 | 28% | 29% | 32% |
| **VIP Freedom 2050 Portfolio** |  |  |  |
| February, 2025 | 1% | 1% | 1% |
| December, 2025 | 28% | 30% | 33% |
| **VIP Freedom 2055 Portfolio** |  |  |  |
| February, 2025 | 0% | 0% | 0% |
| December, 2025 | 28% | 30% | 33% |
| **VIP Freedom 2060 Portfolio** |  |  |  |
| February, 2025 | 0% | 0% | 0% |
| December, 2025 | 28% | 30% | 32% |
| **VIP Freedom 2065 Portfolio** |  |  |  |
| February, 2025 | 1% | 1% | 1% |
| December, 2025 | 27% | 29% | 31% |
| **VIP Freedom 2070 Portfolio** |  |  |  |
| February, 2025 | 1% | 1% | 1% |
| December, 2025 | 23% | 23% | 45% |

---

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 Freedom Income Portfolio** |  |  |  |
| Initial Class | 12/17/2025 | 0.0353 | 0.0032 |
| Service Class | 12/17/2025 | 0.0343 | 0.0032 |
| Service Class 2 | 12/17/2025 | 0.0323 | 0.0032 |
| **VIP Freedom 2010 Portfolio** |  |  |  |
| Initial Class | 12/17/2025 | 0.0411 | 0.0037 |
| Service Class | 12/17/2025 | 0.0397 | 0.0037 |
| Service Class 2 | 12/17/2025 | 0.0375 | 0.0037 |
| **VIP Freedom 2015 Portfolio** |  |  |  |
| Initial Class | 12/17/2025 | 0.0478 | 0.0045 |
| Service Class | 12/17/2025 | 0.0459 | 0.0045 |
| Service Class 2 | 12/17/2025 | 0.0431 | 0.0045 |
| **VIP Freedom 2020 Portfolio** |  |  |  |
| Initial Class | 12/17/2025 | 0.0599 | 0.0059 |
| Service Class | 12/17/2025 | 0.0573 | 0.0059 |
| Service Class 2 | 12/17/2025 | 0.0538 | 0.0059 |
| **VIP Freedom 2025 Portfolio** |  |  |  |
| Initial Class | 12/17/2025 | 0.0791 | 0.0087 |
| Service Class | 12/17/2025 | 0.0759 | 0.0087 |
| Service Class 2 | 12/17/2025 | 0.0702 | 0.0087 |
| **VIP Freedom 2030 Portfolio** |  |  |  |
| Initial Class | 12/17/2025 | 0.0880 | 0.0099 |
| Service Class | 12/17/2025 | 0.0844 | 0.0099 |
| Service Class 2 | 12/17/2025 | 0.0788 | 0.0099 |
| **VIP Freedom 2035 Portfolio** |  |  |  |
| Initial Class | 12/17/2025 | 0.1656 | 0.0187 |
| Service Class | 12/17/2025 | 0.1590 | 0.0187 |
| Service Class 2 | 12/17/2025 | 0.1476 | 0.0187 |
| **VIP Freedom 2040 Portfolio** |  |  |  |
| Initial Class | 12/17/2025 | 0.1970 | 0.0220 |
| Service Class | 12/17/2025 | 0.1878 | 0.0220 |
| Service Class 2 | 12/17/2025 | 0.1720 | 0.0220 |
| **VIP Freedom 2045 Portfolio** |  |  |  |
| Initial Class | 12/17/2025 | 0.2145 | 0.0246 |
| Service Class | 12/17/2025 | 0.2032 | 0.0246 |
| Service Class 2 | 12/17/2025 | 0.1835 | 0.0246 |
| **VIP Freedom 2050 Portfolio** |  |  |  |
| Initial Class | 12/17/2025 | 0.1950 | 0.0223 |
| Service Class | 12/17/2025 | 0.1840 | 0.0223 |
| Service Class 2 | 12/17/2025 | 0.1677 | 0.0223 |
| **VIP Freedom 2055 Portfolio** |  |  |  |
| Initial Class | 12/30/2025 | 0.1079 | 0.0122 |
| Service Class | 12/30/2025 | 0.1028 | 0.0122 |
| Service Class 2 | 12/30/2025 | 0.0928 | 0.0122 |
| **VIP Freedom 2060 Portfolio** |  |  |  |
| Initial Class | 12/30/2025 | 0.1111 | 0.0125 |
| Service Class | 12/30/2025 | 0.1043 | 0.0125 |
| Service Class 2 | 12/30/2025 | 0.0966 | 0.0125 |
| **VIP Freedom 2065 Portfolio** |  |  |  |
| Initial Class | 12/30/2025 | 0.1090 | 0.0123 |
| Service Class | 12/30/2025 | 0.1032 | 0.0123 |
| Service Class 2 | 12/30/2025 | 0.0951 | 0.0123 |
| **VIP Freedom 2070 Portfolio** |  |  |  |
| Initial Class | 12/30/2025 | 0.0202 | 0.0023 |
| Service Class | 12/30/2025 | 0.0198 | 0.0023 |
| Service Class 2 | 12/30/2025 | 0.0102 | 0.0023 |

---

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**VIP Freedom Income Portfolio**

**VIP Freedom 2010 Portfolio**

**VIP Freedom 2015 Portfolio**

**VIP Freedom 2020 Portfolio**

**VIP Freedom 2025 Portfolio**

**VIP Freedom 2030 Portfolio**

**VIP Freedom 2035 Portfolio**

**VIP Freedom 2040 Portfolio**

**VIP Freedom 2045 Portfolio**

**VIP Freedom 2050 Portfolio**

**VIP Freedom 2055 Portfolio**

**VIP Freedom 2060 Portfolio**

**VIP Freedom 2065 Portfolio**

**VIP Freedom 2070 Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) (the Advisory Contract, and each fund's Advisory Contract collectively, the Advisory Contracts). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contract, including the services and support provided to each fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of each fund's Advisory Contract before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew each fund's Advisory Contract. The Board considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in that fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contract was in the best interests of each fund and its shareholders and that the fact that no fees are payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered FMR's staffing as it relates to the funds, including the backgrounds and experience of investment personnel, and also considered FMR's implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups with responsibility for the underlying Fidelity funds in which each fund invests. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, such as size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by Fidelity under the Advisory Contract and under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the investment adviser, or reports it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against one or more indices, including a customized blended index that reflects the respective weights of the fund's asset classes (each a benchmark index). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board noted that the funds do not pay FMR a management fee for investment advisory services, and that each fund bears indirectly the fees and expenses, including the management fees, paid by the underlying Fidelity funds in which it invests. In its review of the total expense ratio of the representative class (Initial Class, where Fidelity generally selects the largest class without fund-paid 12b-1 fees by asset total in a given fund category) of each fund, the Board noted that each fund invests in a class of shares of the underlying Fidelity funds that does not charge a 12b-1 fee. The Board considered that the funds do not pay transfer agent fees. Instead, the applicable class of each underlying Fidelity fund bears its pro rata portion of each fund's transfer agent fee according to the percentage of each fund's assets invested in that underlying fund. The Board further noted that FMR pays all other expenses of each fund, with limited exceptions. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). For each fund, data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) for Initial Class of each fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons for Initial Class of each fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Initial Class of each fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of each fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that the management fee rate of Initial Class of each fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of Initial Class of each fund ranked below the competitive median of the total peer group for 2024. The information presented to the Board indicated that the total expense ratio of Initial Class of each fund (except the VIP Freedom 2055 through VIP Freedom 2070 vintages) ranked below the competitive median of the asset-sized peer group for 2024 and, for the VIP Freedom 2055 through VIP Freedom 2070 vintages, ranked above the competitive median of the asset-sized peer group for 2024. The Board considered that the VIP target date total peer groups contain a combination of active, blend and passive competitors.

The Board also considered that the total expenses for Service Class and Service Class 2 of certain funds ranked in the 3rd or 4th quartile of the total peer group. The Board considered that Service Class and Service Class 2 have a 0.10% and a 0.25% 12b-1 fee, respectively, whereas most of the classes in the insurance universe do not have 12b-1 fees. Additionally, the VIP target date total peer groups may contain a combination of active, blend and passive competitors. The Board noted that each fund offers multiple classes, each of which has a different 12b-1 fee structure than the others, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes of each fund vary primarily by the level of their 12b-1 fees.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of the funds and all the Fidelity funds, including the Fidelity funds in which the funds invest.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund were not relevant to the renewal of each fund's Advisory Contract because the funds do not pay management fees and FMR pays all other expenses of each fund, with limited exceptions.

**Economies of Scale.** The Board concluded that because the funds do not pay management fees and FMR pays all other expenses of each fund, with limited exceptions, economies of scale cannot be realized by the funds, but may be realized by the other Fidelity funds in which each fund invests.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contract should be renewed through September 30, 2026.

![](img123139_4.jpg)<br>

1.826371.121 VIPFF2K-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Bond Index Portfolio**

**Annual Report**

**December 31, 2025**

![](img123151_1.jpg)

![](img123151_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VUSB-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Bond Index Portfolio](#Sub_Sec_Fund_3078_VUSB-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3078_VUSB-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VUSB-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VUSB-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VUSB-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VUSB-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VUSB-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VUSB-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

"BLOOMBERG®" and the Bloomberg indices listed herein (the "Indices") are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the Indices (collectively, "Bloomberg") and have been licensed for use for certain purposes by Fidelity. Bloomberg is not affiliated with Fidelity, and Bloomberg does not approve, endorse, review, or recommend the fund. Bloomberg does not guarantee the timeliness, accuracy, or completeness of any data or information relating to the fund.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**VIP Bond Index Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.5%  |  |  |
| Ally Auto Receivables Trust Series 2025-1 Class A3, 3.96% 3/15/2030  | 100000 | 100320 |
| American Express Credit Account Master Trust Series 2023-4 Class A, 5.15% 9/16/2030  | 100000 | 103383 |
| BMW Vehicle Lease Trust Series 2025-2 Class A3, 3.97% 9/25/2028  | 130000 | 130360 |
| BMW Vehicle Owner Trust Series 2025-A Class A3, 4.56% 9/25/2029  | 60000 | 60606 |
| Capital One Multi-Asset Execution Trust Series 2019-A3 Class A3, 2.06% 8/15/2028  | 116000 | 114757 |
| Capital One Multi-Asset Execution Trust Series 2021-A2 Class A2, 1.39% 7/15/2030  | 150000 | 141322 |
| Capital One Prime Auto Receivables Trust Series 2023-1 Class A3, 4.87% 2/15/2028  | 24033 | 24122 |
| Capital One Prime Auto Receivables Trust Series 2025-1 Class A3, 3.85% 7/15/2030  | 230000 | 230159 |
| CarMax Auto Owner Trust Series 2022-3 Class A3, 3.97% 4/15/2027  | 27767 | 27766 |
| CarMax Auto Owner Trust Series 2023-2 Class A3, 5.05% 1/18/2028  | 102776 | 103263 |
| CarMax Auto Owner Trust Series 2024-4 Class A3, 4.6% 10/15/2029  | 200000 | 202121 |
| CarMax Auto Owner Trust Series 2025-1 Class A3, 4.84% 1/15/2030  | 85000 | 86255 |
| Carmax Auto Owner Trust Series 2025-4 Class A3, 3.97% 12/16/2030  | 230000 | 230425 |
| Carvana Auto Receivables Trust Series 2025-P3 Class A3, 4.04% 11/11/2030  | 105000 | 105282 |
| Chase Issuance Trust Series 2023-A2 Class A, 5.08% 9/15/2030  | 400000 | 413798 |
| Citibank Credit Card Issuance Trust Series 2007-A3 Class A3, 6.15% 6/15/2039  | 100000 | 110377 |
| Citibank Credit Card Issuance Trust Series 2018-A7 Class A7, 3.96% 10/13/2030  | 250000 | 251060 |
| Eart Series 2025-5A Class A3, 4.24% 11/15/2029  | 140000 | 140422 |
| Ford Cr Floorplan Mast Own Tr Series 2018-4 Class A, 4.06% 11/15/2030  | 258000 | 259116 |
| Ford Credit Auto Owner Trust Series 2023-A Class A3, 4.65% 2/15/2028  | 60322 | 60480 |
| Ford Credit Auto Owner Trust Series 2024-D Class A3, 4.61% 8/15/2029  | 250000 | 252763 |
| Ford Credit Floorplan Master Owner Trust A Series 2025-2 Class A1, 4.06% 9/15/2030  | 140000 | 140457 |
| GM Financial Automobile Leasing Trust Series 2025-1 Class A3, 4.66% 2/21/2028  | 60000 | 60493 |
| GM Financial Consumer Automobile Receivables Trust Series 2023-2 Class A3, 4.47% 2/16/2028  | 87358 | 87511 |
| Gm Financial Consumer Automobile Receivables Trust Series 2025-4 Class A3, 3.84% 2/18/2031  | 140000 | 140144 |
| Harot Series 2025-4 Class A3, 3.98% 6/17/2030  | 230000 | 231048 |
| Honda Auto Receivables Owner Trust Series 2025-1 Class A3, 4.57% 9/21/2029  | 180000 | 182007 |
| Hyundai Auto Receivables Trust Series 2022-C Class A3, 5.39% 6/15/2027  | 23331 | 23383 |
| Hyundai Auto Receivables Trust Series 2023-A Class A3, 4.58% 4/15/2027  | 37865 | 37896 |
| Hyundai Auto Receivables Trust Series 2025-D Class A3, 3.99% 9/16/2030  | 270000 | 271095 |
| MBART Series 2025-1 Class A3, 4.78% 12/17/2029  | 55000 | 55800 |
| Mercedes-Benz Auto Lease Trust Series 2025-B Class A3, 3.88% 4/16/2029  | 225000 | 225241 |
| Nissan Auto Lease Trust Series 2025-A Class A3, 4.75% 3/15/2028  | 35000 | 35428 |
| Santander Drive Auto Receivables Trust Series 2025-4 Class A3, 4.17% 4/15/2030  | 160000 | 160616 |
| Toyota Auto Receivables Owner Trust Series 2025-A Class A3, 4.64% 8/15/2029  | 170000 | 171829 |
| Toyota Auto Receivables Owner Trust Series 2025-D Class A3, 3.84% 6/17/2030  | 230000 | 230288 |
| World Omni Auto Receivables Trust Series 2025-A Class A3, 4.73% 3/15/2030  | 55000 | 55602 |
| World Omni Auto Receivables Trust Series 2025-D Class A3, 3.95% 3/17/2031  | 90000 | 90276 |
| TOTAL UNITED STATES |  | 5347271 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $5,332,891) |  | <br> **5347271** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Notes - 0.1%** | &nbsp;&nbsp;**Bank Notes - 0.1%** | &nbsp;&nbsp;**Bank Notes - 0.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Bank of America NA 6% 10/15/2036  | 250000 | 271260 |
| Capital One NA 2.7% 2/6/2030  | 500000 | 471231 |
| Truist Bank 3.3% 5/15/2026  | 200000 | 199431 |
| Truist Bank 4.136% 10/23/2029 (c) | 300000 | 299772 |
| TOTAL UNITED STATES |  | 1241694 |
| <br> **TOTAL BANK NOTES**<br> (Cost $1,263,938) |  | <br> **1241694** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 1.4%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 1.4%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 1.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 1.4%  |  |  |
| BANK Series 2017-BNK4 Class ASB, 3.419% 5/15/2050  | 36086 | 35946 |
| BANK Series 2020-BN28 Class A4, 1.844% 3/15/2063  | 360000 | 321372 |
| BANK Series 2022-BNK39 Class A4, 2.928% 2/15/2055  | 100000 | 91262 |
| BANK Series 2025-BNK51 Class A5, 5.29% 12/25/2067  | 280000 | 288755 |
| BANK5 Series 2025-5YR18 Class A3, 5.145% 12/15/2058  | 190000 | 195484 |
| BANK5 Series 2025-5YR19 Class A3, 5.27% 12/15/2058  | 159000 | 164416 |
| BBCMS Mortgage Trust Series 2021-C12 Class A5, 2.689% 11/15/2054  | 220000 | 197443 |
| BBCMS Mortgage Trust Series 2024-C26 Class A5, 5.829% 5/15/2057  | 281000 | 301344 |
| BBCMS Mortgage Trust Series 2025-C39 Class A5, 5.2969% 12/15/2058  | 260000 | 268728 |
| Benchmark Mortgage Trust Series 2019-B12 Class A5, 3.1156% 8/15/2052  | 36000 | 34534 |
| Benchmark Mortgage Trust Series 2019-B9 Class A5, 4.0156% 3/15/2052  | 130000 | 128022 |
| Benchmark Mortgage Trust Series 2020-B19 Class A5, 1.85% 9/15/2053  | 410000 | 363824 |
| Benchmark Mortgage Trust Series 2021-B24 Class A5, 2.5843% 3/15/2054  | 500000 | 448566 |
| BMO Mortgage Trust Series 2022-C1 Class A5, 3.374% 2/15/2055  | 100000 | 92992 |
| BMO Mortgage Trust Series 2023-C6 Class A5, 5.9562% 9/15/2056  | 50000 | 53030 |
| BMO Mortgage Trust Series 2024-C9 Class A5, 5.7592% 7/15/2057  | 979000 | 1040100 |
| BMO Mortgage Trust Series 2025-5C13 Class A3, 5.227% 12/15/2058  | 210000 | 216356 |
| Citigroup Commercial Mortgage Trust Series 2016-C1 Class A4, 3.209% 5/10/2049  | 90000 | 89651 |
| Citigroup Commercial Mortgage Trust Series 2018-B2 Class A4, 4.009% 3/10/2051  | 1000000 | 995332 |
| Computershare Corporate Trust Series 2018-C48 Class A5, 4.302% 1/15/2052  | 123000 | 123305 |
| CSAIL Commercial Mortgage Trust Series 2019-C17 Class A4, 2.7628% 9/15/2052  | 200000 | 189542 |
| CSAIL Commercial Mortgage Trust Series 2019-C17 Class A5, 3.0161% 9/15/2052  | 200000 | 188922 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K057 Class A2, 2.57% 7/25/2026  | 145643 | 144604 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K068 Class A2, 3.244% 8/25/2027  | 130000 | 128869 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K079 Class A2, 3.926% 6/25/2028  | 20000 | 20034 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K080 Class A2, 3.926% 7/25/2028  | 80000 | 80139 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2019-1510 Class A2, 3.718% 1/25/2031  | 124000 | 121917 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2019-K094 Class A2, 2.903% 6/25/2029  | 300000 | 290595 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-K104 Class A2, 2.253% 1/25/2030  | 680000 | 638564 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-K116 Class A2, 1.378% 7/25/2030  | 770000 | 687806 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-K117 Class A2, 1.406% 8/25/2030  | 590000 | 526420 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-K118 Class A2, 1.493% 9/25/2030  | 590000 | 527258 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-K121 Class A2, 1.547% 10/25/2030  | 890000 | 794373 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-K123 Class A2, 1.621% 12/25/2030  | 700000 | 625380 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-K125 Class A2, 1.846% 1/25/2031  | 100000 | 90049 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-K126 Class A2, 2.074% 1/25/2031  | 200000 | 182264 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-K128 Class A2, 2.02% 3/25/2031  | 200000 | 181465 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-K140 Class A2, 2.25% 1/25/2032  | 800000 | 718182 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2023-156 Class A2, 4.43% 2/25/2033  | 125000 | 125893 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-163 Class A2, 5% 3/25/2034 (c) | 420000 | 436992 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-165 Class A2, 4.489% 9/25/2034  | 380000 | 382183 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-175 Class A2, 4.42% 10/25/2035  | 60000 | 59635 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K547 Class A2, 4.421% 5/25/2030  | 130000 | 131900 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K548 Class A2, 4.32% 9/25/2030 (c) | 560000 | 565851 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K549 Class A2, 4.34% 9/25/2030 (c) | 770000 | 778695 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K761 Class A2, 4.4% 6/25/2032  | 210000 | 211725 |
| GS Mortgage Securities Trust Series 2020-GC45 Class A5, 2.9106% 2/13/2053  | 260000 | 245051 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C24 Class A5, 3.6385% 11/15/2047  | 10284 | 10126 |
| JPMDB Commercial Mortgage Securities Trust Series 2020-COR7 Class A5, 2.1798% 5/13/2053  | 500000 | 428033 |
| Morgan Stanley Cap I Tr 2020-L4 Series 2020-L4 Class A3, 2.698% 2/15/2053  | 100000 | 93516 |
| Morgan Stanley Capital I Trust Series 2021-L6 Class A4, 2.444% 6/15/2054 (c) | 100000 | 89319 |
| MSWF Commercial Mortgage Trust Series 2023-2 Class A5, 6.014% 12/15/2056  | 70000 | 75642 |
| UBS Commercial Mortgage Trust Series 2019-C16 Class A4, 3.6048% 4/15/2052  | 350000 | 339183 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C52 Class A5, 2.892% 8/15/2052  | 200000 | 189813 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C54 Class A4, 3.146% 12/15/2052  | 538000 | 514501 |
| Wells Fargo Commercial Mortgage Trust Series 2020-C55 Class A5, 2.725% 2/15/2053  | 90000 | 84401 |
| TOTAL UNITED STATES |  | 16349304 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $17,382,892) |  | <br> **16349304** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 1.7%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 1.7%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 1.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.3%  |  |  |
| Province of Alberta 1.3% 7/22/2030  | 130000 | 116151 |
| Province of Alberta 3.3% 3/15/2028  | 75000 | 74361 |
| Province of British Columbia 4.2% 7/6/2033  | 140000 | 138967 |
| Province of British Columbia 4.8% 6/11/2035  | 270000 | 275472 |
| Province of British Columbia 4.9% 4/24/2029  | 200000 | 207204 |
| Province of Ontario 1.05% 5/21/2027  | 1413000 | 1364324 |
| Province of Ontario 1.125% 10/7/2030  | 175000 | 154338 |
| Province of Ontario 2.125% 1/21/2032  | 200000 | 178526 |
| Province of Ontario 4.45% 11/20/2035  | 110000 | 109342 |
| Province of Ontario 4.7% 1/15/2030  | 150000 | 154694 |
| Province of Quebec 1.9% 4/21/2031  | 220000 | 198074 |
| Province of Quebec 2.75% 4/12/2027  | 95000 | 93870 |
| Province of Quebec 3.625% 4/13/2028  | 250000 | 249664 |
| Province of Quebec 4.25% 9/5/2034  | 50000 | 49470 |
| Province of Quebec 4.625% 8/28/2035  | 120000 | 120905 |
| TOTAL CANADA |  | 3485362 |
| CHILE - 0.1%  |  |  |
| Chilean Republic 2.45% 1/31/2031  | 220000 | 201190 |
| Chilean Republic 3.24% 2/6/2028  | 200000 | 196600 |
| Chilean Republic 3.86% 6/21/2047  | 325000 | 260813 |
| Chilean Republic 4.95% 1/5/2036  | 270000 | 272700 |
| Chilean Republic 5.65% 1/13/2037  | 200000 | 211350 |
| TOTAL CHILE |  | 1142653 |
| INDONESIA - 0.1%  |  |  |
| Indonesia Government 2.85% 2/14/2030  | 200000 | 189200 |
| Indonesia Government 3.5% 2/14/2050  | 500000 | 365375 |
| Indonesia Government 3.85% 10/15/2030  | 348000 | 342084 |
| Indonesia Government 4.1% 4/24/2028  | 200000 | 200325 |
| Indonesia Government 4.9% 4/16/2036  | 220000 | 219725 |
| Indonesia Government 5.25% 1/15/2030  | 300000 | 311064 |
| TOTAL INDONESIA |  | 1627773 |
| ISRAEL - 0.1%  |  |  |
| Israel Government 2.75% 7/3/2030  | 210000 | 195423 |
| Israel Government 3.25% 1/17/2028  | 200000 | 196436 |
| Israel Government 3.375% 1/15/2050  | 225000 | 150894 |
| Israel Government 5.375% 2/19/2030  | 580000 | 599906 |
| Israel Government 5.5% 3/12/2034  | 200000 | 207177 |
| Israel Government 5.625% 2/19/2035  | 260000 | 271327 |
| TOTAL ISRAEL |  | 1621163 |
| ITALY - 0.0%  |  |  |
| Italian Republic 2.875% 10/17/2029  | 350000 | 336478 |
| Italian Republic 4% 10/17/2049  | 200000 | 153097 |
| TOTAL ITALY |  | 489575 |
| JAPAN - 0.0%  |  |  |
| Japan International Cooperation Agency 1.75% 4/28/2031  | 200000 | 178423 |
| KOREA (SOUTH) - 0.1%  |  |  |
| Korean Republic 1% 9/16/2030  | 230000 | 201813 |
| Korean Republic 3.625% 10/29/2030  | 200000 | 198562 |
| Korean Republic 4.5% 7/3/2029  | 200000 | 204480 |
| TOTAL KOREA (SOUTH) |  | 604855 |
| MEXICO - 0.4%  |  |  |
| United Mexican States 3.25% 4/16/2030  | 1471000 | 1388624 |
| United Mexican States 3.5% 2/12/2034  | 619000 | 535435 |
| United Mexican States 4.5% 1/31/2050  | 480000 | 363120 |
| United Mexican States 4.75% 3/22/2031  | 400000 | 395460 |
| United Mexican States 4.75% 3/8/2044  | 120000 | 98820 |
| United Mexican States 4.75% 4/27/2032  | 387000 | 376907 |
| United Mexican States 5.85% 7/2/2032  | 550000 | 565950 |
| United Mexican States 6% 5/13/2030  | 200000 | 209500 |
| United Mexican States 6.05% 1/11/2040  | 170000 | 169218 |
| United Mexican States 6.625% 1/29/2038  | 463000 | 483604 |
| TOTAL MEXICO |  | 4586638 |
| PANAMA - 0.1%  |  |  |
| Panamanian Republic 3.16% 1/23/2030  | 800000 | 748800 |
| Panamanian Republic 4.5% 4/16/2050  | 250000 | 192467 |
| Panamanian Republic 6.7% 1/26/2036  | 100000 | 107396 |
| Panamanian Republic 7.875% 3/1/2057  | 200000 | 232636 |
| TOTAL PANAMA |  | 1281299 |
| PERU - 0.1%  |  |  |
| Peruvian Republic 1.862% 12/1/2032  | 340000 | 280925 |
| Peruvian Republic 2.78% 12/1/2060  | 100000 | 54400 |
| Peruvian Republic 3.55% 3/10/2051  | 170000 | 119425 |
| Peruvian Republic 5.5% 3/30/2036  | 448000 | 457184 |
| Peruvian Republic 5.875% 8/8/2054  | 70000 | 69230 |
| Peruvian Republic 6.2% 6/30/2055  | 90000 | 92655 |
| TOTAL PERU |  | 1073819 |
| PHILIPPINES - 0.2%  |  |  |
| Philippine Republic 2.65% 12/10/2045  | 600000 | 397725 |
| Philippine Republic 3% 2/1/2028  | 200000 | 195500 |
| Philippine Republic 4.75% 3/5/2035  | 200000 | 200500 |
| Philippine Republic 5% 7/17/2033  | 200000 | 205188 |
| Philippine Republic 5.17% 10/13/2027  | 200000 | 203812 |
| Philippine Republic 5.5% 2/4/2035  | 200000 | 211644 |
| Philippine Republic 6.375% 10/23/2034  | 100000 | 112312 |
| Philippine Republic 7.75% 1/14/2031  | 300000 | 348000 |
| Philippine Republic 9.5% 2/2/2030  | 110000 | 132172 |
| TOTAL PHILIPPINES |  | 2006853 |
| POLAND - 0.1%  |  |  |
| Republic of Poland 4.625% 3/18/2029  | 230000 | 234407 |
| Republic of Poland 4.875% 2/12/2030  | 150000 | 154950 |
| Republic of Poland 5.125% 9/18/2034  | 150000 | 153416 |
| Republic of Poland 5.375% 2/12/2035  | 150000 | 155738 |
| Republic of Poland 5.5% 3/18/2054  | 130000 | 124008 |
| Republic of Poland 5.5% 4/4/2053  | 100000 | 95425 |
| TOTAL POLAND |  | 917944 |
| URUGUAY - 0.1%  |  |  |
| Uruguay Republic 5.442% 2/14/2037  | 80000 | 83280 |
| Uruguay Republic 7.625% 3/21/2036  | 678000 | 822075 |
| TOTAL URUGUAY |  | 905355 |
| <br> **TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS**<br> (Cost $21,111,828) |  | <br> **19921712** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 0.3%** | &nbsp;&nbsp;**Municipal Securities - 0.3%** | &nbsp;&nbsp;**Municipal Securities - 0.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| California - 0.2%  |  |  |
| Education - 0.0% |  |  |
| California St Univ Rev 2.719% 11/1/2052  | 195000 | 127770 |
| General Obligations - 0.2% |  |  |
| Golden State Tobacco Securitization Corp. Tobacco Settlement (State of California Proj.) Series 2021 B, 2.746% 6/1/2034  | 80000 | 71133 |
| Golden State Tobacco Securitization Corp. Tobacco Settlement (State of California Proj.) Series 2021 B, 3.293% 6/1/2042  | 40000 | 31315 |
| State of California 7.55% 4/1/2039  | 145000 | 175968 |
| State of California 7.6% 11/1/2040  | 350000 | 428407 |
| TOTAL GENERAL OBLIGATIONS |  | 706823 |
| Health Care - 0.0% |  |  |
| Univ CA Regts Med Ctr Pooled Rev (Univ CA Regts Med Ctr Pooled Rev Proj.) Series 2020 N, 3.256% 5/15/2060  | 150000 | 97243 |
| Univ CA Regts Med Ctr Pooled Rev Series 2020 N, 3.006% 5/15/2050  | 175000 | 116854 |
| TOTAL HEALTH CARE |  | 214097 |
| Transportation - 0.0% |  |  |
| Bay Area Toll Auth CA Bridge Rev 6.263% 4/1/2049  | 75000 | 79119 |
| Bay Area Toll Auth CA Bridge Rev 7.043% 4/1/2050  | 75000 | 85639 |
| TOTAL TRANSPORTATION |  | 164758 |
| TOTAL CALIFORNIA |  | 1213448 |
| Idaho - 0.0%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Idaho Energy Res Auth Transmission Facs Rev (Bonneville Power Administration Proj.) Series 2021, 2.861% 9/1/2046  | 45000 | 32016 |
| Illinois - 0.1%  |  |  |
| General Obligations - 0.1% |  |  |
| Illinois St Gen. Oblig. 5.1% 6/1/2033  | 436275 | 447125 |
| Transportation - 0.0% |  |  |
| Chicago IL O'Hare Intl Arpt Rev 6.395% 1/1/2040  | 250000 | 277844 |
| TOTAL ILLINOIS |  | 724969 |
| Massachusetts - 0.0%  |  |  |
| Water & Sewer - 0.0% |  |  |
| Massachusetts St Wtr Res Auth Series 2021C, 2.823% 8/1/2041  | 100000 | 80096 |
| Michigan - 0.0%  |  |  |
| Education - 0.0% |  |  |
| University MI Univ Revs 4.454% 4/1/2122  | 80000 | 62238 |
| General Obligations - 0.0% |  |  |
| Michigan St Strategic Fd Ltd Oblig Rev (State of Michigan Proj.) Series 2021 A, 3.225% 9/1/2047  | 100000 | 76693 |
| TOTAL MICHIGAN |  | 138931 |
| New Jersey - 0.0%  |  |  |
| Transportation - 0.0% |  |  |
| New Jersey Turnpike Authority 7.414% 1/1/2040  | 160000 | 191767 |
| New Jersey,New York - 0.0%  |  |  |
| Transportation - 0.0% |  |  |
| Port Auth NY & NJ Series 225, 3.175% 7/15/2060  | 400000 | 257176 |
| New York - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| City of New York NY 6.271% 12/1/2037  | 100000 | 107205 |
| Special Tax - 0.0% |  |  |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) 2.202% 3/15/2034  | 200000 | 169328 |
| Transportation - 0.0% |  |  |
| Metropolitan Transn Auth NY Rv 6.668% 11/15/2039  | 60000 | 65322 |
| Water & Sewer - 0.0% |  |  |
| New York NY Cty Muni Wtr Fin Auth 6.011% 6/15/2042  | 100000 | 103559 |
| TOTAL NEW YORK |  | 445414 |
| Ohio - 0.0%  |  |  |
| Electric Utilities - 0.0% |  |  |
| American Mun Pwr Rev 7.834% 2/15/2041  | 55000 | 64868 |
| Texas - 0.0%  |  |  |
| Electric Utilities - 0.0% |  |  |
| San Antonio TX Elec & Gas Rev Series 2025A, 5.469% 2/1/2045  | 25000 | 25107 |
| Special Tax - 0.0% |  |  |
| Dallas TX Rapid Transit Sales Tax Rev Series 2021 A, 2.613% 12/1/2048  | 200000 | 137098 |
| Transportation - 0.0% |  |  |
| Dallas Fort Worth International Airport 4.507% 11/1/2051  | 65000 | 56043 |
| Dallas Fort Worth International Airport Series 2019A, 3.144% 11/1/2045  | 20000 | 15299 |
| Dallas Fort Worth International Airport Series 2021 C, 2.843% 11/1/2046  | 150000 | 108610 |
| TOTAL TRANSPORTATION |  | 179952 |
| TOTAL TEXAS |  | 342157 |
| Virginia - 0.0%  |  |  |
| Education - 0.0% |  |  |
| University VA Univ Revs (University VA Univ Revs Proj.) 2.584% 11/1/2051  | 140000 | 86463 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $4,550,081) |  | <br> **3577305** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 26.2%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 26.2%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 26.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 0.2%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| National Australia Bank Ltd/New York 4.966% 1/12/2026  | 260000 | 260058 |
| Westpac Banking Corp 3.02% 11/18/2036 (c) | 140000 | 126388 |
| Westpac Banking Corp 3.133% 11/18/2041  | 60000 | 45388 |
| Westpac Banking Corp 4.11% 7/24/2034 (c) | 320000 | 314861 |
| Westpac Banking Corp 4.354% 7/1/2030  | 230000 | 232505 |
| TOTAL FINANCIALS |  | 979200 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| BHP Billiton Finance USA Ltd 5% 2/15/2036  | 130000 | 131580 |
| BHP Billiton Finance USA Ltd 5% 9/30/2043  | 176000 | 167147 |
| BHP Billiton Finance USA Ltd 5.25% 9/8/2033  | 90000 | 93493 |
| BHP Billiton Finance USA Ltd 5.3% 2/21/2035  | 60000 | 61946 |
| BHP Billiton Finance USA Ltd 5.75% 9/5/2055  | 10000 | 10194 |
| Rio Tinto Finance USA Ltd 2.75% 11/2/2051  | 120000 | 74383 |
| Rio Tinto Finance USA Ltd 5.2% 11/2/2040  | 120000 | 119675 |
| Rio Tinto Finance USA PLC 4.875% 3/14/2030  | 140000 | 143828 |
| Rio Tinto Finance USA PLC 5.25% 3/14/2035  | 180000 | 185478 |
| Rio Tinto Finance USA PLC 5.75% 3/14/2055  | 75000 | 76475 |
| TOTAL MATERIALS |  | 1064199 |
| TOTAL AUSTRALIA |  | 2043399 |
| BELGIUM - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Anheuser-Busch InBev Worldwide Inc 4.5% 6/1/2050  | 100000 | 89795 |
| Anheuser-Busch InBev Worldwide Inc 4.6% 4/15/2048  | 78000 | 68840 |
| Anheuser-Busch InBev Worldwide Inc 4.75% 4/15/2058  | 140000 | 121890 |
| Anheuser-Busch InBev Worldwide Inc 4.95% 1/15/2042  | 461000 | 440173 |
| Anheuser-Busch InBev Worldwide Inc 5.45% 1/23/2039 (e) | 270000 | 279518 |
| Anheuser-Busch InBev Worldwide Inc 5.55% 1/23/2049  | 130000 | 129715 |
| Anheuser-Busch InBev Worldwide Inc 5.8% 1/23/2059  | 190000 | 193693 |
| TOTAL BELGIUM |  | 1323624 |
| BRAZIL - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Vale Overseas Ltd 3.75% 7/8/2030  | 300000 | 288114 |
| Vale Overseas Ltd 6.4% 6/28/2054  | 90000 | 91845 |
|  |  | 379959 |
| Paper & Forest Products - 0.0% |  |  |
| Suzano Austria GmbH 2.5% 9/15/2028  | 298000 | 281796 |
| TOTAL BRAZIL |  | 661755 |
| CANADA - 0.8%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Bell Canada 5.1% 5/11/2033  | 100000 | 101432 |
| Bell Canada 5.55% 2/15/2054  | 130000 | 123495 |
| TELUS Corp 3.4% 5/13/2032  | 130000 | 119914 |
|  |  | 344841 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Rogers Communications Inc 3.8% 3/15/2032  | 130000 | 122481 |
| Rogers Communications Inc 4.55% 3/15/2052  | 160000 | 127324 |
| Rogers Communications Inc 7.5% 8/15/2038  | 160000 | 184492 |
|  |  | 434297 |
| TOTAL COMMUNICATION SERVICES |  | 779138 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Canadian Natural Resources Ltd 3.85% 6/1/2027  | 558000 | 556479 |
| Canadian Natural Resources Ltd 4.95% 6/1/2047  | 19000 | 16722 |
| Canadian Natural Resources Ltd 5% 12/15/2029  | 300000 | 307670 |
| Canadian Natural Resources Ltd 5.4% 12/15/2034  | 100000 | 101799 |
| Cenovus Energy Inc 5.4% 3/20/2036  | 60000 | 59921 |
| Cenovus Energy Inc 5.4% 6/15/2047  | 74000 | 67445 |
| Enbridge Inc 2.5% 8/1/2033  | 100000 | 85881 |
| Enbridge Inc 4.2% 11/20/2028  | 100000 | 100096 |
| Enbridge Inc 4.5% 2/15/2031  | 60000 | 59938 |
| Enbridge Inc 5.5% 12/1/2046  | 60000 | 58996 |
| Enbridge Inc 5.625% 4/5/2034  | 140000 | 146149 |
| Enbridge Inc 5.7% 3/8/2033  | 220000 | 231724 |
| Enbridge Inc 5.95% 4/5/2054  | 40000 | 40492 |
| Enbridge Inc 7.2% 6/27/2054 (c) | 90000 | 95301 |
| Enbridge Inc 8.5% 1/15/2084 (c) | 40000 | 45867 |
| South Bow USA Infrastructure Holdings LLC 5.026% 10/1/2029  | 40000 | 40576 |
| South Bow USA Infrastructure Holdings LLC 5.584% 10/1/2034  | 40000 | 40396 |
| South Bow USA Infrastructure Holdings LLC 6.176% 10/1/2054  | 40000 | 38426 |
| Suncor Energy Inc 4% 11/15/2047  | 179000 | 135917 |
| Transcanada Pipelines Ltd Residual Strip 4.1% 4/15/2030  | 190000 | 187824 |
| Transcanada Pipelines Ltd Residual Strip 7% 6/1/2065 (c) | 20000 | 20616 |
| Transcanada Pipelines Ltd Residual Strip 7.625% 1/15/2039  | 231000 | 273956 |
| TOTAL ENERGY |  | 2712191 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Bank of Montreal 3.088% 1/10/2037 (c) | 110000 | 98995 |
| Bank of Montreal 4.35% 9/22/2031 (c) | 90000 | 89885 |
| Bank of Montreal 5.266% 12/11/2026  | 300000 | 303834 |
| Bank of Montreal 5.717% 9/25/2028  | 70000 | 72982 |
| Bank of Nova Scotia/The 1.95% 2/2/2027  | 100000 | 98020 |
| Bank of Nova Scotia/The 4.338% 9/15/2031 (c) | 220000 | 219245 |
| Bank of Nova Scotia/The 4.588% 5/4/2037 (c) | 50000 | 48715 |
| Bank of Nova Scotia/The 4.85% 2/1/2030  | 120000 | 122807 |
| Bank of Nova Scotia/The 5.25% 6/12/2028  | 160000 | 164777 |
| Canadian Imperial Bank of Commerce 3.45% 4/7/2027  | 340000 | 338272 |
| Canadian Imperial Bank of Commerce 3.6% 4/7/2032  | 54000 | 51446 |
| Canadian Imperial Bank of Commerce 6.092% 10/3/2033  | 119000 | 129302 |
| Royal Bank of Canada 3.625% 5/4/2027  | 190000 | 189781 |
| Royal Bank of Canada 3.995% 11/3/2028 (c) | 200000 | 200132 |
| Royal Bank of Canada 4.305% 11/3/2031 (c) | 30000 | 29852 |
| Royal Bank of Canada 4.65% 10/18/2030 (c) | 20000 | 20279 |
| Royal Bank of Canada 4.696% 8/6/2031 (c) | 60000 | 60771 |
| Royal Bank of Canada 4.715% 3/27/2028 (c) | 190000 | 191622 |
| Royal Bank of Canada 5% 5/2/2033  | 130000 | 133469 |
| Royal Bank of Canada 5.15% 2/1/2034  | 180000 | 187621 |
| Royal Bank of Canada 5.153% 2/4/2031 (c) | 110000 | 113246 |
| Royal Bank of Canada 6% 11/1/2027  | 100000 | 103820 |
| Toronto Dominion Bank 1.95% 1/12/2027  | 100000 | 98118 |
| Toronto Dominion Bank 2.45% 1/12/2032  | 90000 | 80444 |
| Toronto Dominion Bank 4.456% 6/8/2032  | 200000 | 199612 |
| Toronto Dominion Bank 4.808% 6/3/2030  | 40000 | 40820 |
| Toronto Dominion Bank 4.928% 10/15/2035  | 30000 | 29978 |
| Toronto Dominion Bank 5.156% 1/10/2028  | 360000 | 368150 |
|  |  | 3785995 |
| Capital Markets - 0.0% |  |  |
| Brookfield Finance Inc 2.724% 4/15/2031  | 312000 | 285746 |
| Brookfield Finance Inc 4.85% 3/29/2029  | 80000 | 81263 |
| Brookfield Finance Inc 5.813% 3/3/2055  | 100000 | 98650 |
| Brookfield Finance Inc 5.968% 3/4/2054  | 50000 | 50468 |
| Brookfield Finance Inc 6.35% 1/5/2034  | 30000 | 32578 |
|  |  | 548705 |
| Insurance - 0.0% |  |  |
| Fairfax Financial Holdings Ltd 5.625% 8/16/2032  | 90000 | 93889 |
| Fairfax Financial Holdings Ltd 5.75% 5/20/2035  | 90000 | 93372 |
| Fairfax Financial Holdings Ltd 6.1% 3/15/2055  | 70000 | 70174 |
| Manulife Financial Corp 4.986% 12/11/2035  | 60000 | 59852 |
| Manulife Financial Corp 5.375% 3/4/2046  | 40000 | 39411 |
|  |  | 356698 |
| TOTAL FINANCIALS |  | 4691398 |
| Industrials - 0.1% |  |  |
| Ground Transportation - 0.1% |  |  |
| Canadian National Railway Co 2.45% 5/1/2050  | 210000 | 124302 |
| Canadian National Railway Co 4.2% 3/12/2031  | 200000 | 199621 |
| Canadian Pacific Railway Co 1.75% 12/2/2026  | 140000 | 137267 |
| Canadian Pacific Railway Co 2.45% 12/2/2031  | 140000 | 125953 |
| Canadian Pacific Railway Co 3.1% 12/2/2051  | 140000 | 92877 |
| Canadian Pacific Railway Co 4.2% 11/15/2069  | 70000 | 51980 |
| Canadian Pacific Railway Co 6.125% 9/15/2115  | 20000 | 19931 |
|  |  | 751931 |
| Professional Services - 0.0% |  |  |
| TR Finance LLC 3.35% 5/15/2026  | 76000 | 75691 |
| TR Finance LLC 5.85% 4/15/2040  | 40000 | 41455 |
|  |  | 117146 |
| TOTAL INDUSTRIALS |  | 869077 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Nutrien Ltd 4.125% 3/15/2035  | 90000 | 83122 |
| Nutrien Ltd 4.2% 4/1/2029  | 13000 | 12977 |
| Nutrien Ltd 4.9% 3/27/2028  | 160000 | 162891 |
| Nutrien Ltd 5% 4/1/2049  | 103000 | 92236 |
|  |  | 351226 |
| Metals & Mining - 0.0% |  |  |
| Barrick Mining Corp 5.25% 4/1/2042  | 163000 | 159830 |
| TOTAL MATERIALS |  | 511056 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Emera US Finance LP 2.639% 6/15/2031  | 120000 | 108440 |
| TOTAL CANADA |  | 9671300 |
| CHINA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Alibaba Group Holding Ltd 2.125% 2/9/2031  | 240000 | 217644 |
| Alibaba Group Holding Ltd 3.15% 2/9/2051  | 245000 | 166245 |
| Alibaba Group Holding Ltd 4.875% 5/26/2030  | 200000 | 206370 |
| TOTAL CHINA |  | 590259 |
| FRANCE - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Orange SA 9% 3/1/2031 (c) | 180000 | 216599 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| TotalEnergies Capital International SA 2.829% 1/10/2030  | 200000 | 191497 |
| TotalEnergies Capital International SA 3.127% 5/29/2050  | 220000 | 146640 |
| TotalEnergies Capital SA 5.15% 4/5/2034  | 60000 | 62290 |
| TotalEnergies Capital SA 5.488% 4/5/2054  | 200000 | 193384 |
| TotalEnergies Capital SA 5.638% 4/5/2064  | 30000 | 28974 |
| TOTAL ENERGY |  | 622785 |
| TOTAL FRANCE |  | 839384 |
| GERMANY - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Capital Markets - 0.1% |  |  |
| Deutsche Bank AG/New York NY 2.311% 11/16/2027 (c) | 150000 | 147568 |
| Deutsche Bank AG/New York NY 3.547% 9/18/2031 (c) | 170000 | 162236 |
| Deutsche Bank AG/New York NY 3.729% 1/14/2032 (c) | 200000 | 189029 |
| Deutsche Bank AG/New York NY 4.95% 8/4/2031 (c) | 150000 | 151516 |
| Deutsche Bank AG/New York NY 4.999% 9/11/2030 (c) | 170000 | 172610 |
| Deutsche Bank AG/New York NY 5.373% 1/10/2029 (c) | 150000 | 153071 |
|  |  | 976030 |
| Financial Services - 0.1% |  |  |
| KfW 0% 4/18/2036 (g) | 200000 | 128957 |
| KfW 2.875% 4/3/2028  | 14000 | 13795 |
| KfW 3.875% 5/15/2028  | 1000000 | 1007512 |
| KfW 4.75% 10/29/2030  | 170000 | 177333 |
| Landwirtschaftliche Rentenbank 3.625% 10/8/2030  | 260000 | 258990 |
|  |  | 1586587 |
| TOTAL GERMANY |  | 2562617 |
| HONG KONG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Prudential Funding Asia PLC 3.125% 4/14/2030  | 60000 | 57515 |
| IRELAND - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Consumer Finance - 0.1% |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 2.45% 10/29/2026  | 250000 | 246602 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.85% 10/29/2041  | 150000 | 122578 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.375% 11/15/2030  | 200000 | 199388 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.45% 4/3/2026  | 150000 | 150013 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.625% 10/15/2027  | 220000 | 221799 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.625% 9/10/2029  | 200000 | 201990 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 5.3% 1/19/2034  | 150000 | 153369 |
| TOTAL FINANCIALS |  | 1295739 |
| Materials - 0.0% |  |  |
| Containers & Packaging - 0.0% |  |  |
| Smurfit Kappa Treasury ULC 5.2% 1/15/2030  | 200000 | 206270 |
| TOTAL IRELAND |  | 1502009 |
| JAPAN - 0.6%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Toyota Motor Corp 4.186% 6/30/2027  | 270000 | 271642 |
| Toyota Motor Corp 4.45% 6/30/2030  | 190000 | 192322 |
| Toyota Motor Corp 5.053% 6/30/2035  | 50000 | 51448 |
| TOTAL CONSUMER DISCRETIONARY |  | 515412 |
| Financials - 0.6% |  |  |
| Banks - 0.5% |  |  |
| Japan Bank for International Cooperation 1.25% 1/21/2031  | 580000 | 508289 |
| Mitsubishi UFJ Financial Group Inc 2.341% 1/19/2028 (c) | 210000 | 206328 |
| Mitsubishi UFJ Financial Group Inc 3.287% 7/25/2027  | 150000 | 148745 |
| Mitsubishi UFJ Financial Group Inc 3.751% 7/18/2039  | 290000 | 253186 |
| Mitsubishi UFJ Financial Group Inc 4.286% 7/26/2038  | 150000 | 141816 |
| Mitsubishi UFJ Financial Group Inc 4.527% 9/12/2031 (c) | 400000 | 402154 |
| Mitsubishi UFJ Financial Group Inc 5.197% 1/16/2031 (c) | 250000 | 257906 |
| Mitsubishi UFJ Financial Group Inc 5.242% 4/19/2029 (c) | 200000 | 205285 |
| Mizuho Financial Group Inc 1.554% 7/9/2027 (c) | 285000 | 281262 |
| Mizuho Financial Group Inc 5.098% 5/13/2031 (c) | 400000 | 411382 |
| Mizuho Financial Group Inc 5.382% 7/10/2030 (c) | 300000 | 310217 |
| Mizuho Financial Group Inc 5.778% 7/6/2029 (c) | 310000 | 322378 |
| Sumitomo Mitsui Financial Group Inc 2.174% 1/14/2027  | 800000 | 785482 |
| Sumitomo Mitsui Financial Group Inc 2.75% 1/15/2030  | 200000 | 188345 |
| Sumitomo Mitsui Financial Group Inc 3.352% 10/18/2027  | 80000 | 79257 |
| Sumitomo Mitsui Financial Group Inc 3.364% 7/12/2027  | 80000 | 79430 |
| Sumitomo Mitsui Financial Group Inc 5.24% 4/15/2030  | 500000 | 518549 |
| Sumitomo Mitsui Financial Group Inc 6.184% 7/13/2043  | 40000 | 43426 |
|  |  | 5143437 |
| Capital Markets - 0.1% |  |  |
| Nomura Holdings Inc 3.103% 1/16/2030  | 623000 | 591703 |
| TOTAL FINANCIALS |  | 5735140 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Takeda Pharmaceutical Co Ltd 2.05% 3/31/2030  | 200000 | 182744 |
| Takeda Pharmaceutical Co Ltd 3.025% 7/9/2040  | 272000 | 208202 |
| TOTAL HEALTH CARE |  | 390946 |
| TOTAL JAPAN |  | 6641498 |
| KOREA (SOUTH) - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Export-Import Bank of Korea 4% 9/11/2029  | 300000 | 300298 |
| Export-Import Bank of Korea 5.125% 9/18/2028  | 380000 | 393037 |
| Korea Development Bank/The 1.625% 1/19/2031  | 200000 | 178623 |
| TOTAL KOREA (SOUTH) |  | 871958 |
| LUXEMBOURG - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| ArcelorMittal SA 6% 6/17/2034  | 10000 | 10750 |
| ArcelorMittal SA 6.35% 6/17/2054  | 40000 | 42145 |
| ArcelorMittal SA 6.75% 3/1/2041 (c) | 20000 | 21862 |
| ArcelorMittal SA 6.8% 11/29/2032  | 80000 | 89581 |
| TOTAL LUXEMBOURG |  | 164338 |
| MEXICO - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| America Movil SAB de CV 3.625% 4/22/2029  | 440000 | 430272 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Southern Copper Corp 5.25% 11/8/2042  | 90000 | 85927 |
| Southern Copper Corp 5.875% 4/23/2045  | 30000 | 30724 |
| Southern Copper Corp 6.75% 4/16/2040  | 50000 | 56438 |
| TOTAL MATERIALS |  | 173089 |
| TOTAL MEXICO |  | 603361 |
| MULTI-NATIONAL - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.4% |  |  |
| Asian Development Bank 0.75% 10/8/2030  | 100000 | 86883 |
| Asian Development Bank 1.875% 1/24/2030  | 610000 | 567823 |
| Asian Development Bank 4.5% 8/25/2028  | 220000 | 225080 |
| Asian Development Bank 5.82% 6/16/2028  | 110000 | 115483 |
| Corp Andina de Fomento 4.125% 1/7/2028  | 59000 | 59233 |
| Corp Andina de Fomento 5% 1/24/2029  | 170000 | 175099 |
| European Investment Bank 0.75% 9/23/2030  | 250000 | 217671 |
| European Investment Bank 0.875% 5/17/2030  | 18000 | 15934 |
| European Investment Bank 1.75% 3/15/2029  | 1350000 | 1274168 |
| European Investment Bank 3.75% 2/14/2033  | 100000 | 98339 |
| European Investment Bank 4.875% 2/15/2036  | 110000 | 115466 |
| Inter-American Development Bank 1.125% 1/13/2031  | 290000 | 254525 |
| Inter-American Development Bank 2.25% 6/18/2029  | 1029000 | 982315 |
| Inter-American Development Bank 4.375% 1/24/2044  | 39000 | 36488 |
|  |  | 4224507 |
| Capital Markets - 0.0% |  |  |
| Asian Infrastructure Investment Bank/The 4.25% 3/13/2034  | 110000 | 110910 |
| Financial Services - 0.1% |  |  |
| International Bank for Reconstruction & Development 0.75% 8/26/2030  | 160000 | 139523 |
| International Bank for Reconstruction & Development 0.875% 5/14/2030  | 176000 | 155770 |
| International Bank for Reconstruction & Development 1.25% 2/10/2031  | 110000 | 96985 |
| International Bank for Reconstruction & Development 2.5% 11/22/2027  | 92000 | 90260 |
| International Bank for Reconstruction & Development 3.625% 9/21/2029  | 260000 | 259551 |
| International Bank for Reconstruction & Development 4% 7/25/2030  | 500000 | 504778 |
| International Bank for Reconstruction & Development 4.75% 11/14/2033  | 290000 | 302699 |
| International Bank for Reconstruction & Development 4.75% 2/15/2035  | 520000 | 541101 |
| International Finance Corp 0.75% 8/27/2030  | 60000 | 52250 |
|  |  | 2142917 |
| TOTAL MULTI-NATIONAL |  | 6478334 |
| NETHERLANDS - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Cooperatieve Rabobank UA/NY 5.041% 3/5/2027  | 300000 | 304374 |
| ING Groep NV 2.727% 4/1/2032 (c) | 200000 | 184088 |
| ING Groep NV 5.066% 3/25/2031 (c) | 450000 | 461061 |
| TOTAL FINANCIALS |  | 949523 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| NXP BV / NXP Funding LLC / NXP USA Inc 2.65% 2/15/2032  | 270000 | 242524 |
| NXP BV / NXP Funding LLC / NXP USA Inc 5% 1/15/2033  | 90000 | 91425 |
| NXP BV / NXP Funding LLC / NXP USA Inc 5.25% 8/19/2035  | 20000 | 20295 |
| TOTAL INFORMATION TECHNOLOGY |  | 354244 |
| TOTAL NETHERLANDS |  | 1303767 |
| NORWAY - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Equinor ASA 3.125% 4/6/2030  | 357000 | 343941 |
| Equinor ASA 3.25% 11/18/2049  | 160000 | 111526 |
| Equinor ASA 3.625% 9/10/2028  | 120000 | 119663 |
| Equinor ASA 4.75% 11/14/2035  | 70000 | 69638 |
| TOTAL NORWAY |  | 644768 |
| SPAIN - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telefonica Emisiones SA 4.103% 3/8/2027  | 150000 | 149910 |
| Telefonica Emisiones SA 5.213% 3/8/2047  | 250000 | 220101 |
| TOTAL COMMUNICATION SERVICES |  | 370011 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Banco Bilbao Vizcaya Argentaria SA 6.138% 9/14/2028 (c) | 200000 | 207116 |
| Banco Santander SA 2.749% 12/3/2030  | 200000 | 181812 |
| Banco Santander SA 2.958% 3/25/2031  | 200000 | 185394 |
| Banco Santander SA 5.538% 3/14/2030 (c) | 400000 | 413907 |
| Banco Santander SA 5.565% 1/17/2030  | 200000 | 208300 |
| Banco Santander SA 6.607% 11/7/2028  | 200000 | 213344 |
| TOTAL FINANCIALS |  | 1409873 |
| TOTAL SPAIN |  | 1779884 |
| SWEDEN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Svensk Exportkredit AB 2.25% 3/22/2027  | 400000 | 393013 |
| SWITZERLAND - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Credit Suisse USA LLC 7.125% 7/15/2032  | 130000 | 148502 |
| UBS AG/Stamford CT 4.864% 1/10/2028 (c) | 380000 | 383186 |
| TOTAL FINANCIALS |  | 531688 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| ABB Finance USA Inc 4.375% 5/8/2042  | 30000 | 26663 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Tyco Electronics Group SA 4.625% 2/1/2030  | 120000 | 122295 |
| TOTAL SWITZERLAND |  | 680646 |
| UNITED KINGDOM - 1.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.0% |  |  |
| RELX Capital Inc 3% 5/22/2030  | 10000 | 9514 |
| RELX Capital Inc 4% 3/18/2029  | 130000 | 129580 |
| RELX Capital Inc 5.25% 3/27/2035  | 40000 | 41284 |
|  |  | 180378 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Vodafone Group PLC 4.375% 5/30/2028  | 97000 | 98473 |
| Vodafone Group PLC 5.25% 5/30/2048  | 170000 | 156921 |
| Vodafone Group PLC 5.875% 6/28/2064  | 150000 | 145154 |
| Vodafone Group PLC 6.15% 2/27/2037  | 139000 | 151020 |
|  |  | 551568 |
| TOTAL COMMUNICATION SERVICES |  | 731946 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.0% |  |  |
| Diageo Capital PLC 2% 4/29/2030  | 200000 | 182818 |
| Diageo Investment Corp 5.625% 4/15/2035  | 200000 | 211627 |
|  |  | 394445 |
| Food Products - 0.0% |  |  |
| Unilever Capital Corp 1.375% 9/14/2030  | 135000 | 119880 |
| Unilever Capital Corp 5.9% 11/15/2032  | 140000 | 152858 |
|  |  | 272738 |
| Tobacco - 0.2% |  |  |
| BAT Capital Corp 2.259% 3/25/2028  | 100000 | 96227 |
| BAT Capital Corp 3.557% 8/15/2027  | 130000 | 129000 |
| BAT Capital Corp 4.39% 8/15/2037  | 621000 | 572041 |
| BAT Capital Corp 4.54% 8/15/2047  | 213000 | 176689 |
| BAT Capital Corp 4.625% 3/22/2033  | 200000 | 198859 |
| BAT Capital Corp 6.343% 8/2/2030  | 40000 | 43263 |
|  |  | 1216079 |
| TOTAL CONSUMER STAPLES |  | 1883262 |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Barclays PLC 2.279% 11/24/2027 (c) | 400000 | 393563 |
| Barclays PLC 2.894% 11/24/2032 (c) | 730000 | 665174 |
| Barclays PLC 5.088% 6/20/2030 (c) | 726000 | 738354 |
| Barclays PLC 5.367% 2/25/2031 (c) | 200000 | 206714 |
| Barclays PLC 5.501% 8/9/2028 (c) | 220000 | 224768 |
| Barclays PLC 5.785% 2/25/2036 (c) | 200000 | 209357 |
| HSBC Holdings PLC 2.848% 6/4/2031 (c) | 380000 | 355197 |
| HSBC Holdings PLC 2.871% 11/22/2032 (c) | 200000 | 181670 |
| HSBC Holdings PLC 4.619% 11/6/2031 (c) | 200000 | 200617 |
| HSBC Holdings PLC 5.13% 3/3/2031 (c) | 300000 | 307453 |
| HSBC Holdings PLC 5.24% 5/13/2031 (c) | 200000 | 206055 |
| HSBC Holdings PLC 5.402% 8/11/2033 (c) | 250000 | 258991 |
| HSBC Holdings PLC 5.597% 5/17/2028 (c) | 290000 | 295420 |
| HSBC Holdings PLC 6.1% 1/14/2042  | 190000 | 204116 |
| HSBC Holdings PLC 6.254% 3/9/2034 (c) | 210000 | 228381 |
| HSBC Holdings PLC 6.8% 6/1/2038  | 449000 | 498992 |
| HSBC Holdings PLC 7.39% 11/3/2028 (c) | 220000 | 232576 |
| HSBC Holdings PLC 8.113% 11/3/2033 (c) | 200000 | 234391 |
| Lloyds Banking Group PLC 4.425% 11/4/2031 (c) | 250000 | 249220 |
| Lloyds Banking Group PLC 5.087% 11/26/2028 (c) | 200000 | 203803 |
| Lloyds Banking Group PLC 5.721% 6/5/2030 (c) | 500000 | 524024 |
| Lloyds Banking Group PLC 6.068% 6/13/2036 (c) | 200000 | 210301 |
| NatWest Group PLC 3.073% 5/22/2028 (c) | 290000 | 286315 |
| NatWest Group PLC 5.583% 3/1/2028 (c) | 300000 | 305270 |
| NatWest Group PLC 5.808% 9/13/2029 (c) | 260000 | 270832 |
| NatWest Group PLC 5.847% 3/2/2027 (c) | 200000 | 200535 |
| Santander UK Group Holdings PLC 4.32% 9/22/2029 (c) | 300000 | 300286 |
| Santander UK Group Holdings PLC 6.534% 1/10/2029 (c) | 200000 | 208954 |
| TOTAL FINANCIALS |  | 8401329 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Astrazeneca Finance LLC 2.25% 5/28/2031  | 440000 | 400115 |
| Astrazeneca Finance LLC 4.875% 3/3/2033  | 110000 | 113479 |
| Astrazeneca PLC 4.375% 11/16/2045  | 45000 | 39636 |
| Astrazeneca PLC 4.375% 8/17/2048  | 50000 | 43555 |
| TOTAL HEALTH CARE |  | 596785 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| National Grid PLC 5.809% 6/12/2033  | 70000 | 74449 |
| TOTAL UNITED KINGDOM |  | 11687771 |
| UNITED STATES - 21.9%  |  |  |
| Communication Services - 1.7% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| AT&T Inc 1.65% 2/1/2028  | 200000 | 190645 |
| AT&T Inc 2.25% 2/1/2032  | 50000 | 43850 |
| AT&T Inc 2.75% 6/1/2031  | 300000 | 275518 |
| AT&T Inc 3.3% 2/1/2052  | 50000 | 32545 |
| AT&T Inc 3.5% 6/1/2041  | 1000000 | 786595 |
| AT&T Inc 3.5% 9/15/2053  | 347000 | 232221 |
| AT&T Inc 3.55% 9/15/2055  | 340000 | 226318 |
| AT&T Inc 3.65% 6/1/2051  | 280000 | 196759 |
| AT&T Inc 3.65% 9/15/2059  | 257000 | 169481 |
| AT&T Inc 3.8% 2/15/2027  | 43000 | 42917 |
| AT&T Inc 3.85% 6/1/2060  | 250000 | 171517 |
| AT&T Inc 4.1% 2/15/2028  | 143000 | 143063 |
| AT&T Inc 4.3% 2/15/2030  | 180000 | 180227 |
| AT&T Inc 4.35% 3/1/2029  | 400000 | 402085 |
| AT&T Inc 4.65% 6/1/2044  | 40000 | 34631 |
| AT&T Inc 4.9% 11/1/2035  | 170000 | 167902 |
| Sprint Capital Corp 8.75% 3/15/2032  | 120000 | 145123 |
| Verizon Communications Inc 1.5% 9/18/2030  | 270000 | 238053 |
| Verizon Communications Inc 2.1% 3/22/2028  | 540000 | 518455 |
| Verizon Communications Inc 2.355% 3/15/2032  | 9000 | 7931 |
| Verizon Communications Inc 2.65% 11/20/2040  | 60000 | 42824 |
| Verizon Communications Inc 2.987% 10/30/2056  | 227000 | 135051 |
| Verizon Communications Inc 3% 11/20/2060  | 230000 | 134023 |
| Verizon Communications Inc 3.55% 3/22/2051  | 500000 | 354918 |
| Verizon Communications Inc 3.875% 2/8/2029  | 210000 | 209249 |
| Verizon Communications Inc 4% 3/22/2050  | 114000 | 86873 |
| Verizon Communications Inc 4.016% 12/3/2029  | 200000 | 198476 |
| Verizon Communications Inc 4.125% 8/15/2046  | 54000 | 43283 |
| Verizon Communications Inc 4.272% 1/15/2036  | 276000 | 258572 |
| Verizon Communications Inc 4.75% 1/15/2033  | 70000 | 69945 |
| Verizon Communications Inc 5% 1/15/2036  | 120000 | 118981 |
| Verizon Communications Inc 5.012% 8/21/2054  | 38000 | 33319 |
| Verizon Communications Inc 5.401% 7/2/2037 (d) | 815000 | 823729 |
| Verizon Communications Inc 5.875% 11/30/2045  | 70000 | 69500 |
| Verizon Communications Inc 5.875% 11/30/2055  | 60000 | 59280 |
|  |  | 6843859 |
| Entertainment - 0.2% |  |  |
| Netflix Inc 4.9% 8/15/2034  | 230000 | 235528 |
| Walt Disney Co/The 2% 9/1/2029  | 50000 | 46750 |
| Walt Disney Co/The 2.65% 1/13/2031  | 1250000 | 1169223 |
| Walt Disney Co/The 2.75% 9/1/2049  | 100000 | 63481 |
| Walt Disney Co/The 3.5% 5/13/2040  | 30000 | 25115 |
| Walt Disney Co/The 3.6% 1/13/2051  | 190000 | 141126 |
| Walt Disney Co/The 3.8% 3/22/2030  | 110000 | 109040 |
| Walt Disney Co/The 3.8% 5/13/2060  | 120000 | 87764 |
| Walt Disney Co/The 4.7% 3/23/2050  | 100000 | 89454 |
|  |  | 1967481 |
| Interactive Media & Services - 0.4% |  |  |
| Alphabet Inc 1.1% 8/15/2030  | 200000 | 176284 |
| Alphabet Inc 1.9% 8/15/2040  | 264000 | 178694 |
| Alphabet Inc 2.05% 8/15/2050  | 170000 | 92543 |
| Alphabet Inc 3.875% 11/15/2028  | 380000 | 381854 |
| Alphabet Inc 4% 5/15/2030  | 30000 | 30063 |
| Alphabet Inc 4.1% 11/15/2030  | 120000 | 120368 |
| Alphabet Inc 4.5% 5/15/2035  | 10000 | 9947 |
| Alphabet Inc 4.7% 11/15/2035  | 30000 | 30007 |
| Alphabet Inc 5.25% 5/15/2055  | 10000 | 9578 |
| Alphabet Inc 5.45% 11/15/2055  | 420000 | 412006 |
| Meta Platforms Inc 3.5% 8/15/2027  | 60000 | 59881 |
| Meta Platforms Inc 3.85% 8/15/2032  | 60000 | 58203 |
| Meta Platforms Inc 4.2% 11/15/2030  | 880000 | 881860 |
| Meta Platforms Inc 4.3% 8/15/2029  | 370000 | 374458 |
| Meta Platforms Inc 4.45% 8/15/2052  | 150000 | 122071 |
| Meta Platforms Inc 4.6% 11/15/2032  | 160000 | 161286 |
| Meta Platforms Inc 4.6% 5/15/2028  | 70000 | 71291 |
| Meta Platforms Inc 4.75% 8/15/2034  | 70000 | 70574 |
| Meta Platforms Inc 4.875% 11/15/2035  | 170000 | 169772 |
| Meta Platforms Inc 4.95% 5/15/2033  | 100000 | 102899 |
| Meta Platforms Inc 5.4% 8/15/2054  | 220000 | 204669 |
| Meta Platforms Inc 5.5% 11/15/2045  | 160000 | 155363 |
| Meta Platforms Inc 5.55% 8/15/2064  | 140000 | 129863 |
| Meta Platforms Inc 5.6% 5/15/2053  | 60000 | 57429 |
| Meta Platforms Inc 5.625% 11/15/2055  | 310000 | 297529 |
| Meta Platforms Inc 5.75% 11/15/2065  | 160000 | 152561 |
|  |  | 4511053 |
| Media - 0.4% |  |  |
| Charter Communications Operating LLC / Charter Communications Operating Capital 2.25% 1/15/2029  | 50000 | 46805 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 3.5% 6/1/2041  | 120000 | 85355 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 3.7% 4/1/2051  | 120000 | 75532 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 3.75% 2/15/2028  | 100000 | 98584 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 3.95% 6/30/2062  | 260000 | 156449 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 4.2% 3/15/2028  | 48000 | 47761 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 4.8% 3/1/2050  | 100000 | 75120 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 5.125% 7/1/2049  | 60000 | 46953 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 5.375% 4/1/2038  | 42000 | 38724 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 5.375% 5/1/2047  | 190000 | 156511 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 5.85% 12/1/2035  | 110000 | 109733 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 6.384% 10/23/2035  | 621000 | 640907 |
| Comcast Corp 2.35% 1/15/2027  | 260000 | 255994 |
| Comcast Corp 2.45% 8/15/2052  | 135000 | 71589 |
| Comcast Corp 2.65% 2/1/2030  | 230000 | 217075 |
| Comcast Corp 2.8% 1/15/2051  | 180000 | 104276 |
| Comcast Corp 2.887% 11/1/2051  | 179000 | 104678 |
| Comcast Corp 2.937% 11/1/2056  | 385000 | 216322 |
| Comcast Corp 2.987% 11/1/2063  | 305000 | 164974 |
| Comcast Corp 3.4% 4/1/2030  | 247000 | 239550 |
| Comcast Corp 3.75% 4/1/2040  | 31000 | 25551 |
| Comcast Corp 3.9% 3/1/2038  | 50000 | 43552 |
| Comcast Corp 3.969% 11/1/2047  | 350000 | 262145 |
| Comcast Corp 4.049% 11/1/2052  | 146000 | 106794 |
| Comcast Corp 5.168% 1/15/2037 (d) | 187000 | 184376 |
| Comcast Corp 5.3% 5/15/2035 (e) | 150000 | 153369 |
| Comcast Corp 5.35% 5/15/2053 (e) | 110000 | 98809 |
| Comcast Corp 5.5% 5/15/2064  | 20000 | 17883 |
| Fox Corp 4.709% 1/25/2029  | 34000 | 34435 |
| Fox Corp 5.476% 1/25/2039  | 189000 | 189550 |
| Fox Corp 5.576% 1/25/2049  | 23000 | 22120 |
| Paramount Global 4.2% 6/1/2029  | 210000 | 204596 |
| Paramount Global 4.95% 1/15/2031  | 190000 | 182709 |
| Paramount Global 5.85% 9/1/2043  | 363000 | 298865 |
| Time Warner Cable LLC 5.5% 9/1/2041  | 351000 | 308056 |
| TWDC Enterprises 18 Corp 2.95% 6/15/2027  | 98000 | 96990 |
| TWDC Enterprises 18 Corp 3% 7/30/2046  | 100000 | 69124 |
|  |  | 5251816 |
| Wireless Telecommunication Services - 0.1% |  |  |
| T-Mobile USA Inc 3% 2/15/2041  | 529000 | 394183 |
| T-Mobile USA Inc 3.6% 11/15/2060  | 210000 | 139516 |
| T-Mobile USA Inc 3.75% 4/15/2027  | 80000 | 79749 |
| T-Mobile USA Inc 3.875% 4/15/2030  | 80000 | 78670 |
| T-Mobile USA Inc 4.375% 4/15/2040  | 74000 | 66382 |
| T-Mobile USA Inc 4.5% 4/15/2050  | 80000 | 65893 |
| T-Mobile USA Inc 4.8% 7/15/2028  | 125000 | 127269 |
| T-Mobile USA Inc 5.05% 7/15/2033  | 125000 | 127556 |
| T-Mobile USA Inc 5.2% 1/15/2033  | 605000 | 624448 |
| T-Mobile USA Inc 5.65% 1/15/2053  | 55000 | 53169 |
| T-Mobile USA Inc 5.8% 9/15/2062  | 170000 | 167325 |
|  |  | 1924160 |
| TOTAL COMMUNICATION SERVICES |  | 20498369 |
| Consumer Discretionary - 1.5% |  |  |
| Automobile Components - 0.0% |  |  |
| Aptiv Swiss Holdings Ltd 3.1% 12/1/2051  | 120000 | 77076 |
| Aptiv Swiss Holdings Ltd 4.65% 9/13/2029  | 400000 | 407481 |
| Lear Corp 5.25% 5/15/2049  | 50000 | 45126 |
|  |  | 529683 |
| Automobiles - 0.3% |  |  |
| American Honda Finance Corp 4.25% 9/1/2028  | 90000 | 90545 |
| American Honda Finance Corp 4.55% 7/9/2027  | 300000 | 302792 |
| American Honda Finance Corp 4.8% 3/5/2030  | 60000 | 61304 |
| American Honda Finance Corp 4.9% 1/10/2034  | 130000 | 130600 |
| American Honda Finance Corp 5.125% 7/7/2028  | 60000 | 61565 |
| American Honda Finance Corp 5.15% 7/9/2032  | 30000 | 30827 |
| American Honda Finance Corp 5.2% 3/5/2035  | 40000 | 40539 |
| American Honda Finance Corp 5.65% 11/15/2028  | 160000 | 166898 |
| Ford Motor Co 3.25% 2/12/2032  | 30000 | 26434 |
| Ford Motor Co 4.75% 1/15/2043  | 130000 | 102951 |
| Ford Motor Co 5.291% 12/8/2046  | 110000 | 91492 |
| Ford Motor Co 6.1% 8/19/2032  | 270000 | 278199 |
| General Motors Co 5.4% 10/15/2029  | 100000 | 103572 |
| General Motors Co 5.4% 4/1/2048  | 40000 | 36325 |
| General Motors Co 5.95% 4/1/2049  | 290000 | 281447 |
| General Motors Co 6.75% 4/1/2046  | 69000 | 73913 |
| General Motors Financial Co Inc 5.45% 7/15/2030  | 140000 | 145382 |
| General Motors Financial Co Inc 5.6% 6/18/2031  | 80000 | 83372 |
| General Motors Financial Co Inc 5.65% 1/17/2029  | 250000 | 258939 |
| General Motors Financial Co Inc 5.8% 6/23/2028  | 660000 | 683920 |
| General Motors Financial Co Inc 6.1% 1/7/2034  | 70000 | 74202 |
| General Motors Financial Co Inc 6.4% 1/9/2033  | 100000 | 107963 |
|  |  | 3233181 |
| Broadline Retail - 0.2% |  |  |
| Amazon.com Inc 2.1% 5/12/2031  | 105000 | 94859 |
| Amazon.com Inc 2.5% 6/3/2050  | 110000 | 65745 |
| Amazon.com Inc 2.7% 6/3/2060  | 160000 | 90453 |
| Amazon.com Inc 2.875% 5/12/2041  | 220000 | 166931 |
| Amazon.com Inc 3.1% 5/12/2051  | 105000 | 70492 |
| Amazon.com Inc 3.15% 8/22/2027  | 460000 | 456263 |
| Amazon.com Inc 3.875% 8/22/2037  | 440000 | 403561 |
| Amazon.com Inc 4.05% 8/22/2047  | 280000 | 230003 |
| Amazon.com Inc 4.1% 11/20/2030  | 300000 | 300327 |
| Amazon.com Inc 5.45% 11/20/2055  | 280000 | 273287 |
| eBay Inc 2.7% 3/11/2030  | 20000 | 18794 |
| eBay Inc 4% 7/15/2042  | 80000 | 66210 |
| eBay Inc 5.95% 11/22/2027  | 170000 | 175966 |
|  |  | 2412891 |
| Diversified Consumer Services - 0.1% |  |  |
| American University/The 3.672% 4/1/2049  | 130000 | 97766 |
| Cornell University 4.169% 6/15/2030  | 15000 | 15056 |
| Cornell University 4.733% 6/15/2035  | 100000 | 100228 |
| Duke University 2.832% 10/1/2055  | 30000 | 18781 |
| George Washington University/The 4.126% 9/15/2048  | 100000 | 81513 |
| Massachusetts Institute of Technology 2.989% 7/1/2050  | 250000 | 166402 |
| Massachusetts Institute of Technology 3.067% 4/1/2052  | 200000 | 132020 |
| Northwestern University 3.662% 12/1/2057  | 100000 | 72470 |
| President and Fellows of Harvard College 2.517% 10/15/2050  | 130000 | 79168 |
| President and Fellows of Harvard College 5.259% 3/15/2036  | 160000 | 167958 |
| Trustees of Columbia University in the City of New York/The 4.355% 10/1/2035  | 50000 | 48926 |
| University of Chicago/The 3% 10/1/2052  | 100000 | 68477 |
| University of Southern California 2.945% 10/1/2051  | 240000 | 155849 |
|  |  | 1204614 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Expedia Group Inc 3.8% 2/15/2028  | 50000 | 49724 |
| Expedia Group Inc 4.625% 8/1/2027  | 130000 | 130957 |
| Expedia Group Inc 5% 2/15/2026  | 160000 | 160012 |
| Las Vegas Sands Corp 5.625% 6/15/2028  | 260000 | 266576 |
| Marriott International Inc/MD 3.125% 6/15/2026 (e) | 390000 | 388511 |
| Marriott International Inc/MD 4.875% 5/15/2029  | 300000 | 306518 |
| Marriott International Inc/MD 5.25% 10/15/2035  | 80000 | 81080 |
| Marriott International Inc/MD 5.35% 3/15/2035  | 100000 | 102737 |
| Marriott International Inc/MD 5.5% 4/15/2037  | 80000 | 81895 |
| McDonald's Corp 2.125% 3/1/2030  | 400000 | 369391 |
| McDonald's Corp 2.625% 9/1/2029  | 150000 | 142983 |
| McDonald's Corp 3.5% 7/1/2027  | 91000 | 90507 |
| McDonald's Corp 3.6% 7/1/2030  | 340000 | 333621 |
| McDonald's Corp 3.625% 5/1/2043  | 20000 | 15830 |
| McDonald's Corp 3.625% 9/1/2049  | 100000 | 73589 |
| McDonald's Corp 3.8% 4/1/2028  | 84000 | 83894 |
| McDonald's Corp 4.2% 4/1/2050  | 80000 | 64464 |
| McDonald's Corp 4.7% 12/9/2035  | 109000 | 108196 |
| McDonald's Corp 5% 2/13/2036  | 170000 | 171381 |
| McDonald's Corp 5.15% 9/9/2052  | 50000 | 46411 |
| Starbucks Corp 2.55% 11/15/2030 (e) | 597000 | 551856 |
| Starbucks Corp 4.5% 11/15/2048  | 70000 | 58369 |
| Starbucks Corp 5.4% 5/15/2035  | 60000 | 62401 |
|  |  | 3740903 |
| Household Durables - 0.0% |  |  |
| DR Horton Inc 5% 10/15/2034  | 50000 | 50577 |
| DR Horton Inc 5.5% 10/15/2035  | 30000 | 31240 |
| PulteGroup Inc 5% 1/15/2027  | 190000 | 191403 |
| Toll Brothers Finance Corp 4.35% 2/15/2028  | 60000 | 60195 |
|  |  | 333415 |
| Leisure Products - 0.0% |  |  |
| Brunswick Corp/DE 4.4% 9/15/2032  | 70000 | 66753 |
| Hasbro Inc 3.55% 11/19/2026  | 190000 | 188955 |
| Hasbro Inc 3.9% 11/19/2029  | 30000 | 29504 |
| Hasbro Inc 6.05% 5/14/2034  | 60000 | 63648 |
|  |  | 348860 |
| Specialty Retail - 0.5% |  |  |
| AutoNation Inc 1.95% 8/1/2028  | 100000 | 94327 |
| AutoNation Inc 4.45% 1/15/2029  | 200000 | 200550 |
| AutoZone Inc 4% 4/15/2030  | 150000 | 148327 |
| AutoZone Inc 4.75% 2/1/2033  | 40000 | 40085 |
| AutoZone Inc 5.1% 7/15/2029  | 10000 | 10287 |
| AutoZone Inc 5.165% 6/15/2030  | 50000 | 51567 |
| AutoZone Inc 5.4% 7/15/2034  | 10000 | 10352 |
| Home Depot Inc/The 2.7% 4/15/2030  | 146000 | 138050 |
| Home Depot Inc/The 2.8% 9/14/2027  | 84000 | 82673 |
| Home Depot Inc/The 2.95% 6/15/2029  | 686000 | 663789 |
| Home Depot Inc/The 3.125% 12/15/2049  | 20000 | 13631 |
| Home Depot Inc/The 3.35% 4/15/2050  | 100000 | 70542 |
| Home Depot Inc/The 3.5% 9/15/2056  | 50000 | 34854 |
| Home Depot Inc/The 3.9% 6/15/2047  | 29000 | 23060 |
| Home Depot Inc/The 4.25% 4/1/2046  | 104000 | 88057 |
| Home Depot Inc/The 4.5% 12/6/2048  | 90000 | 77693 |
| Home Depot Inc/The 4.65% 9/15/2035  | 60000 | 59484 |
| Home Depot Inc/The 4.95% 6/25/2034  | 200000 | 204557 |
| Home Depot Inc/The 5.3% 6/25/2054  | 250000 | 239126 |
| Home Depot Inc/The 5.875% 12/16/2036  | 110000 | 119285 |
| Lowe's Cos Inc 3.5% 4/1/2051  | 300000 | 208214 |
| Lowe's Cos Inc 3.65% 4/5/2029  | 80000 | 78967 |
| Lowe's Cos Inc 3.95% 10/15/2027  | 450000 | 450226 |
| Lowe's Cos Inc 4.05% 5/3/2047  | 53000 | 41910 |
| Lowe's Cos Inc 4.25% 3/15/2031  | 30000 | 29874 |
| Lowe's Cos Inc 4.85% 10/15/2035  | 60000 | 59511 |
| Lowe's Cos Inc 5% 4/15/2033 (e) | 470000 | 481294 |
| Lowe's Cos Inc 5.75% 7/1/2053  | 30000 | 29685 |
| Lowe's Cos Inc 5.85% 4/1/2063  | 110000 | 107624 |
| O'Reilly Automotive Inc 3.6% 9/1/2027  | 260000 | 258469 |
| TJX Cos Inc/The 3.875% 4/15/2030  | 687000 | 684268 |
|  |  | 4800338 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| NIKE Inc 2.85% 3/27/2030  | 570000 | 543674 |
| NIKE Inc 3.375% 3/27/2050  | 40000 | 28563 |
| Tapestry Inc 5.1% 3/11/2030  | 50000 | 51330 |
| Tapestry Inc 5.5% 3/11/2035  | 50000 | 51119 |
|  |  | 674686 |
| TOTAL CONSUMER DISCRETIONARY |  | 17278571 |
| Consumer Staples - 1.3% |  |  |
| Beverages - 0.2% |  |  |
| Coca-Cola Co/The 1.45% 6/1/2027  | 30000 | 29112 |
| Coca-Cola Co/The 1.65% 6/1/2030  | 30000 | 27149 |
| Coca-Cola Co/The 2.25% 1/5/2032  | 240000 | 216886 |
| Coca-Cola Co/The 2.5% 6/1/2040  | 30000 | 22306 |
| Coca-Cola Co/The 2.6% 6/1/2050  | 30000 | 18595 |
| Coca-Cola Co/The 2.75% 6/1/2060  | 30000 | 17577 |
| Coca-Cola Co/The 2.875% 5/5/2041  | 150000 | 115125 |
| Coca-Cola Co/The 3.45% 3/25/2030  | 186000 | 182427 |
| Coca-Cola Co/The 4.2% 3/25/2050  | 150000 | 125666 |
| Coca-Cola Co/The 5% 5/13/2034  | 50000 | 52080 |
| Coca-Cola Co/The 5.2% 1/14/2055  | 160000 | 154260 |
| Constellation Brands Inc 3.6% 2/15/2028  | 63000 | 62414 |
| Constellation Brands Inc 3.75% 5/1/2050  | 90000 | 65531 |
| Constellation Brands Inc 4.95% 11/1/2035  | 40000 | 39557 |
| Constellation Brands Inc 5.25% 11/15/2048  | 50000 | 46239 |
| Keurig Dr Pepper Inc 2.55% 9/15/2026  | 50000 | 49470 |
| Keurig Dr Pepper Inc 3.8% 5/1/2050  | 190000 | 137979 |
| Keurig Dr Pepper Inc 4.6% 5/15/2030  | 50000 | 50258 |
| Keurig Dr Pepper Inc 5.085% 5/25/2048  | 20000 | 17744 |
| Keurig Dr Pepper Inc 5.15% 5/15/2035  | 50000 | 50097 |
| Molson Coors Beverage Co 4.2% 7/15/2046  | 92000 | 73861 |
| PepsiCo Inc 1.4% 2/25/2031  | 440000 | 385679 |
| PepsiCo Inc 1.625% 5/1/2030  | 267000 | 241818 |
| PepsiCo Inc 2.75% 10/21/2051  | 90000 | 56468 |
| PepsiCo Inc 4% 3/5/2042  | 190000 | 163287 |
| PepsiCo Inc 4% 5/2/2047  | 116000 | 95172 |
| PepsiCo Inc 5% 7/23/2035  | 130000 | 132814 |
| PepsiCo Inc 5.25% 7/17/2054  | 70000 | 67740 |
| Pepsico Singapore Financing I Pte Ltd 4.7% 2/16/2034  | 50000 | 50516 |
|  |  | 2747827 |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Costco Wholesale Corp 1.375% 6/20/2027  | 395000 | 382789 |
| Dollar General Corp 3.5% 4/3/2030  | 40000 | 38686 |
| Dollar General Corp 5% 11/1/2032  | 110000 | 111584 |
| Dollar General Corp 5.45% 7/5/2033  | 40000 | 41478 |
| Kroger Co/The 1.7% 1/15/2031  | 400000 | 352440 |
| Kroger Co/The 2.65% 10/15/2026  | 230000 | 227673 |
| Kroger Co/The 3.7% 8/1/2027  | 100000 | 99638 |
| Kroger Co/The 5.4% 1/15/2049  | 28000 | 26685 |
| Kroger Co/The 5.5% 9/15/2054  | 120000 | 114276 |
| Kroger Co/The 5.65% 9/15/2064  | 90000 | 85851 |
| Sysco Corp 3.3% 2/15/2050  | 50000 | 34810 |
| Sysco Corp 4.45% 3/15/2048  | 52000 | 44021 |
| Sysco Corp 6.6% 4/1/2050  | 220000 | 241692 |
| Target Corp 2.65% 9/15/2030  | 77000 | 72212 |
| Target Corp 2.95% 1/15/2052  | 100000 | 63776 |
| Target Corp 3.375% 4/15/2029  | 70000 | 68776 |
| Target Corp 3.9% 11/15/2047  | 40000 | 31466 |
| Target Corp 4% 7/1/2042  | 15000 | 12665 |
| Target Corp 4.35% 6/15/2028  | 100000 | 101169 |
| Target Corp 5% 4/15/2035  | 30000 | 30394 |
| Target Corp 5.25% 2/15/2036  | 140000 | 143803 |
| Walmart Inc 1.8% 9/22/2031  | 80000 | 71288 |
| Walmart Inc 3.625% 12/15/2047  | 20000 | 15512 |
| Walmart Inc 3.7% 6/26/2028  | 170000 | 170328 |
| Walmart Inc 3.9% 4/15/2028  | 250000 | 251318 |
| Walmart Inc 3.95% 6/28/2038  | 150000 | 139225 |
| Walmart Inc 4.05% 6/29/2048  | 80000 | 66732 |
| Walmart Inc 4.1% 4/15/2033  | 350000 | 349375 |
| Walmart Inc 4.5% 4/15/2053  | 70000 | 61904 |
| Walmart Inc 4.9% 4/28/2035 (e) | 360000 | 370086 |
|  |  | 3821652 |
| Food Products - 0.5% |  |  |
| Archer-Daniels-Midland Co 2.5% 8/11/2026  | 450000 | 446194 |
| Archer-Daniels-Midland Co 2.9% 3/1/2032  | 230000 | 211386 |
| Archer-Daniels-Midland Co 4.5% 8/15/2033  | 100000 | 100051 |
| Bunge Ltd Finance Corp 4.2% 9/17/2029  | 60000 | 60034 |
| Bunge Ltd Finance Corp 4.65% 9/17/2034  | 60000 | 58871 |
| Campbell's Company/The 4.15% 3/15/2028  | 80000 | 79989 |
| Campbell's Company/The 4.75% 3/23/2035  | 100000 | 96645 |
| Campbell's Company/The 4.8% 3/15/2048  | 60000 | 51883 |
| Conagra Brands Inc 4.85% 11/1/2028  | 190000 | 192211 |
| Conagra Brands Inc 5.3% 11/1/2038  | 13000 | 12411 |
| Conagra Brands Inc 5.4% 11/1/2048  | 60000 | 53751 |
| General Mills Inc 2.875% 4/15/2030  | 40000 | 37824 |
| General Mills Inc 3% 2/1/2051  | 80000 | 51735 |
| General Mills Inc 4.2% 4/17/2028  | 89000 | 89289 |
| General Mills Inc 4.7% 4/17/2048  | 20000 | 17527 |
| General Mills Inc 4.875% 1/30/2030  | 150000 | 153407 |
| Hormel Foods Corp 3.05% 6/3/2051  | 40000 | 26172 |
| JBS USA Holding Lux Sarl / JBS USA Foods Group Holdings Inc / JBS USA Food Co 5.5% 1/15/2036 (d) | 200000 | 203232 |
| JBS USA Holding Lux Sarl / JBS USA Foods Group Holdings Inc / JBS USA Food Co 6.25% 3/1/2056 (d) | 50000 | 49764 |
| JBS USA LUX Sarl / JBS USA Food Co / JBS USA Foods Group 6.375% 2/25/2055 (d) | 40000 | 40663 |
| JM Smucker Co 4.375% 3/15/2045  | 20000 | 16719 |
| JM Smucker Co 6.2% 11/15/2033  | 270000 | 292672 |
| Kellanova 3.25% 4/1/2026  | 200000 | 199665 |
| Kellanova 4.5% 4/1/2046  | 32000 | 28191 |
| Kraft Heinz Foods Co 3.75% 4/1/2030  | 220000 | 215334 |
| Kraft Heinz Foods Co 4.375% 6/1/2046  | 140000 | 115657 |
| Kraft Heinz Foods Co 4.625% 10/1/2039  | 100000 | 91327 |
| Kraft Heinz Foods Co 5% 7/15/2035  | 150000 | 149386 |
| Kraft Heinz Foods Co 5.2% 3/15/2032  | 130000 | 133682 |
| Kraft Heinz Foods Co 5.2% 7/15/2045  | 100000 | 91701 |
| Kraft Heinz Foods Co 5.4% 3/15/2035  | 30000 | 30822 |
| McCormick & Co Inc/MD 2.5% 4/15/2030  | 110000 | 102255 |
| Mondelez International Inc 4.125% 5/7/2028  | 270000 | 270380 |
| Pilgrim's Pride Corp 3.5% 3/1/2032  | 100000 | 92379 |
| Tyson Foods Inc 4% 3/1/2026  | 170000 | 169951 |
| Tyson Foods Inc 4.875% 8/15/2034  | 70000 | 69764 |
| Tyson Foods Inc 5.1% 9/28/2048  | 50000 | 46090 |
| Tyson Foods Inc 5.4% 3/15/2029  | 290000 | 299828 |
|  |  | 4448842 |
| Household Products - 0.1% |  |  |
| Church & Dwight Co Inc 5% 6/15/2052  | 40000 | 36508 |
| Colgate-Palmolive Co 3.1% 8/15/2027  | 430000 | 426180 |
| Kimberly-Clark Corp 1.05% 9/15/2027  | 110000 | 105179 |
| Kimberly-Clark Corp 3.1% 3/26/2030  | 22000 | 21177 |
| Kimberly-Clark Corp 6.625% 8/1/2037  | 40000 | 46051 |
| Procter & Gamble Co/The 3% 3/25/2030  | 105000 | 101236 |
| Procter & Gamble Co/The 3.55% 3/25/2040  | 160000 | 139168 |
| Procter & Gamble Co/The 4.1% 11/3/2032  | 200000 | 198819 |
|  |  | 1074318 |
| Personal Care Products - 0.0% |  |  |
| Estee Lauder Cos Inc/The 1.95% 3/15/2031  | 200000 | 178399 |
| Estee Lauder Cos Inc/The 4.375% 6/15/2045  | 100000 | 84225 |
| Kenvue Inc 4.9% 3/22/2033  | 65000 | 66327 |
| Kenvue Inc 5.05% 3/22/2028  | 65000 | 66407 |
| Kenvue Inc 5.05% 3/22/2053  | 65000 | 59233 |
| Kenvue Inc 5.2% 3/22/2063  | 50000 | 45348 |
|  |  | 499939 |
| Tobacco - 0.2% |  |  |
| Altria Group Inc 2.625% 9/16/2026  | 110000 | 109048 |
| Altria Group Inc 3.4% 5/6/2030  | 300000 | 288818 |
| Altria Group Inc 3.7% 2/4/2051  | 110000 | 77732 |
| Altria Group Inc 3.875% 9/16/2046  | 38000 | 28559 |
| Altria Group Inc 4.45% 5/6/2050  | 80000 | 64124 |
| Altria Group Inc 4.8% 2/14/2029  | 120000 | 122051 |
| Altria Group Inc 5.625% 2/6/2035  | 150000 | 155953 |
| Altria Group Inc 5.8% 2/14/2039  | 160000 | 164903 |
| Altria Group Inc 5.95% 2/14/2049  | 30000 | 29994 |
| Altria Group Inc 6.2% 11/1/2028  | 70000 | 73926 |
| Philip Morris International Inc 3.125% 3/2/2028  | 54000 | 53122 |
| Philip Morris International Inc 3.875% 10/27/2028  | 200000 | 199757 |
| Philip Morris International Inc 4% 10/29/2030  | 400000 | 396369 |
| Philip Morris International Inc 4.375% 11/15/2041  | 265000 | 235955 |
| Philip Morris International Inc 4.625% 11/1/2029  | 30000 | 30509 |
| Philip Morris International Inc 4.875% 2/15/2028  | 30000 | 30576 |
| Philip Morris International Inc 4.9% 11/1/2034  | 30000 | 30240 |
| Philip Morris International Inc 5.125% 2/15/2030  | 190000 | 196398 |
| Philip Morris International Inc 5.375% 2/15/2033  | 100000 | 104569 |
| Philip Morris International Inc 6.375% 5/16/2038  | 100000 | 111439 |
|  |  | 2504042 |
| TOTAL CONSUMER STAPLES |  | 15096620 |
| Energy - 1.5% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc 4.08% 12/15/2047  | 172000 | 136861 |
| Halliburton Co 4.5% 11/15/2041  | 200000 | 174120 |
| Halliburton Co 4.85% 11/15/2035  | 110000 | 108533 |
| NOV Inc 3.6% 12/1/2029 (e) | 110000 | 107248 |
|  |  | 526762 |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| APA Corp 5.25% 2/1/2042  | 43000 | 36500 |
| APA Corp 6.75% 2/15/2055  | 20000 | 19919 |
| Cheniere Corpus Christi Holdings LLC 3.7% 11/15/2029  | 70000 | 68361 |
| Cheniere Energy Partners LP 4.5% 10/1/2029  | 150000 | 150315 |
| Chevron Corp 1.995% 5/11/2027  | 80000 | 78243 |
| Chevron Corp 2.236% 5/11/2030  | 80000 | 74188 |
| Chevron Corp 2.978% 5/11/2040  | 80000 | 61996 |
| Chevron Corp 3.078% 5/11/2050  | 80000 | 54244 |
| Chevron USA Inc 3.85% 1/15/2028  | 55000 | 55084 |
| Chevron USA Inc 4.05% 8/13/2028  | 430000 | 433318 |
| Chevron USA Inc 4.95% 8/15/2047  | 30000 | 27233 |
| Columbia Pipeline Group Inc 5.8% 6/1/2045  | 20000 | 19755 |
| ConocoPhillips 6.5% 2/1/2039  | 260000 | 292225 |
| ConocoPhillips Co 4.7% 1/15/2030  | 160000 | 163002 |
| ConocoPhillips Co 5% 1/15/2035  | 110000 | 111523 |
| ConocoPhillips Co 5.5% 1/15/2055  | 120000 | 114786 |
| ConocoPhillips Co 5.65% 1/15/2065  | 20000 | 19203 |
| ConocoPhillips Co 5.7% 9/15/2063  | 50000 | 48172 |
| ConocoPhillips Co 5.95% 3/15/2046  | 86000 | 88949 |
| Continental Resources Inc/OK 4.9% 6/1/2044  | 30000 | 23886 |
| Devon Energy Corp 5% 6/15/2045  | 100000 | 86997 |
| Devon Energy Corp 5.75% 9/15/2054  | 90000 | 82700 |
| Diamondback Energy Inc 4.25% 3/15/2052  | 120000 | 93272 |
| Diamondback Energy Inc 5.15% 1/30/2030  | 130000 | 133714 |
| Diamondback Energy Inc 5.55% 4/1/2035  | 20000 | 20556 |
| Diamondback Energy Inc 5.9% 4/18/2064  | 30000 | 28319 |
| Diamondback Energy Inc 6.25% 3/15/2053  | 120000 | 121146 |
| Eastern Gas Transmission & Storage Inc 3.9% 11/15/2049  | 60000 | 43649 |
| Energy Transfer LP 5% 5/15/2050  | 160000 | 133864 |
| Energy Transfer LP 5.2% 4/1/2030  | 100000 | 103002 |
| Energy Transfer LP 5.75% 2/15/2033  | 490000 | 514223 |
| Energy Transfer LP 5.8% 6/15/2038  | 70000 | 71290 |
| Energy Transfer LP 6% 6/15/2048  | 356000 | 345240 |
| Energy Transfer LP 6.2% 4/1/2055  | 110000 | 107819 |
| Energy Transfer LP 6.25% 4/15/2049  | 50000 | 49486 |
| Energy Transfer LP 6.55% 12/1/2033  | 170000 | 186324 |
| Enterprise Products Operating LLC 3.125% 7/31/2029  | 70000 | 67867 |
| Enterprise Products Operating LLC 3.95% 2/15/2027  | 85000 | 85079 |
| Enterprise Products Operating LLC 4.2% 1/31/2050  | 418000 | 335237 |
| Enterprise Products Operating LLC 4.25% 2/15/2048  | 105000 | 86214 |
| Enterprise Products Operating LLC 4.95% 2/15/2035  | 50000 | 50582 |
| Enterprise Products Operating LLC 5.25% 8/16/2077 (c) | 290000 | 289504 |
| Enterprise Products Operating LLC 5.35% 1/31/2033  | 100000 | 104432 |
| Enterprise Products Operating LLC 5.55% 2/16/2055  | 50000 | 48455 |
| Enterprise Products Operating LLC 7.55% 4/15/2038  | 20000 | 24059 |
| EOG Resources Inc 4.375% 4/15/2030  | 510000 | 513149 |
| EOG Resources Inc 5% 7/15/2032  | 150000 | 153642 |
| EQT Corp 5.75% 2/1/2034  | 100000 | 104465 |
| EQT Corp 7% 2/1/2030 (f) | 90000 | 97753 |
| Exxon Mobil Corp 3.452% 4/15/2051  | 330000 | 236647 |
| Exxon Mobil Corp 4.227% 3/19/2040  | 421000 | 386141 |
| Hess Corp 4.3% 4/1/2027  | 150000 | 150635 |
| Hess Corp 7.125% 3/15/2033  | 130000 | 150450 |
| HF Sinclair Corp 5.5% 9/1/2032  | 80000 | 81086 |
| Kinder Morgan Energy Partners LP 5% 3/1/2043  | 215000 | 195373 |
| Kinder Morgan Energy Partners LP 5% 8/15/2042  | 100000 | 91633 |
| Kinder Morgan Inc 4.3% 3/1/2028  | 112000 | 112547 |
| Kinder Morgan Inc 5.2% 3/1/2048  | 30000 | 27388 |
| Kinder Morgan Inc 5.2% 6/1/2033  | 250000 | 257253 |
| Kinder Morgan Inc 5.45% 8/1/2052  | 20000 | 18594 |
| Kinder Morgan Inc 5.55% 6/1/2045  | 220000 | 212701 |
| Kinder Morgan Inc 7.75% 1/15/2032  | 110000 | 127591 |
| Marathon Petroleum Corp 4.75% 9/15/2044  | 21000 | 17949 |
| Marathon Petroleum Corp 5.125% 12/15/2026  | 410000 | 413049 |
| Marathon Petroleum Corp 5.7% 3/1/2035  | 260000 | 267550 |
| MPLX LP 4.7% 4/15/2048  | 28000 | 23271 |
| MPLX LP 4.8% 2/15/2029  | 30000 | 30448 |
| MPLX LP 4.8% 2/15/2031  | 90000 | 90945 |
| MPLX LP 5.4% 9/15/2035  | 110000 | 110818 |
| MPLX LP 5.5% 2/15/2049  | 310000 | 284675 |
| MPLX LP 5.65% 3/1/2053  | 120000 | 111282 |
| Occidental Petroleum Corp 5.2% 8/1/2029 (e) | 70000 | 71749 |
| Occidental Petroleum Corp 5.55% 10/1/2034 (e) | 80000 | 81601 |
| Occidental Petroleum Corp 6.125% 1/1/2031  | 200000 | 211385 |
| Occidental Petroleum Corp 6.6% 3/15/2046 (e) | 220000 | 227543 |
| ONEOK Inc 3.95% 3/1/2050  | 75000 | 54386 |
| ONEOK Inc 4.25% 9/24/2027  | 30000 | 30099 |
| ONEOK Inc 4.4% 10/15/2029  | 20000 | 20067 |
| ONEOK Inc 4.45% 9/1/2049  | 40000 | 32175 |
| ONEOK Inc 4.55% 7/15/2028  | 59000 | 59507 |
| ONEOK Inc 4.75% 10/15/2031  | 90000 | 90478 |
| ONEOK Inc 4.95% 10/15/2032  | 200000 | 200907 |
| ONEOK Inc 5.05% 11/1/2034  | 70000 | 69375 |
| ONEOK Inc 5.65% 11/1/2028  | 50000 | 51929 |
| ONEOK Inc 5.7% 11/1/2054  | 70000 | 65236 |
| ONEOK Inc 6.05% 9/1/2033  | 130000 | 138291 |
| ONEOK Inc 6.1% 11/15/2032  | 220000 | 235420 |
| ONEOK Inc 6.25% 10/15/2055  | 130000 | 130274 |
| ONEOK Inc 6.625% 9/1/2053  | 100000 | 104729 |
| Ovintiv Inc 6.5% 2/1/2038  | 50000 | 52391 |
| Ovintiv Inc 6.625% 8/15/2037  | 50000 | 53034 |
| Phillips 66 2.15% 12/15/2030  | 70000 | 62775 |
| Phillips 66 3.3% 3/15/2052  | 140000 | 91016 |
| Phillips 66 3.9% 3/15/2028  | 94000 | 93602 |
| Phillips 66 Co 3.15% 12/15/2029  | 170000 | 163184 |
| Phillips 66 Co 4.95% 3/15/2035  | 210000 | 208683 |
| Phillips 66 Co 5.25% 6/15/2031  | 130000 | 135107 |
| Phillips 66 Co 5.5% 3/15/2055  | 40000 | 36844 |
| Phillips 66 Co 5.65% 6/15/2054  | 30000 | 28160 |
| Pioneer Natural Resources Co 1.125% 1/15/2026  | 230000 | 229756 |
| Pioneer Natural Resources Co 1.9% 8/15/2030  | 19000 | 17208 |
| Plains All American Pipeline LP / PAA Finance Corp 4.7% 1/15/2031  | 100000 | 100564 |
| Plains All American Pipeline LP / PAA Finance Corp 5.15% 6/1/2042  | 100000 | 91334 |
| Plains All American Pipeline LP / PAA Finance Corp 5.6% 1/15/2036  | 83000 | 83960 |
| Sabine Pass Liquefaction LLC 4.5% 5/15/2030  | 850000 | 853441 |
| Shell Finance US Inc 3.125% 11/7/2049 (d) | 100000 | 67285 |
| Shell Finance US Inc 3.25% 4/6/2050  | 100000 | 68946 |
| Shell Finance US Inc 3.75% 9/12/2046  | 70000 | 54537 |
| Shell Finance US Inc 4.125% 11/6/2030  | 370000 | 369952 |
| Shell Finance US Inc 4.375% 5/11/2045  | 293000 | 252343 |
| Spectra Energy Partners LP 3.375% 10/15/2026  | 158000 | 157286 |
| Targa Resources Corp 4.35% 1/15/2029  | 20000 | 20055 |
| Targa Resources Corp 4.9% 9/15/2030  | 70000 | 71322 |
| Targa Resources Corp 5.4% 7/30/2036  | 30000 | 30035 |
| Targa Resources Corp 6.125% 3/15/2033  | 250000 | 267419 |
| Targa Resources Corp 6.125% 5/15/2055  | 110000 | 109309 |
| Targa Resources Partners LP / Targa Resources Partners Finance Corp 5.5% 3/1/2030  | 230000 | 233543 |
| Transcontinental Gas Pipe Line Co LLC 3.25% 5/15/2030  | 66000 | 63231 |
| Transcontinental Gas Pipe Line Co LLC 3.95% 5/15/2050  | 180000 | 138216 |
| Transcontinental Gas Pipe Line Co LLC 5.1% 3/15/2036 (d) | 90000 | 90612 |
| Transcontinental Gas Pipe Line Co LLC 5.75% 3/15/2056 (d) | 20000 | 19789 |
| Valero Energy Corp 3.65% 12/1/2051  | 100000 | 69221 |
| Valero Energy Corp 4.35% 6/1/2028  | 20000 | 20110 |
| Valero Energy Corp 6.625% 6/15/2037  | 30000 | 33034 |
| Western Gas Partners LP 5.25% 2/1/2050 (f) | 20000 | 17121 |
| Western Gas Partners LP 5.3% 3/1/2048  | 100000 | 86223 |
| Western Gas Partners LP 5.5% 12/15/2035  | 60000 | 59681 |
| Williams Cos Inc/The 2.6% 3/15/2031  | 160000 | 146067 |
| Williams Cos Inc/The 3.5% 10/15/2051  | 130000 | 90333 |
| Williams Cos Inc/The 3.75% 6/15/2027  | 35000 | 34860 |
| Williams Cos Inc/The 4.625% 6/30/2030  | 350000 | 353427 |
| Williams Cos Inc/The 4.85% 3/1/2048  | 83000 | 72702 |
| Williams Cos Inc/The 5.4% 3/2/2026  | 120000 | 120261 |
| Williams Cos Inc/The 5.6% 3/15/2035  | 30000 | 31199 |
| Williams Cos Inc/The 5.65% 3/15/2033  | 60000 | 63101 |
|  |  | 16808397 |
| TOTAL ENERGY |  | 17335159 |
| Financials - 5.9% |  |  |
| Banks - 2.4% |  |  |
| Bank of America Corp 2.482% 9/21/2036 (c) | 280000 | 245718 |
| Bank of America Corp 2.651% 3/11/2032 (c) | 180000 | 165346 |
| Bank of America Corp 2.676% 6/19/2041 (c) | 200000 | 147466 |
| Bank of America Corp 2.687% 4/22/2032 (c) | 356000 | 326685 |
| Bank of America Corp 2.972% 2/4/2033 (c) | 90000 | 82305 |
| Bank of America Corp 2.972% 7/21/2052 (c) | 370000 | 242437 |
| Bank of America Corp 3.419% 12/20/2028 (c) | 220000 | 217233 |
| Bank of America Corp 3.946% 1/23/2049 (c) | 23000 | 18404 |
| Bank of America Corp 3.97% 3/5/2029 (c) | 125000 | 124797 |
| Bank of America Corp 3.974% 2/7/2030 (c) | 60000 | 59662 |
| Bank of America Corp 4.083% 3/20/2051 (c) | 320000 | 256397 |
| Bank of America Corp 4.271% 7/23/2029 (c) | 80000 | 80367 |
| Bank of America Corp 4.33% 3/15/2050 (c) | 60000 | 50405 |
| Bank of America Corp 4.623% 5/9/2029 (c) | 700000 | 709286 |
| Bank of America Corp 5% 1/21/2044  | 400000 | 385687 |
| Bank of America Corp 5.08% 1/20/2027 (c) | 800000 | 800386 |
| Bank of America Corp 5.162% 1/24/2031 (c) | 790000 | 815560 |
| Bank of America Corp 5.288% 4/25/2034 (c) | 500000 | 514773 |
| Bank of America Corp 5.425% 8/15/2035 (c) | 130000 | 132954 |
| Bank of America Corp 5.511% 1/24/2036 (c) | 150000 | 156390 |
| Bank of America Corp 5.518% 10/25/2035 (c) | 80000 | 81938 |
| Bank of America Corp 5.872% 9/15/2034 (c) | 260000 | 277460 |
| Bank of America Corp 6.204% 11/10/2028 (c) | 500000 | 519556 |
| Citibank NA 4.914% 5/29/2030 (e) | 500000 | 514355 |
| Citigroup Inc 2.976% 11/5/2030 (c) | 270000 | 257142 |
| Citigroup Inc 3.52% 10/27/2028 (c) | 205000 | 203163 |
| Citigroup Inc 3.98% 3/20/2030 (c) | 160000 | 158550 |
| Citigroup Inc 4.412% 3/31/2031 (c) | 370000 | 369938 |
| Citigroup Inc 4.503% 9/11/2031 (c) | 100000 | 100309 |
| Citigroup Inc 4.643% 5/7/2028 (c) | 200000 | 201624 |
| Citigroup Inc 4.65% 7/23/2048  | 78000 | 68801 |
| Citigroup Inc 5.3% 5/6/2044  | 80000 | 77655 |
| Citigroup Inc 5.316% 3/26/2041 (c) | 617000 | 617790 |
| Citigroup Inc 5.411% 9/19/2039 (c) | 330000 | 332083 |
| Citigroup Inc 5.875% 2/22/2033  | 410000 | 437994 |
| Citigroup Inc 6.27% 11/17/2033 (c) | 100000 | 108877 |
| Citigroup Inc 8.125% 7/15/2039  | 220000 | 282057 |
| Citizens Financial Group Inc 2.5% 2/6/2030  | 30000 | 27901 |
| Citizens Financial Group Inc 2.638% 9/30/2032 (e) | 78000 | 67370 |
| Citizens Financial Group Inc 2.85% 7/27/2026  | 100000 | 99299 |
| Citizens Financial Group Inc 5.253% 3/5/2031 (c) | 90000 | 92479 |
| Citizens Financial Group Inc 5.718% 7/23/2032 (c) | 90000 | 94357 |
| Comerica Inc 5.982% 1/30/2030 (c) | 50000 | 52160 |
| Fifth Third Bancorp 2.55% 5/5/2027  | 200000 | 196220 |
| Fifth Third Bancorp 4.337% 4/25/2033 (c) | 70000 | 68429 |
| Fifth Third Bancorp 5.631% 1/29/2032 (c) | 40000 | 41983 |
| Fifth Third Bancorp 6.361% 10/27/2028 (c) | 120000 | 124840 |
| Fifth Third Bancorp 8.25% 3/1/2038  | 40000 | 49116 |
| Huntington Bancshares Inc/OH 2.55% 2/4/2030  | 90000 | 83995 |
| Huntington Bancshares Inc/OH 4.443% 8/4/2028 (c) | 70000 | 70382 |
| Huntington Bancshares Inc/OH 5.272% 1/15/2031 (c) | 130000 | 133764 |
| Huntington Bancshares Inc/OH 6.208% 8/21/2029 (c) | 130000 | 136345 |
| JPMorgan Chase & Co 1.47% 9/22/2027 (c) | 390000 | 382883 |
| JPMorgan Chase & Co 1.578% 4/22/2027 (c) | 188000 | 186590 |
| JPMorgan Chase & Co 1.953% 2/4/2032 (c) | 250000 | 222925 |
| JPMorgan Chase & Co 2.522% 4/22/2031 (c) | 150000 | 139729 |
| JPMorgan Chase & Co 2.545% 11/8/2032 (c) | 40000 | 36096 |
| JPMorgan Chase & Co 2.58% 4/22/2032 (c) | 239000 | 218458 |
| JPMorgan Chase & Co 2.739% 10/15/2030 (c) | 720000 | 683025 |
| JPMorgan Chase & Co 2.95% 10/1/2026  | 224000 | 222547 |
| JPMorgan Chase & Co 2.956% 5/13/2031 (c) | 50000 | 47168 |
| JPMorgan Chase & Co 3.109% 4/22/2051 (c) | 100000 | 67909 |
| JPMorgan Chase & Co 3.328% 4/22/2052 (c) | 390000 | 276489 |
| JPMorgan Chase & Co 3.54% 5/1/2028 (c) | 660000 | 656279 |
| JPMorgan Chase & Co 3.882% 7/24/2038 (c) | 734000 | 658956 |
| JPMorgan Chase & Co 4.005% 4/23/2029 (c) | 43000 | 42959 |
| JPMorgan Chase & Co 4.203% 7/23/2029 (c) | 30000 | 30097 |
| JPMorgan Chase & Co 4.452% 12/5/2029 (c) | 200000 | 202061 |
| JPMorgan Chase & Co 4.565% 6/14/2030 (c) | 470000 | 475468 |
| JPMorgan Chase & Co 4.81% 10/22/2036 (c) | 370000 | 367397 |
| JPMorgan Chase & Co 4.95% 6/1/2045  | 135000 | 127177 |
| JPMorgan Chase & Co 4.995% 7/22/2030 (c) | 200000 | 205327 |
| JPMorgan Chase & Co 5.103% 4/22/2031 (c) | 150000 | 154871 |
| JPMorgan Chase & Co 5.14% 1/24/2031 (c) | 340000 | 351422 |
| JPMorgan Chase & Co 5.294% 7/22/2035 (c) | 150000 | 154752 |
| JPMorgan Chase & Co 5.35% 6/1/2034 (c) | 880000 | 914328 |
| JPMorgan Chase & Co 5.572% 4/22/2036 (c) | 200000 | 209832 |
| JPMorgan Chase & Co 5.576% 7/23/2036 (c) | 120000 | 124134 |
| JPMorgan Chase & Co 5.717% 9/14/2033 (c) | 120000 | 126863 |
| KeyCorp 2.25% 4/6/2027 (e) | 350000 | 342082 |
| KeyCorp 4.789% 6/1/2033 (c) | 30000 | 29984 |
| KeyCorp 5.121% 4/4/2031 (c) | 40000 | 41081 |
| KeyCorp 6.401% 3/6/2035 (c) | 50000 | 54310 |
| M&T Bank Corp 4.553% 8/16/2028 (c) | 170000 | 170903 |
| M&T Bank Corp 5.053% 1/27/2034 (c) | 40000 | 40254 |
| M&T Bank Corp 5.179% 7/8/2031 (c) | 110000 | 112929 |
| Morgan Stanley Private Bank NA 4.204% 11/17/2028 (c) | 250000 | 250782 |
| Morgan Stanley Private Bank NA 4.465% 11/19/2031 (c) | 250000 | 250654 |
| PNC Financial Services Group Inc/The 1.15% 8/13/2026  | 514000 | 505386 |
| PNC Financial Services Group Inc/The 3.15% 5/19/2027  | 430000 | 425969 |
| PNC Financial Services Group Inc/The 5.222% 1/29/2031 (c) | 60000 | 62081 |
| PNC Financial Services Group Inc/The 5.354% 12/2/2028 (c) | 90000 | 92274 |
| PNC Financial Services Group Inc/The 5.373% 7/21/2036 (c) | 80000 | 82279 |
| PNC Financial Services Group Inc/The 5.401% 7/23/2035 (c) | 90000 | 93092 |
| PNC Financial Services Group Inc/The 5.575% 1/29/2036 (c) | 40000 | 41705 |
| PNC Financial Services Group Inc/The 5.582% 6/12/2029 (c) | 100000 | 103712 |
| PNC Financial Services Group Inc/The 5.676% 1/22/2035 (c) | 230000 | 242450 |
| PNC Financial Services Group Inc/The 5.939% 8/18/2034 (c) | 100000 | 107358 |
| PNC Financial Services Group Inc/The 6.037% 10/28/2033 (c) | 30000 | 32402 |
| Santander Holdings USA Inc 5.741% 3/20/2031 (c) | 100000 | 103478 |
| Santander Holdings USA Inc 6.124% 5/31/2027 (c) | 350000 | 352373 |
| Santander Holdings USA Inc 6.565% 6/12/2029 (c) | 100000 | 104548 |
| Santander Holdings USA Inc 7.66% 11/9/2031 (c) | 40000 | 44804 |
| Truist Financial Corp 1.267% 3/2/2027 (c) | 29000 | 28854 |
| Truist Financial Corp 4.916% 7/28/2033 (c) | 50000 | 50286 |
| Truist Financial Corp 5.153% 8/5/2032 (c) | 10000 | 10324 |
| Truist Financial Corp 5.711% 1/24/2035 (c) | 230000 | 241942 |
| Truist Financial Corp 5.867% 6/8/2034 (c) | 100000 | 106409 |
| Truist Financial Corp 6.123% 10/28/2033 (c) | 30000 | 32415 |
| US Bancorp 1.375% 7/22/2030  | 210000 | 185990 |
| US Bancorp 2.491% 11/3/2036 (c) | 50000 | 43639 |
| US Bancorp 3.1% 4/27/2026  | 240000 | 239388 |
| US Bancorp 4.653% 2/1/2029 (c) | 240000 | 243000 |
| US Bancorp 4.839% 2/1/2034 (c) | 150000 | 151102 |
| US Bancorp 5.046% 2/12/2031 (c) | 130000 | 133530 |
| US Bancorp 5.775% 6/12/2029 (c) | 270000 | 280639 |
| US Bancorp 5.836% 6/12/2034 (c) | 60000 | 64013 |
| US Bancorp 5.85% 10/21/2033 (c) | 70000 | 74963 |
| Wachovia Corp 5.5% 8/1/2035  | 140000 | 144204 |
| Wells Fargo & Co 2.572% 2/11/2031 (c) | 690000 | 644450 |
| Wells Fargo & Co 3.068% 4/30/2041 (c) | 100000 | 77559 |
| Wells Fargo & Co 3.584% 5/22/2028 (c) | 82000 | 81461 |
| Wells Fargo & Co 4.611% 4/25/2053 (c) | 110000 | 94655 |
| Wells Fargo & Co 4.75% 12/7/2046  | 257000 | 225816 |
| Wells Fargo & Co 4.892% 9/15/2036 (c) | 180000 | 179438 |
| Wells Fargo & Co 4.897% 7/25/2033 (c) | 130000 | 132022 |
| Wells Fargo & Co 5.013% 4/4/2051 (c) | 130000 | 118802 |
| Wells Fargo & Co 5.15% 4/23/2031 (c) | 100000 | 103220 |
| Wells Fargo & Co 5.244% 1/24/2031 (c) | 400000 | 414208 |
| Wells Fargo & Co 5.375% 2/7/2035  | 100000 | 105184 |
| Wells Fargo & Co 5.389% 4/24/2034 (c) | 280000 | 291321 |
| Wells Fargo & Co 5.557% 7/25/2034 (c) | 200000 | 209683 |
| Wells Fargo & Co 5.574% 7/25/2029 (c) | 200000 | 207175 |
| Wells Fargo & Co 5.605% 4/23/2036 (c) | 100000 | 104811 |
| Wells Fargo & Co 5.606% 1/15/2044  | 180000 | 178344 |
| Wells Fargo & Co 6.491% 10/23/2034 (c) | 430000 | 475986 |
|  |  | 28127655 |
| Capital Markets - 1.5% |  |  |
| Ameriprise Financial Inc 5.15% 5/15/2033  | 40000 | 41543 |
| Apollo Debt Solutions BDC 6.55% 3/15/2032  | 100000 | 103184 |
| Ares Capital Corp 2.15% 7/15/2026  | 234000 | 230996 |
| Ares Capital Corp 2.875% 6/15/2027  | 120000 | 117434 |
| Ares Capital Corp 3.2% 11/15/2031  | 50000 | 44363 |
| Ares Capital Corp 5.100% 1/15/2031  | 40000 | 39508 |
| Ares Capital Corp 5.5% 9/1/2030  | 30000 | 30196 |
| Ares Capital Corp 5.8% 3/8/2032  | 50000 | 50491 |
| Ares Capital Corp 5.95% 7/15/2029  | 70000 | 71853 |
| Ares Strategic Income Fund 4.85% 1/15/2029 (d) | 70000 | 69178 |
| Ares Strategic Income Fund 5.6% 2/15/2030  | 140000 | 140620 |
| Ares Strategic Income Fund 6.2% 3/21/2032  | 50000 | 51276 |
| Bank of New York Mellon Corp/The 1.8% 7/28/2031  | 80000 | 70385 |
| Bank of New York Mellon Corp/The 3.85% 4/28/2028  | 27000 | 27068 |
| Bank of New York Mellon Corp/The 4.543% 2/1/2029 (c) | 240000 | 242915 |
| Bank of New York Mellon Corp/The 4.942% 2/11/2031 (c) | 60000 | 61698 |
| Bank of New York Mellon Corp/The 4.967% 4/26/2034 (c) | 120000 | 122341 |
| Bank of New York Mellon Corp/The 4.975% 3/14/2030 (c) | 150000 | 154307 |
| Bank of New York Mellon Corp/The 5.316% 6/6/2036 (c) | 60000 | 62159 |
| Bank of New York Mellon Corp/The 5.802% 10/25/2028 (c) | 110000 | 113684 |
| Bank of New York Mellon Corp/The 6.474% 10/25/2034 (c) | 140000 | 156619 |
| BlackRock Funding Inc 4.6% 7/26/2027  | 30000 | 30395 |
| BlackRock Funding Inc 5.25% 3/14/2054  | 100000 | 95841 |
| BlackRock Funding Inc 5.35% 1/8/2055  | 30000 | 29238 |
| Blackrock Inc 2.1% 2/25/2032  | 50000 | 44137 |
| Blackrock Inc 4.75% 5/25/2033 (e) | 160000 | 163689 |
| Blackstone Private Credit Fund 5.05% 9/10/2030  | 50000 | 49240 |
| Blackstone Private Credit Fund 5.25% 4/1/2030  | 70000 | 69479 |
| Blackstone Private Credit Fund 5.95% 7/16/2029  | 100000 | 102028 |
| Blackstone Private Credit Fund 6% 1/29/2032  | 40000 | 40604 |
| Blackstone Private Credit Fund 6% 11/22/2034  | 30000 | 30295 |
| Blackstone Private Credit Fund 7.3% 11/27/2028  | 50000 | 53036 |
| Blackstone Secured Lending Fund 5.35% 4/13/2028  | 100000 | 100881 |
| Blue Owl Capital Corp 5.95% 3/15/2029  | 150000 | 151377 |
| Charles Schwab Corp/The 1.65% 3/11/2031  | 70000 | 61395 |
| Charles Schwab Corp/The 2% 3/20/2028  | 215000 | 206754 |
| Charles Schwab Corp/The 3.2% 3/2/2027  | 350000 | 347212 |
| Charles Schwab Corp/The 4.343% 11/14/2031 (c) | 70000 | 69895 |
| Charles Schwab Corp/The 4.914% 11/14/2036 (c) | 50000 | 49664 |
| Charles Schwab Corp/The 6.136% 8/24/2034 (c) | 170000 | 185295 |
| Charles Schwab Corp/The 6.196% 11/17/2029 (c) | 60000 | 63459 |
| CME Group Inc 2.65% 3/15/2032  | 70000 | 63999 |
| CME Group Inc 3.75% 6/15/2028  | 110000 | 110092 |
| CME Group Inc 5.3% 9/15/2043  | 40000 | 40096 |
| Franklin Resources Inc 2.95% 8/12/2051  | 30000 | 18907 |
| Goldman Sachs Group Inc/The 2.615% 4/22/2032 (c) | 255000 | 232512 |
| Goldman Sachs Group Inc/The 3.691% 6/5/2028 (c) | 440000 | 437659 |
| Goldman Sachs Group Inc/The 4.017% 10/31/2038 (c) | 887000 | 797586 |
| Goldman Sachs Group Inc/The 4.153% 10/21/2029 (c) | 1170000 | 1169738 |
| Goldman Sachs Group Inc/The 4.223% 5/1/2029 (c) | 60000 | 60125 |
| Goldman Sachs Group Inc/The 4.369% 10/21/2031 (c) | 40000 | 39905 |
| Goldman Sachs Group Inc/The 4.411% 4/23/2039 (c) | 230000 | 212492 |
| Goldman Sachs Group Inc/The 4.75% 10/21/2045  | 28000 | 25372 |
| Goldman Sachs Group Inc/The 4.937% 4/23/2028 (c) | 400000 | 404569 |
| Goldman Sachs Group Inc/The 5.15% 5/22/2045  | 20000 | 18781 |
| Goldman Sachs Group Inc/The 5.207% 1/28/2031 (c) | 200000 | 206529 |
| Goldman Sachs Group Inc/The 5.536% 1/28/2036 (c) | 300000 | 311363 |
| Goldman Sachs Group Inc/The 5.561% 11/19/2045 (c) | 230000 | 230073 |
| Goldman Sachs Group Inc/The 5.734% 1/28/2056 (c) | 10000 | 10106 |
| Goldman Sachs Group Inc/The 6.75% 10/1/2037  | 350000 | 390732 |
| Golub Capital BDC Inc 6% 7/15/2029  | 50000 | 51122 |
| HPS Corporate Lending Fund 5.45% 11/15/2030 (d) | 80000 | 79765 |
| HPS Corporate Lending Fund 5.95% 4/14/2032  | 20000 | 20288 |
| HPS Corporate Lending Fund 6.25% 9/30/2029  | 40000 | 41436 |
| HPS Corporate Lending Fund 6.75% 1/30/2029  | 20000 | 20889 |
| Intercontinental Exchange Inc 1.85% 9/15/2032  | 180000 | 153251 |
| Intercontinental Exchange Inc 2.65% 9/15/2040  | 80000 | 59278 |
| Intercontinental Exchange Inc 3% 6/15/2050  | 138000 | 90335 |
| Intercontinental Exchange Inc 3% 9/15/2060  | 40000 | 23933 |
| Intercontinental Exchange Inc 3.75% 9/21/2028  | 50000 | 49756 |
| Intercontinental Exchange Inc 4.6% 3/15/2033  | 240000 | 242172 |
| Intercontinental Exchange Inc 4.95% 6/15/2052  | 70000 | 63902 |
| Jefferies Financial Group Inc 2.75% 10/15/2032  | 100000 | 86982 |
| Jefferies Financial Group Inc 4.15% 1/23/2030  | 40000 | 39451 |
| Jefferies Financial Group Inc 4.85% 1/15/2027  | 100000 | 100662 |
| Jefferies Financial Group Inc 5.875% 7/21/2028  | 140000 | 145451 |
| Jefferies Financial Group Inc 6.2% 4/14/2034  | 10000 | 10554 |
| Jefferies Financial Group Inc 6.5% 1/20/2043  | 20000 | 20804 |
| Lazard Group LLC 4.5% 9/19/2028  | 100000 | 100645 |
| Legg Mason Inc 5.625% 1/15/2044  | 20000 | 19988 |
| LPL Holdings Inc 5.15% 6/15/2030  | 80000 | 81586 |
| LPL Holdings Inc 5.65% 3/15/2035  | 40000 | 41000 |
| LPL Holdings Inc 6.75% 11/17/2028  | 30000 | 32018 |
| Moody's Corp 4.875% 12/17/2048  | 123000 | 110454 |
| Moody's Corp 5% 8/5/2034  | 80000 | 81538 |
| Morgan Stanley 2.699% 1/22/2031 (c) | 1340000 | 1256916 |
| Morgan Stanley 3.591% 7/22/2028 (c) | 210000 | 208563 |
| Morgan Stanley 3.625% 1/20/2027  | 96000 | 95750 |
| Morgan Stanley 3.772% 1/24/2029 (c) | 300000 | 298305 |
| Morgan Stanley 3.95% 4/23/2027  | 200000 | 199858 |
| Morgan Stanley 3.971% 7/22/2038 (c) | 120000 | 108148 |
| Morgan Stanley 4.375% 1/22/2047  | 148000 | 127786 |
| Morgan Stanley 4.457% 4/22/2039 (c) | 295000 | 277568 |
| Morgan Stanley 5.042% 7/19/2030 (c) | 40000 | 41011 |
| Morgan Stanley 5.164% 4/20/2029 (c) | 200000 | 204502 |
| Morgan Stanley 5.192% 4/17/2031 (c) | 90000 | 92796 |
| Morgan Stanley 5.25% 4/21/2034 (c) | 420000 | 432416 |
| Morgan Stanley 5.297% 4/20/2037 (c) | 140000 | 142408 |
| Morgan Stanley 5.32% 7/19/2035 (c) | 40000 | 41176 |
| Morgan Stanley 5.424% 7/21/2034 (c)(e) | 530000 | 551369 |
| Morgan Stanley 5.587% 1/18/2036 (c) | 50000 | 52249 |
| Morgan Stanley 5.597% 3/24/2051 (c) | 90000 | 90000 |
| Morgan Stanley 5.664% 4/17/2036 (c) | 90000 | 94470 |
| Morgan Stanley 5.948% 1/19/2038 (c) | 190000 | 199940 |
| Morgan Stanley 6.342% 10/18/2033 (c) | 320000 | 350711 |
| Morgan Stanley 6.375% 7/24/2042  | 190000 | 211457 |
| MSCI Inc 5.25% 9/1/2035  | 80000 | 80528 |
| Nasdaq Inc 2.5% 12/21/2040  | 100000 | 71043 |
| Nasdaq Inc 5.35% 6/28/2028  | 90000 | 92873 |
| Nasdaq Inc 5.55% 2/15/2034  | 40000 | 42006 |
| Nasdaq Inc 5.95% 8/15/2053  | 8000 | 8307 |
| Nasdaq Inc 6.1% 6/28/2063  | 40000 | 41955 |
| Northern Trust Corp 1.95% 5/1/2030  | 220000 | 201228 |
| Raymond James Financial Inc 4.9% 9/11/2035  | 30000 | 29825 |
| Raymond James Financial Inc 4.95% 7/15/2046  | 70000 | 64008 |
| Raymond James Financial Inc 5.65% 9/11/2055  | 20000 | 19576 |
| S&P Global Inc 2.3% 8/15/2060  | 100000 | 50569 |
| S&P Global Inc 2.45% 3/1/2027  | 590000 | 580616 |
| S&P Global Inc 2.9% 3/1/2032  | 150000 | 138250 |
| S&P Global Inc 4.75% 8/1/2028  | 140000 | 142601 |
| S&P Global Inc 4.8% 12/4/2035 (d) | 70000 | 69784 |
| Sixth Street Specialty Lending Inc 6.125% 3/1/2029 (e) | 30000 | 30969 |
| State Street Corp 1.684% 11/18/2027 (c) | 204000 | 200174 |
| State Street Corp 4.729% 2/28/2030  | 100000 | 102333 |
| State Street Corp 4.784% 10/23/2036 (c) | 70000 | 69636 |
| State Street Corp 4.821% 1/26/2034 (c) | 100000 | 101295 |
| State Street Corp 4.834% 4/24/2030  | 90000 | 92658 |
| State Street Corp 5.146% 2/28/2036 (c) | 70000 | 71642 |
| State Street Corp 5.684% 11/21/2029 (c) | 110000 | 115191 |
| State Street Corp 6.123% 11/21/2034 (c) | 30000 | 32410 |
|  |  | 18020504 |
| Consumer Finance - 0.6% |  |  |
| Ally Financial Inc 6.184% 7/26/2035 (c) | 70000 | 72548 |
| Ally Financial Inc 6.848% 1/3/2030 (c) | 120000 | 127320 |
| Ally Financial Inc 6.992% 6/13/2029 (c) | 120000 | 126730 |
| American Express Co 2.55% 3/4/2027  | 100000 | 98552 |
| American Express Co 3.3% 5/3/2027  | 30000 | 29794 |
| American Express Co 4.05% 12/3/2042  | 160000 | 137822 |
| American Express Co 4.351% 7/20/2029 (c) | 300000 | 302189 |
| American Express Co 4.804% 10/24/2036 (c) | 100000 | 98744 |
| American Express Co 4.989% 5/26/2033 (c) | 30000 | 30466 |
| American Express Co 5.043% 5/1/2034 (c) | 90000 | 92281 |
| American Express Co 5.442% 1/30/2036 (c) | 110000 | 114254 |
| American Express Co 5.532% 4/25/2030 (c) | 270000 | 281664 |
| Capital One Financial Corp 3.75% 7/28/2026  | 70000 | 69853 |
| Capital One Financial Corp 3.8% 1/31/2028  | 251000 | 249976 |
| Capital One Financial Corp 4.493% 9/11/2031 (c) | 260000 | 259619 |
| Capital One Financial Corp 5.817% 2/1/2034 (c) | 250000 | 261657 |
| Capital One Financial Corp 6.377% 6/8/2034 (c) | 100000 | 108093 |
| Capital One Financial Corp 7.624% 10/30/2031 (c) | 120000 | 135618 |
| Ford Motor Credit Co LLC 2.9% 2/16/2028  | 330000 | 317754 |
| Ford Motor Credit Co LLC 5.73% 9/5/2030  | 200000 | 203079 |
| Ford Motor Credit Co LLC 5.918% 3/20/2028  | 290000 | 296727 |
| Ford Motor Credit Co LLC 6.798% 11/7/2028  | 280000 | 293754 |
| Ford Motor Credit Co LLC 6.8% 5/12/2028  | 310000 | 323478 |
| Ford Motor Credit Co LLC 7.2% 6/10/2030  | 200000 | 214302 |
| John Deere Capital Corp 2.8% 7/18/2029 (e) | 220000 | 211572 |
| John Deere Capital Corp 4.375% 10/15/2030  | 80000 | 80843 |
| John Deere Capital Corp 4.55% 6/5/2030  | 200000 | 203346 |
| John Deere Capital Corp 4.75% 6/8/2026  | 740000 | 742900 |
| John Deere Capital Corp 4.85% 10/11/2029  | 400000 | 412498 |
| John Deere Capital Corp 5.05% 6/12/2034  | 50000 | 51647 |
| PACCAR Financial Corp 4% 9/26/2029  | 160000 | 160209 |
| Synchrony Financial 3.95% 12/1/2027  | 150000 | 149285 |
| Synchrony Financial 5.15% 3/19/2029  | 159000 | 161134 |
| Toyota Motor Credit Corp 2.15% 2/13/2030  | 100000 | 92754 |
| Toyota Motor Credit Corp 4.55% 8/9/2029  | 80000 | 81299 |
| Toyota Motor Credit Corp 4.6% 10/10/2031  | 50000 | 50751 |
| Toyota Motor Credit Corp 4.7% 1/12/2033  | 70000 | 70886 |
| Toyota Motor Credit Corp 4.8% 1/5/2034  | 120000 | 122340 |
| Toyota Motor Credit Corp 5.45% 11/10/2027  | 380000 | 391357 |
| Toyota Motor Credit Corp 5.55% 11/20/2030  | 10000 | 10592 |
|  |  | 7239687 |
| Financial Services - 0.6% |  |  |
| Aon Corp / Aon Global Holdings PLC 3.9% 2/28/2052  | 20000 | 14963 |
| Aon Corp / Aon Global Holdings PLC 5.35% 2/28/2033  | 200000 | 208274 |
| Apollo Global Management Inc 5.15% 8/12/2035  | 200000 | 200361 |
| Berkshire Hathaway Inc 4.5% 2/11/2043  | 33000 | 30986 |
| Blackstone Reg Finance Co LLC 4.3% 11/3/2030  | 30000 | 29983 |
| Blackstone Reg Finance Co LLC 4.95% 2/15/2036  | 60000 | 59562 |
| Blue Owl Credit Income Corp 5.8% 3/15/2030  | 50000 | 49938 |
| Blue Owl Credit Income Corp 6.6% 9/15/2029  | 80000 | 82275 |
| Blue Owl Credit Income Corp 6.65% 3/15/2031  | 70000 | 72136 |
| BP Capital Markets America Inc 3% 2/24/2050  | 240000 | 156470 |
| BP Capital Markets America Inc 3.001% 3/17/2052  | 100000 | 63965 |
| BP Capital Markets America Inc 3.379% 2/8/2061  | 20000 | 13056 |
| BP Capital Markets America Inc 4.812% 2/13/2033  | 300000 | 303819 |
| BP Capital Markets America Inc 5.017% 11/17/2027  | 60000 | 61186 |
| BP Capital Markets America Inc 5.227% 11/17/2034  | 180000 | 185692 |
| CNH Industrial Capital LLC 5.5% 1/12/2029  | 120000 | 123779 |
| Corebridge Financial Inc 3.85% 4/5/2029  | 80000 | 78699 |
| Corebridge Financial Inc 3.9% 4/5/2032  | 80000 | 75932 |
| Corebridge Financial Inc 4.35% 4/5/2042  | 20000 | 17100 |
| Corebridge Financial Inc 5.75% 1/15/2034  | 40000 | 41819 |
| Corebridge Financial Inc 6.875% 12/15/2052 (c) | 100000 | 102404 |
| CRH SMW Finance DAC 5.125% 1/9/2030  | 300000 | 309263 |
| DH Europe Finance II Sarl 2.6% 11/15/2029  | 80000 | 75809 |
| DH Europe Finance II Sarl 3.4% 11/15/2049  | 50000 | 36033 |
| Equitable Holdings Inc 4.35% 4/20/2028  | 120000 | 120445 |
| Equitable Holdings Inc 5% 4/20/2048  | 60000 | 53838 |
| Equitable Holdings Inc 6.7% 3/28/2055 (c) | 20000 | 20855 |
| FedEx Corp 2020-1 Class AA Pass Through Trust equipment trust certificate 1.875% 8/20/2035  | 28573 | 24929 |
| Fidelity National Information Services Inc 1.15% 3/1/2026  | 246000 | 244808 |
| Fidelity National Information Services Inc 2.25% 3/1/2031 (e) | 200000 | 178431 |
| Fiserv Inc 3.5% 7/1/2029  | 80000 | 77580 |
| Fiserv Inc 4.4% 7/1/2049  | 240000 | 188307 |
| Fiserv Inc 4.55% 2/15/2031  | 260000 | 257325 |
| Global Payments Inc 1.2% 3/1/2026  | 346000 | 344385 |
| Global Payments Inc 4.15% 8/15/2049  | 20000 | 14868 |
| Global Payments Inc 4.875% 11/15/2030  | 140000 | 140156 |
| Global Payments Inc 5.4% 8/15/2032  | 140000 | 142385 |
| Global Payments Inc 5.55% 11/15/2035  | 100000 | 99393 |
| Global Payments Inc 5.95% 8/15/2052  | 20000 | 19105 |
| Goldman Sachs Private Credit Corp 5.875% 5/6/2028 (d)(e) | 30000 | 30559 |
| Golub Capital Private Credit Fund 5.875% 5/1/2030  | 50000 | 50654 |
| HA Sustainable Infrastructure Capital Inc 6.75% 7/15/2035  | 70000 | 73131 |
| Jackson Financial Inc 4% 11/23/2051  | 40000 | 27892 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl 3% 5/15/2032  | 100000 | 89765 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl 5.75% 4/1/2033  | 330000 | 344756 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl 7.25% 11/15/2053  | 60000 | 67165 |
| Mastercard Inc 2% 11/18/2031  | 240000 | 213846 |
| Mastercard Inc 2.95% 6/1/2029  | 50000 | 48432 |
| Mastercard Inc 3.3% 3/26/2027  | 38000 | 37806 |
| Mastercard Inc 3.35% 3/26/2030  | 103000 | 100578 |
| Mastercard Inc 3.85% 3/26/2050  | 115000 | 90026 |
| Mastercard Inc 4.55% 1/15/2035  | 140000 | 139976 |
| National Rural Utilities Cooperative Finance Corp 4.15% 12/15/2032  | 170000 | 166166 |
| National Rural Utilities Cooperative Finance Corp 4.85% 2/7/2029  | 100000 | 102296 |
| National Rural Utilities Cooperative Finance Corp 5.8% 1/15/2033  | 60000 | 64335 |
| PayPal Holdings Inc 2.3% 6/1/2030  | 120000 | 111116 |
| PayPal Holdings Inc 4.4% 6/1/2032  | 100000 | 99835 |
| PayPal Holdings Inc 5.25% 6/1/2062  | 30000 | 27533 |
| PayPal Holdings Inc 5.5% 6/1/2054  | 80000 | 77618 |
| Sixth Street Lending Partners 6.5% 3/11/2029  | 50000 | 51804 |
| Visa Inc 1.1% 2/15/2031  | 250000 | 217888 |
| Visa Inc 2.05% 4/15/2030  | 350000 | 324341 |
| Visa Inc 2.7% 4/15/2040  | 150000 | 115548 |
| Visa Inc 4.15% 12/14/2035  | 38000 | 36971 |
| Voya Financial Inc 4.7% 1/23/2048 (c) | 20000 | 18853 |
| Western Union Co/The 6.2% 11/17/2036  | 20000 | 20830 |
|  |  | 7070034 |
| Insurance - 0.8% |  |  |
| AFLAC Inc 3.6% 4/1/2030  | 224000 | 220216 |
| Allstate Corp/The 1.45% 12/15/2030  | 110000 | 95902 |
| Allstate Corp/The 4.2% 12/15/2046  | 30000 | 24699 |
| Allstate Corp/The 5.55% 5/9/2035  | 156000 | 163419 |
| American International Group Inc 4.375% 6/30/2050  | 240000 | 200326 |
| American International Group Inc 4.5% 7/16/2044  | 25000 | 22021 |
| American International Group Inc 4.75% 4/1/2048  | 100000 | 88896 |
| Aon Corp 3.75% 5/2/2029  | 120000 | 118674 |
| Aon Global Ltd 4.75% 5/15/2045  | 50000 | 44424 |
| Aon North America Inc 5.45% 3/1/2034  | 250000 | 259804 |
| Aon North America Inc 5.75% 3/1/2054  | 50000 | 49746 |
| Arch Capital Group Ltd 7.35% 5/1/2034  | 20000 | 23161 |
| Arch Capital Group US Inc 5.144% 11/1/2043  | 50000 | 47426 |
| Arthur J Gallagher & Co 3.5% 5/20/2051  | 150000 | 104582 |
| Arthur J Gallagher & Co 4.85% 12/15/2029  | 60000 | 61396 |
| Arthur J Gallagher & Co 5.15% 2/15/2035  | 70000 | 70733 |
| Arthur J Gallagher & Co 5.55% 2/15/2055  | 43000 | 41269 |
| Arthur J Gallagher & Co 5.75% 3/2/2053  | 45000 | 44146 |
| Arthur J Gallagher & Co 6.75% 2/15/2054  | 30000 | 33147 |
| Assurant Inc 4.9% 3/27/2028 (e) | 60000 | 60721 |
| Assured Guaranty US Holdings Inc 6.125% 9/15/2028  | 70000 | 73535 |
| Athene Holding Ltd 3.5% 1/15/2031  | 20000 | 18895 |
| Athene Holding Ltd 4.125% 1/12/2028  | 84000 | 83917 |
| Athene Holding Ltd 6.15% 4/3/2030 (e) | 180000 | 190862 |
| Athene Holding Ltd 6.625% 10/15/2054 (c) | 40000 | 39924 |
| Athene Holding Ltd 6.625% 5/19/2055  | 70000 | 71294 |
| Athene Holding Ltd 6.65% 2/1/2033  | 100000 | 108338 |
| Baylor Scott & White Holdings 2.839% 11/15/2050  | 120000 | 75977 |
| Berkshire Hathaway Fin Corp 1.45% 10/15/2030  | 300000 | 267399 |
| Berkshire Hathaway Fin Corp 1.85% 3/12/2030 (e) | 170000 | 156077 |
| Berkshire Hathaway Fin Corp 2.85% 10/15/2050  | 220000 | 141511 |
| Berkshire Hathaway Fin Corp 3.85% 3/15/2052  | 20000 | 15390 |
| Berkshire Hathaway Fin Corp 4.2% 8/15/2048  | 243000 | 202793 |
| Brighthouse Financial Inc 3.85% 12/22/2051  | 50000 | 30092 |
| Brighthouse Financial Inc 5.625% 5/15/2030 (e) | 80000 | 80921 |
| Brown & Brown Inc 4.2% 3/17/2032  | 110000 | 106440 |
| Brown & Brown Inc 4.7% 6/23/2028  | 100000 | 101199 |
| Brown & Brown Inc 5.55% 6/23/2035  | 50000 | 51267 |
| Brown & Brown Inc 6.25% 6/23/2055  | 50000 | 51991 |
| Chubb INA Holdings LLC 1.375% 9/15/2030  | 350000 | 308379 |
| Chubb INA Holdings LLC 3.05% 12/15/2061  | 120000 | 73575 |
| Chubb INA Holdings LLC 4.35% 11/3/2045  | 128000 | 111429 |
| CNA Financial Corp 3.9% 5/1/2029  | 160000 | 158412 |
| CNA Financial Corp 5.2% 8/15/2035  | 20000 | 20095 |
| First American Financial Corp 2.4% 8/15/2031  | 60000 | 52340 |
| Globe Life Inc 2.15% 8/15/2030  | 50000 | 45225 |
| Hartford Insurance Group Inc/The 2.9% 9/15/2051  | 30000 | 19112 |
| Hartford Insurance Group Inc/The 4.4% 3/15/2048  | 70000 | 59294 |
| Hartford Insurance Group Inc/The 6.1% 10/1/2041  | 30000 | 31999 |
| Lincoln National Corp 5.35% 11/15/2035  | 110000 | 110973 |
| Markel Group Inc 3.35% 9/17/2029  | 30000 | 29030 |
| Markel Group Inc 3.5% 11/1/2027  | 100000 | 99183 |
| Markel Group Inc 4.15% 9/17/2050  | 40000 | 30915 |
| Markel Group Inc 5% 5/20/2049  | 50000 | 44151 |
| Markel Group Inc 6% 5/16/2054  | 20000 | 20126 |
| Marsh & McLennan Cos Inc 4.2% 3/1/2048  | 110000 | 90484 |
| Marsh & McLennan Cos Inc 4.65% 3/15/2030  | 70000 | 71403 |
| Marsh & McLennan Cos Inc 4.85% 11/15/2031  | 70000 | 71803 |
| Marsh & McLennan Cos Inc 4.9% 3/15/2049  | 70000 | 63311 |
| Marsh & McLennan Cos Inc 5% 3/15/2035  | 110000 | 111427 |
| Marsh & McLennan Cos Inc 5.35% 11/15/2044  | 40000 | 39140 |
| Marsh & McLennan Cos Inc 5.4% 3/15/2055  | 50000 | 48140 |
| Marsh & McLennan Cos Inc 5.45% 3/15/2053  | 40000 | 38809 |
| Marsh & McLennan Cos Inc 5.7% 9/15/2053  | 40000 | 40218 |
| Marsh & McLennan Cos Inc 5.75% 11/1/2032  | 100000 | 107130 |
| MetLife Inc 4.05% 3/1/2045  | 18000 | 14887 |
| MetLife Inc 4.55% 3/23/2030  | 1050000 | 1072305 |
| MetLife Inc 4.875% 11/13/2043  | 100000 | 93235 |
| MetLife Inc 5.25% 1/15/2054  | 140000 | 133160 |
| MetLife Inc 6.35% 3/15/2055 (c) | 10000 | 10546 |
| MetLife Inc 6.4% 12/15/2066 (c) | 100000 | 104919 |
| Principal Financial Group Inc 4.35% 5/15/2043  | 30000 | 25748 |
| Principal Financial Group Inc 5.375% 3/15/2033  | 120000 | 125331 |
| Progressive Corp/The 2.5% 3/15/2027  | 100000 | 98432 |
| Progressive Corp/The 3.2% 3/26/2030  | 100000 | 96725 |
| Progressive Corp/The 4.2% 3/15/2048  | 135000 | 111946 |
| Prudential Financial Inc 3.878% 3/27/2028  | 23000 | 22983 |
| Prudential Financial Inc 3.935% 12/7/2049  | 38000 | 29424 |
| Prudential Financial Inc 4.35% 2/25/2050  | 285000 | 236350 |
| Prudential Financial Inc 4.5% 9/15/2047 (c) | 110000 | 108855 |
| Prudential Financial Inc 5.125% 3/1/2052 (c) | 50000 | 49543 |
| Prudential Financial Inc 5.2% 3/14/2035  | 30000 | 30768 |
| Prudential Financial Inc 6% 9/1/2052 (c) | 70000 | 72102 |
| Prudential Financial Inc 6.5% 3/15/2054 (c) | 60000 | 63416 |
| Reinsurance Group of America Inc 3.95% 9/15/2026  | 50000 | 49981 |
| Reinsurance Group of America Inc 5.75% 9/15/2034  | 100000 | 104288 |
| Reinsurance Group of America Inc 6% 9/15/2033  | 30000 | 31954 |
| Selective Insurance Group Inc 5.9% 4/15/2035  | 40000 | 41894 |
| Travelers Companies Inc/The 2.55% 4/27/2050  | 200000 | 120901 |
| Travelers Companies Inc/The 4% 5/30/2047  | 32000 | 26007 |
| Travelers Companies Inc/The 4.1% 3/4/2049  | 50000 | 40552 |
| Travelers Companies Inc/The 5.05% 7/24/2035  | 100000 | 101563 |
| Travelers Companies Inc/The 5.7% 7/24/2055  | 40000 | 40848 |
| Unum Group 4% 6/15/2029 (e) | 100000 | 98916 |
| Unum Group 4.125% 6/15/2051  | 20000 | 15178 |
| Unum Group 5.25% 12/15/2035  | 30000 | 29775 |
| Unum Group 6% 6/15/2054  | 30000 | 29624 |
| Willis North America Inc 2.95% 9/15/2029  | 250000 | 237836 |
| Willis North America Inc 5.15% 3/15/2036  | 60000 | 60005 |
| Willis North America Inc 5.35% 5/15/2033  | 20000 | 20624 |
| Willis North America Inc 5.9% 3/5/2054  | 40000 | 39929 |
|  |  | 9129183 |
| TOTAL FINANCIALS |  | 69587063 |
| Health Care - 2.7% |  |  |
| Biotechnology - 0.4% |  |  |
| AbbVie Inc 2.95% 11/21/2026  | 50000 | 49611 |
| AbbVie Inc 3.2% 11/21/2029  | 80000 | 77582 |
| AbbVie Inc 4.05% 11/21/2039  | 50000 | 44633 |
| AbbVie Inc 4.25% 11/21/2049  | 390000 | 321186 |
| AbbVie Inc 4.3% 5/14/2036  | 140000 | 134325 |
| AbbVie Inc 4.5% 5/14/2035  | 440000 | 431812 |
| AbbVie Inc 4.55% 3/15/2035  | 80000 | 78758 |
| AbbVie Inc 4.7% 5/14/2045  | 120000 | 108519 |
| AbbVie Inc 4.8% 3/15/2029  | 150000 | 153679 |
| AbbVie Inc 4.875% 11/14/2048  | 100000 | 91047 |
| AbbVie Inc 5.05% 3/15/2034  | 220000 | 226091 |
| AbbVie Inc 5.4% 3/15/2054  | 150000 | 145826 |
| Amgen Inc 3% 1/15/2052  | 30000 | 19359 |
| Amgen Inc 3.15% 2/21/2040  | 410000 | 323150 |
| Amgen Inc 3.2% 11/2/2027  | 56000 | 55291 |
| Amgen Inc 3.375% 2/21/2050  | 110000 | 78280 |
| Amgen Inc 4.2% 3/1/2033  | 260000 | 254135 |
| Amgen Inc 4.4% 5/1/2045  | 102000 | 87240 |
| Amgen Inc 4.663% 6/15/2051  | 190000 | 162562 |
| Amgen Inc 4.875% 3/1/2053  | 50000 | 44011 |
| Amgen Inc 5.15% 3/2/2028  | 480000 | 491227 |
| Amgen Inc 5.25% 3/2/2033  | 100000 | 103516 |
| Amgen Inc 5.65% 3/2/2053  | 182000 | 178214 |
| Amgen Inc 5.75% 3/2/2063  | 140000 | 136595 |
| Amgen Inc 6.4% 2/1/2039  | 100000 | 110694 |
| Biogen Inc 3.25% 2/15/2051  | 270000 | 177663 |
| Gilead Sciences Inc 1.65% 10/1/2030  | 150000 | 134279 |
| Gilead Sciences Inc 2.8% 10/1/2050  | 180000 | 113922 |
| Gilead Sciences Inc 4% 9/1/2036  | 40000 | 37217 |
| Gilead Sciences Inc 4.15% 3/1/2047  | 60000 | 49830 |
| Gilead Sciences Inc 4.5% 2/1/2045  | 311000 | 274998 |
| Gilead Sciences Inc 4.8% 11/15/2029  | 220000 | 226359 |
| Gilead Sciences Inc 5.5% 11/15/2054  | 50000 | 49334 |
|  |  | 4970945 |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Abbott Laboratories 4.75% 11/30/2036  | 180000 | 181106 |
| Abbott Laboratories 4.9% 11/30/2046  | 150000 | 141232 |
| Baxter International Inc 1.915% 2/1/2027  | 79000 | 77089 |
| Baxter International Inc 2.539% 2/1/2032  | 180000 | 156854 |
| Baxter International Inc 3.132% 12/1/2051  | 20000 | 12571 |
| Baxter International Inc 5.65% 12/15/2035  | 60000 | 60721 |
| Becton Dickinson & Co 2.823% 5/20/2030  | 150000 | 141387 |
| Becton Dickinson & Co 3.7% 6/6/2027  | 52000 | 51783 |
| Becton Dickinson & Co 4.669% 6/6/2047  | 130000 | 113191 |
| Becton Dickinson & Co 5.081% 6/7/2029  | 100000 | 102647 |
| Boston Scientific Corp 3.75% 3/1/2026  | 120000 | 119900 |
| Boston Scientific Corp 4% 3/1/2029  | 100000 | 99868 |
| Boston Scientific Corp 4.7% 3/1/2049  | 140000 | 125554 |
| GE HealthCare Technologies Inc 5.5% 6/15/2035  | 80000 | 83115 |
| GE HealthCare Technologies Inc 5.857% 3/15/2030  | 100000 | 105751 |
| GE HealthCare Technologies Inc 5.905% 11/22/2032  | 140000 | 150807 |
| Medtronic Inc 4.625% 3/15/2045  | 168000 | 153755 |
| Solventum Corp 5.6% 3/23/2034  | 200000 | 208098 |
| Stryker Corp 2.9% 6/15/2050  | 140000 | 91525 |
| Stryker Corp 3.5% 3/15/2026  | 240000 | 239772 |
| Stryker Corp 4.625% 9/11/2034  | 100000 | 99409 |
| Stryker Corp 4.85% 2/10/2030  | 40000 | 41074 |
| Zimmer Biomet Holdings Inc 5.05% 2/19/2030  | 200000 | 206276 |
|  |  | 2763485 |
| Health Care Providers & Services - 1.3% |  |  |
| Aetna Inc 4.75% 3/15/2044  | 60000 | 52399 |
| Aetna Inc 6.625% 6/15/2036  | 60000 | 66010 |
| AHS Hospital Corp 2.78% 7/1/2051  | 250000 | 154565 |
| Allina Health System 3.887% 4/15/2049  | 20000 | 15335 |
| Ascension Health 4.078% 11/15/2028  | 46000 | 46184 |
| Ascension Health 4.294% 11/15/2030  | 55000 | 55085 |
| Ascension Health 4.923% 11/15/2035  | 224000 | 224339 |
| Banner Health 2.913% 1/1/2051  | 100000 | 63905 |
| Baptist Healthcare System Obligated Group 3.54% 8/15/2050  | 100000 | 71068 |
| Cardinal Health Inc 3.41% 6/15/2027  | 67000 | 66514 |
| Cardinal Health Inc 4.5% 9/15/2030  | 370000 | 373505 |
| Cardinal Health Inc 5.45% 2/15/2034  | 110000 | 114287 |
| Cencora Inc 4.25% 3/1/2045  | 20000 | 16920 |
| Cencora Inc 4.85% 12/15/2029  | 30000 | 30666 |
| Cencora Inc 5.125% 2/15/2034  | 110000 | 112830 |
| Cencora Inc 5.15% 2/15/2035  | 30000 | 30662 |
| Centene Corp 2.45% 7/15/2028  | 100000 | 93634 |
| Centene Corp 2.625% 8/1/2031  | 130000 | 111819 |
| Centene Corp 3.375% 2/15/2030  | 260000 | 239261 |
| Children's Hospital of Philadelphia/The 2.704% 7/1/2050  | 79000 | 49093 |
| Cigna Group/The 4.375% 10/15/2028  | 30000 | 30273 |
| Cigna Group/The 4.5% 9/15/2030  | 250000 | 251717 |
| Cigna Group/The 4.8% 7/15/2046  | 465000 | 413435 |
| Cigna Group/The 4.8% 8/15/2038  | 200000 | 191504 |
| Cigna Group/The 4.9% 12/15/2048  | 30000 | 26746 |
| CommonSpirit Health 3.91% 10/1/2050  | 145000 | 108296 |
| CommonSpirit Health 4.35% 11/1/2042  | 100000 | 86543 |
| CommonSpirit Health 4.352% 9/1/2030  | 35000 | 34848 |
| CommonSpirit Health 4.975% 9/1/2035  | 13000 | 12847 |
| CommonSpirit Health 5.318% 12/1/2034  | 100000 | 101862 |
| CommonSpirit Health 5.662% 9/1/2055  | 9000 | 8685 |
| CVS Health Corp 3% 8/15/2026  | 20000 | 19867 |
| CVS Health Corp 3.25% 8/15/2029  | 195000 | 188239 |
| CVS Health Corp 3.625% 4/1/2027  | 170000 | 169063 |
| CVS Health Corp 3.75% 4/1/2030  | 380000 | 371054 |
| CVS Health Corp 4.25% 4/1/2050  | 480000 | 371620 |
| CVS Health Corp 4.3% 3/25/2028  | 264000 | 264874 |
| CVS Health Corp 5% 1/30/2029  | 40000 | 40848 |
| CVS Health Corp 5% 9/15/2032 (e) | 100000 | 102067 |
| CVS Health Corp 5.05% 3/25/2048  | 131000 | 115483 |
| CVS Health Corp 5.25% 2/21/2033  | 250000 | 257395 |
| CVS Health Corp 5.3% 6/1/2033  | 70000 | 72182 |
| CVS Health Corp 5.45% 9/15/2035  | 80000 | 81889 |
| CVS Health Corp 5.55% 6/1/2031  | 100000 | 104657 |
| CVS Health Corp 5.625% 2/21/2053  | 130000 | 122033 |
| CVS Health Corp 6% 6/1/2063  | 90000 | 86887 |
| CVS Health Corp 6.05% 6/1/2054  | 50000 | 49712 |
| Elevance Health Inc 2.25% 5/15/2030  | 270000 | 247892 |
| Elevance Health Inc 3.65% 12/1/2027  | 320000 | 318470 |
| Elevance Health Inc 4% 9/15/2028  | 100000 | 99849 |
| Elevance Health Inc 4.101% 3/1/2028  | 50000 | 50046 |
| Elevance Health Inc 4.375% 12/1/2047  | 175000 | 145257 |
| Elevance Health Inc 4.55% 3/1/2048  | 250000 | 212613 |
| Elevance Health Inc 4.625% 5/15/2042  | 140000 | 125968 |
| Elevance Health Inc 5.2% 2/15/2035  | 140000 | 143002 |
| Elevance Health Inc 5.7% 2/15/2055  | 10000 | 9751 |
| Elevance Health Inc 5.7% 9/15/2055  | 90000 | 88172 |
| Franciscan Missionaries of Our Lady Health System Inc 3.914% 7/1/2049  | 120000 | 91170 |
| HCA Inc 4.3% 11/15/2030  | 300000 | 298866 |
| HCA Inc 4.5% 2/15/2027  | 1013000 | 1015206 |
| HCA Inc 5.25% 6/15/2049  | 100000 | 90377 |
| HCA Inc 5.5% 3/1/2032  | 250000 | 260517 |
| HCA Inc 5.6% 4/1/2034  | 200000 | 208584 |
| HCA Inc 5.7% 11/15/2055  | 30000 | 28588 |
| HCA Inc 5.75% 3/1/2035  | 110000 | 115457 |
| HCA Inc 6% 4/1/2054  | 300000 | 298245 |
| HCA Inc 6.1% 4/1/2064  | 70000 | 69342 |
| Humana Inc 3.95% 3/15/2027  | 445000 | 443709 |
| Humana Inc 4.625% 12/1/2042  | 80000 | 68836 |
| Humana Inc 5.75% 12/1/2028  | 70000 | 72791 |
| Humana Inc 5.75% 4/15/2054  | 70000 | 65850 |
| Humana Inc 6% 5/1/2055  | 70000 | 67976 |
| Integris Baptist Medical Center Inc 3.875% 8/15/2050  | 83000 | 60101 |
| Kaiser Foundation Hospitals 2.81% 6/1/2041  | 63000 | 46787 |
| Kaiser Foundation Hospitals 3.266% 11/1/2049  | 80000 | 55781 |
| Kaiser Foundation Hospitals 4.15% 5/1/2047  | 130000 | 108131 |
| Mass General Brigham Inc 3.342% 7/1/2060  | 70000 | 45530 |
| McKesson Corp 4.65% 5/30/2030  | 30000 | 30521 |
| McKesson Corp 5.25% 5/30/2035  | 60000 | 61953 |
| MyMichigan Health 3.409% 6/1/2050  | 33000 | 22884 |
| New York and Presbyterian Hospital/The 4.024% 8/1/2045  | 80000 | 65995 |
| Novant Health Inc 3.168% 11/1/2051  | 105000 | 69939 |
| NYU Langone Hospitals 3.38% 7/1/2055  | 70000 | 47882 |
| Orlando Health Obligated Group 3.327% 10/1/2050  | 57000 | 40194 |
| PeaceHealth Obligated Group 4.335% 11/15/2028  | 10000 | 10046 |
| PeaceHealth Obligated Group 4.855% 11/15/2032  | 20000 | 20176 |
| Piedmont Healthcare Inc 2.719% 1/1/2042  | 37000 | 26222 |
| Providence St Joseph Health Obligated Group 2.7% 10/1/2051  | 130000 | 76813 |
| Sutter Health 3.361% 8/15/2050  | 130000 | 90893 |
| Sutter Health 5.537% 8/15/2035  | 140000 | 146124 |
| Trinity Health Corp 2.632% 12/1/2040  | 50000 | 36491 |
| UnitedHealth Group Inc 1.25% 1/15/2026  | 81000 | 80921 |
| UnitedHealth Group Inc 2.9% 5/15/2050  | 120000 | 76621 |
| UnitedHealth Group Inc 3.05% 5/15/2041  | 230000 | 174385 |
| UnitedHealth Group Inc 3.5% 8/15/2039  | 772000 | 642818 |
| UnitedHealth Group Inc 3.7% 8/15/2049  | 40000 | 29699 |
| UnitedHealth Group Inc 3.75% 10/15/2047  | 30000 | 22906 |
| UnitedHealth Group Inc 4.25% 1/15/2029  | 100000 | 100738 |
| UnitedHealth Group Inc 4.45% 12/15/2048  | 102000 | 85721 |
| UnitedHealth Group Inc 4.625% 7/15/2035  | 100000 | 98581 |
| UnitedHealth Group Inc 4.7% 4/15/2029  | 340000 | 346681 |
| UnitedHealth Group Inc 4.95% 5/15/2062  | 90000 | 77918 |
| UnitedHealth Group Inc 5% 4/15/2034  | 40000 | 40645 |
| UnitedHealth Group Inc 5.05% 4/15/2053  | 100000 | 90198 |
| UnitedHealth Group Inc 5.15% 7/15/2034  | 150000 | 153637 |
| UnitedHealth Group Inc 5.25% 2/15/2028  | 90000 | 92459 |
| UnitedHealth Group Inc 5.35% 2/15/2033  | 90000 | 93767 |
| UnitedHealth Group Inc 5.5% 4/15/2064  | 100000 | 93956 |
| UnitedHealth Group Inc 5.5% 7/15/2044  | 210000 | 208440 |
| UnitedHealth Group Inc 5.625% 7/15/2054  | 250000 | 245204 |
| UnitedHealth Group Inc 6.05% 2/15/2063  | 60000 | 61281 |
| Universal Health Services Inc 4.625% 10/15/2029  | 100000 | 100391 |
| West Virginia United Health System Obligated Group 3.129% 6/1/2050  | 70000 | 43948 |
|  |  | 14332619 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Agilent Technologies Inc 4.2% 9/9/2027  | 60000 | 60303 |
| Agilent Technologies Inc 4.75% 9/9/2034  | 60000 | 59864 |
| Revvity Inc 2.25% 9/15/2031  | 90000 | 79244 |
| Thermo Fisher Scientific Inc 2.6% 10/1/2029  | 250000 | 237627 |
| Thermo Fisher Scientific Inc 4.794% 10/7/2035  | 120000 | 120367 |
| Thermo Fisher Scientific Inc 4.95% 11/21/2032  | 210000 | 216915 |
| Thermo Fisher Scientific Inc 5.086% 8/10/2033  | 20000 | 20760 |
|  |  | 795080 |
| Pharmaceuticals - 0.7% |  |  |
| Bristol-Myers Squibb Co 3.7% 3/15/2052  | 330000 | 242469 |
| Bristol-Myers Squibb Co 3.9% 3/15/2062  | 100000 | 72499 |
| Bristol-Myers Squibb Co 4.125% 6/15/2039  | 100000 | 90780 |
| Bristol-Myers Squibb Co 4.55% 2/20/2048  | 42000 | 36335 |
| Bristol-Myers Squibb Co 5.2% 2/22/2034  | 190000 | 197516 |
| Bristol-Myers Squibb Co 5.55% 2/22/2054  | 131000 | 128652 |
| Bristol-Myers Squibb Co 5.75% 2/1/2031  | 70000 | 74873 |
| Eli Lilly & Co 2.25% 5/15/2050  | 200000 | 115055 |
| Eli Lilly & Co 4.2% 8/14/2029  | 100000 | 100969 |
| Eli Lilly & Co 4.25% 3/15/2031  | 430000 | 433189 |
| Eli Lilly & Co 4.6% 8/14/2034  | 100000 | 100290 |
| Eli Lilly & Co 4.75% 2/12/2030  | 130000 | 133676 |
| Eli Lilly & Co 4.875% 2/27/2053  | 50000 | 45682 |
| Eli Lilly & Co 4.9% 10/15/2035  | 150000 | 152542 |
| Eli Lilly & Co 5.05% 8/14/2054  | 100000 | 93667 |
| Eli Lilly & Co 5.1% 2/9/2064  | 100000 | 92075 |
| Eli Lilly & Co 5.5% 2/12/2055  | 180000 | 180154 |
| GlaxoSmithKline Capital Inc 3.875% 5/15/2028  | 130000 | 130102 |
| Haleon US Capital LLC 3.625% 3/24/2032  | 250000 | 237823 |
| Johnson & Johnson 2.1% 9/1/2040  | 220000 | 155069 |
| Johnson & Johnson 2.25% 9/1/2050  | 50000 | 29478 |
| Johnson & Johnson 2.45% 9/1/2060  | 110000 | 60427 |
| Johnson & Johnson 3.4% 1/15/2038  | 116000 | 101939 |
| Johnson & Johnson 3.55% 3/1/2036  | 110000 | 101179 |
| Johnson & Johnson 4.9% 6/1/2031  | 100000 | 104411 |
| Johnson & Johnson 5% 3/1/2035  | 140000 | 145753 |
| Merck & Co Inc 1.45% 6/24/2030  | 100000 | 89421 |
| Merck & Co Inc 3.7% 2/10/2045  | 45000 | 35766 |
| Merck & Co Inc 3.850% 9/15/2027  | 30000 | 30113 |
| Merck & Co Inc 4.05% 5/17/2028  | 100000 | 100721 |
| Merck & Co Inc 4.15% 3/15/2031  | 170000 | 169467 |
| Merck & Co Inc 4.15% 5/18/2043  | 266000 | 228833 |
| Merck & Co Inc 4.150% 9/15/2030  | 60000 | 60213 |
| Merck & Co Inc 4.5% 5/17/2033  | 150000 | 151325 |
| Merck & Co Inc 4.75% 12/4/2035  | 180000 | 179327 |
| Merck & Co Inc 5% 5/17/2053  | 150000 | 137768 |
| Merck & Co Inc 5.55% 12/4/2055  | 130000 | 128263 |
| Merck & Co Inc 5.700% 9/15/2055  | 130000 | 131308 |
| Mylan Inc 4.55% 4/15/2028  | 20000 | 20021 |
| Novartis Capital Corp 2% 2/14/2027  | 320000 | 314261 |
| Novartis Capital Corp 2.75% 8/14/2050  | 50000 | 31996 |
| Novartis Capital Corp 3.1% 5/17/2027  | 90000 | 89325 |
| Novartis Capital Corp 4% 11/20/2045  | 35000 | 29280 |
| Novartis Capital Corp 4.6% 11/5/2035  | 310000 | 307134 |
| Novartis Capital Corp 5.3% 11/5/2055  | 80000 | 77443 |
| Pfizer Inc 2.55% 5/28/2040  | 125000 | 91763 |
| Pfizer Inc 2.7% 5/28/2050  | 380000 | 236859 |
| Pfizer Inc 3.45% 3/15/2029  | 70000 | 69178 |
| Pfizer Inc 4% 12/15/2036  | 36000 | 33765 |
| Pfizer Inc 4.2% 11/15/2030 (e) | 700000 | 703243 |
| Pfizer Inc 4.875% 11/15/2035  | 60000 | 60179 |
| Pfizer Investment Enterprises Pte Ltd 4.45% 5/19/2028  | 270000 | 273580 |
| Pfizer Investment Enterprises Pte Ltd 4.65% 5/19/2030  | 113000 | 115232 |
| Pfizer Investment Enterprises Pte Ltd 4.75% 5/19/2033  | 200000 | 202121 |
| Pfizer Investment Enterprises Pte Ltd 5.11% 5/19/2043  | 150000 | 144344 |
| Pfizer Investment Enterprises Pte Ltd 5.3% 5/19/2053  | 154000 | 145819 |
| Pfizer Investment Enterprises Pte Ltd 5.34% 5/19/2063  | 250000 | 231950 |
| Royalty Pharma PLC 3.3% 9/2/2040  | 100000 | 77397 |
| Royalty Pharma PLC 5.200% 9/25/2035  | 180000 | 180911 |
| Viatris Inc 2.7% 6/22/2030  | 100000 | 91407 |
| Viatris Inc 3.85% 6/22/2040  | 120000 | 92118 |
| Viatris Inc 4% 6/22/2050  | 100000 | 66596 |
| Zoetis Inc 4.15% 8/17/2028  | 70000 | 70376 |
| Zoetis Inc 4.45% 8/20/2048  | 60000 | 51433 |
| Zoetis Inc 5% 8/17/2035  | 80000 | 80877 |
|  |  | 8687737 |
| TOTAL HEALTH CARE |  | 31549866 |
| Industrials - 1.6% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| Boeing Co 3.2% 3/1/2029  | 126000 | 122154 |
| Boeing Co 3.6% 5/1/2034  | 170000 | 154453 |
| Boeing Co 5.705% 5/1/2040  | 836000 | 853371 |
| Boeing Co 5.805% 5/1/2050  | 130000 | 127867 |
| Boeing Co 6.528% 5/1/2034  | 250000 | 276590 |
| Boeing Co 6.858% 5/1/2054  | 190000 | 213396 |
| GE Aerospace 4.35% 5/1/2050  | 489000 | 416330 |
| General Dynamics Corp 3.625% 4/1/2030  | 140000 | 137406 |
| General Dynamics Corp 4.25% 4/1/2050  | 50000 | 42174 |
| General Dynamics Corp 4.95% 8/15/2035  | 60000 | 61198 |
| Huntington Ingalls Industries Inc 4.2% 5/1/2030  | 60000 | 59429 |
| L3Harris Technologies Inc 4.854% 4/27/2035  | 100000 | 99742 |
| L3Harris Technologies Inc 5.05% 6/1/2029  | 200000 | 205415 |
| L3Harris Technologies Inc 5.4% 1/15/2027  | 270000 | 273904 |
| L3Harris Technologies Inc 5.5% 8/15/2054  | 50000 | 48849 |
| Lockheed Martin Corp 4.07% 12/15/2042  | 70000 | 59800 |
| Lockheed Martin Corp 4.09% 9/15/2052  | 70000 | 55477 |
| Lockheed Martin Corp 4.7% 12/15/2031  | 210000 | 215220 |
| Lockheed Martin Corp 4.7% 5/15/2046  | 28000 | 25390 |
| Lockheed Martin Corp 5% 8/15/2035  | 60000 | 61112 |
| Lockheed Martin Corp 5.2% 2/15/2064  | 20000 | 18527 |
| Lockheed Martin Corp 5.9% 11/15/2063  | 200000 | 206642 |
| Northrop Grumman Corp 3.25% 1/15/2028  | 80000 | 78974 |
| Northrop Grumman Corp 4.03% 10/15/2047  | 106000 | 85144 |
| Northrop Grumman Corp 4.4% 5/1/2030  | 300000 | 302535 |
| Northrop Grumman Corp 5.2% 6/1/2054  | 60000 | 56088 |
| Northrop Grumman Corp 5.25% 5/1/2050  | 120000 | 113244 |
| RTX Corp 3.75% 11/1/2046  | 30000 | 23247 |
| RTX Corp 4.05% 5/4/2047  | 18000 | 14531 |
| RTX Corp 4.125% 11/16/2028  | 260000 | 260865 |
| RTX Corp 4.35% 4/15/2047  | 260000 | 220329 |
| RTX Corp 4.45% 11/16/2038  | 370000 | 347368 |
| RTX Corp 5.15% 2/27/2033  | 240000 | 247872 |
| RTX Corp 6.1% 3/15/2034  | 230000 | 251642 |
| RTX Corp 6.4% 3/15/2054  | 60000 | 66028 |
|  |  | 5802313 |
| Air Freight & Logistics - 0.1% |  |  |
| FedEx Corp 4.05% 2/15/2048  | 150000 | 114773 |
| FedEx Corp 4.25% 5/15/2030  | 175000 | 175821 |
| FedEx Corp 4.75% 11/15/2045  | 20000 | 17301 |
| FedEx Corp 4.95% 10/17/2048  | 102000 | 89100 |
| United Parcel Service Inc 4.875% 3/3/2033 (e) | 360000 | 370780 |
| United Parcel Service Inc 5.05% 3/3/2053  | 20000 | 18337 |
| United Parcel Service Inc 5.25% 5/14/2035  | 50000 | 51819 |
| United Parcel Service Inc 5.5% 5/22/2054  | 140000 | 136066 |
| United Parcel Service Inc 5.6% 5/22/2064  | 50000 | 48253 |
| United Parcel Service Inc 5.95% 5/14/2055  | 60000 | 61933 |
|  |  | 1084183 |
| Building Products - 0.1% |  |  |
| Carrier Global Corp 2.493% 2/15/2027  | 50000 | 49187 |
| Carrier Global Corp 2.722% 2/15/2030  | 100000 | 94146 |
| Carrier Global Corp 3.377% 4/5/2040  | 195000 | 157557 |
| Carrier Global Corp 3.577% 4/5/2050  | 50000 | 36810 |
| Carrier Global Corp 5.9% 3/15/2034  | 80000 | 85814 |
| Johnson Controls International plc / Tyco Fire & Security Finance SCA 4.9% 12/1/2032  | 150000 | 152501 |
| Johnson Controls International plc 5.125% 9/14/2045  | 6000 | 5508 |
| Masco Corp 2% 2/15/2031  | 103000 | 91076 |
| Masco Corp 3.125% 2/15/2051  | 52000 | 34220 |
| Owens Corning 3.875% 6/1/2030  | 100000 | 98185 |
| Owens Corning 4.4% 1/30/2048  | 20000 | 16380 |
| Owens Corning 5.95% 6/15/2054  | 60000 | 60892 |
| Trane Technologies Holdco Inc 3.75% 8/21/2028  | 210000 | 209254 |
| Trane Technologies Holdco Inc 4.3% 2/21/2048  | 20000 | 16735 |
|  |  | 1108265 |
| Commercial Services & Supplies - 0.1% |  |  |
| Republic Services Inc 1.45% 2/15/2031  | 500000 | 435781 |
| Republic Services Inc 3.95% 5/15/2028  | 28000 | 28047 |
| Veralto Corp 5.45% 9/18/2033  | 40000 | 41746 |
| Waste Connections Inc 2.2% 1/15/2032  | 130000 | 114769 |
| Waste Connections Inc 5% 3/1/2034  | 90000 | 91907 |
| Waste Management Inc 4.65% 3/15/2030  | 60000 | 61162 |
| Waste Management Inc 4.875% 2/15/2029  | 390000 | 400005 |
| Waste Management Inc 4.875% 2/15/2034  | 80000 | 82068 |
| Waste Management Inc 4.95% 3/15/2035  | 60000 | 60938 |
| Waste Management Inc 4.95% 7/3/2027  | 40000 | 40674 |
| Waste Management Inc 4.95% 7/3/2031  | 40000 | 41405 |
| Waste Management Inc 5.35% 10/15/2054  | 60000 | 58452 |
|  |  | 1456954 |
| Electrical Equipment - 0.0% |  |  |
| Emerson Electric Co 2% 12/21/2028  | 290000 | 275060 |
| Emerson Electric Co 5% 3/15/2035  | 80000 | 82015 |
| Regal Rexnord Corp 6.05% 4/15/2028  | 170000 | 175859 |
| Regal Rexnord Corp 6.4% 4/15/2033  | 40000 | 43025 |
| Rockwell Automation Inc 4.2% 3/1/2049  | 50000 | 41573 |
|  |  | 617532 |
| Ground Transportation - 0.3% |  |  |
| Burlington Northern Santa Fe LLC 3.05% 2/15/2051  | 211000 | 139054 |
| Burlington Northern Santa Fe LLC 3.25% 6/15/2027  | 30000 | 29805 |
| Burlington Northern Santa Fe LLC 4.05% 6/15/2048  | 207000 | 167313 |
| Burlington Northern Santa Fe LLC 4.45% 3/15/2043  | 100000 | 88919 |
| Burlington Northern Santa Fe LLC 5.2% 4/15/2054  | 80000 | 75289 |
| Burlington Northern Santa Fe LLC 5.55% 3/15/2056  | 50000 | 49287 |
| Burlington Northern Santa Fe LLC 5.8% 3/15/2056  | 100000 | 102099 |
| Burlington Northern Santa Fe LLC 6.15% 5/1/2037  | 20000 | 22198 |
| CSX Corp 2.4% 2/15/2030  | 80000 | 74861 |
| CSX Corp 4.3% 3/1/2048  | 140000 | 116793 |
| CSX Corp 4.5% 3/15/2049  | 160000 | 136547 |
| CSX Corp 4.75% 11/15/2048  | 70000 | 62232 |
| CSX Corp 5.05% 6/15/2035  | 20000 | 20343 |
| CSX Corp 6.15% 5/1/2037  | 140000 | 153712 |
| Norfolk Southern Corp 2.9% 8/25/2051  | 110000 | 69104 |
| Norfolk Southern Corp 3.8% 8/1/2028  | 63000 | 62685 |
| Norfolk Southern Corp 4.05% 8/15/2052  | 90000 | 69844 |
| Norfolk Southern Corp 4.1% 5/15/2121  | 60000 | 41504 |
| Norfolk Southern Corp 4.15% 2/28/2048  | 38000 | 30939 |
| Norfolk Southern Corp 4.45% 3/1/2033  | 150000 | 149594 |
| Norfolk Southern Corp 5.1% 5/1/2035  | 70000 | 71496 |
| Norfolk Southern Corp 5.35% 8/1/2054  | 50000 | 47763 |
| Ryder System Inc 4.85% 6/15/2030  | 50000 | 51008 |
| Ryder System Inc 6.6% 12/1/2033  | 60000 | 66880 |
| Uber Technologies Inc 4.15% 1/15/2031  | 110000 | 109593 |
| Uber Technologies Inc 4.3% 1/15/2030  | 50000 | 50312 |
| Uber Technologies Inc 4.8% 9/15/2034  | 50000 | 49986 |
| Uber Technologies Inc 4.8% 9/15/2035  | 90000 | 89525 |
| Uber Technologies Inc 5.35% 9/15/2054 (e) | 50000 | 47683 |
| Union Pacific Corp 2.891% 4/6/2036  | 79000 | 66688 |
| Union Pacific Corp 2.973% 9/16/2062  | 290000 | 169682 |
| Union Pacific Corp 3.25% 2/5/2050  | 50000 | 34619 |
| Union Pacific Corp 3.55% 8/15/2039  | 130000 | 111043 |
| Union Pacific Corp 3.6% 9/15/2037  | 38000 | 33795 |
| Union Pacific Corp 3.839% 3/20/2060  | 70000 | 50500 |
| Union Pacific Corp 4.05% 11/15/2045  | 170000 | 139301 |
| Union Pacific Corp 5.1% 2/20/2035  | 20000 | 20640 |
| Union Pacific Corp 5.15% 1/20/2063  | 120000 | 109805 |
| Union Pacific Corp 5.6% 12/1/2054  | 20000 | 19935 |
|  |  | 3002376 |
| Industrial Conglomerates - 0.1% |  |  |
| 3M Co 2.375% 8/26/2029  | 177000 | 166860 |
| 3M Co 3.05% 4/15/2030  | 19000 | 18159 |
| 3M Co 3.625% 10/15/2047  | 50000 | 37220 |
| 3M Co 3.7% 4/15/2050  | 24000 | 17603 |
| 3M Co 3.875% 6/15/2044  | 70000 | 56591 |
| 3M Co 5.15% 3/15/2035  | 100000 | 102210 |
| Honeywell International Inc 3.812% 11/21/2047  | 20000 | 15666 |
| Honeywell International Inc 4.7% 2/1/2030  | 40000 | 40879 |
| Honeywell International Inc 4.875% 9/1/2029  | 70000 | 71911 |
| Honeywell International Inc 5% 3/1/2035  | 190000 | 193523 |
| Honeywell International Inc 5.25% 3/1/2054  | 170000 | 160666 |
| Honeywell International Inc 5.35% 3/1/2064  | 20000 | 19017 |
| Trane Technologies Financing Ltd 3.8% 3/21/2029  | 125000 | 124101 |
|  |  | 1024406 |
| Machinery - 0.2% |  |  |
| Caterpillar Financial Services Corp 1.1% 9/14/2027  | 530000 | 508004 |
| Caterpillar Financial Services Corp 4.1% 8/15/2028  | 450000 | 452918 |
| Caterpillar Inc 3.25% 9/19/2049  | 110000 | 78243 |
| Caterpillar Inc 4.75% 5/15/2064  | 40000 | 35205 |
| Caterpillar Inc 5.2% 5/15/2035  | 120000 | 124383 |
| Caterpillar Inc 5.2% 5/27/2041  | 100000 | 100826 |
| Cummins Inc 4.875% 10/1/2043  | 110000 | 105449 |
| Cummins Inc 4.9% 2/20/2029  | 60000 | 61582 |
| Cummins Inc 5.3% 5/9/2035  | 60000 | 62218 |
| Deere & Co 2.875% 9/7/2049  | 130000 | 87260 |
| Deere & Co 5.7% 1/19/2055  | 80000 | 82684 |
| Eaton Corp 4.15% 3/15/2033  | 260000 | 255843 |
| Eaton Corp 4.7% 8/23/2052  | 20000 | 17805 |
| Illinois Tool Works Inc 4.875% 9/15/2041  | 70000 | 67969 |
| Ingersoll Rand Inc 5.7% 8/14/2033  | 150000 | 158925 |
| Otis Worldwide Corp 2.565% 2/15/2030  | 70000 | 65540 |
| Otis Worldwide Corp 3.362% 2/15/2050  | 80000 | 56831 |
| Otis Worldwide Corp 5.131% 9/4/2035  | 10000 | 10190 |
| Parker-Hannifin Corp 3.25% 6/14/2029  | 60000 | 58375 |
| Parker-Hannifin Corp 4% 6/14/2049  | 110000 | 88447 |
| Stanley Black & Decker Inc 2.75% 11/15/2050  | 150000 | 89030 |
| Westinghouse Air Brake Technologies Corp 5.5% 5/29/2035  | 60000 | 62575 |
|  |  | 2630302 |
| Passenger Airlines - 0.1% |  |  |
| American Airlines 2017-1 Class AA Pass Through Trust equipment trust certificate 3.65% 8/15/2030  | 88688 | 87100 |
| Delta Air Lines Inc 4.95% 7/10/2028  | 80000 | 81439 |
| Delta Air Lines Inc 5.25% 7/10/2030  | 40000 | 41102 |
| Southwest Airlines Co 5.125% 6/15/2027  | 595000 | 602494 |
| United Airlines 2016-1 Class AA Pass Through Trust equipment trust certificate 3.1% 1/7/2030  | 158915 | 154818 |
| United Airlines 2023-1 Class A Pass Through Trust equipment trust certificate 5.8% 7/15/2037  | 46649 | 48729 |
|  |  | 1015682 |
| Professional Services - 0.0% |  |  |
| Booz Allen Hamilton Inc 5.95% 8/4/2033  | 60000 | 62503 |
| Leidos Inc 2.3% 2/15/2031  | 110000 | 98972 |
| Paychex Inc 5.1% 4/15/2030  | 100000 | 102951 |
| Paychex Inc 5.6% 4/15/2035  | 133000 | 139291 |
| Verisk Analytics Inc 4.5% 8/15/2030  | 50000 | 50378 |
| Verisk Analytics Inc 5.125% 2/15/2036  | 50000 | 50228 |
| Verisk Analytics Inc 5.25% 3/15/2035  | 100000 | 101765 |
|  |  | 606088 |
| Trading Companies & Distributors - 0.1% |  |  |
| Air Lease Corp 2.875% 1/15/2026  | 120000 | 119935 |
| Air Lease Corp 3.125% 12/1/2030  | 40000 | 37067 |
| Air Lease Corp 3.75% 6/1/2026  | 158000 | 157699 |
| Air Lease Corp 5.2% 7/15/2031  | 70000 | 71149 |
| Ferguson Enterprises Inc 4.35% 3/15/2031  | 70000 | 69753 |
| GATX Corp 4.55% 11/7/2028  | 130000 | 131076 |
| GATX Corp 4.9% 3/15/2033  | 80000 | 80090 |
| GATX Corp 6.9% 5/1/2034  | 100000 | 112027 |
| WW Grainger Inc 4.45% 9/15/2034  | 110000 | 109015 |
|  |  | 887811 |
| TOTAL INDUSTRIALS |  | 19235912 |
| Information Technology - 2.0% |  |  |
| Communications Equipment - 0.1% |  |  |
| Cisco Systems Inc 4.75% 2/24/2030  | 80000 | 82240 |
| Cisco Systems Inc 4.8% 2/26/2027  | 370000 | 374149 |
| Cisco Systems Inc 4.85% 2/26/2029  | 110000 | 112905 |
| Cisco Systems Inc 5.05% 2/26/2034  | 110000 | 113195 |
| Cisco Systems Inc 5.1% 2/24/2035  | 130000 | 133567 |
| Cisco Systems Inc 5.3% 2/26/2054  | 50000 | 47926 |
| Cisco Systems Inc 5.5% 1/15/2040  | 90000 | 93283 |
| Cisco Systems Inc 5.5% 2/24/2055  | 40000 | 39549 |
| Cisco Systems Inc 5.9% 2/15/2039  | 130000 | 139756 |
| Motorola Solutions Inc 5.2% 8/15/2032  | 30000 | 30931 |
| Motorola Solutions Inc 5.4% 4/15/2034  | 160000 | 165222 |
|  |  | 1332723 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Amphenol Corp 3.8% 11/15/2027  | 250000 | 249666 |
| Amphenol Corp 4.125% 11/15/2030  | 180000 | 179056 |
| Amphenol Corp 4.625% 2/15/2036  | 20000 | 19594 |
| Amphenol Corp 5.25% 4/5/2034  | 130000 | 135194 |
| Amphenol Corp 5.3% 11/15/2055  | 60000 | 57319 |
| Amphenol Corp 5.375% 11/15/2054  | 26000 | 25271 |
| Corning Inc 5.35% 11/15/2048  | 140000 | 135604 |
| Dell International LLC / EMC Corp 5.3% 10/1/2029  | 390000 | 402438 |
| Dell International LLC / EMC Corp 8.1% 7/15/2036  | 80000 | 96937 |
| Dell International LLC / EMC Corp 8.35% 7/15/2046  | 187000 | 237214 |
| Flex Ltd 5.25% 1/15/2032  | 100000 | 101932 |
| Vontier Corp 2.4% 4/1/2028  | 60000 | 57505 |
|  |  | 1697730 |
| IT Services - 0.2% |  |  |
| CDW LLC / CDW Finance Corp 2.67% 12/1/2026  | 150000 | 148007 |
| CDW LLC / CDW Finance Corp 3.569% 12/1/2031  | 40000 | 37260 |
| CDW LLC / CDW Finance Corp 5.1% 3/1/2030  | 60000 | 61100 |
| CDW LLC / CDW Finance Corp 5.55% 8/22/2034  | 40000 | 40757 |
| IBM Corporation 1.95% 5/15/2030  | 175000 | 159508 |
| IBM Corporation 2.95% 5/15/2050  | 175000 | 111748 |
| IBM Corporation 3.5% 5/15/2029  | 843000 | 826829 |
| IBM Corporation 4% 6/20/2042  | 90000 | 75405 |
| IBM Corporation 4.15% 5/15/2039  | 100000 | 89272 |
| IBM Corporation 5.2% 2/10/2035 (e) | 100000 | 102493 |
| IBM Corporation 5.6% 11/30/2039  | 50000 | 51656 |
| IBM Corporation 5.7% 2/10/2055  | 100000 | 98550 |
| IBM International Capital Pte Ltd 4.6% 2/5/2029  | 180000 | 182700 |
|  |  | 1985285 |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Advanced Micro Devices Inc 4.393% 6/1/2052  | 30000 | 25382 |
| Analog Devices Inc 2.8% 10/1/2041  | 130000 | 95884 |
| Analog Devices Inc 2.95% 10/1/2051  | 40000 | 25950 |
| Analog Devices Inc 4.5% 6/15/2030  | 30000 | 30407 |
| Applied Materials Inc 4% 1/15/2031  | 80000 | 79594 |
| Applied Materials Inc 4.35% 4/1/2047  | 28000 | 24090 |
| Applied Materials Inc 5.85% 6/15/2041  | 70000 | 74393 |
| Broadcom Corp / Broadcom Cayman Finance Ltd 3.5% 1/15/2028  | 1324000 | 1312679 |
| Broadcom Inc 3.187% 11/15/2036 (d) | 90000 | 76328 |
| Broadcom Inc 3.419% 4/15/2033  | 82000 | 75905 |
| Broadcom Inc 3.5% 2/15/2041  | 100000 | 81349 |
| Broadcom Inc 4% 4/15/2029 (d) | 70000 | 69705 |
| Broadcom Inc 4.3% 11/15/2032  | 250000 | 246605 |
| Broadcom Inc 4.55% 2/15/2032  | 190000 | 190530 |
| Broadcom Inc 4.6% 7/15/2030  | 250000 | 254008 |
| Broadcom Inc 4.75% 4/15/2029  | 50000 | 50938 |
| Broadcom Inc 4.8% 10/15/2034  | 190000 | 190365 |
| Broadcom Inc 4.8% 2/15/2036  | 90000 | 88807 |
| Broadcom Inc 4.9% 2/15/2038 (e) | 230000 | 225475 |
| Broadcom Inc 4.926% 5/15/2037 (d) | 80000 | 78961 |
| Broadcom Inc 5% 4/15/2030  | 50000 | 51465 |
| Broadcom Inc 5.15% 11/15/2031  | 240000 | 248988 |
| Intel Corp 3.25% 11/15/2049  | 110000 | 70273 |
| Intel Corp 3.734% 12/8/2047  | 617000 | 439053 |
| Intel Corp 4.875% 2/10/2028  | 100000 | 101405 |
| Intel Corp 5.15% 2/21/2034 (e) | 50000 | 50629 |
| Intel Corp 5.2% 2/10/2033  | 710000 | 723408 |
| Intel Corp 5.7% 2/10/2053  | 80000 | 74477 |
| Intel Corp 5.9% 2/10/2063  | 90000 | 84159 |
| KLA Corp 4.65% 7/15/2032  | 110000 | 111603 |
| KLA Corp 4.95% 7/15/2052  | 110000 | 99821 |
| Lam Research Corp 2.875% 6/15/2050  | 150000 | 97299 |
| Marvell Technology Inc 4.75% 7/15/2030  | 50000 | 50653 |
| Marvell Technology Inc 5.45% 7/15/2035  | 20000 | 20606 |
| Marvell Technology Inc 5.95% 9/15/2033  | 60000 | 64151 |
| Micron Technology Inc 3.366% 11/1/2041  | 30000 | 22995 |
| Micron Technology Inc 4.663% 2/15/2030  | 230000 | 232623 |
| Micron Technology Inc 5.327% 2/6/2029  | 50000 | 51554 |
| Micron Technology Inc 5.65% 11/1/2032  | 40000 | 42046 |
| Micron Technology Inc 5.8% 1/15/2035  | 70000 | 73768 |
| Micron Technology Inc 6.05% 11/1/2035  | 50000 | 53345 |
| NVIDIA Corp 2% 6/15/2031  | 216000 | 194422 |
| NVIDIA Corp 2.85% 4/1/2030  | 100000 | 95529 |
| NVIDIA Corp 3.5% 4/1/2040  | 50000 | 42248 |
| NVIDIA Corp 3.5% 4/1/2050  | 50000 | 37002 |
| QUALCOMM Inc 1.65% 5/20/2032  | 54000 | 46087 |
| QUALCOMM Inc 4.5% 5/20/2030  | 130000 | 132147 |
| QUALCOMM Inc 5% 5/20/2035  | 130000 | 132005 |
| QUALCOMM Inc 5.4% 5/20/2033  | 250000 | 264732 |
| QUALCOMM Inc 6% 5/20/2053  | 140000 | 147347 |
| Texas Instruments Inc 4.15% 5/15/2048  | 70000 | 57652 |
| Texas Instruments Inc 4.5% 5/23/2030  | 140000 | 142230 |
| Texas Instruments Inc 4.85% 2/8/2034  | 60000 | 61522 |
| Texas Instruments Inc 4.9% 3/14/2033  | 200000 | 206329 |
| Texas Instruments Inc 5.05% 5/18/2063  | 40000 | 35755 |
| Texas Instruments Inc 5.1% 5/23/2035  | 140000 | 144067 |
|  |  | 7800750 |
| Software - 0.6% |  |  |
| Adobe Inc 4.95% 4/4/2034  | 70000 | 72334 |
| AppLovin Corp 5.125% 12/1/2029  | 60000 | 61544 |
| AppLovin Corp 5.5% 12/1/2034  | 120000 | 123294 |
| Cadence Design Systems Inc 4.3% 9/10/2029  | 70000 | 70358 |
| Cadence Design Systems Inc 4.7% 9/10/2034  | 40000 | 39986 |
| Intuit Inc 5.2% 9/15/2033  | 30000 | 31364 |
| Intuit Inc 5.5% 9/15/2053  | 70000 | 68945 |
| Microsoft Corp 2.525% 6/1/2050  | 326000 | 199039 |
| Microsoft Corp 2.921% 3/17/2052  | 734000 | 480797 |
| Microsoft Corp 3.3% 2/6/2027  | 115000 | 114555 |
| Microsoft Corp 3.4% 6/15/2027  | 210000 | 209474 |
| Microsoft Corp 3.45% 8/8/2036  | 481000 | 439256 |
| Microsoft Corp 4.2% 11/3/2035 (e) | 170000 | 169251 |
| Oracle Corp 2.95% 4/1/2030  | 360000 | 332341 |
| Oracle Corp 3.25% 11/15/2027  | 96000 | 93914 |
| Oracle Corp 3.6% 4/1/2050  | 300000 | 186873 |
| Oracle Corp 3.8% 11/15/2037  | 110000 | 88808 |
| Oracle Corp 3.85% 4/1/2060  | 80000 | 48883 |
| Oracle Corp 3.9% 5/15/2035  | 220000 | 189600 |
| Oracle Corp 4% 11/15/2047  | 397000 | 272617 |
| Oracle Corp 4.2% 9/27/2029  | 290000 | 284216 |
| Oracle Corp 4.45% 9/26/2030  | 100000 | 97834 |
| Oracle Corp 4.7% 9/27/2034  | 70000 | 64910 |
| Oracle Corp 4.9% 2/6/2033  | 250000 | 240598 |
| Oracle Corp 5.2% 9/26/2035  | 270000 | 258682 |
| Oracle Corp 5.375% 7/15/2040  | 641000 | 573893 |
| Oracle Corp 5.375% 9/27/2054  | 70000 | 56614 |
| Oracle Corp 5.5% 8/3/2035  | 50000 | 48994 |
| Oracle Corp 5.875% 9/26/2045  | 160000 | 144500 |
| Oracle Corp 5.95% 9/26/2055  | 180000 | 159483 |
| Oracle Corp 6% 8/3/2055  | 120000 | 105815 |
| Roper Technologies Inc 1.4% 9/15/2027  | 50000 | 47873 |
| Roper Technologies Inc 1.75% 2/15/2031  | 50000 | 43859 |
| Roper Technologies Inc 2% 6/30/2030  | 330000 | 298536 |
| Roper Technologies Inc 5.1% 9/15/2035  | 30000 | 30228 |
| Salesforce Inc 2.7% 7/15/2041  | 220000 | 159581 |
| Salesforce Inc 2.9% 7/15/2051  | 20000 | 12656 |
| Synopsys Inc 4.65% 4/1/2028  | 240000 | 243235 |
| Synopsys Inc 4.85% 4/1/2030  | 60000 | 61281 |
| Synopsys Inc 5% 4/1/2032  | 120000 | 122533 |
| Synopsys Inc 5.15% 4/1/2035  | 110000 | 111798 |
| Synopsys Inc 5.7% 4/1/2055  | 100000 | 99199 |
| VMware LLC 2.2% 8/15/2031  | 50000 | 44428 |
| VMware LLC 4.7% 5/15/2030  | 100000 | 101589 |
|  |  | 6705568 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Apple Inc 1.2% 2/8/2028  | 440000 | 418491 |
| Apple Inc 1.25% 8/20/2030  | 50000 | 44363 |
| Apple Inc 2.375% 2/8/2041  | 330000 | 238018 |
| Apple Inc 2.55% 8/20/2060  | 200000 | 111005 |
| Apple Inc 2.65% 2/8/2051  | 200000 | 123634 |
| Apple Inc 2.8% 2/8/2061  | 120000 | 70412 |
| Apple Inc 2.95% 9/11/2049  | 240000 | 160375 |
| Apple Inc 3% 11/13/2027  | 96000 | 95033 |
| Apple Inc 3.2% 5/11/2027  | 200000 | 198904 |
| Apple Inc 3.75% 11/13/2047  | 57000 | 45132 |
| Apple Inc 3.85% 5/4/2043  | 369000 | 311682 |
| Apple Inc 4.2% 5/12/2030 (e) | 650000 | 657558 |
| Apple Inc 4.3% 5/10/2033  | 250000 | 253271 |
| Apple Inc 4.5% 2/23/2036  | 90000 | 90835 |
| Hewlett Packard Enterprise Co 4.4% 10/15/2030  | 300000 | 299082 |
| Hewlett Packard Enterprise Co 4.55% 10/15/2029  | 130000 | 130747 |
| Hewlett Packard Enterprise Co 5% 10/15/2034  | 130000 | 128858 |
| Hewlett Packard Enterprise Co 5.6% 10/15/2054  | 60000 | 55590 |
| HP Inc 4.2% 4/15/2032  | 110000 | 106750 |
| HP Inc 5.4% 4/25/2030  | 30000 | 31087 |
| HP Inc 6.1% 4/25/2035  | 100000 | 105626 |
|  |  | 3676453 |
| TOTAL INFORMATION TECHNOLOGY |  | 23198509 |
| Materials - 0.4% |  |  |
| Chemicals - 0.2% |  |  |
| Air Products and Chemicals Inc 2.05% 5/15/2030  | 60000 | 55188 |
| Air Products and Chemicals Inc 2.7% 5/15/2040  | 60000 | 45002 |
| Air Products and Chemicals Inc 2.8% 5/15/2050  | 100000 | 63676 |
| Albemarle Corp 4.65% 6/1/2027  | 120000 | 120734 |
| Albemarle Corp 5.65% 6/1/2052  | 20000 | 18066 |
| CF Industries Inc 4.95% 6/1/2043  | 70000 | 62679 |
| CF Industries Inc 5.375% 3/15/2044  | 20000 | 18733 |
| Dow Chemical Co/The 2.1% 11/15/2030  | 250000 | 221212 |
| Dow Chemical Co/The 3.6% 11/15/2050  | 200000 | 128984 |
| Dow Chemical Co/The 4.625% 10/1/2044  | 100000 | 80263 |
| Dow Chemical Co/The 4.8% 1/15/2031  | 50000 | 49717 |
| Dow Chemical Co/The 4.8% 5/15/2049  | 50000 | 39260 |
| Dow Chemical Co/The 5.65% 3/15/2036  | 30000 | 29867 |
| Dow Chemical Co/The 7.375% 11/1/2029  | 46000 | 50684 |
| Eastman Chemical Co 4.5% 12/1/2028  | 174000 | 175313 |
| Eastman Chemical Co 5.625% 2/20/2034  | 30000 | 30950 |
| Eastman Chemical Co 5.75% 3/8/2033 (e) | 80000 | 83833 |
| Ecolab Inc 1.3% 1/30/2031  | 300000 | 260808 |
| Ecolab Inc 2.7% 12/15/2051  | 50000 | 30866 |
| Ecolab Inc 5% 9/1/2035  | 40000 | 40759 |
| Huntsman Intl LLC 4.5% 5/1/2029  | 100000 | 95884 |
| International Flavors & Fragrances Inc 4.375% 6/1/2047  | 50000 | 40308 |
| Linde Inc/CT 2% 8/10/2050  | 60000 | 31814 |
| LYB International Finance II BV 3.5% 3/2/2027  | 166000 | 165132 |
| LYB International Finance III LLC 3.375% 10/1/2040  | 20000 | 14469 |
| LYB International Finance III LLC 3.625% 4/1/2051  | 120000 | 77331 |
| LYB International Finance III LLC 4.2% 10/15/2049  | 100000 | 71733 |
| LYB International Finance III LLC 5.5% 3/1/2034  | 50000 | 49422 |
| LYB International Finance III LLC 5.875% 1/15/2036  | 110000 | 109485 |
| Mosaic Co/The 4.05% 11/15/2027  | 90000 | 89949 |
| Mosaic Co/The 5.45% 11/15/2033 (e) | 50000 | 51371 |
| RPM International Inc 5.25% 6/1/2045  | 30000 | 28436 |
| Sherwin-Williams Co/The 3.45% 6/1/2027  | 290000 | 287786 |
| Sherwin-Williams Co/The 3.8% 8/15/2049  | 80000 | 59873 |
| Sherwin-Williams Co/The 4.5% 6/1/2047  | 50000 | 42618 |
| Westlake Corp 5.55% 11/15/2035 (e) | 50000 | 49989 |
| Westlake Corp 6.375% 11/15/2055  | 60000 | 59029 |
|  |  | 2931223 |
| Construction Materials - 0.0% |  |  |
| CRH America Finance Inc 5.6% 2/9/2056  | 80000 | 78840 |
| Martin Marietta Materials Inc 2.4% 7/15/2031  | 100000 | 90228 |
| Martin Marietta Materials Inc 2.5% 3/15/2030  | 90000 | 83936 |
| Martin Marietta Materials Inc 3.2% 7/15/2051  | 20000 | 13468 |
| Martin Marietta Materials Inc 5.15% 12/1/2034  | 30000 | 30609 |
| Martin Marietta Materials Inc 5.5% 12/1/2054  | 60000 | 57953 |
| Vulcan Materials Co 5.35% 12/1/2034  | 110000 | 114011 |
|  |  | 469045 |
| Containers & Packaging - 0.1% |  |  |
| Amcor Flexibles North America Inc 5.5% 3/17/2035  | 60000 | 61976 |
| Amcor Group Finance PLC 5.45% 5/23/2029  | 150000 | 155061 |
| Avery Dennison Corp 2.65% 4/30/2030  | 80000 | 74644 |
| International Paper Co 4.8% 6/15/2044  | 155000 | 136562 |
| Packaging Corp of America 5.2% 8/15/2035  | 20000 | 20306 |
| Packaging Corp of America 5.7% 12/1/2033  | 80000 | 84393 |
| Sonoco Products Co 5% 9/1/2034  | 100000 | 99060 |
| WestRock MWV LLC 8.2% 1/15/2030  | 220000 | 250341 |
| WRKCo Inc 4.2% 6/1/2032  | 50000 | 48568 |
|  |  | 930911 |
| Metals & Mining - 0.1% |  |  |
| Freeport-McMoRan Inc 4.125% 3/1/2028  | 130000 | 129600 |
| Freeport-McMoRan Inc 5.4% 11/14/2034  | 140000 | 144346 |
| Newmont Corp 2.6% 7/15/2032  | 250000 | 227510 |
| Newmont Corp 5.45% 6/9/2044  | 80000 | 79750 |
| Nucor Corp 3.125% 4/1/2032  | 130000 | 120837 |
| Nucor Corp 4.65% 6/1/2030  | 100000 | 102091 |
| Nucor Corp 6.4% 12/1/2037  | 50000 | 55996 |
|  |  | 860130 |
| TOTAL MATERIALS |  | 5191309 |
| Real Estate - 0.9% |  |  |
| Diversified REITs - 0.1% |  |  |
| Equinix Europe 2 Financing Corp LLC 4.6% 11/15/2030  | 70000 | 70211 |
| Equinix Europe 2 Financing Corp LLC 5.5% 6/15/2034  | 170000 | 176000 |
| GLP Capital LP / GLP Financing II Inc 5.25% 2/15/2033  | 100000 | 100362 |
| GLP Capital LP / GLP Financing II Inc 5.625% 9/15/2034  | 140000 | 142037 |
| Piedmont Operating Partnership LP 3.15% 8/15/2030  | 30000 | 27538 |
| Safehold GL Holdings LLC 6.1% 4/1/2034  | 30000 | 31793 |
| VICI Properties LP 4.75% 2/15/2028  | 70000 | 70684 |
| VICI Properties LP 4.95% 2/15/2030  | 170000 | 172041 |
| VICI Properties LP 5.125% 5/15/2032  | 70000 | 70484 |
| VICI Properties LP 5.625% 4/1/2035  | 30000 | 30635 |
| VICI Properties LP 6.125% 4/1/2054  | 60000 | 59775 |
| WP Carey Inc 3.85% 7/15/2029  | 70000 | 69008 |
|  |  | 1020568 |
| Health Care REITs - 0.1% |  |  |
| Alexandria Real Estate Equities Inc 2% 5/18/2032  | 125000 | 105690 |
| Alexandria Real Estate Equities Inc 3% 5/18/2051  | 145000 | 88599 |
| Alexandria Real Estate Equities Inc 4.85% 4/15/2049  | 90000 | 76067 |
| Healthpeak OP LLC 3% 1/15/2030  | 250000 | 236867 |
| Healthpeak OP LLC 4.75% 1/15/2033  | 40000 | 39782 |
| Omega Healthcare Investors Inc 5.2% 7/1/2030  | 90000 | 91591 |
| Ventas Realty LP 4.4% 1/15/2029  | 40000 | 40178 |
| Ventas Realty LP 4.875% 4/15/2049  | 160000 | 139900 |
| Welltower OP LLC 4.95% 9/1/2048  | 76000 | 70533 |
|  |  | 889207 |
| Industrial REITs - 0.0% |  |  |
| LXP Industrial Trust 6.75% 11/15/2028  | 13000 | 13796 |
| Prologis LP 1.75% 2/1/2031 (e) | 370000 | 327197 |
| Prologis LP 3% 4/15/2050  | 145000 | 95662 |
| Prologis LP 5% 1/31/2035  | 90000 | 91088 |
| Prologis LP 5.25% 3/15/2054  | 20000 | 19003 |
| Prologis LP 5.25% 5/15/2035  | 50000 | 51617 |
|  |  | 598363 |
| Office REITs - 0.0% |  |  |
| Boston Properties LP 2.55% 4/1/2032  | 90000 | 78513 |
| Boston Properties LP 2.9% 3/15/2030  | 80000 | 75008 |
| Boston Properties LP 3.65% 2/1/2026  | 100000 | 99927 |
| Boston Properties LP 5.75% 1/15/2035  | 40000 | 41136 |
| Boston Properties LP 6.75% 12/1/2027 (e) | 180000 | 188275 |
| COPT Defense Properties LP 2.75% 4/15/2031  | 50000 | 45607 |
| Highwoods Realty LP 4.125% 3/15/2028  | 80000 | 79290 |
| Highwoods Realty LP 7.65% 2/1/2034  | 30000 | 34114 |
| Kilroy Realty LP 4.75% 12/15/2028  | 80000 | 80406 |
| Kilroy Realty LP 5.875% 10/15/2035  | 10000 | 10046 |
| Kilroy Realty LP 6.25% 1/15/2036  | 40000 | 41344 |
|  |  | 773666 |
| Real Estate Management & Development - 0.1% |  |  |
| CBRE Services Inc 5.1% 6/15/2030  | 60000 | 60831 |
| CBRE Services Inc 5.95% 8/15/2034  | 80000 | 85474 |
| Digital Realty Trust LP 4.45% 7/15/2028  | 120000 | 120738 |
| Essex Portfolio LP 2.65% 3/15/2032  | 170000 | 151559 |
| Essex Portfolio LP 5.375% 4/1/2035  | 40000 | 41150 |
| Extra Space Storage LP 4.95% 1/15/2033  | 20000 | 20216 |
| Extra Space Storage LP 5.35% 1/15/2035  | 50000 | 51119 |
| Extra Space Storage LP 5.4% 2/1/2034  | 20000 | 20525 |
| Extra Space Storage LP 5.4% 6/15/2035  | 20000 | 20503 |
| Extra Space Storage LP 5.9% 1/15/2031  | 150000 | 159041 |
| Mid-America Apartments LP 5% 3/15/2034  | 40000 | 40413 |
| Tanger Properties LP 2.75% 9/1/2031  | 30000 | 27147 |
|  |  | 798716 |
| Residential REITs - 0.1% |  |  |
| American Homes 4 Rent LP 4.9% 2/15/2029  | 130000 | 132153 |
| American Homes 4 Rent LP 4.95% 6/15/2030  | 100000 | 102001 |
| American Homes 4 Rent LP 5.5% 2/1/2034  | 30000 | 30978 |
| AvalonBay Communities Inc 2.3% 3/1/2030  | 130000 | 120522 |
| AvalonBay Communities Inc 3.2% 1/15/2028  | 203000 | 200051 |
| AvalonBay Communities Inc 3.3% 6/1/2029  | 100000 | 97398 |
| Camden Property Trust 4.9% 1/15/2034  | 60000 | 60744 |
| ERP Operating LP 3.5% 3/1/2028  | 61000 | 60413 |
| ERP Operating LP 4.15% 12/1/2028 (e) | 330000 | 331616 |
| ERP Operating LP 4.95% 6/15/2032  | 90000 | 92025 |
| Invitation Homes Operating Partnership LP 2% 8/15/2031  | 100000 | 87345 |
| Invitation Homes Operating Partnership LP 5.5% 8/15/2033  | 50000 | 51770 |
| Sun Communities Operating LP 2.7% 7/15/2031  | 80000 | 72698 |
| UDR Inc 2.1% 6/15/2033  | 80000 | 66535 |
|  |  | 1506249 |
| Retail REITs - 0.3% |  |  |
| Agree LP 2% 6/15/2028 (e) | 140000 | 133383 |
| Brixmor Operating Partnership LP 4.05% 7/1/2030  | 41000 | 40421 |
| Brixmor Operating Partnership LP 4.125% 5/15/2029  | 19000 | 18923 |
| Brixmor Operating Partnership LP 4.85% 2/15/2033  | 30000 | 30063 |
| Brixmor Operating Partnership LP 5.5% 2/15/2034  | 40000 | 41242 |
| Federal Realty OP LP 3.5% 6/1/2030  | 70000 | 67683 |
| Federal Realty OP LP 5.375% 5/1/2028  | 50000 | 51248 |
| Kimco Realty OP LLC 1.9% 3/1/2028  | 570000 | 547540 |
| Kimco Realty OP LLC 4.25% 4/1/2045  | 20000 | 16820 |
| Kite Realty Group LP 5.2% 8/15/2032  | 50000 | 51084 |
| Kite Realty Group LP 5.5% 3/1/2034  | 30000 | 30962 |
| NNN REIT Inc 3% 4/15/2052  | 100000 | 62384 |
| Phillips Edison Grocery Center Operating Partnership I LP 5.25% 8/15/2032  | 60000 | 61326 |
| Realty Income Corp 2.1% 3/15/2028  | 90000 | 86412 |
| Realty Income Corp 3.25% 1/15/2031  | 220000 | 209446 |
| Realty Income Corp 3.4% 1/15/2028  | 230000 | 227450 |
| Realty Income Corp 4.5% 2/1/2033  | 60000 | 59356 |
| Realty Income Corp 4.9% 7/15/2033  | 50000 | 50812 |
| Realty Income Corp 5.125% 2/15/2034  | 70000 | 71714 |
| Regency Centers LP 4.125% 3/15/2028  | 60000 | 60112 |
| Regency Centers LP 5.1% 1/15/2035  | 50000 | 50627 |
| Regency Centers LP 5.25% 1/15/2034  | 70000 | 71967 |
| Simon Property Group LP 2.65% 7/15/2030  | 125000 | 117046 |
| Simon Property Group LP 3.375% 12/1/2027  | 935000 | 927733 |
| Simon Property Group LP 4.75% 9/26/2034  | 130000 | 129293 |
| Simon Property Group LP 5.125% 10/1/2035  | 100000 | 101500 |
| Simon Property Group LP 6.25% 1/15/2034  | 20000 | 21947 |
| Simon Property Group LP 6.65% 1/15/2054  | 80000 | 89380 |
|  |  | 3427874 |
| Specialized REITs - 0.2% |  |  |
| American Tower Corp 2.1% 6/15/2030  | 160000 | 145207 |
| American Tower Corp 3.1% 6/15/2050  | 160000 | 105107 |
| American Tower Corp 3.6% 1/15/2028  | 32000 | 31699 |
| American Tower Corp 3.8% 8/15/2029  | 70000 | 68922 |
| American Tower Corp 4.7% 12/15/2032  | 60000 | 60013 |
| American Tower Corp 4.9% 3/15/2030  | 70000 | 71493 |
| American Tower Corp 5.4% 1/31/2035  | 20000 | 20587 |
| American Tower Corp 5.9% 11/15/2033  | 110000 | 117490 |
| Crown Castle Inc 2.25% 1/15/2031  | 280000 | 250099 |
| Crown Castle Inc 3.25% 1/15/2051  | 40000 | 26437 |
| Crown Castle Inc 5.1% 5/1/2033  | 160000 | 161347 |
| CubeSmart LP 3% 2/15/2030  | 80000 | 75816 |
| EPR Properties 3.75% 8/15/2029  | 70000 | 67814 |
| Equinix Inc 3.9% 4/15/2032  | 170000 | 163387 |
| Public Storage Operating Co 5% 7/1/2035  | 40000 | 40643 |
| Public Storage Operating Co 5.125% 1/15/2029 (e) | 260000 | 268613 |
| Public Storage Operating Co 5.35% 8/1/2053  | 30000 | 29008 |
| Weyerhaeuser Co 4% 11/15/2029  | 160000 | 158379 |
| Weyerhaeuser Co 4% 4/15/2030  | 60000 | 59176 |
|  |  | 1921237 |
| TOTAL REAL ESTATE |  | 10935880 |
| Utilities - 2.4% |  |  |
| Electric Utilities - 1.9% |  |  |
| AEP Texas Inc 2.1% 7/1/2030  | 200000 | 182152 |
| AEP Texas Inc 5.4% 6/1/2033  | 100000 | 103239 |
| AEP Texas Inc 5.85% 10/15/2055  | 40000 | 39254 |
| AEP Transmission Co LLC 5.4% 3/15/2053  | 160000 | 155566 |
| Alabama Power Co 4.3% 3/15/2031  | 200000 | 200503 |
| Alabama Power Co 6% 3/1/2039  | 180000 | 193114 |
| American Electric Power Co Inc 5.625% 3/1/2033  | 140000 | 147027 |
| American Electric Power Co Inc 5.8% 3/15/2056 (c) | 130000 | 129059 |
| American Electric Power Co Inc 6.95% 12/15/2054 (c) | 50000 | 53517 |
| Appalachian Power Co 3.3% 6/1/2027  | 110000 | 108950 |
| Appalachian Power Co 4.45% 6/1/2045  | 18000 | 15010 |
| Appalachian Power Co 4.5% 3/1/2049  | 90000 | 73743 |
| Arizona Public Service Co 2.95% 9/15/2027  | 68000 | 66919 |
| Arizona Public Service Co 3.5% 12/1/2049  | 100000 | 70048 |
| Arizona Public Service Co 5.55% 8/1/2033  | 30000 | 31316 |
| Arizona Public Service Co 5.9% 8/15/2055  | 50000 | 50837 |
| Baltimore Gas and Electric Co 2.9% 6/15/2050  | 200000 | 127929 |
| Baltimore Gas and Electric Co 3.2% 9/15/2049  | 150000 | 101355 |
| CenterPoint Energy Houston Electric LLC 3.35% 4/1/2051  | 250000 | 175634 |
| CenterPoint Energy Houston Electric LLC 4.8% 3/15/2030  | 50000 | 51201 |
| Cleco Corporate Holdings LLC 4.973% 5/1/2046  | 20000 | 17344 |
| Commonwealth Edison Co 2.75% 9/1/2051  | 100000 | 61326 |
| Commonwealth Edison Co 3.2% 11/15/2049  | 30000 | 20277 |
| Commonwealth Edison Co 4% 3/1/2048  | 42000 | 33360 |
| Commonwealth Edison Co 4.9% 2/1/2033  | 210000 | 214878 |
| Commonwealth Edison Co 5.65% 6/1/2054  | 100000 | 99162 |
| Commonwealth Edison Co 5.95% 6/1/2055  | 30000 | 31179 |
| Commonwealth Edison Co 6.45% 1/15/2038  | 50000 | 55879 |
| Connecticut Light and Power Co/The 4.9% 7/1/2033  | 140000 | 141997 |
| Consolidated Edison Co of New York Inc 3% 12/1/2060  | 80000 | 47153 |
| Consolidated Edison Co of New York Inc 3.95% 4/1/2050  | 130000 | 101218 |
| Consolidated Edison Co of New York Inc 4.5% 5/15/2058  | 150000 | 122728 |
| Consolidated Edison Co of New York Inc 4.65% 12/1/2048  | 50000 | 43281 |
| Consolidated Edison Co of New York Inc 5.2% 3/1/2033  | 100000 | 104141 |
| Consolidated Edison Co of New York Inc 5.5% 12/1/2039  | 256000 | 261447 |
| Consolidated Edison Co of New York Inc 5.75% 11/15/2055  | 20000 | 19943 |
| Consolidated Edison Co of New York Inc 6.2% 6/15/2036  | 150000 | 164399 |
| Dominion Energy South Carolina Inc 5.3% 1/15/2035  | 200000 | 206754 |
| DTE Electric Co 2.625% 3/1/2031  | 10000 | 9235 |
| DTE Electric Co 2.95% 3/1/2050  | 50000 | 32924 |
| DTE Electric Co 3% 3/1/2032  | 100000 | 92402 |
| DTE Electric Co 5.2% 3/1/2034  | 60000 | 61896 |
| DTE Electric Co 5.4% 4/1/2053  | 110000 | 106747 |
| DTE Electric Co 5.85% 5/15/2055  | 30000 | 30788 |
| Duke Energy Carolinas LLC 2.45% 8/15/2029  | 190000 | 179864 |
| Duke Energy Carolinas LLC 3.95% 3/15/2048  | 31000 | 24551 |
| Duke Energy Carolinas LLC 4.25% 12/15/2041  | 341000 | 299696 |
| Duke Energy Carolinas LLC 4.85% 3/15/2030  | 300000 | 308861 |
| Duke Energy Corp 2.45% 6/1/2030  | 182000 | 168734 |
| Duke Energy Corp 3.75% 9/1/2046  | 80000 | 60667 |
| Duke Energy Corp 3.95% 8/15/2047  | 250000 | 192525 |
| Duke Energy Corp 4.2% 6/15/2049  | 90000 | 70833 |
| Duke Energy Corp 4.95% 9/15/2035  | 30000 | 29748 |
| Duke Energy Corp 5.7% 9/15/2055  | 20000 | 19433 |
| Duke Energy Corp 6.45% 9/1/2054 (c) | 50000 | 52479 |
| Duke Energy Florida LLC 4.2% 12/1/2030  | 150000 | 150053 |
| Duke Energy Florida LLC 6.2% 11/15/2053  | 30000 | 32096 |
| Duke Energy Florida LLC 6.35% 9/15/2037  | 110000 | 122083 |
| Duke Energy Florida LLC 6.4% 6/15/2038  | 100000 | 111435 |
| Duke Energy Indiana LLC 2.75% 4/1/2050  | 100000 | 62466 |
| Duke Energy Indiana LLC 5.9% 5/15/2055  | 50000 | 50921 |
| Duke Energy Ohio Inc 2.125% 6/1/2030  | 70000 | 64079 |
| Duke Energy Ohio Inc 3.65% 2/1/2029  | 160000 | 158388 |
| Duke Energy Progress LLC 3.7% 10/15/2046  | 170000 | 129565 |
| Duke Energy Progress LLC 5.05% 3/15/2035  | 50000 | 50839 |
| Duke Energy Progress LLC 5.25% 3/15/2033  | 100000 | 103990 |
| Duke Energy Progress LLC 5.55% 3/15/2055  | 60000 | 59184 |
| Edison International 5.25% 3/15/2032  | 100000 | 99977 |
| Entergy Arkansas LLC 5.15% 1/15/2033  | 110000 | 113727 |
| Entergy Arkansas LLC 5.75% 6/1/2054  | 50000 | 50393 |
| Entergy Corp 7.125% 12/1/2054 (c) | 40000 | 41998 |
| Entergy Louisiana LLC 3.05% 6/1/2031  | 190000 | 178128 |
| Entergy Louisiana LLC 3.1% 6/15/2041  | 110000 | 83596 |
| Entergy Louisiana LLC 4.2% 4/1/2050  | 70000 | 55906 |
| Entergy Louisiana LLC 5.8% 3/15/2055  | 30000 | 30149 |
| Entergy Mississippi LLC 5% 9/1/2033  | 90000 | 91470 |
| Entergy Mississippi LLC 5.8% 4/15/2055  | 40000 | 40237 |
| Entergy Tex Inc 3.55% 9/30/2049  | 29000 | 20675 |
| Entergy Tex Inc 5.25% 4/15/2035  | 130000 | 133330 |
| Evergy Kansas Central Inc 5.25% 3/15/2035  | 140000 | 142711 |
| Evergy Kansas Central Inc 5.7% 3/15/2053  | 20000 | 19791 |
| Evergy Metro Inc 5.125% 8/15/2035  | 30000 | 30313 |
| Eversource Energy 2.55% 3/15/2031  | 120000 | 108494 |
| Eversource Energy 3.3% 1/15/2028  | 62000 | 60895 |
| Eversource Energy 3.45% 1/15/2050  | 80000 | 56745 |
| Eversource Energy 5.45% 3/1/2028  | 150000 | 153753 |
| Exelon Corp 3.4% 4/15/2026  | 150000 | 149709 |
| Exelon Corp 4.05% 4/15/2030  | 230000 | 227723 |
| Exelon Corp 4.45% 4/15/2046  | 144000 | 120800 |
| Exelon Corp 5.45% 3/15/2034  | 30000 | 31191 |
| Exelon Corp 5.875% 3/15/2055  | 50000 | 50139 |
| FirstEnergy Corp 4.85% 7/15/2047 (f) | 140000 | 123247 |
| Florida Power & Light Co 2.875% 12/4/2051  | 150000 | 95606 |
| Florida Power & Light Co 3.15% 10/1/2049  | 100000 | 68485 |
| Florida Power & Light Co 4.05% 10/1/2044  | 90000 | 74966 |
| Florida Power & Light Co 4.125% 6/1/2048  | 26000 | 21188 |
| Florida Power & Light Co 4.625% 5/15/2030  | 330000 | 336494 |
| Florida Power & Light Co 4.7% 2/15/2036  | 40000 | 39620 |
| Florida Power & Light Co 5.1% 4/1/2033  | 70000 | 72495 |
| Florida Power & Light Co 5.3% 6/15/2034  | 144000 | 150836 |
| Florida Power & Light Co 5.6% 2/15/2066  | 50000 | 49216 |
| Florida Power & Light Co 5.6% 6/15/2054  | 80000 | 80313 |
| Georgia Power Co 4.95% 5/17/2033  | 200000 | 203912 |
| Georgia Power Co 5.2% 3/15/2035  | 130000 | 133427 |
| Georgia Power Co 5.25% 3/15/2034  | 100000 | 103242 |
| Georgia Power Co 5.5% 10/1/2055  | 40000 | 38878 |
| Indiana Michigan Power Co 3.75% 7/1/2047  | 100000 | 75166 |
| Interstate Power and Light Co 2.3% 6/1/2030  | 93000 | 85376 |
| Interstate Power and Light Co 3.6% 4/1/2029  | 80000 | 78372 |
| Jersey Central Power & Light Co 4.4% 1/15/2031 (d) | 10000 | 9963 |
| Jersey Central Power & Light Co 5.1% 1/15/2035  | 50000 | 50562 |
| Kentucky Utilities Co 5.125% 11/1/2040  | 100000 | 97977 |
| Kentucky Utilities Co 5.85% 8/15/2055  | 10000 | 10077 |
| Louisville Gas and Electric Co 5.85% 8/15/2055  | 30000 | 30219 |
| MidAmerican Energy Co 3.65% 4/15/2029  | 190000 | 187747 |
| MidAmerican Energy Co 3.65% 8/1/2048  | 30000 | 22453 |
| MidAmerican Energy Co 5.5% 11/15/2056  | 60000 | 58706 |
| MidAmerican Energy Co 5.8% 10/15/2036  | 100000 | 107641 |
| MidAmerican Energy Co 5.85% 9/15/2054  | 80000 | 82296 |
| Nevada Power Co 6% 3/15/2054  | 20000 | 20492 |
| NextEra Energy Capital Holdings Inc 1.875% 1/15/2027  | 500000 | 489423 |
| NextEra Energy Capital Holdings Inc 2.44% 1/15/2032  | 500000 | 445271 |
| NextEra Energy Capital Holdings Inc 3.5% 4/1/2029  | 140000 | 137216 |
| NextEra Energy Capital Holdings Inc 5.05% 3/15/2030  | 100000 | 103164 |
| NextEra Energy Capital Holdings Inc 5.9% 3/15/2055  | 80000 | 80879 |
| NextEra Energy Capital Holdings Inc 6.7% 9/1/2054 (c) | 90000 | 93506 |
| NextEra Energy Capital Holdings Inc 6.75% 6/15/2054 (c) | 240000 | 256221 |
| Northern States Power Co/MN 2.9% 3/1/2050  | 80000 | 52442 |
| Northern States Power Co/MN 3.4% 8/15/2042  | 100000 | 78229 |
| Northern States Power Co/MN 3.6% 9/15/2047  | 50000 | 37657 |
| Northern States Power Co/MN 5.05% 5/15/2035  | 90000 | 91700 |
| Northern States Power Co/MN 5.65% 5/15/2055  | 40000 | 40134 |
| NSTAR Electric Co 4.95% 9/15/2052  | 50000 | 45084 |
| NSTAR Electric Co 5.2% 3/1/2035  | 160000 | 163320 |
| Oglethorpe Power Corp 5.8% 6/1/2054  | 100000 | 97704 |
| Ohio Power Co 5.65% 6/1/2034  | 120000 | 125130 |
| Oncor Electric Delivery Co LLC 3.1% 9/15/2049  | 100000 | 66350 |
| Oncor Electric Delivery Co LLC 3.75% 4/1/2045  | 120000 | 93993 |
| Oncor Electric Delivery Co LLC 4.55% 9/15/2032  | 150000 | 149878 |
| Oncor Electric Delivery Co LLC 5.25% 9/30/2040  | 90000 | 89065 |
| Oncor Electric Delivery Co LLC 5.35% 10/1/2052  | 20000 | 18917 |
| Oncor Electric Delivery Co LLC 5.35% 4/1/2035 (d) | 80000 | 82477 |
| Oncor Electric Delivery Co LLC 5.8% 4/1/2055 (d) | 20000 | 20115 |
| Pacific Gas and Electric Co 2.1% 8/1/2027  | 210000 | 203585 |
| Pacific Gas and Electric Co 2.5% 2/1/2031  | 70000 | 62997 |
| Pacific Gas and Electric Co 3% 6/15/2028  | 100000 | 96964 |
| Pacific Gas and Electric Co 3.3% 8/1/2040  | 100000 | 75695 |
| Pacific Gas and Electric Co 3.5% 8/1/2050  | 682000 | 459873 |
| Pacific Gas and Electric Co 5% 6/4/2028  | 500000 | 508571 |
| Pacific Gas and Electric Co 5.05% 10/15/2032  | 80000 | 80446 |
| Pacific Gas and Electric Co 5.45% 6/15/2027  | 770000 | 782809 |
| Pacific Gas and Electric Co 5.55% 5/15/2029  | 130000 | 134130 |
| Pacific Gas and Electric Co 6.15% 3/1/2055  | 20000 | 19785 |
| Pacific Gas and Electric Co 6.75% 1/15/2053  | 100000 | 106353 |
| PacifiCorp 5.45% 2/15/2034  | 120000 | 121743 |
| PacifiCorp 5.8% 1/15/2055  | 150000 | 139977 |
| PacifiCorp 6% 1/15/2039  | 235000 | 238926 |
| PECO Energy Co 3.05% 3/15/2051  | 100000 | 65222 |
| PECO Energy Co 3.9% 3/1/2048  | 96000 | 75325 |
| PECO Energy Co 4.875% 9/15/2035  | 50000 | 50465 |
| PG&E Wildfire Recovery Funding LLC 5.099% 6/1/2054  | 50000 | 46585 |
| PG&E Wildfire Recovery Funding LLC 5.212% 12/1/2049  | 160000 | 154357 |
| PPL Capital Funding Inc 4% 9/15/2047  | 20000 | 14448 |
| PPL Electric Utilities Corp 3% 10/1/2049  | 100000 | 66429 |
| PPL Electric Utilities Corp 5.25% 5/15/2053  | 20000 | 19162 |
| PPL Electric Utilities Corp 5.55% 8/15/2055  | 50000 | 49690 |
| Public Service Co of Colorado 3.7% 6/15/2028  | 87000 | 86576 |
| Public Service Co of Colorado 5.35% 5/15/2034  | 40000 | 41100 |
| Public Service Co of Colorado 5.85% 5/15/2055  | 120000 | 121603 |
| Public Service Co of Colorado 6.25% 9/1/2037  | 182000 | 198582 |
| Public Service Co of Oklahoma 5.2% 1/15/2035  | 100000 | 101081 |
| Public Service Electric and Gas Co 2.45% 1/15/2030  | 70000 | 65823 |
| Public Service Electric and Gas Co 2.7% 5/1/2050  | 100000 | 62044 |
| Public Service Electric and Gas Co 3.15% 1/1/2050  | 70000 | 47626 |
| Public Service Electric and Gas Co 3.6% 12/1/2047  | 44000 | 33017 |
| Public Service Electric and Gas Co 3.65% 9/1/2042  | 70000 | 56084 |
| Public Service Electric and Gas Co 3.8% 3/1/2046  | 80000 | 63090 |
| Public Service Electric and Gas Co 4.9% 8/15/2035  | 10000 | 10071 |
| Public Service Electric and Gas Co 5.2% 8/1/2033  | 40000 | 41496 |
| Public Service Electric and Gas Co 5.3% 8/1/2054  | 50000 | 47780 |
| Southern California Edison Co 3.45% 2/1/2052  | 90000 | 59797 |
| Southern California Edison Co 4% 4/1/2047  | 562000 | 421442 |
| Southern California Edison Co 5.75% 4/15/2054  | 20000 | 18750 |
| Southern California Edison Co 5.95% 2/1/2038  | 50000 | 51071 |
| Southern California Edison Co 6.2% 9/15/2055  | 100000 | 100471 |
| Southern Co/The 3.7% 4/30/2030  | 120000 | 117152 |
| Southern Co/The 4% 1/15/2051 (c) | 130000 | 129922 |
| Southern Co/The 4.25% 7/1/2036  | 110000 | 103089 |
| Southern Co/The 6.375% 3/15/2055 (c) | 10000 | 10437 |
| Southwestern Electric Power Co 3.85% 2/1/2048  | 190000 | 141454 |
| Southwestern Public Service Co 3.75% 6/15/2049  | 80000 | 59079 |
| Tampa Electric Co 4.45% 6/15/2049  | 120000 | 100213 |
| Tucson Electric Power Co 5.5% 4/15/2053  | 50000 | 47949 |
| Union Electric Co 5.45% 3/15/2053  | 130000 | 125300 |
| Virginia Electric and Power Co 2.4% 3/30/2032  | 60000 | 53339 |
| Virginia Electric and Power Co 3.3% 12/1/2049  | 60000 | 41321 |
| Virginia Electric and Power Co 3.8% 4/1/2028  | 170000 | 169369 |
| Virginia Electric and Power Co 3.8% 9/15/2047  | 50000 | 38266 |
| Virginia Electric and Power Co 4.6% 12/1/2048  | 52000 | 44634 |
| Virginia Electric and Power Co 4.625% 5/15/2052  | 110000 | 92609 |
| Virginia Electric and Power Co 4.9% 9/15/2035  | 140000 | 139337 |
| Virginia Electric and Power Co 5.05% 8/15/2034  | 120000 | 121500 |
| Virginia Electric and Power Co 5.3% 8/15/2033  | 50000 | 51906 |
| Virginia Electric and Power Co 5.35% 1/15/2054  | 20000 | 18749 |
| Virginia Electric and Power Co 5.6% 9/15/2055  | 40000 | 38850 |
| Virginia Electric and Power Co 5.7% 8/15/2053  | 50000 | 49237 |
| Washington Natural Gas Co 4.223% 6/15/2048  | 45000 | 36621 |
| Washington Natural Gas Co 5.33% 6/15/2034  | 100000 | 102912 |
| Washington Natural Gas Co 5.598% 9/15/2055  | 40000 | 38966 |
| Washington Natural Gas Co 5.685% 6/15/2054  | 20000 | 19804 |
| Wisconsin Electric Power Co 4.6% 10/1/2034  | 110000 | 108968 |
| Wisconsin Power and Light Co 4.95% 4/1/2033  | 100000 | 101262 |
| Wisconsin Public Service Corp 4.55% 12/1/2029  | 165000 | 167975 |
| Xcel Energy Inc 3.4% 6/1/2030  | 63000 | 60585 |
| Xcel Energy Inc 4% 6/15/2028  | 76000 | 76003 |
|  |  | 21725867 |
| Gas Utilities - 0.1% |  |  |
| Atmos Energy Corp 5.2% 8/15/2035  | 50000 | 51533 |
| Atmos Energy Corp 5.45% 1/15/2056  | 50000 | 48372 |
| Atmos Energy Corp 5.45% 10/15/2032  | 180000 | 190378 |
| Atmos Energy Corp 5.9% 11/15/2033  | 80000 | 86480 |
| Atmos Energy Corp 6.2% 11/15/2053  | 60000 | 64746 |
| CenterPoint Energy Resources Corp 5.4% 7/1/2034  | 130000 | 134015 |
| Eastern Energy Gas Holdings LLC 5.8% 1/15/2035  | 100000 | 105588 |
| Eastern Energy Gas Holdings LLC 6.2% 1/15/2055  | 100000 | 103343 |
| Piedmont Natural Gas Co Inc 2.5% 3/15/2031  | 100000 | 90983 |
| Piedmont Natural Gas Co Inc 5.1% 2/15/2035  | 50000 | 50741 |
| Southern California Gas Co 3.75% 9/15/2042  | 100000 | 80025 |
| Southern California Gas Co 5.05% 9/1/2034  | 60000 | 60961 |
| Southern California Gas Co 5.2% 6/1/2033  | 100000 | 103256 |
| Southern Co Gas Capital Corp 3.95% 10/1/2046  | 308000 | 240979 |
| Southwest Gas Corp 5.45% 3/23/2028  | 76000 | 77916 |
|  |  | 1489316 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| AES Corp/The 2.45% 1/15/2031  | 70000 | 63465 |
| AES Corp/The 5.8% 3/15/2032  | 10000 | 10255 |
| Constellation Energy Generation LLC 5.8% 3/1/2033  | 130000 | 138733 |
| Constellation Energy Generation LLC 6.5% 10/1/2053  | 70000 | 76263 |
| Southern Power Co 4.95% 12/15/2046  | 80000 | 71345 |
|  |  | 360061 |
| Multi-Utilities - 0.4% |  |  |
| Ameren Corp 5.7% 12/1/2026  | 200000 | 202731 |
| Ameren Illinois Co 4.5% 3/15/2049  | 30000 | 25548 |
| Ameren Illinois Co 4.95% 6/1/2033  | 140000 | 143023 |
| Ameren Illinois Co 5.55% 7/1/2054  | 50000 | 49161 |
| Berkshire Hathaway Energy Co 4.25% 10/15/2050  | 290000 | 231894 |
| Berkshire Hathaway Energy Co 4.45% 1/15/2049  | 54000 | 45029 |
| Berkshire Hathaway Energy Co 4.5% 2/1/2045  | 20000 | 17346 |
| CenterPoint Energy Inc 6.85% 2/15/2055 (c) | 40000 | 42658 |
| CMS Energy Corp 4.875% 3/1/2044  | 40000 | 35736 |
| CMS Energy Corp 6.5% 6/1/2055 (c) | 100000 | 102827 |
| Consumers Energy Co 4.5% 1/15/2031  | 60000 | 60660 |
| Consumers Energy Co 4.625% 5/15/2033  | 130000 | 130386 |
| Consumers Energy Co 4.9% 2/15/2029  | 110000 | 112781 |
| Consumers Energy Co 5.05% 5/15/2035  | 60000 | 61037 |
| Dominion Energy Inc 3.375% 4/1/2030  | 720000 | 694684 |
| Dominion Energy Inc 4.6% 3/15/2049  | 50000 | 41649 |
| Dominion Energy Inc 4.7% 12/1/2044  | 26000 | 22812 |
| Dominion Energy Inc 6% 2/15/2056 (c) | 90000 | 90415 |
| Dominion Energy Inc 6.2% 2/15/2056 (c) | 80000 | 80054 |
| Dominion Energy Inc 7% 6/1/2054 (c) | 50000 | 54138 |
| Dominion Energy Inc 7% 6/15/2038  | 130000 | 147022 |
| DTE Energy Co 2.85% 10/1/2026  | 140000 | 138785 |
| DTE Energy Co 4.95% 7/1/2027  | 220000 | 222898 |
| DTE Energy Co 5.05% 10/1/2035  | 30000 | 29945 |
| DTE Energy Co 5.2% 4/1/2030  | 110000 | 113495 |
| NiSource Inc 2.95% 9/1/2029  | 190000 | 182315 |
| NiSource Inc 3.49% 5/15/2027  | 50000 | 49676 |
| NiSource Inc 3.95% 3/30/2048  | 46000 | 35876 |
| NiSource Inc 5.25% 2/15/2043  | 156000 | 149390 |
| NiSource Inc 5.85% 4/1/2055  | 30000 | 29905 |
| NiSource Inc 6.95% 11/30/2054 (c) | 50000 | 52040 |
| Public Service Enterprise Group Inc 5.85% 11/15/2027  | 100000 | 103114 |
| Public Service Enterprise Group Inc 5.875% 10/15/2028  | 70000 | 73087 |
| Public Service Enterprise Group Inc 6.125% 10/15/2033  | 30000 | 32282 |
| Puget Energy Inc 4.1% 6/15/2030  | 200000 | 195854 |
| San Diego Gas & Electric Co 4.95% 8/15/2028  | 140000 | 143480 |
| San Diego Gas & Electric Co 5.35% 4/1/2053  | 100000 | 94464 |
| San Diego Gas & Electric Co 5.4% 4/15/2035  | 50000 | 51753 |
| San Diego Gas & Electric Co 5.55% 4/15/2054  | 50000 | 48597 |
| Sempra 6% 10/15/2039  | 274000 | 285247 |
| Sempra 6.875% 10/1/2054 (c) | 150000 | 154317 |
| WEC Energy Group Inc 4.75% 1/15/2028  | 100000 | 101484 |
|  |  | 4679595 |
| Water Utilities - 0.0% |  |  |
| American Water Capital Corp 3.75% 9/1/2028  | 140000 | 139384 |
| American Water Capital Corp 3.75% 9/1/2047  | 280000 | 215260 |
| American Water Capital Corp 5.45% 3/1/2054  | 20000 | 19391 |
|  |  | 374035 |
| TOTAL UTILITIES |  | 28628874 |
| TOTAL UNITED STATES |  | 258536132 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $327,313,157) |  | <br> **309037332** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 25.8%** | &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 25.8%** | &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 25.8%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 25.8%  |  |  |
| Fannie Mae 2% 2/1/2038  | 235986 | 218527 |
| Fannie Mae 2% 2/1/2051  | 857722 | 699650 |
| Fannie Mae 2% 2/1/2052  | 138752 | 114482 |
| Fannie Mae 2% 4/1/2052  | 186158 | 153072 |
| Fannie Mae 2.5% 11/1/2032  | 18840 | 18144 |
| Fannie Mae 4.5% 1/1/2055  | 248327 | 243619 |
| Fannie Mae 5.5% 1/1/2055  | 336637 | 345226 |
| Fannie Mae 5.5% 1/1/2055  | 29477 | 29919 |
| Fannie Mae 6% 12/1/2054  | 96637 | 99198 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 1/1/2037  | 335244 | 303604 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 10/1/2036  | 1292363 | 1171199 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 10/1/2036  | 665192 | 602827 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2036  | 645512 | 584589 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2036  | 303151 | 274540 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2051  | 208296 | 161464 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 12/1/2036  | 261904 | 237186 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 12/1/2041  | 140763 | 118575 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 12/1/2050  | 1559845 | 1213043 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 12/1/2051  | 380909 | 295269 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 2/1/2036  | 443861 | 402386 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 4/1/2052  | 179625 | 139240 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 4/1/2052  | 169916 | 131714 |
| Fannie Mae Mortgage pass-thru certificates 2% 1/1/2036  | 256705 | 238756 |
| Fannie Mae Mortgage pass-thru certificates 2% 1/1/2037  | 795332 | 736490 |
| Fannie Mae Mortgage pass-thru certificates 2% 1/1/2051  | 210070 | 171487 |
| Fannie Mae Mortgage pass-thru certificates 2% 1/1/2052  | 439146 | 359587 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2035  | 404424 | 376146 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2036  | 50758 | 47067 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2050  | 524052 | 427963 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2050  | 70119 | 57262 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2050  | 47593 | 38867 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2051  | 38459 | 31239 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2036  | 836038 | 774445 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2051  | 1739720 | 1413120 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2051  | 527182 | 428214 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2051  | 49871 | 40322 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2035  | 1149318 | 1068956 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2050  | 7934048 | 6479291 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2050  | 528469 | 431075 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2050  | 185642 | 151835 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2051  | 1125416 | 914140 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2051  | 865812 | 711389 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2051  | 743076 | 611937 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2051  | 596761 | 490698 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2037  | 24706 | 22879 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2051  | 392426 | 321208 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2051  | 34210 | 27805 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2037  | 287536 | 266083 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2051  | 850508 | 693764 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2051  | 737204 | 604567 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 95580 | 78951 |
| Fannie Mae Mortgage pass-thru certificates 2% 4/1/2037  | 803338 | 743402 |
| Fannie Mae Mortgage pass-thru certificates 2% 4/1/2051  | 882566 | 719914 |
| Fannie Mae Mortgage pass-thru certificates 2% 4/1/2051  | 324047 | 265239 |
| Fannie Mae Mortgage pass-thru certificates 2% 4/1/2051  | 17485 | 14339 |
| Fannie Mae Mortgage pass-thru certificates 2% 4/1/2052  | 226671 | 184330 |
| Fannie Mae Mortgage pass-thru certificates 2% 5/1/2037  | 662010 | 612618 |
| Fannie Mae Mortgage pass-thru certificates 2% 5/1/2051  | 784727 | 635938 |
| Fannie Mae Mortgage pass-thru certificates 2% 6/1/2052  | 124494 | 100889 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2035  | 18224 | 17018 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2050  | 608877 | 499138 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2050  | 107007 | 87386 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2051  | 231000 | 188645 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2051  | 35712 | 29164 |
| Fannie Mae Mortgage pass-thru certificates 2% 8/1/2042  | 418295 | 368142 |
| Fannie Mae Mortgage pass-thru certificates 2% 8/1/2050  | 586365 | 480867 |
| Fannie Mae Mortgage pass-thru certificates 2% 8/1/2050  | 283893 | 231839 |
| Fannie Mae Mortgage pass-thru certificates 2% 8/1/2050  | 58308 | 47617 |
| Fannie Mae Mortgage pass-thru certificates 2% 8/1/2051  | 364577 | 295451 |
| Fannie Mae Mortgage pass-thru certificates 2% 8/1/2051  | 149019 | 121183 |
| Fannie Mae Mortgage pass-thru certificates 2% 9/1/2037  | 44449 | 41118 |
| Fannie Mae Mortgage pass-thru certificates 2% 9/1/2050  | 184740 | 151097 |
| Fannie Mae Mortgage pass-thru certificates 2% 9/1/2050  | 71228 | 57656 |
| Fannie Mae Mortgage pass-thru certificates 2% 9/1/2050  | 25866 | 21123 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2027  | 639 | 633 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2033  | 10186 | 9852 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2047  | 26121 | 22712 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2051  | 91387 | 77978 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2052  | 164805 | 139387 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2052  | 83091 | 71081 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2052  | 67648 | 58314 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2052  | 54649 | 47109 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2052  | 38460 | 33153 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2031  | 109243 | 105897 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2051  | 578338 | 492033 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2051  | 316446 | 268614 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2051 (b) | 230612 | 199657 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2051  | 115640 | 98889 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2032  | 58369 | 56285 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2032  | 15807 | 15237 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2051  | 281357 | 237964 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2033  | 18208 | 17490 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2037  | 13213 | 12282 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2050  | 423070 | 360993 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2051  | 905538 | 778046 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2051  | 854319 | 731368 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2051  | 738725 | 633103 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2031  | 5922 | 5834 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2032  | 18950 | 18337 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2040  | 69397 | 63068 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2051  | 509658 | 434717 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2052  | 191738 | 162166 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2052  | 40548 | 34953 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2051  | 280651 | 239384 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2052  | 1772159 | 1501861 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2030  | 10404 | 10208 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2035  | 294978 | 281064 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2036  | 9695 | 9265 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2051  | 967333 | 825094 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2052  | 124741 | 105503 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2037  | 139211 | 132340 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2040  | 26590 | 24133 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2050  | 52958 | 45287 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2051  | 1307235 | 1118285 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2051  | 673680 | 574621 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2052  | 951679 | 804902 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2053  | 296013 | 251469 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 6/1/2035  | 8321 | 7926 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 6/1/2051  | 1677751 | 1431052 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 6/1/2052  | 24481 | 20705 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2031  | 22863 | 22172 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2034  | 136564 | 130506 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2035  | 106964 | 101852 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2038  | 379457 | 358830 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2050  | 382079 | 329599 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2051  | 306237 | 260537 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2051  | 130111 | 110695 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2052  | 703591 | 595076 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2052  | 137252 | 116083 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2031  | 21135 | 20471 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2035  | 222423 | 211792 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2035  | 202090 | 192431 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2037  | 160641 | 151959 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2051  | 24998 | 21267 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2041  | 130583 | 117278 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2042  | 271955 | 244455 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2050  | 313144 | 267392 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2051  | 676734 | 581667 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2051  | 493827 | 420134 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2033  | 33243 | 32400 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2035  | 136540 | 132952 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2040  | 356847 | 336465 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2044  | 18432 | 16982 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2050  | 676272 | 606158 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2050  | 361963 | 324436 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2050  | 55456 | 49706 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2052  | 286016 | 252966 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2033  | 30465 | 29647 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2034  | 93022 | 90636 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2042  | 3137 | 2887 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2044  | 301043 | 277284 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2047  | 53698 | 48500 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2049  | 352769 | 316195 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2049  | 216162 | 193751 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2049  | 70326 | 63474 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2049  | 54026 | 48678 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2050  | 117304 | 104849 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2033  | 10277 | 10039 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2042  | 7228 | 6658 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2046  | 304562 | 280654 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2046  | 191655 | 173642 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2046  | 14174 | 12842 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2046  | 13851 | 12776 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2048  | 301182 | 272027 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2034  | 168479 | 163893 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2034  | 155569 | 151480 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 9417 | 8668 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2046  | 31233 | 28297 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2047  | 8292 | 7489 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2049  | 46460 | 41948 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2033  | 16348 | 15961 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2034  | 40142 | 39211 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2035  | 7650 | 7442 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2047  | 47259 | 43512 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2047  | 45142 | 41532 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2047  | 6937 | 6387 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2048  | 35400 | 31973 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2050  | 336674 | 301768 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2050  | 77586 | 69542 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2051  | 2357867 | 2108989 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2050  | 676046 | 608913 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2050  | 280130 | 252312 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2050  | 271922 | 243730 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2050  | 240035 | 216199 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2050  | 46218 | 41629 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2052  | 247674 | 219055 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2052  | 95566 | 84523 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2032  | 87107 | 85163 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2033  | 37100 | 36169 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2043  | 14070 | 12956 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2047  | 1745990 | 1609499 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2047  | 15017 | 13800 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2048  | 64498 | 59429 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2048  | 60043 | 55412 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2048  | 50685 | 45779 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2050  | 119739 | 107811 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2052  | 662991 | 588246 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2052  | 98979 | 87542 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2052  | 42143 | 37392 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2052  | 21110 | 18730 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2033  | 36704 | 35772 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2040  | 483258 | 460338 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 20510 | 18894 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2052  | 123242 | 109309 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2035  | 24884 | 24245 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2046  | 19356 | 17561 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2052  | 379777 | 335893 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2052  | 251305 | 222266 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2033  | 9591 | 9334 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2035  | 138505 | 134951 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2046  | 27945 | 25706 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2050  | 844239 | 764889 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2050  | 275109 | 246071 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2032  | 65516 | 63981 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2043  | 15071 | 13871 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2045  | 1032598 | 939737 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2046  | 4188 | 3800 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2049  | 250979 | 225664 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2052  | 108202 | 95936 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2053  | 191739 | 169583 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2032  | 8966 | 8809 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2034  | 132291 | 128896 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2043  | 111723 | 102904 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2046  | 48578 | 44073 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2046  | 27512 | 25340 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2046  | 4475 | 4060 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2048  | 9674 | 8765 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2049  | 602555 | 541779 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2049  | 57305 | 51740 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2051  | 88793 | 78533 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2038  | 55346 | 53989 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2043  | 113918 | 108829 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2040  | 261418 | 254109 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2049  | 185597 | 174784 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2045  | 279260 | 263324 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2048  | 41375 | 38796 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2053  | 144743 | 133777 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2047  | 40627 | 38057 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2049  | 33497 | 31284 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2027  | 6497 | 6470 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2035  | 23054 | 22705 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2048  | 69349 | 64941 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 3/1/2035  | 10018 | 9844 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 3/1/2046  | 1042063 | 994270 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 3/1/2046  | 343522 | 327951 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2046  | 39301 | 37023 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2052  | 223672 | 206727 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2029  | 34302 | 34111 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2035  | 81242 | 80113 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2035  | 21128 | 20762 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2033  | 9141 | 9034 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2049  | 114177 | 107418 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2049  | 70227 | 65696 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2052  | 289558 | 268798 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2047  | 297726 | 284061 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2049  | 217349 | 203328 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2049  | 54665 | 51634 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2033  | 22315 | 22033 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2034  | 14191 | 13994 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2043  | 505750 | 482834 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2049  | 138179 | 129179 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2050  | 105835 | 99338 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2032  | 16543 | 16360 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2033  | 23923 | 23620 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2033  | 12453 | 12296 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2044  | 1537735 | 1465721 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2047  | 226336 | 212018 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2050  | 487315 | 455574 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2041  | 4453 | 4359 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2042  | 49284 | 48082 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2048  | 46433 | 44822 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2055  | 657016 | 623349 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2040  | 10005 | 9800 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2040  | 7331 | 7186 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2040  | 4448 | 4362 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2043  | 28816 | 28021 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2046  | 54041 | 52589 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2047  | 29426 | 28396 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2048  | 12015 | 11561 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2048  | 8265 | 7952 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2049  | 360093 | 346030 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2052  | 418244 | 398643 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2055  | 148602 | 140988 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2043  | 59136 | 57681 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2043  | 45963 | 44991 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2043  | 35384 | 34357 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2048  | 114394 | 110070 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2040  | 42218 | 41323 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2041  | 57132 | 55882 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2043  | 30097 | 29221 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2048  | 12861 | 12371 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2048  | 4831 | 4647 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2039  | 88944 | 87387 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2041  | 10496 | 10283 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2042  | 50103 | 48995 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2044  | 27465 | 26655 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2045  | 52400 | 51322 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2046  | 7271 | 7080 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2055  | 249031 | 236270 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2044  | 47737 | 46414 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2045  | 20378 | 19918 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2049  | 103463 | 99551 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2049  | 49837 | 47953 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2052  | 311573 | 297750 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2045  | 863639 | 838228 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2048  | 45239 | 43600 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2048  | 19054 | 18363 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2054  | 373197 | 354074 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2041  | 7892 | 7731 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2046  | 50854 | 49504 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2046  | 5254 | 5114 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2048  | 31220 | 30166 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2048  | 2476 | 2387 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2034  | 3542 | 3559 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2041  | 33901 | 33201 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2046  | 5299 | 5157 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2048  | 1318395 | 1270615 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2048  | 68688 | 66199 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2048  | 8990 | 8664 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2055  | 224396 | 212898 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2046  | 49089 | 47770 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2046  | 5599 | 5448 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2047  | 18591 | 17946 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2048  | 24101 | 23190 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2049  | 87457 | 84287 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2050  | 196749 | 189312 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2052  | 122096 | 116641 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2039  | 12109 | 11889 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2046  | 51860 | 50466 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2049  | 83945 | 80719 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2052  | 475435 | 453896 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2052  | 173580 | 165323 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2055  | 147168 | 139627 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2046  | 58942 | 57358 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2048  | 229317 | 221006 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2048  | 5044 | 4853 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2048  | 2689 | 2588 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2049  | 97840 | 94080 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2048  | 14164 | 14073 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2049  | 41400 | 41067 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2039  | 33322 | 33391 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2048  | 8601 | 8537 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2052  | 299177 | 293505 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2054  | 24409 | 23839 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2048  | 9225 | 9156 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2048  | 2940 | 2919 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2049  | 43150 | 42709 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2050  | 93154 | 92058 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2052  | 402960 | 395320 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2048  | 7274 | 7216 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2050  | 337682 | 334235 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2048  | 70721 | 70265 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2049  | 58527 | 58057 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2055  | 558716 | 549869 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2049  | 39344 | 39028 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2055  | 461345 | 451013 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2040  | 275117 | 275376 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2048  | 11626 | 11551 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2048  | 8919 | 8861 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2049  | 173054 | 171774 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2050  | 371994 | 367732 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2047  | 12598 | 12537 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2048  | 24139 | 23968 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2048  | 185068 | 183757 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2048  | 10372 | 10299 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2047  | 50198 | 50270 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2047  | 14939 | 14866 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2048  | 73359 | 72886 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2048  | 9524 | 9423 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2049  | 25893 | 25636 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2048  | 17847 | 17715 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2049  | 2401 | 2376 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2049  | 2309 | 2285 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2053  | 347978 | 340838 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2041  | 19175 | 19177 |
| Fannie Mae Mortgage pass-thru certificates 5% 1/1/2053  | 481162 | 482995 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2048  | 110318 | 112829 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2049  | 12955 | 13178 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2050  | 34838 | 35439 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2052  | 412646 | 414218 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2052  | 282800 | 283877 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2053  | 87606 | 87721 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2053  | 22705 | 22777 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2049  | 14587 | 14811 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2052  | 77487 | 77830 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2053  | 176959 | 177191 |
| Fannie Mae Mortgage pass-thru certificates 5% 12/1/2039  | 232026 | 235058 |
| Fannie Mae Mortgage pass-thru certificates 5% 12/1/2048  | 10102 | 10282 |
| Fannie Mae Mortgage pass-thru certificates 5% 12/1/2049  | 50203 | 51069 |
| Fannie Mae Mortgage pass-thru certificates 5% 12/1/2049  | 26890 | 27371 |
| Fannie Mae Mortgage pass-thru certificates 5% 12/1/2054  | 393825 | 394094 |
| Fannie Mae Mortgage pass-thru certificates 5% 2/1/2049  | 55871 | 56940 |
| Fannie Mae Mortgage pass-thru certificates 5% 2/1/2053  | 322398 | 323223 |
| Fannie Mae Mortgage pass-thru certificates 5% 2/1/2054  | 291342 | 291450 |
| Fannie Mae Mortgage pass-thru certificates 5% 3/1/2049  | 6751 | 6871 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2049  | 25610 | 26068 |
| Fannie Mae Mortgage pass-thru certificates 5% 5/1/2053  | 164230 | 164455 |
| Fannie Mae Mortgage pass-thru certificates 5% 5/1/2055  | 263590 | 263029 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2040  | 116846 | 118373 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2048  | 10633 | 10836 |
| Fannie Mae Mortgage pass-thru certificates 5% 8/1/2048  | 20987 | 21388 |
| Fannie Mae Mortgage pass-thru certificates 5% 8/1/2053  | 470026 | 474754 |
| Fannie Mae Mortgage pass-thru certificates 5% 8/1/2055  | 172118 | 171751 |
| Fannie Mae Mortgage pass-thru certificates 5% 9/1/2048  | 2418 | 2464 |
| Fannie Mae Mortgage pass-thru certificates 5% 9/1/2049  | 253691 | 258542 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2049  | 20595 | 21462 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2049  | 19527 | 20348 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2049  | 18418 | 19142 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 10/1/2053  | 643507 | 661936 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 11/1/2052  | 355356 | 362867 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 11/1/2052  | 20990 | 21434 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 11/1/2054  | 199268 | 202857 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2048  | 16248 | 16952 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2054  | 692825 | 702923 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2055  | 350000 | 354992 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2049  | 15071 | 15676 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2053  | 530194 | 541069 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 3/1/2053  | 891620 | 913810 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 3/1/2055  | 24927 | 25329 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 4/1/2049  | 22426 | 23327 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 4/1/2054  | 272570 | 276884 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2044  | 21202 | 21951 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2053  | 31445 | 32032 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2054  | 1820048 | 1847202 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2054  | 649934 | 659813 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2053  | 299773 | 308077 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2053  | 169103 | 171727 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2054  | 185692 | 190546 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2055  | 469737 | 476437 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2055  | 114241 | 115871 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2053  | 387565 | 394304 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2055  | 311337 | 315778 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 9/1/2053  | 289673 | 295072 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 9/1/2053  | 166055 | 168942 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 9/1/2054  | 146789 | 149021 |
| Fannie Mae Mortgage pass-thru certificates 6% 1/1/2053  | 123008 | 127574 |
| Fannie Mae Mortgage pass-thru certificates 6% 1/1/2055  | 274684 | 282070 |
| Fannie Mae Mortgage pass-thru certificates 6% 10/1/2052  | 177771 | 183746 |
| Fannie Mae Mortgage pass-thru certificates 6% 10/1/2053  | 331868 | 341310 |
| Fannie Mae Mortgage pass-thru certificates 6% 10/1/2053  | 300432 | 308980 |
| Fannie Mae Mortgage pass-thru certificates 6% 12/1/2052  | 416972 | 430204 |
| Fannie Mae Mortgage pass-thru certificates 6% 12/1/2054  | 289885 | 301123 |
| Fannie Mae Mortgage pass-thru certificates 6% 2/1/2054  | 1162824 | 1194092 |
| Fannie Mae Mortgage pass-thru certificates 6% 3/1/2053  | 543077 | 559929 |
| Fannie Mae Mortgage pass-thru certificates 6% 3/1/2054  | 235044 | 244945 |
| Fannie Mae Mortgage pass-thru certificates 6% 4/1/2054  | 215570 | 221818 |
| Fannie Mae Mortgage pass-thru certificates 6% 4/1/2055  | 302014 | 309946 |
| Fannie Mae Mortgage pass-thru certificates 6% 5/1/2054  | 239915 | 246535 |
| Fannie Mae Mortgage pass-thru certificates 6% 5/1/2055  | 459088 | 478463 |
| Fannie Mae Mortgage pass-thru certificates 6% 5/1/2055  | 25665 | 26339 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2053  | 89719 | 92503 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2054  | 282750 | 290331 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2039  | 259031 | 269293 |
| Fannie Mae Mortgage pass-thru certificates 6% 8/1/2053  | 56518 | 58197 |
| Fannie Mae Mortgage pass-thru certificates 6% 8/1/2054  | 84555 | 86888 |
| Fannie Mae Mortgage pass-thru certificates 6% 8/1/2055  | 560528 | 580505 |
| Fannie Mae Mortgage pass-thru certificates 6% 8/1/2055  | 535242 | 550613 |
| Fannie Mae Mortgage pass-thru certificates 6% 8/1/2055  | 412859 | 430928 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 10/1/2053  | 166005 | 173606 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 10/1/2055  | 452277 | 469877 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 11/1/2053  | 717141 | 744386 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 2/1/2055  | 87788 | 91122 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 4/1/2043  | 52087 | 54277 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 4/1/2055  | 430841 | 447235 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 5/1/2053  | 277166 | 288817 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 5/1/2055  | 179488 | 186290 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 5/1/2055  | 174457 | 181447 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 6/1/2055  | 833677 | 865466 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 9/1/2053  | 61684 | 64258 |
| Fannie Mae Mortgage pass-thru certificates 7% 11/1/2053  | 947152 | 997633 |
| Fannie Mae Mortgage pass-thru certificates 7% 12/1/2053  | 62672 | 66222 |
| Fannie Mae Mortgage pass-thru certificates 7% 12/1/2053  | 58945 | 62611 |
| Freddie Mac 5.5% 1/1/2055  | 43281 | 43898 |
| Freddie Mac Gold Pool 1.5% 10/1/2036  | 309453 | 280441 |
| Freddie Mac Gold Pool 1.5% 10/1/2041  | 192841 | 162680 |
| Freddie Mac Gold Pool 1.5% 10/1/2051  | 1598927 | 1239439 |
| Freddie Mac Gold Pool 1.5% 10/1/2051  | 169992 | 131773 |
| Freddie Mac Gold Pool 1.5% 11/1/2040  | 154108 | 131335 |
| Freddie Mac Gold Pool 1.5% 11/1/2051  | 475947 | 368939 |
| Freddie Mac Gold Pool 1.5% 11/1/2051  | 94406 | 73180 |
| Freddie Mac Gold Pool 1.5% 2/1/2037  | 66078 | 59780 |
| Freddie Mac Gold Pool 1.5% 2/1/2042  | 108862 | 92338 |
| Freddie Mac Gold Pool 1.5% 3/1/2037  | 77234 | 69872 |
| Freddie Mac Gold Pool 1.5% 7/1/2036  | 229431 | 207921 |
| Freddie Mac Gold Pool 1.5% 7/1/2041  | 498480 | 421762 |
| Freddie Mac Gold Pool 1.5% 7/1/2051  | 455673 | 353223 |
| Freddie Mac Gold Pool 2% 1/1/2051  | 1395903 | 1138646 |
| Freddie Mac Gold Pool 2% 1/1/2051  | 348689 | 285408 |
| Freddie Mac Gold Pool 2% 1/1/2052  | 1818053 | 1476747 |
| Freddie Mac Gold Pool 2% 1/1/2052  | 71378 | 58848 |
| Freddie Mac Gold Pool 2% 10/1/2030  | 67684 | 65287 |
| Freddie Mac Gold Pool 2% 10/1/2050  | 37220 | 30396 |
| Freddie Mac Gold Pool 2% 10/1/2051  | 2917668 | 2369931 |
| Freddie Mac Gold Pool 2% 10/1/2051  | 575306 | 467303 |
| Freddie Mac Gold Pool 2% 11/1/2035  | 242614 | 225650 |
| Freddie Mac Gold Pool 2% 11/1/2035  | 85945 | 79936 |
| Freddie Mac Gold Pool 2% 11/1/2050  | 72073 | 59511 |
| Freddie Mac Gold Pool 2% 11/1/2051  | 1319731 | 1071976 |
| Freddie Mac Gold Pool 2% 11/1/2051  | 868394 | 708626 |
| Freddie Mac Gold Pool 2% 11/1/2051  | 750449 | 612381 |
| Freddie Mac Gold Pool 2% 12/1/2051  | 845811 | 695484 |
| Freddie Mac Gold Pool 2% 12/1/2051  | 481869 | 389600 |
| Freddie Mac Gold Pool 2% 12/1/2051  | 211975 | 172181 |
| Freddie Mac Gold Pool 2% 12/1/2051  | 138801 | 114305 |
| Freddie Mac Gold Pool 2% 2/1/2036  | 735596 | 683472 |
| Freddie Mac Gold Pool 2% 2/1/2051  | 601712 | 490820 |
| Freddie Mac Gold Pool 2% 2/1/2051  | 323252 | 261456 |
| Freddie Mac Gold Pool 2% 2/1/2052  | 19420 | 15816 |
| Freddie Mac Gold Pool 2% 3/1/2051  | 2007334 | 1639277 |
| Freddie Mac Gold Pool 2% 4/1/2036  | 1427969 | 1324554 |
| Freddie Mac Gold Pool 2% 4/1/2042  | 855592 | 753307 |
| Freddie Mac Gold Pool 2% 5/1/2051  | 1607607 | 1310330 |
| Freddie Mac Gold Pool 2% 5/1/2051  | 22463 | 18548 |
| Freddie Mac Gold Pool 2% 5/1/2052  | 525118 | 432117 |
| Freddie Mac Gold Pool 2% 7/1/2051  | 1059456 | 867515 |
| Freddie Mac Gold Pool 2% 7/1/2051  | 135116 | 111862 |
| Freddie Mac Gold Pool 2% 8/1/2050  | 18659 | 15349 |
| Freddie Mac Gold Pool 2% 8/1/2051  | 264155 | 214812 |
| Freddie Mac Gold Pool 2% 8/1/2051  | 20097 | 16412 |
| Freddie Mac Gold Pool 2% 9/1/2035  | 159211 | 148079 |
| Freddie Mac Gold Pool 2% 9/1/2041  | 1783619 | 1562610 |
| Freddie Mac Gold Pool 2% 9/1/2050  | 171937 | 140412 |
| Freddie Mac Gold Pool 2% 9/1/2050  | 18917 | 15449 |
| Freddie Mac Gold Pool 2% 9/1/2051  | 1024055 | 832768 |
| Freddie Mac Gold Pool 2.5% 1/1/2035  | 414366 | 394949 |
| Freddie Mac Gold Pool 2.5% 1/1/2047  | 19169 | 16668 |
| Freddie Mac Gold Pool 2.5% 1/1/2051  | 2178575 | 1858915 |
| Freddie Mac Gold Pool 2.5% 1/1/2052  | 299270 | 253113 |
| Freddie Mac Gold Pool 2.5% 10/1/2050  | 1158206 | 999845 |
| Freddie Mac Gold Pool 2.5% 10/1/2050  | 739551 | 631500 |
| Freddie Mac Gold Pool 2.5% 10/1/2051  | 745651 | 634378 |
| Freddie Mac Gold Pool 2.5% 11/1/2050  | 564707 | 486966 |
| Freddie Mac Gold Pool 2.5% 11/1/2051  | 439691 | 374076 |
| Freddie Mac Gold Pool 2.5% 11/1/2051  | 126627 | 109234 |
| Freddie Mac Gold Pool 2.5% 12/1/2051  | 962730 | 814249 |
| Freddie Mac Gold Pool 2.5% 12/1/2051  | 728844 | 623951 |
| Freddie Mac Gold Pool 2.5% 12/1/2051  | 69055 | 59570 |
| Freddie Mac Gold Pool 2.5% 2/1/2030  | 34598 | 33851 |
| Freddie Mac Gold Pool 2.5% 2/1/2051  | 694624 | 592702 |
| Freddie Mac Gold Pool 2.5% 2/1/2052  | 1992806 | 1693554 |
| Freddie Mac Gold Pool 2.5% 3/1/2033  | 16227 | 15637 |
| Freddie Mac Gold Pool 2.5% 3/1/2035  | 421797 | 401901 |
| Freddie Mac Gold Pool 2.5% 3/1/2050  | 35517 | 30061 |
| Freddie Mac Gold Pool 2.5% 4/1/2027  | 11091 | 10982 |
| Freddie Mac Gold Pool 2.5% 4/1/2036  | 144048 | 136984 |
| Freddie Mac Gold Pool 2.5% 4/1/2042  | 305330 | 273318 |
| Freddie Mac Gold Pool 2.5% 4/1/2051  | 367907 | 311165 |
| Freddie Mac Gold Pool 2.5% 4/1/2051  | 249975 | 211422 |
| Freddie Mac Gold Pool 2.5% 4/1/2052  | 474504 | 403694 |
| Freddie Mac Gold Pool 2.5% 4/1/2052  | 139530 | 120278 |
| Freddie Mac Gold Pool 2.5% 4/1/2052  | 92574 | 78644 |
| Freddie Mac Gold Pool 2.5% 5/1/2051  | 1142561 | 974556 |
| Freddie Mac Gold Pool 2.5% 5/1/2051  | 132199 | 114124 |
| Freddie Mac Gold Pool 2.5% 7/1/2029  | 13703 | 13521 |
| Freddie Mac Gold Pool 2.5% 7/1/2051  | 1198532 | 1019676 |
| Freddie Mac Gold Pool 2.5% 7/1/2052  | 1144227 | 967753 |
| Freddie Mac Gold Pool 2.5% 7/1/2052  | 622560 | 526698 |
| Freddie Mac Gold Pool 2.5% 8/1/2035  | 172187 | 163957 |
| Freddie Mac Gold Pool 2.5% 8/1/2051  | 2335426 | 1986913 |
| Freddie Mac Gold Pool 2.5% 9/1/2050  | 58350 | 49825 |
| Freddie Mac Gold Pool 3% 1/1/2029  | 12991 | 12839 |
| Freddie Mac Gold Pool 3% 1/1/2033  | 4626 | 4512 |
| Freddie Mac Gold Pool 3% 10/1/2043  | 122084 | 112832 |
| Freddie Mac Gold Pool 3% 11/1/2034  | 41067 | 40013 |
| Freddie Mac Gold Pool 3% 2/1/2035  | 64100 | 62355 |
| Freddie Mac Gold Pool 3% 2/1/2052  | 641838 | 567672 |
| Freddie Mac Gold Pool 3% 3/1/2033  | 3538 | 3449 |
| Freddie Mac Gold Pool 3% 3/1/2035  | 40436 | 39335 |
| Freddie Mac Gold Pool 3% 3/1/2045  | 24898 | 22753 |
| Freddie Mac Gold Pool 3% 4/1/2035  | 7509 | 7295 |
| Freddie Mac Gold Pool 3% 4/1/2045  | 34142 | 31178 |
| Freddie Mac Gold Pool 3% 4/1/2050  | 159808 | 143888 |
| Freddie Mac Gold Pool 3% 4/1/2052  | 421130 | 372467 |
| Freddie Mac Gold Pool 3% 7/1/2045  | 11664 | 10639 |
| Freddie Mac Gold Pool 3% 7/1/2049  | 320199 | 287903 |
| Freddie Mac Gold Pool 3% 7/1/2051  | 74628 | 66004 |
| Freddie Mac Gold Pool 3% 8/1/2047  | 26903 | 24328 |
| Freddie Mac Gold Pool 3% 8/1/2051  | 125413 | 112371 |
| Freddie Mac Gold Pool 3% 8/1/2052  | 2070458 | 1859681 |
| Freddie Mac Gold Pool 3% 8/1/2052  | 174328 | 154184 |
| Freddie Mac Gold Pool 3% 9/1/2034  | 1270 | 1237 |
| Freddie Mac Gold Pool 3.5% 1/1/2050  | 83978 | 78429 |
| Freddie Mac Gold Pool 3.5% 1/1/2050  | 41448 | 38709 |
| Freddie Mac Gold Pool 3.5% 10/1/2047  | 108396 | 101606 |
| Freddie Mac Gold Pool 3.5% 12/1/2033  | 132601 | 130758 |
| Freddie Mac Gold Pool 3.5% 2/1/2048  | 52149 | 48892 |
| Freddie Mac Gold Pool 3.5% 2/1/2048  | 8645 | 8108 |
| Freddie Mac Gold Pool 3.5% 2/1/2049  | 14295 | 13398 |
| Freddie Mac Gold Pool 3.5% 3/1/2048  | 175303 | 164354 |
| Freddie Mac Gold Pool 3.5% 3/1/2048  | 73792 | 69460 |
| Freddie Mac Gold Pool 3.5% 3/1/2050  | 1173008 | 1103569 |
| Freddie Mac Gold Pool 3.5% 3/1/2050  | 220921 | 206256 |
| Freddie Mac Gold Pool 3.5% 3/1/2055  | 72457 | 66968 |
| Freddie Mac Gold Pool 3.5% 5/1/2052  | 474205 | 439169 |
| Freddie Mac Gold Pool 3.5% 6/1/2049  | 82408 | 77092 |
| Freddie Mac Gold Pool 3.5% 6/1/2052  | 161346 | 149778 |
| Freddie Mac Gold Pool 3.5% 7/1/2033  | 20984 | 20719 |
| Freddie Mac Gold Pool 3.5% 7/1/2046  | 708780 | 671252 |
| Freddie Mac Gold Pool 3.5% 7/1/2049  | 256990 | 240412 |
| Freddie Mac Gold Pool 3.5% 7/1/2052  | 77638 | 72436 |
| Freddie Mac Gold Pool 3.5% 8/1/2046  | 85423 | 80462 |
| Freddie Mac Gold Pool 3.5% 9/1/2033  | 32270 | 31862 |
| Freddie Mac Gold Pool 3.5% 9/1/2048  | 41844 | 39230 |
| Freddie Mac Gold Pool 3.5% 9/1/2052  | 785691 | 727150 |
| Freddie Mac Gold Pool 4% 1/1/2039  | 82289 | 81184 |
| Freddie Mac Gold Pool 4% 1/1/2041  | 54787 | 53758 |
| Freddie Mac Gold Pool 4% 1/1/2041  | 26975 | 26468 |
| Freddie Mac Gold Pool 4% 1/1/2044  | 33930 | 32987 |
| Freddie Mac Gold Pool 4% 1/1/2047  | 157809 | 153618 |
| Freddie Mac Gold Pool 4% 10/1/2042  | 12102 | 11816 |
| Freddie Mac Gold Pool 4% 10/1/2048  | 67798 | 65214 |
| Freddie Mac Gold Pool 4% 10/1/2048  | 43813 | 42208 |
| Freddie Mac Gold Pool 4% 10/1/2050  | 121544 | 116531 |
| Freddie Mac Gold Pool 4% 11/1/2033  | 40241 | 40434 |
| Freddie Mac Gold Pool 4% 11/1/2036  | 62434 | 61692 |
| Freddie Mac Gold Pool 4% 11/1/2048  | 222897 | 214470 |
| Freddie Mac Gold Pool 4% 11/1/2048  | 6832 | 6573 |
| Freddie Mac Gold Pool 4% 11/1/2049  | 75353 | 72410 |
| Freddie Mac Gold Pool 4% 12/1/2040  | 29009 | 28465 |
| Freddie Mac Gold Pool 4% 12/1/2055  | 49930 | 47372 |
| Freddie Mac Gold Pool 4% 2/1/2041  | 35876 | 35213 |
| Freddie Mac Gold Pool 4% 2/1/2041  | 9676 | 9483 |
| Freddie Mac Gold Pool 4% 2/1/2043  | 49540 | 48240 |
| Freddie Mac Gold Pool 4% 2/1/2049  | 23024 | 22146 |
| Freddie Mac Gold Pool 4% 3/1/2026  | 310 | 309 |
| Freddie Mac Gold Pool 4% 3/1/2038  | 139536 | 138284 |
| Freddie Mac Gold Pool 4% 4/1/2035  | 52069 | 52139 |
| Freddie Mac Gold Pool 4% 4/1/2038  | 134760 | 133382 |
| Freddie Mac Gold Pool 4% 4/1/2042  | 21834 | 21411 |
| Freddie Mac Gold Pool 4% 4/1/2049  | 436260 | 419632 |
| Freddie Mac Gold Pool 4% 4/1/2049  | 297905 | 288226 |
| Freddie Mac Gold Pool 4% 5/1/2045  | 8303 | 8116 |
| Freddie Mac Gold Pool 4% 5/1/2048  | 19095 | 18425 |
| Freddie Mac Gold Pool 4% 6/1/2046  | 47392 | 46219 |
| Freddie Mac Gold Pool 4% 6/1/2047  | 845393 | 811451 |
| Freddie Mac Gold Pool 4% 6/1/2048  | 27552 | 26585 |
| Freddie Mac Gold Pool 4% 6/1/2049  | 12820 | 12327 |
| Freddie Mac Gold Pool 4% 6/1/2055  | 97081 | 92107 |
| Freddie Mac Gold Pool 4% 7/1/2042  | 9707 | 9521 |
| Freddie Mac Gold Pool 4% 7/1/2045  | 45931 | 45008 |
| Freddie Mac Gold Pool 4% 8/1/2049  | 23805 | 22890 |
| Freddie Mac Gold Pool 4% 9/1/2040  | 8900 | 8735 |
| Freddie Mac Gold Pool 4% 9/1/2045  | 83380 | 80903 |
| Freddie Mac Gold Pool 4% 9/1/2049  | 250111 | 240499 |
| Freddie Mac Gold Pool 4% 9/1/2052  | 305071 | 291727 |
| Freddie Mac Gold Pool 4.5% 1/1/2049  | 21111 | 20942 |
| Freddie Mac Gold Pool 4.5% 1/1/2053  | 173752 | 170403 |
| Freddie Mac Gold Pool 4.5% 10/1/2052  | 711330 | 697844 |
| Freddie Mac Gold Pool 4.5% 10/1/2052  | 247141 | 242224 |
| Freddie Mac Gold Pool 4.5% 10/1/2052  | 239219 | 234684 |
| Freddie Mac Gold Pool 4.5% 11/1/2040  | 365715 | 366244 |
| Freddie Mac Gold Pool 4.5% 11/1/2048  | 40682 | 40381 |
| Freddie Mac Gold Pool 4.5% 11/1/2049  | 19652 | 19457 |
| Freddie Mac Gold Pool 4.5% 11/1/2052  | 566621 | 555879 |
| Freddie Mac Gold Pool 4.5% 3/1/2050  | 49907 | 49367 |
| Freddie Mac Gold Pool 4.5% 4/1/2050  | 56818 | 56167 |
| Freddie Mac Gold Pool 4.5% 6/1/2048  | 84298 | 83701 |
| Freddie Mac Gold Pool 4.5% 6/1/2052  | 200741 | 197123 |
| Freddie Mac Gold Pool 4.5% 7/1/2038  | 149426 | 149894 |
| Freddie Mac Gold Pool 4.5% 7/1/2041  | 88983 | 89042 |
| Freddie Mac Gold Pool 4.5% 7/1/2053  | 165570 | 162379 |
| Freddie Mac Gold Pool 4.5% 8/1/2048  | 254316 | 252435 |
| Freddie Mac Gold Pool 4.5% 9/1/2048  | 34633 | 34418 |
| Freddie Mac Gold Pool 4.5% 9/1/2048  | 3247 | 3223 |
| Freddie Mac Gold Pool 4.5% 9/1/2054  | 630271 | 615565 |
| Freddie Mac Gold Pool 5% 11/1/2052  | 170636 | 171286 |
| Freddie Mac Gold Pool 5% 11/1/2054  | 414698 | 413945 |
| Freddie Mac Gold Pool 5% 11/1/2054  | 289575 | 289162 |
| Freddie Mac Gold Pool 5% 11/1/2054  | 49678 | 49588 |
| Freddie Mac Gold Pool 5% 12/1/2048  | 6514 | 6630 |
| Freddie Mac Gold Pool 5% 12/1/2053  | 715584 | 716521 |
| Freddie Mac Gold Pool 5% 12/1/2053  | 442539 | 448235 |
| Freddie Mac Gold Pool 5% 12/1/2053  | 96814 | 96911 |
| Freddie Mac Gold Pool 5% 2/1/2040  | 106800 | 108195 |
| Freddie Mac Gold Pool 5% 2/1/2049  | 14566 | 14844 |
| Freddie Mac Gold Pool 5% 2/1/2049  | 10395 | 10581 |
| Freddie Mac Gold Pool 5% 3/1/2044  | 145792 | 147577 |
| Freddie Mac Gold Pool 5% 3/1/2053  | 621580 | 622976 |
| Freddie Mac Gold Pool 5% 3/1/2053  | 336377 | 336938 |
| Freddie Mac Gold Pool 5% 3/1/2054  | 531732 | 531930 |
| Freddie Mac Gold Pool 5% 4/1/2039  | 127442 | 129426 |
| Freddie Mac Gold Pool 5% 4/1/2048  | 11094 | 11327 |
| Freddie Mac Gold Pool 5% 4/1/2049  | 106570 | 108475 |
| Freddie Mac Gold Pool 5% 4/1/2055  | 147423 | 147109 |
| Freddie Mac Gold Pool 5% 5/1/2050  | 51059 | 51780 |
| Freddie Mac Gold Pool 5% 6/1/2030  | 3275 | 3319 |
| Freddie Mac Gold Pool 5% 6/1/2053  | 1084077 | 1086174 |
| Freddie Mac Gold Pool 5% 7/1/2040  | 22816 | 23114 |
| Freddie Mac Gold Pool 5% 7/1/2052  | 311087 | 312661 |
| Freddie Mac Gold Pool 5% 8/1/2048  | 12551 | 12791 |
| Freddie Mac Gold Pool 5% 8/1/2049  | 502767 | 511437 |
| Freddie Mac Gold Pool 5% 8/1/2049  | 28565 | 29058 |
| Freddie Mac Gold Pool 5% 8/1/2049  | 11686 | 11887 |
| Freddie Mac Gold Pool 5% 8/1/2055  | 158078 | 158729 |
| Freddie Mac Gold Pool 5% 9/1/2049  | 323198 | 328772 |
| Freddie Mac Gold Pool 5% 9/1/2054  | 531796 | 531494 |
| Freddie Mac Gold Pool 5% 9/1/2055  | 98979 | 98768 |
| Freddie Mac Gold Pool 5.5% 1/1/2040  | 355190 | 364406 |
| Freddie Mac Gold Pool 5.5% 1/1/2053  | 214493 | 218558 |
| Freddie Mac Gold Pool 5.5% 1/1/2053  | 172872 | 176040 |
| Freddie Mac Gold Pool 5.5% 10/1/2052  | 322235 | 329046 |
| Freddie Mac Gold Pool 5.5% 10/1/2054  | 331227 | 339885 |
| Freddie Mac Gold Pool 5.5% 10/1/2055  | 550755 | 566355 |
| Freddie Mac Gold Pool 5.5% 11/1/2053  | 424219 | 431596 |
| Freddie Mac Gold Pool 5.5% 11/1/2054  | 1401537 | 1421965 |
| Freddie Mac Gold Pool 5.5% 11/1/2054  | 277467 | 286020 |
| Freddie Mac Gold Pool 5.5% 11/1/2054  | 121169 | 122918 |
| Freddie Mac Gold Pool 5.5% 12/1/2052  | 386094 | 394256 |
| Freddie Mac Gold Pool 5.5% 3/1/2053  | 376098 | 383108 |
| Freddie Mac Gold Pool 5.5% 4/1/2053  | 558155 | 568558 |
| Freddie Mac Gold Pool 5.5% 4/1/2054  | 527923 | 545352 |
| Freddie Mac Gold Pool 5.5% 4/1/2054  | 322713 | 327820 |
| Freddie Mac Gold Pool 5.5% 5/1/2055  | 45530 | 46180 |
| Freddie Mac Gold Pool 5.5% 6/1/2049  | 99747 | 103756 |
| Freddie Mac Gold Pool 5.5% 6/1/2055  | 256712 | 260373 |
| Freddie Mac Gold Pool 5.5% 7/1/2054  | 43228 | 43885 |
| Freddie Mac Gold Pool 5.5% 8/1/2053  | 163635 | 166480 |
| Freddie Mac Gold Pool 5.5% 8/1/2054  | 136031 | 138098 |
| Freddie Mac Gold Pool 5.5% 9/1/2040  | 162531 | 166647 |
| Freddie Mac Gold Pool 5.5% 9/1/2053  | 296108 | 304680 |
| Freddie Mac Gold Pool 5.5% 9/1/2053  | 43135 | 43879 |
| Freddie Mac Gold Pool 5.5% 9/1/2054  | 336434 | 341548 |
| Freddie Mac Gold Pool 5.5% 9/1/2055  | 849321 | 861435 |
| Freddie Mac Gold Pool 5.5% 9/1/2055  | 749926 | 760622 |
| Freddie Mac Gold Pool 6% 1/1/2053  | 555388 | 573012 |
| Freddie Mac Gold Pool 6% 1/1/2055  | 404169 | 414879 |
| Freddie Mac Gold Pool 6% 10/1/2055  | 689586 | 710628 |
| Freddie Mac Gold Pool 6% 11/1/2053  | 228391 | 234889 |
| Freddie Mac Gold Pool 6% 11/1/2053  | 41955 | 43142 |
| Freddie Mac Gold Pool 6% 11/1/2054  | 394860 | 405601 |
| Freddie Mac Gold Pool 6% 12/1/2052  | 71291 | 73553 |
| Freddie Mac Gold Pool 6% 12/1/2053  | 353527 | 367986 |
| Freddie Mac Gold Pool 6% 3/1/2053  | 284234 | 293054 |
| Freddie Mac Gold Pool 6% 4/1/2054  | 641519 | 669144 |
| Freddie Mac Gold Pool 6% 4/1/2054  | 497684 | 515945 |
| Freddie Mac Gold Pool 6% 4/1/2055  | 749274 | 770618 |
| Freddie Mac Gold Pool 6% 5/1/2054  | 833175 | 870615 |
| Freddie Mac Gold Pool 6% 5/1/2054  | 301098 | 309092 |
| Freddie Mac Gold Pool 6% 5/1/2054  | 24843 | 25534 |
| Freddie Mac Gold Pool 6% 5/1/2055  | 248743 | 256294 |
| Freddie Mac Gold Pool 6% 6/1/2055  | 1126227 | 1155895 |
| Freddie Mac Gold Pool 6% 7/1/2053  | 19406 | 19982 |
| Freddie Mac Gold Pool 6% 8/1/2054  | 463458 | 476246 |
| Freddie Mac Gold Pool 6% 8/1/2055  | 248828 | 255647 |
| Freddie Mac Gold Pool 6% 8/1/2055  | 221742 | 231447 |
| Freddie Mac Gold Pool 6.5% 1/1/2054  | 39102 | 40636 |
| Freddie Mac Gold Pool 6.5% 10/1/2053  | 410463 | 426692 |
| Freddie Mac Gold Pool 6.5% 10/1/2053  | 227263 | 236461 |
| Freddie Mac Gold Pool 6.5% 10/1/2054  | 143796 | 149256 |
| Freddie Mac Gold Pool 6.5% 11/1/2052  | 67189 | 70047 |
| Freddie Mac Gold Pool 6.5% 12/1/2053  | 202642 | 213346 |
| Freddie Mac Gold Pool 6.5% 2/1/2054  | 363272 | 382091 |
| Freddie Mac Gold Pool 6.5% 6/1/2054  | 369370 | 390034 |
| Freddie Mac Gold Pool 6.5% 6/1/2054  | 185470 | 196483 |
| Freddie Mac Gold Pool 6.5% 7/1/2054  | 234179 | 243981 |
| Freddie Mac Gold Pool 6.5% 7/1/2054  | 206529 | 214656 |
| Freddie Mac Gold Pool 6.5% 8/1/2053  | 59993 | 62421 |
| Freddie Mac Gold Pool 6.5% 8/1/2054  | 164359 | 170562 |
| Freddie Mac Gold Pool 6.5% 8/1/2055  | 91723 | 95256 |
| Freddie Mac Gold Pool 6.5% 9/1/2053  | 205809 | 214139 |
| Freddie Mac Gold Pool 6.5% 9/1/2054  | 223275 | 236673 |
| Freddie Mac Gold Pool 6.5% 9/1/2055  | 302068 | 313775 |
| Freddie Mac Gold Pool 7% 1/1/2054  | 286659 | 304369 |
| Freddie Mac Gold Pool 7% 1/1/2054  | 74461 | 79011 |
| Freddie Mac Manufactured Housing participation certificates 6% 2/1/2055  | 286893 | 294495 |
| Freddie Mac Manufactured Housing participation certificates 6% 4/1/2055  | 805438 | 838423 |
| Freddie Mac Non Gold Pool 5.5% 4/1/2054  | 210082 | 213735 |
| Freddie Mac Non Gold Pool 5.5% 8/1/2055  | 244601 | 249687 |
| Freddie Mac Non Gold Pool 6% 12/1/2053  | 473803 | 486588 |
| Freddie Mac Non Gold Pool 6.5% 8/1/2053  | 515206 | 536743 |
| Ginnie Mae I Pool 3% 10/20/2042  | 170465 | 157792 |
| Ginnie Mae I Pool 3% 11/20/2052  | 151381 | 136488 |
| Ginnie Mae I Pool 3% 7/20/2052  | 74948 | 67434 |
| Ginnie Mae I Pool 3.5% 10/20/2052  | 394878 | 363197 |
| Ginnie Mae I Pool 3.5% 11/20/2052  | 42225 | 38781 |
| Ginnie Mae I Pool 3.5% 12/20/2052  | 210470 | 193320 |
| Ginnie Mae I Pool 3.5% 7/20/2052  | 152912 | 140799 |
| Ginnie Mae I Pool 3.5% 9/20/2052  | 514483 | 473728 |
| Ginnie Mae I Pool 4% 1/20/2053  | 160203 | 152572 |
| Ginnie Mae I Pool 4% 10/20/2052  | 631407 | 601726 |
| Ginnie Mae I Pool 4% 12/20/2052  | 128118 | 122015 |
| Ginnie Mae I Pool 4% 3/20/2047  | 44391 | 42883 |
| Ginnie Mae I Pool 4% 8/20/2052  | 231059 | 220288 |
| Ginnie Mae I Pool 4% 9/20/2052  | 316309 | 301563 |
| Ginnie Mae I Pool 4.5% 10/20/2052  | 388643 | 381506 |
| Ginnie Mae I Pool 4.5% 11/20/2052  | 311139 | 305425 |
| Ginnie Mae I Pool 4.5% 4/20/2053  | 169140 | 165809 |
| Ginnie Mae I Pool 4.5% 5/20/2053  | 252149 | 247183 |
| Ginnie Mae I Pool 4.5% 8/20/2052  | 375796 | 368895 |
| Ginnie Mae I Pool 5% 1/20/2053  | 158539 | 159302 |
| Ginnie Mae I Pool 5% 10/20/2052  | 368475 | 370478 |
| Ginnie Mae I Pool 5% 11/20/2049  | 70143 | 71335 |
| Ginnie Mae I Pool 5% 11/20/2052  | 75757 | 76169 |
| Ginnie Mae I Pool 5% 4/20/2053  | 313499 | 314615 |
| Ginnie Mae I Pool 5% 6/20/2053  | 164164 | 164749 |
| Ginnie Mae I Pool 5% 7/20/2052  | 220366 | 221564 |
| Ginnie Mae I Pool 5% 9/20/2052  | 73865 | 74267 |
| Ginnie Mae I Pool 5.5% 1/20/2053  | 130813 | 132984 |
| Ginnie Mae I Pool 5.5% 10/20/2052  | 268578 | 273476 |
| Ginnie Mae I Pool 5.5% 10/20/2054  | 170702 | 172521 |
| Ginnie Mae I Pool 5.5% 12/20/2052  | 131149 | 133377 |
| Ginnie Mae I Pool 5.5% 2/20/2053  | 134431 | 136620 |
| Ginnie Mae I Pool 5.5% 4/20/2053  | 387236 | 393178 |
| Ginnie Mae I Pool 5.5% 5/20/2053  | 299979 | 304582 |
| Ginnie Mae I Pool 6% 1/20/2053  | 368215 | 378143 |
| Ginnie Mae I Pool 6% 12/20/2052  | 208063 | 213819 |
| Ginnie Mae I Pool 6.5% 12/20/2052  | 189973 | 197065 |
| Ginnie Mae II Pool 1.5% 5/20/2051  | 89213 | 70893 |
| Ginnie Mae II Pool 2% 1/1/2056 (b) | 375000 | 310368 |
| Ginnie Mae II Pool 2% 1/20/2051  | 1638919 | 1357418 |
| Ginnie Mae II Pool 2% 1/20/2052  | 254842 | 211110 |
| Ginnie Mae II Pool 2% 11/20/2051  | 822303 | 680936 |
| Ginnie Mae II Pool 2% 12/20/2050  | 1845159 | 1528090 |
| Ginnie Mae II Pool 2% 12/20/2051  | 144854 | 119952 |
| Ginnie Mae II Pool 2% 2/20/2051  | 342033 | 283231 |
| Ginnie Mae II Pool 2% 3/20/2051  | 2573050 | 2130700 |
| Ginnie Mae II Pool 2% 3/20/2052  | 72412 | 59986 |
| Ginnie Mae II Pool 2% 4/20/2051  | 1905333 | 1577775 |
| Ginnie Mae II Pool 2% 4/20/2052  | 414970 | 343759 |
| Ginnie Mae II Pool 2% 6/20/2051  | 194942 | 161429 |
| Ginnie Mae II Pool 2% 7/20/2051  | 756000 | 626031 |
| Ginnie Mae II Pool 2% 9/20/2050  | 235234 | 194940 |
| Ginnie Mae II Pool 2.5% 1/20/2051  | 366026 | 315959 |
| Ginnie Mae II Pool 2.5% 1/20/2052  | 338674 | 292294 |
| Ginnie Mae II Pool 2.5% 10/20/2046  | 21339 | 18733 |
| Ginnie Mae II Pool 2.5% 10/20/2050  | 560990 | 484779 |
| Ginnie Mae II Pool 2.5% 10/20/2051  | 393155 | 339253 |
| Ginnie Mae II Pool 2.5% 10/20/2053  | 117970 | 101897 |
| Ginnie Mae II Pool 2.5% 11/20/2050  | 585290 | 505778 |
| Ginnie Mae II Pool 2.5% 11/20/2051  | 440949 | 380495 |
| Ginnie Mae II Pool 2.5% 12/20/2049  | 111216 | 96733 |
| Ginnie Mae II Pool 2.5% 12/20/2050  | 523955 | 452448 |
| Ginnie Mae II Pool 2.5% 2/20/2051  | 304751 | 263065 |
| Ginnie Mae II Pool 2.5% 2/20/2052  | 864461 | 746078 |
| Ginnie Mae II Pool 2.5% 2/20/2055  | 184267 | 158932 |
| Ginnie Mae II Pool 2.5% 3/20/2052  | 297814 | 257031 |
| Ginnie Mae II Pool 2.5% 4/20/2050  | 55808 | 48262 |
| Ginnie Mae II Pool 2.5% 4/20/2051  | 57717 | 49822 |
| Ginnie Mae II Pool 2.5% 4/20/2052  | 171038 | 147615 |
| Ginnie Mae II Pool 2.5% 5/20/2050  | 51186 | 44264 |
| Ginnie Mae II Pool 2.5% 5/20/2051  | 1323173 | 1141765 |
| Ginnie Mae II Pool 2.5% 5/20/2052  | 552539 | 476872 |
| Ginnie Mae II Pool 2.5% 6/20/2050  | 246311 | 213004 |
| Ginnie Mae II Pool 2.5% 7/20/2051  | 1711034 | 1476451 |
| Ginnie Mae II Pool 2.5% 8/20/2050  | 903562 | 780436 |
| Ginnie Mae II Pool 2.5% 8/20/2051  | 346287 | 298811 |
| Ginnie Mae II Pool 2.5% 9/20/2050  | 542254 | 468589 |
| Ginnie Mae II Pool 2.5% 9/20/2051  | 609442 | 525887 |
| Ginnie Mae II Pool 3% 1/20/2043  | 2851 | 2637 |
| Ginnie Mae II Pool 3% 1/20/2048  | 17166 | 15624 |
| Ginnie Mae II Pool 3% 1/20/2050  | 517208 | 466403 |
| Ginnie Mae II Pool 3% 1/20/2051  | 14617 | 13172 |
| Ginnie Mae II Pool 3% 10/20/2051  | 31620 | 28455 |
| Ginnie Mae II Pool 3% 11/20/2047  | 30487 | 27750 |
| Ginnie Mae II Pool 3% 11/20/2051  | 81722 | 73490 |
| Ginnie Mae II Pool 3% 11/20/2053  | 36793 | 33380 |
| Ginnie Mae II Pool 3% 11/20/2054  | 139865 | 126071 |
| Ginnie Mae II Pool 3% 12/20/2047  | 173117 | 157573 |
| Ginnie Mae II Pool 3% 12/20/2049  | 107316 | 96775 |
| Ginnie Mae II Pool 3% 2/20/2046  | 197944 | 180665 |
| Ginnie Mae II Pool 3% 2/20/2050  | 291757 | 263098 |
| Ginnie Mae II Pool 3% 2/20/2051  | 526404 | 474367 |
| Ginnie Mae II Pool 3% 3/20/2043  | 5852 | 5411 |
| Ginnie Mae II Pool 3% 3/20/2048  | 61255 | 55678 |
| Ginnie Mae II Pool 3% 3/20/2050  | 66224 | 59698 |
| Ginnie Mae II Pool 3% 3/20/2052  | 380794 | 342497 |
| Ginnie Mae II Pool 3% 4/20/2048  | 69635 | 63382 |
| Ginnie Mae II Pool 3% 4/20/2049  | 14490 | 13189 |
| Ginnie Mae II Pool 3% 4/20/2050  | 25209 | 22725 |
| Ginnie Mae II Pool 3% 4/20/2051  | 553544 | 498478 |
| Ginnie Mae II Pool 3% 4/20/2052  | 462870 | 416318 |
| Ginnie Mae II Pool 3% 5/20/2051  | 26994 | 24288 |
| Ginnie Mae II Pool 3% 5/20/2052  | 1162937 | 1045978 |
| Ginnie Mae II Pool 3% 6/20/2050  | 469857 | 423557 |
| Ginnie Mae II Pool 3% 6/20/2052  | 78704 | 70789 |
| Ginnie Mae II Pool 3% 7/20/2042  | 23499 | 21768 |
| Ginnie Mae II Pool 3% 7/20/2046  | 104004 | 94925 |
| Ginnie Mae II Pool 3% 7/20/2049  | 185590 | 167766 |
| Ginnie Mae II Pool 3% 7/20/2050  | 175611 | 158306 |
| Ginnie Mae II Pool 3% 8/20/2043  | 3162 | 2917 |
| Ginnie Mae II Pool 3% 8/20/2046  | 694750 | 634105 |
| Ginnie Mae II Pool 3% 8/20/2050  | 278089 | 250599 |
| Ginnie Mae II Pool 3% 8/20/2051  | 654073 | 588598 |
| Ginnie Mae II Pool 3% 9/20/2049  | 67110 | 60665 |
| Ginnie Mae II Pool 3.5% 1/20/2048  | 25508 | 23707 |
| Ginnie Mae II Pool 3.5% 1/20/2050  | 536411 | 495512 |
| Ginnie Mae II Pool 3.5% 10/20/2047  | 3182 | 2959 |
| Ginnie Mae II Pool 3.5% 10/20/2055  | 473237 | 430351 |
| Ginnie Mae II Pool 3.5% 11/20/2047  | 54894 | 51051 |
| Ginnie Mae II Pool 3.5% 11/20/2050  | 8340 | 7704 |
| Ginnie Mae II Pool 3.5% 12/20/2047  | 125273 | 116426 |
| Ginnie Mae II Pool 3.5% 12/20/2048  | 156034 | 144918 |
| Ginnie Mae II Pool 3.5% 12/20/2049  | 426776 | 394235 |
| Ginnie Mae II Pool 3.5% 12/20/2051  | 167522 | 153597 |
| Ginnie Mae II Pool 3.5% 12/20/2055  | 149985 | 136393 |
| Ginnie Mae II Pool 3.5% 2/20/2046  | 193852 | 180889 |
| Ginnie Mae II Pool 3.5% 2/20/2047  | 7782 | 7252 |
| Ginnie Mae II Pool 3.5% 2/20/2048  | 29477 | 27377 |
| Ginnie Mae II Pool 3.5% 2/20/2049  | 16733 | 15541 |
| Ginnie Mae II Pool 3.5% 2/20/2051  | 531504 | 490979 |
| Ginnie Mae II Pool 3.5% 3/20/2048  | 49592 | 46058 |
| Ginnie Mae II Pool 3.5% 3/20/2049  | 281542 | 260515 |
| Ginnie Mae II Pool 3.5% 3/20/2051  | 12255 | 11320 |
| Ginnie Mae II Pool 3.5% 4/20/2046  | 147270 | 137422 |
| Ginnie Mae II Pool 3.5% 4/20/2049  | 31693 | 29307 |
| Ginnie Mae II Pool 3.5% 4/20/2050  | 930697 | 859735 |
| Ginnie Mae II Pool 3.5% 5/20/2046  | 35335 | 32972 |
| Ginnie Mae II Pool 3.5% 5/20/2051  | 55944 | 51503 |
| Ginnie Mae II Pool 3.5% 5/20/2055  | 199056 | 181204 |
| Ginnie Mae II Pool 3.5% 6/20/2047  | 30994 | 28854 |
| Ginnie Mae II Pool 3.5% 6/20/2048  | 33331 | 30956 |
| Ginnie Mae II Pool 3.5% 6/20/2049  | 2687 | 2482 |
| Ginnie Mae II Pool 3.5% 7/20/2049  | 159082 | 147003 |
| Ginnie Mae II Pool 3.5% 8/20/2048  | 59510 | 55271 |
| Ginnie Mae II Pool 3.5% 8/20/2049  | 26981 | 24932 |
| Ginnie Mae II Pool 3.5% 9/20/2049  | 12582 | 11626 |
| Ginnie Mae II Pool 3.5% 9/20/2055  | 399960 | 363715 |
| Ginnie Mae II Pool 4% 1/1/2056 (b) | 250000 | 235899 |
| Ginnie Mae II Pool 4% 1/20/2049  | 117826 | 113272 |
| Ginnie Mae II Pool 4% 1/20/2051  | 41246 | 39523 |
| Ginnie Mae II Pool 4% 10/20/2048  | 39257 | 37740 |
| Ginnie Mae II Pool 4% 10/20/2049  | 194430 | 186672 |
| Ginnie Mae II Pool 4% 11/20/2047  | 11506 | 11087 |
| Ginnie Mae II Pool 4% 12/20/2047  | 34784 | 33516 |
| Ginnie Mae II Pool 4% 2/20/2050  | 264887 | 254319 |
| Ginnie Mae II Pool 4% 2/20/2054  | 336152 | 319589 |
| Ginnie Mae II Pool 4% 3/20/2048  | 28031 | 27009 |
| Ginnie Mae II Pool 4% 3/20/2050  | 386440 | 370297 |
| Ginnie Mae II Pool 4% 4/20/2047  | 33878 | 32728 |
| Ginnie Mae II Pool 4% 4/20/2048  | 43047 | 41424 |
| Ginnie Mae II Pool 4% 4/20/2049  | 80404 | 77196 |
| Ginnie Mae II Pool 4% 5/20/2049  | 86884 | 83418 |
| Ginnie Mae II Pool 4% 5/20/2050  | 23704 | 22759 |
| Ginnie Mae II Pool 4% 5/20/2054  | 165420 | 156843 |
| Ginnie Mae II Pool 4% 6/20/2048  | 9516 | 9157 |
| Ginnie Mae II Pool 4% 6/20/2049  | 159037 | 152691 |
| Ginnie Mae II Pool 4% 6/20/2055  | 397399 | 375148 |
| Ginnie Mae II Pool 4% 7/20/2048  | 18566 | 17848 |
| Ginnie Mae II Pool 4% 8/20/2048  | 39544 | 38015 |
| Ginnie Mae II Pool 4% 8/20/2050  | 87464 | 83974 |
| Ginnie Mae II Pool 4% 9/20/2048  | 19353 | 18605 |
| Ginnie Mae II Pool 4% 9/20/2055  | 124528 | 117556 |
| Ginnie Mae II Pool 4.5% 1/20/2047  | 8387 | 8379 |
| Ginnie Mae II Pool 4.5% 1/20/2049  | 21878 | 21721 |
| Ginnie Mae II Pool 4.5% 1/20/2050  | 26816 | 26623 |
| Ginnie Mae II Pool 4.5% 1/20/2051  | 30752 | 30617 |
| Ginnie Mae II Pool 4.5% 1/20/2055  | 364104 | 354972 |
| Ginnie Mae II Pool 4.5% 10/20/2047  | 5513 | 5499 |
| Ginnie Mae II Pool 4.5% 10/20/2048  | 15948 | 15869 |
| Ginnie Mae II Pool 4.5% 10/20/2049  | 53998 | 53728 |
| Ginnie Mae II Pool 4.5% 10/20/2050  | 58829 | 58571 |
| Ginnie Mae II Pool 4.5% 11/20/2048  | 24066 | 23923 |
| Ginnie Mae II Pool 4.5% 11/20/2054  | 835649 | 815538 |
| Ginnie Mae II Pool 4.5% 12/20/2048  | 7460 | 7416 |
| Ginnie Mae II Pool 4.5% 12/20/2049  | 14898 | 14791 |
| Ginnie Mae II Pool 4.5% 12/20/2054  | 191405 | 186679 |
| Ginnie Mae II Pool 4.5% 2/20/2049  | 16436 | 16318 |
| Ginnie Mae II Pool 4.5% 2/20/2050  | 20776 | 20626 |
| Ginnie Mae II Pool 4.5% 2/20/2055  | 171099 | 166808 |
| Ginnie Mae II Pool 4.5% 3/20/2049  | 26530 | 26340 |
| Ginnie Mae II Pool 4.5% 3/20/2051  | 140171 | 139338 |
| Ginnie Mae II Pool 4.5% 3/20/2055  | 147225 | 143486 |
| Ginnie Mae II Pool 4.5% 4/20/2049  | 9888 | 9817 |
| Ginnie Mae II Pool 4.5% 4/20/2050  | 107826 | 106915 |
| Ginnie Mae II Pool 4.5% 4/20/2054  | 215037 | 209845 |
| Ginnie Mae II Pool 4.5% 5/20/2049  | 75706 | 75161 |
| Ginnie Mae II Pool 4.5% 5/20/2054  | 189684 | 185222 |
| Ginnie Mae II Pool 4.5% 6/20/2054  | 334669 | 326798 |
| Ginnie Mae II Pool 4.5% 7/20/2049  | 27842 | 27642 |
| Ginnie Mae II Pool 4.5% 7/20/2053  | 258288 | 253202 |
| Ginnie Mae II Pool 4.5% 8/20/2048  | 76838 | 76453 |
| Ginnie Mae II Pool 4.5% 8/20/2050  | 27018 | 26857 |
| Ginnie Mae II Pool 4.5% 8/20/2053  | 174158 | 170728 |
| Ginnie Mae II Pool 4.5% 9/20/2047  | 5740 | 5722 |
| Ginnie Mae II Pool 5% 1/1/2056 (b) | 2400000 | 2394180 |
| Ginnie Mae II Pool 5% 1/20/2055  | 330226 | 329853 |
| Ginnie Mae II Pool 5% 11/20/2047  | 11329 | 11592 |
| Ginnie Mae II Pool 5% 11/20/2048  | 6169 | 6268 |
| Ginnie Mae II Pool 5% 11/20/2049  | 24756 | 25238 |
| Ginnie Mae II Pool 5% 11/20/2053  | 264349 | 265290 |
| Ginnie Mae II Pool 5% 11/20/2054  | 1507655 | 1505014 |
| Ginnie Mae II Pool 5% 12/20/2054  | 188570 | 188358 |
| Ginnie Mae II Pool 5% 2/1/2056 (b) | 1125000 | 1120998 |
| Ginnie Mae II Pool 5% 2/20/2055  | 259952 | 259659 |
| Ginnie Mae II Pool 5% 3/20/2048  | 8081 | 8257 |
| Ginnie Mae II Pool 5% 3/20/2050  | 46326 | 47331 |
| Ginnie Mae II Pool 5% 4/20/2050  | 104946 | 107057 |
| Ginnie Mae II Pool 5% 4/20/2055  | 391471 | 390785 |
| Ginnie Mae II Pool 5% 5/20/2049  | 7050 | 7163 |
| Ginnie Mae II Pool 5% 7/20/2048  | 13811 | 14046 |
| Ginnie Mae II Pool 5% 7/20/2053  | 415680 | 417160 |
| Ginnie Mae II Pool 5% 8/20/2053  | 169236 | 169839 |
| Ginnie Mae II Pool 5% 9/20/2048  | 7737 | 7868 |
| Ginnie Mae II Pool 5% 9/20/2053  | 167936 | 168534 |
| Ginnie Mae II Pool 5.5% 1/1/2056 (b) | 2825000 | 2852268 |
| Ginnie Mae II Pool 5.5% 1/20/2049  | 8082 | 8355 |
| Ginnie Mae II Pool 5.5% 1/20/2055  | 913863 | 923460 |
| Ginnie Mae II Pool 5.5% 10/20/2053  | 303722 | 308383 |
| Ginnie Mae II Pool 5.5% 12/20/2053  | 119567 | 121299 |
| Ginnie Mae II Pool 5.5% 2/1/2056 (b) | 2250000 | 2269960 |
| Ginnie Mae II Pool 5.5% 2/20/2054  | 401056 | 406709 |
| Ginnie Mae II Pool 5.5% 3/1/2056 (b) | 400000 | 403048 |
| Ginnie Mae II Pool 5.5% 6/20/2054  | 184221 | 186443 |
| Ginnie Mae II Pool 5.5% 6/20/2055  | 640943 | 647674 |
| Ginnie Mae II Pool 5.5% 7/20/2054  | 283666 | 287088 |
| Ginnie Mae II Pool 5.5% 7/20/2055  | 913592 | 923472 |
| Ginnie Mae II Pool 5.5% 8/20/2053  | 147925 | 150102 |
| Ginnie Mae II Pool 5.5% 8/20/2054  | 446468 | 451819 |
| Ginnie Mae II Pool 5.5% 9/20/2047  | 16544 | 17152 |
| Ginnie Mae II Pool 5.5% 9/20/2053  | 145049 | 147275 |
| Ginnie Mae II Pool 6% 1/1/2056 (b) | 850000 | 866153 |
| Ginnie Mae II Pool 6% 1/20/2055  | 812984 | 828488 |
| Ginnie Mae II Pool 6% 12/20/2054  | 996926 | 1018197 |
| Ginnie Mae II Pool 6% 2/1/2056 (b) | 450000 | 458218 |
| Ginnie Mae II Pool 6% 3/1/2056 (b) | 100000 | 101721 |
| Ginnie Mae II Pool 6% 3/20/2055  | 921281 | 937843 |
| Ginnie Mae II Pool 6% 4/20/2055  | 1124889 | 1143617 |
| Ginnie Mae II Pool 6% 5/20/2055  | 437604 | 445812 |
| Ginnie Mae II Pool 6% 7/20/2054  | 36255 | 37091 |
| Ginnie Mae II Pool 6.5% 1/1/2056 (b) | 1200000 | 1240308 |
| Ginnie Mae II Pool 6.5% 1/20/2055  | 244969 | 252928 |
| Ginnie Mae II Pool 6.5% 2/1/2056 (b) | 600000 | 619451 |
| Ginnie Mae II Pool 6.5% 3/1/2056 (b) | 600000 | 618701 |
| Ginnie Mae II Pool 6.5% 5/20/2055  | 311409 | 321429 |
| Ginnie Mae II Pool 6.5% 7/20/2053  | 83325 | 86390 |
| Ginnie Mae II Pool 6.5% 7/20/2054  | 294890 | 305760 |
| Uniform Mortgage Backed Securities 2% 1/1/2056 (b) | 7400000 | 5978391 |
| Uniform Mortgage Backed Securities 2% 2/1/2056 (b) | 7025000 | 5674608 |
| Uniform Mortgage Backed Securities 2.5% 1/1/2056 (b) | 750000 | 633838 |
| Uniform Mortgage Backed Securities 3% 1/1/2056 (b) | 500000 | 441914 |
| Uniform Mortgage Backed Securities 3% 2/1/2056 (b) | 1950000 | 1722246 |
| Uniform Mortgage Backed Securities 3.5% 1/1/2056 (b) | 5275000 | 4872988 |
| Uniform Mortgage Backed Securities 3.5% 2/1/2056 (b) | 3225000 | 2969142 |
| Uniform Mortgage Backed Securities 4% 1/1/2056 (b) | 175000 | 165963 |
| Uniform Mortgage Backed Securities 4.5% 1/1/2056 (b) | 1450000 | 1415166 |
| Uniform Mortgage Backed Securities 5% 1/1/2056 (b) | 3000000 | 2992500 |
| Uniform Mortgage Backed Securities 5.5% 1/1/2056 (b) | 1750000 | 1774404 |
| Uniform Mortgage Backed Securities 6% 1/1/2056 (b) | 1500000 | 1539902 |
| Uniform Mortgage Backed Securities 6.5% 1/1/2056 (b) | 475000 | 493536 |
| TOTAL UNITED STATES |  | 304322799 |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES**<br> (Cost $322,154,349) |  | <br> **304322799** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government Agency Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Government Agency Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Government Agency Obligations - 0.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.3%  |  |  |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Fannie Mae 0.875% 8/5/2030  | 339000 | 299095 |
| Fannie Mae 5.625% 7/15/2037  | 100000 | 110184 |
| Federal Farm Credit Banks Funding Corp 1.4% 3/10/2028  | 900000 | 858691 |
| Federal Home Loan Bank 3.5% 10/4/2027  | 400000 | 400120 |
| Federal Home Loan Bank 4.75% 3/10/2034  | 130000 | 135289 |
| Federal Home Loan Bank 5.5% 7/15/2036  | 150000 | 164141 |
| Freddie Mac Non Gold Pool 0% 11/15/2038 (g) | 210000 | 115392 |
| Freddie Mac Non Gold Pool 6.25% 7/15/2032  | 360000 | 407745 |
| TOTAL FINANCIALS |  | 2490657 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Tennessee Valley Authority 2.875% 2/1/2027  | 130000 | 128987 |
| Tennessee Valley Authority 4.25% 9/15/2065  | 30000 | 24729 |
| Tennessee Valley Authority 4.375% 8/1/2034  | 108000 | 108991 |
| Tennessee Valley Authority 4.875% 5/15/2035  | 250000 | 258656 |
| Tennessee Valley Authority 5.25% 2/1/2055  | 100000 | 98938 |
| Tennessee Valley Authority 5.25% 9/15/2039  | 200000 | 211255 |
| Tennessee Valley Authority 5.88% 4/1/2036  | 260000 | 290876 |
| TOTAL UTILITIES |  | 1122432 |
| TOTAL UNITED STATES |  | 3613089 |
| <br> **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (Cost $3,720,861) |  | <br> **3613089** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 46.6%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 46.6%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 46.6%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 46.6%** |
|  | Yield (%) (h) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bonds 1.125% 5/15/2040  | 2.08 | 1031000 | 654161 |
| US Treasury Bonds 1.125% 8/15/2040  | 1.88 | 331000 | 207884 |
| US Treasury Bonds 1.25% 5/15/2050  | 1.46 | 2000 | 957 |
| US Treasury Bonds 1.375% 11/15/2040  | 1.47 to 1.65 | 4440000 | 2881838 |
| US Treasury Bonds 1.375% 8/15/2050  | 2.30 | 575000 | 282716 |
| US Treasury Bonds 1.625% 11/15/2050  | 1.64 to 1.84 | 4208000 | 2209200 |
| US Treasury Bonds 1.75% 8/15/2041  | 1.85 to 3.50 | 3170000 | 2138883 |
| US Treasury Bonds 1.875% 11/15/2051  | 1.79 to 3.21 | 3115000 | 1721768 |
| US Treasury Bonds 1.875% 2/15/2041  | 2.13 to 2.33 | 4015000 | 2804854 |
| US Treasury Bonds 1.875% 2/15/2051  | 2.40 to 2.42 | 1514000 | 846066 |
| US Treasury Bonds 2% 8/15/2051  | 1.92 to 1.96 | 1564000 | 895940 |
| US Treasury Bonds 2.25% 2/15/2052  | 2.17 to 2.95 | 1201000 | 728669 |
| US Treasury Bonds 2.25% 5/15/2041  | 3.02 | 280000 | 205942 |
| US Treasury Bonds 2.25% 8/15/2046  | 2.92 to 3.01 | 110000 | 72389 |
| US Treasury Bonds 2.25% 8/15/2049  | 2.20 | 129000 | 80902 |
| US Treasury Bonds 2.375% 2/15/2042  | 3.10 to 3.15 | 780000 | 574666 |
| US Treasury Bonds 2.375% 5/15/2051  | 1.90 to 3.07 | 2575000 | 1622753 |
| US Treasury Bonds 2.5% 2/15/2045  | 2.34 to 3.37 | 18000 | 12748 |
| US Treasury Bonds 2.5% 2/15/2046  | 2.25 to 3.04 | 112000 | 77993 |
| US Treasury Bonds 2.5% 5/15/2046  | 2.21 to 2.94 | 93000 | 64504 |
| US Treasury Bonds 2.75% 11/15/2042  | 3.00 to 3.39 | 587000 | 451073 |
| US Treasury Bonds 2.75% 11/15/2047  | 3.11 to 3.19 | 107000 | 76225 |
| US Treasury Bonds 2.75% 8/15/2042  | 2.06 to 3.08 | 197000 | 152067 |
| US Treasury Bonds 2.75% 8/15/2047  | 2.90 | 51000 | 36437 |
| US Treasury Bonds 2.875% 5/15/2043  | 2.26 | 20000 | 15526 |
| US Treasury Bonds 2.875% 5/15/2049  | 2.58 | 1000 | 717 |
| US Treasury Bonds 2.875% 5/15/2052  | 3.01 to 3.16 | 1170000 | 817538 |
| US Treasury Bonds 2.875% 8/15/2045  | 2.33 to 3.19 | 156000 | 117012 |
| US Treasury Bonds 3% 11/15/2044  | 2.96 to 3.09 | 299000 | 231234 |
| US Treasury Bonds 3% 2/15/2047  | 3.02 | 49000 | 36890 |
| US Treasury Bonds 3% 2/15/2048  | 1.96 to 3.05 | 87000 | 64740 |
| US Treasury Bonds 3% 2/15/2049  | 2.86 to 3.09 | 134000 | 98710 |
| US Treasury Bonds 3% 5/15/2042  | 3.05 | 89000 | 71621 |
| US Treasury Bonds 3% 5/15/2045  | 3.33 | 4000 | 3078 |
| US Treasury Bonds 3% 5/15/2047  | 2.22 to 3.22 | 48000 | 36045 |
| US Treasury Bonds 3% 8/15/2048  | 3.43 | 3000 | 2221 |
| US Treasury Bonds 3% 8/15/2052  | 3.29 to 4.40 | 4160000 | 2979438 |
| US Treasury Bonds 3.125% 11/15/2041  | 2.27 to 3.00 | 113000 | 93450 |
| US Treasury Bonds 3.125% 2/15/2042  | 2.95 to 3.03 | 65000 | 53485 |
| US Treasury Bonds 3.125% 2/15/2043  | 2.52 to 3.10 | 838000 | 677765 |
| US Treasury Bonds 3.125% 5/15/2048  | 2.62 to 3.05 | 29000 | 22025 |
| US Treasury Bonds 3.125% 8/15/2044  | 3.02 to 3.31 | 167000 | 132178 |
| US Treasury Bonds 3.25% 5/15/2042  | 3.28 to 4.49 | 400000 | 333594 |
| US Treasury Bonds 3.375% 11/15/2048  | 2.31 to 2.99 | 157000 | 124220 |
| US Treasury Bonds 3.375% 5/15/2044  | 2.25 to 3.13 | 886000 | 731227 |
| US Treasury Bonds 3.375% 8/15/2042  | 3.46 to 4.62 | 5620000 | 4748900 |
| US Treasury Bonds 3.5% 2/15/2039  | 3.31 | 8000 | 7289 |
| US Treasury Bonds 3.625% 2/15/2044  | 2.23 to 3.24 | 2427000 | 2083523 |
| US Treasury Bonds 3.625% 2/15/2053  | 3.63 to 4.17 | 600000 | 485766 |
| US Treasury Bonds 3.625% 5/15/2053  | 3.83 to 4.28 | 2520000 | 2038542 |
| US Treasury Bonds 3.75% 11/15/2043  | 2.97 to 3.20 | 1120000 | 981531 |
| US Treasury Bonds 3.75% 8/15/2041  | 3.39 | 45000 | 40556 |
| US Treasury Bonds 3.875% 2/15/2043  | 3.75 to 4.59 | 2990000 | 2689832 |
| US Treasury Bonds 3.875% 5/15/2043  | 4.01 to 4.36 | 1750000 | 1571722 |
| US Treasury Bonds 3.875% 8/15/2040  | 3.17 | 52000 | 48159 |
| US Treasury Bonds 4% 11/15/2042  | 3.69 to 4.13 | 3480000 | 3189638 |
| US Treasury Bonds 4% 11/15/2052  | 3.65 to 3.97 | 3300000 | 2861590 |
| US Treasury Bonds 4.125% 8/15/2044  | 4.15 to 4.65 | 7900000 | 7250411 |
| US Treasury Bonds 4.125% 8/15/2053  | 4.20 to 5.03 | 1260000 | 1115395 |
| US Treasury Bonds 4.25% 2/15/2054  | 4.34 to 4.78 | 6841000 | 6184692 |
| US Treasury Bonds 4.25% 8/15/2054  | 4.11 to 4.51 | 5620000 | 5081270 |
| US Treasury Bonds 4.375% 11/15/2039  | 3.16 | 24000 | 23677 |
| US Treasury Bonds 4.375% 2/15/2038  | 3.00 | 12000 | 12106 |
| US Treasury Bonds 4.375% 5/15/2041  | 2.80 | 32000 | 31180 |
| US Treasury Bonds 4.375% 8/15/2043  | 4.48 to 5.26 | 2070000 | 1977254 |
| US Treasury Bonds 4.5% 11/15/2054  | 4.60 to 4.80 | 1836000 | 1731721 |
| US Treasury Bonds 4.5% 2/15/2044  | 4.48 to 4.90 | 2160000 | 2089631 |
| US Treasury Bonds 4.5% 5/15/2038  | 2.97 to 2.99 | 92000 | 93732 |
| US Treasury Bonds 4.5% 8/15/2039  | 2.90 | 17000 | 17029 |
| US Treasury Bonds 4.625% 11/15/2044  | 4.67 to 4.86 | 1540000 | 1509080 |
| US Treasury Bonds 4.625% 11/15/2045  | 4.63 to 4.80 | 4560000 | 4455975 |
| US Treasury Bonds 4.625% 11/15/2055  | 4.67 to 4.83 | 2800000 | 2697625 |
| US Treasury Bonds 4.625% 2/15/2055  | 4.45 to 4.74 | 4580000 | 4420904 |
| US Treasury Bonds 4.625% 5/15/2044  | 4.50 to 4.71 | 4470000 | 4388632 |
| US Treasury Bonds 4.625% 5/15/2054  | 4.34 to 4.63 | 4420000 | 4256840 |
| US Treasury Bonds 4.75% 11/15/2043  | 4.20 to 4.69 | 5080000 | 5080595 |
| US Treasury Bonds 4.75% 2/15/2041  | 3.05 | 48000 | 48851 |
| US Treasury Bonds 4.75% 5/15/2055  | 4.79 to 4.92 | 2780000 | 2731784 |
| US Treasury Bonds 4.75% 8/15/2055  | 4.59 to 4.92 | 4210000 | 4138956 |
| US Treasury Bonds 4.875% 8/15/2045  | 4.56 to 4.92 | 6440000 | 6502388 |
| US Treasury Bonds 5% 5/15/2045  | 4.89 to 5.05 | 2360000 | 2422688 |
| US Treasury Bonds 5.5% 8/15/2028  | 2.92 | 4000 | 4198 |
| US Treasury Notes 0.375% 7/31/2027  | 0.48 to 0.49 | 509000 | 484862 |
| US Treasury Notes 0.375% 9/30/2027  | 0.60 | 1151000 | 1090977 |
| US Treasury Notes 0.5% 4/30/2027  | 0.53 | 718000 | 690374 |
| US Treasury Notes 0.5% 5/31/2027  | 0.52 to 0.53 | 1393000 | 1336137 |
| US Treasury Notes 0.625% 11/30/2027  | 0.63 to 0.66 | 1680000 | 1592063 |
| US Treasury Notes 0.625% 12/31/2027  | 0.66 to 0.74 | 3820000 | 3611094 |
| US Treasury Notes 0.625% 3/31/2027  | 0.52 to 0.53 | 1460000 | 1409527 |
| US Treasury Notes 0.625% 5/15/2030  | 0.81 to 1.39 | 2549000 | 2236847 |
| US Treasury Notes 0.625% 8/15/2030  | 1.71 | 360000 | 313256 |
| US Treasury Notes 0.75% 1/31/2028  | 0.93 | 98000 | 92659 |
| US Treasury Notes 1% 7/31/2028  | 1.13 to 1.34 | 1229000 | 1153148 |
| US Treasury Notes 1.125% 2/28/2027  | 0.54 to 0.75 | 691000 | 672375 |
| US Treasury Notes 1.125% 2/29/2028  | 1.28 | 624000 | 593507 |
| US Treasury Notes 1.125% 8/31/2028  | 1.39 | 110000 | 103336 |
| US Treasury Notes 1.25% 12/31/2026  | 2.48 to 2.49 | 2240000 | 2190387 |
| US Treasury Notes 1.25% 3/31/2028  | 1.17 to 1.34 | 2218000 | 2110999 |
| US Treasury Notes 1.25% 4/30/2028  | 1.24 | 2488000 | 2363600 |
| US Treasury Notes 1.25% 8/15/2031  | 1.54 to 3.02 | 6574000 | 5727341 |
| US Treasury Notes 1.25% 9/30/2028  | 1.43 | 748000 | 703617 |
| US Treasury Notes 1.375% 10/31/2028  | 1.42 to 1.45 | 580000 | 546423 |
| US Treasury Notes 1.5% 1/31/2027  | 1.74 | 37000 | 36208 |
| US Treasury Notes 1.5% 11/30/2028  | 1.39 to 1.75 | 1091000 | 1029716 |
| US Treasury Notes 1.5% 2/15/2030  | 0.76 to 1.66 | 876000 | 804620 |
| US Treasury Notes 1.625% 8/15/2029  | 0.94 to 1.92 | 66000 | 61608 |
| US Treasury Notes 1.75% 1/31/2029  | 1.82 | 81000 | 76747 |
| US Treasury Notes 1.875% 2/28/2029  | 1.75 | 230000 | 218446 |
| US Treasury Notes 2% 11/15/2026  | 3.19 | 25000 | 24669 |
| US Treasury Notes 2.25% 11/15/2027  | 1.54 to 2.95 | 682000 | 666868 |
| US Treasury Notes 2.25% 2/15/2027  | 2.55 to 3.08 | 393000 | 387566 |
| US Treasury Notes 2.25% 8/15/2027  | 1.47 to 3.22 | 639000 | 626569 |
| US Treasury Notes 2.375% 5/15/2027  | 2.84 to 2.91 | 46000 | 45305 |
| US Treasury Notes 2.5% 3/31/2027  | 2.68 to 3.06 | 2220000 | 2192510 |
| US Treasury Notes 2.625% 2/15/2029  | 1.55 to 2.56 | 391000 | 380186 |
| US Treasury Notes 2.625% 5/31/2027  | 2.84 | 2770000 | 2736890 |
| US Treasury Notes 2.625% 7/31/2029  | 2.92 | 4810000 | 4651796 |
| US Treasury Notes 2.75% 2/15/2028  | 2.36 to 2.86 | 363000 | 357527 |
| US Treasury Notes 2.75% 4/30/2027  | 2.93 | 2550000 | 2525297 |
| US Treasury Notes 2.75% 5/31/2029  | 2.88 | 530000 | 515798 |
| US Treasury Notes 2.75% 7/31/2027  | 2.65 to 3.18 | 2460000 | 2432229 |
| US Treasury Notes 2.75% 8/15/2032  | 3.18 to 4.25 | 7776000 | 7248386 |
| US Treasury Notes 2.875% 5/15/2028  | 2.20 to 2.68 | 216000 | 212920 |
| US Treasury Notes 2.875% 5/15/2032  | 2.98 | 120000 | 113147 |
| US Treasury Notes 2.875% 8/15/2028  | 2.75 to 3.24 | 113000 | 111186 |
| US Treasury Notes 3.125% 11/15/2028  | 1.54 to 2.89 | 940000 | 929498 |
| US Treasury Notes 3.125% 8/31/2027  | 3.33 to 4.09 | 1900000 | 1889090 |
| US Treasury Notes 3.125% 8/31/2029  | 3.97 | 820000 | 806163 |
| US Treasury Notes 3.25% 6/30/2027  | 3.04 | 70000 | 69758 |
| US Treasury Notes 3.25% 6/30/2029  | 2.70 | 100000 | 98859 |
| US Treasury Notes 3.375% 5/15/2033  | 3.62 to 3.96 | 3460000 | 3326330 |
| US Treasury Notes 3.375% 9/15/2027  | 3.56 | 540000 | 539009 |
| US Treasury Notes 3.375% 9/15/2028  | 3.62 | 9020000 | 8983004 |
| US Treasury Notes 3.5% 1/31/2028  | 3.60 to 4.20 | 2820000 | 2820551 |
| US Treasury Notes 3.5% 1/31/2030  | 3.56 to 4.07 | 2340000 | 2326563 |
| US Treasury Notes 3.5% 10/15/2028  | 3.48 to 3.60 | 8790000 | 8781472 |
| US Treasury Notes 3.5% 11/15/2028  | 3.49 | 6340000 | 6333066 |
| US Treasury Notes 3.5% 12/15/2028  | 3.52 to 3.54 | 8660000 | 8649852 |
| US Treasury Notes 3.5% 2/15/2033  | 4.08 | 180000 | 174930 |
| US Treasury Notes 3.5% 4/30/2028  | 3.51 to 4.02 | 4620000 | 4618872 |
| US Treasury Notes 3.5% 4/30/2030  | 3.88 | 660000 | 655230 |
| US Treasury Notes 3.5% 9/30/2029  | 3.57 | 2150000 | 2140006 |
| US Treasury Notes 3.625% 10/31/2030  | 3.71 | 1550000 | 1543461 |
| US Treasury Notes 3.625% 12/31/2030  | 3.71 | 3160000 | 3144941 |
| US Treasury Notes 3.625% 3/31/2028  | 3.62 to 3.77 | 1770000 | 1774702 |
| US Treasury Notes 3.625% 8/15/2028  | 3.58 to 3.66 | 10090000 | 10115619 |
| US Treasury Notes 3.625% 8/31/2030  | 3.69 | 1050000 | 1046268 |
| US Treasury Notes 3.625% 9/30/2031  | 3.64 to 4.14 | 1760000 | 1742400 |
| US Treasury Notes 3.75% 10/31/2032  | 3.78 to 3.89 | 7270000 | 7189348 |
| US Treasury Notes 3.75% 11/30/2032  | 3.91 | 760000 | 753588 |
| US Treasury Notes 3.75% 12/31/2028  | 3.84 to 3.98 | 1670000 | 1679459 |
| US Treasury Notes 3.75% 12/31/2030  | 4.09 to 4.11 | 1360000 | 1360691 |
| US Treasury Notes 3.75% 4/15/2028  | 3.58 | 6280000 | 6312627 |
| US Treasury Notes 3.75% 5/15/2028  | 3.85 to 3.97 | 9790000 | 9843391 |
| US Treasury Notes 3.75% 5/31/2030  | 3.70 to 3.98 | 2570000 | 2576325 |
| US Treasury Notes 3.75% 6/30/2030  | 4.30 to 4.39 | 1600000 | 1603813 |
| US Treasury Notes 3.75% 8/15/2027  | 3.73 | 3370000 | 3383954 |
| US Treasury Notes 3.75% 8/31/2031  | 3.61 to 3.65 | 2040000 | 2033227 |
| US Treasury Notes 3.875% 11/30/2027  | 3.77 to 4.01 | 1840000 | 1853081 |
| US Treasury Notes 3.875% 11/30/2029  | 3.57 to 3.99 | 2450000 | 2470480 |
| US Treasury Notes 3.875% 12/31/2027  | 3.58 to 3.89 | 2950000 | 2971830 |
| US Treasury Notes 3.875% 12/31/2032  | 3.89 to 3.92 | 4220000 | 4201538 |
| US Treasury Notes 3.875% 3/15/2028  | 3.88 to 4.01 | 7860000 | 7923248 |
| US Treasury Notes 3.875% 4/30/2030  | 3.72 | 860000 | 866719 |
| US Treasury Notes 3.875% 6/15/2028  | 3.68 to 3.93 | 7740000 | 7806516 |
| US Treasury Notes 3.875% 6/30/2030  | 3.79 | 4170000 | 4201438 |
| US Treasury Notes 3.875% 7/15/2028  | 3.87 to 3.88 | 6050000 | 6101047 |
| US Treasury Notes 3.875% 7/31/2030  | 3.77 | 2340000 | 2357276 |
| US Treasury Notes 3.875% 8/15/2033  | 4.20 to 4.88 | 1590000 | 1576771 |
| US Treasury Notes 3.875% 8/15/2034  | 3.79 to 4.29 | 3800000 | 3743594 |
| US Treasury Notes 3.875% 9/30/2032  | 3.88 to 3.93 | 3540000 | 3529076 |
| US Treasury Notes 4% 1/15/2027  | 4.01 | 1440000 | 1446905 |
| US Treasury Notes 4% 1/31/2029  | 3.87 to 4.25 | 4380000 | 4435777 |
| US Treasury Notes 4% 1/31/2031  | 3.91 to 4.34 | 3980000 | 4025863 |
| US Treasury Notes 4% 10/31/2029  | 3.74 to 4.18 | 1950000 | 1975518 |
| US Treasury Notes 4% 11/15/2035  | 4.02 to 4.15 | 4240000 | 4179050 |
| US Treasury Notes 4% 12/15/2027  | 4.22 to 4.28 | 3020000 | 3049403 |
| US Treasury Notes 4% 2/15/2034  | 4.29 to 4.69 | 1060000 | 1056688 |
| US Treasury Notes 4% 2/28/2030  | 3.49 to 4.00 | 4440000 | 4496541 |
| US Treasury Notes 4% 2/29/2028  | 3.51 to 3.59 | 3120000 | 3152541 |
| US Treasury Notes 4% 3/31/2030  | 3.95 | 2500000 | 2531836 |
| US Treasury Notes 4% 4/30/2032  | 3.93 to 4.29 | 4420000 | 4448661 |
| US Treasury Notes 4% 5/31/2030  | 3.95 | 1380000 | 1397573 |
| US Treasury Notes 4% 6/30/2028  | 4.13 to 4.43 | 5210000 | 5271055 |
| US Treasury Notes 4% 7/31/2029  | 3.62 | 1930000 | 1955032 |
| US Treasury Notes 4% 7/31/2030  | 4.07 to 4.32 | 1800000 | 1822852 |
| US Treasury Notes 4% 7/31/2032  | 3.92 to 4.14 | 6340000 | 6373186 |
| US Treasury Notes 4.125% 10/31/2027  | 3.66 to 4.24 | 2270000 | 2295183 |
| US Treasury Notes 4.125% 10/31/2031  | 4.13 to 4.34 | 5850000 | 5940035 |
| US Treasury Notes 4.125% 11/15/2027  | 4.11 to 4.29 | 3790000 | 3833230 |
| US Treasury Notes 4.125% 11/15/2032  | 3.62 to 3.95 | 2940000 | 2973649 |
| US Treasury Notes 4.125% 11/30/2029  | 4.08 | 1110000 | 1129165 |
| US Treasury Notes 4.125% 11/30/2031  | 4.32 | 730000 | 740979 |
| US Treasury Notes 4.125% 2/15/2027  | 4.42 to 4.43 | 1840000 | 1852075 |
| US Treasury Notes 4.125% 2/29/2032  | 4.03 to 4.10 | 3290000 | 3336394 |
| US Treasury Notes 4.125% 3/31/2032  | 3.85 to 4.08 | 3040000 | 3081681 |
| US Treasury Notes 4.125% 5/31/2032  | 4.21 | 1390000 | 1408722 |
| US Treasury Notes 4.125% 7/31/2028  | 4.36 to 4.40 | 1940000 | 1968948 |
| US Treasury Notes 4.125% 7/31/2031  | 3.70 to 3.96 | 7100000 | 7215930 |
| US Treasury Notes 4.125% 8/31/2030  | 4.63 | 2270000 | 2309902 |
| US Treasury Notes 4.125% 9/30/2027  | 4.08 to 4.37 | 2460000 | 2486330 |
| US Treasury Notes 4.25% 1/15/2028  | 4.24 | 6280000 | 6372483 |
| US Treasury Notes 4.25% 11/15/2034  | 4.19 to 4.58 | 2390000 | 2415114 |
| US Treasury Notes 4.25% 11/30/2026  | 3.70 to 4.17 | 33250000 | 33453698 |
| US Treasury Notes 4.25% 12/31/2026  | 4.25 | 830000 | 835790 |
| US Treasury Notes 4.25% 2/15/2028  | 4.30 | 3410000 | 3462284 |
| US Treasury Notes 4.25% 2/28/2029  | 4.20 to 4.24 | 1820000 | 1856827 |
| US Treasury Notes 4.25% 2/28/2031  | 4.21 to 4.32 | 4050000 | 4143182 |
| US Treasury Notes 4.25% 5/15/2035  | 4.23 to 4.42 | 4870000 | 4910330 |
| US Treasury Notes 4.25% 6/30/2029  | 4.08 to 4.24 | 8240000 | 8414456 |
| US Treasury Notes 4.25% 6/30/2031  | 4.11 to 4.16 | 7480000 | 7649469 |
| US Treasury Notes 4.25% 8/15/2035  | 4.10 to 4.22 | 2160000 | 2175525 |
| US Treasury Notes 4.375% 1/31/2032  | 4.44 | 3950000 | 4059859 |
| US Treasury Notes 4.375% 11/30/2028  | 4.24 to 4.29 | 3730000 | 3814654 |
| US Treasury Notes 4.375% 11/30/2030  | 4.31 to 4.36 | 2370000 | 2438230 |
| US Treasury Notes 4.375% 12/31/2029  | 4.39 | 1640000 | 1683819 |
| US Treasury Notes 4.375% 5/15/2034  | 4.23 to 4.49 | 4520000 | 4619052 |
| US Treasury Notes 4.375% 7/15/2027  | 4.24 | 2820000 | 2857166 |
| US Treasury Notes 4.5% 11/15/2033  | 4.34 to 4.54 | 1280000 | 1321650 |
| US Treasury Notes 4.5% 12/31/2031  | 4.49 | 1830000 | 1893764 |
| US Treasury Notes 4.5% 4/15/2027  | 4.87 | 440000 | 445414 |
| US Treasury Notes 4.5% 5/15/2027  | 4.62 to 4.73 | 4550000 | 4610430 |
| US Treasury Notes 4.5% 5/31/2029  | 4.49 | 1280000 | 1316800 |
| US Treasury Notes 4.625% 11/15/2026  | 4.42 to 4.47 | 2850000 | 2875466 |
| US Treasury Notes 4.625% 2/15/2035  | 4.16 to 4.21 | 4810000 | 4995636 |
| US Treasury Notes 4.625% 4/30/2031  | 4.51 to 4.70 | 2500000 | 2602246 |
| US Treasury Notes 4.625% 5/31/2031  | 4.37 to 4.49 | 2450000 | 2550105 |
| US Treasury Notes 4.625% 9/30/2028  | 4.60 | 1650000 | 1696664 |
| US Treasury Notes 4.75% 2/15/2045  | 4.46 to 4.92 | 4170000 | 4148824 |
| US Treasury Notes 4.875% 10/31/2028  | 4.82 | 860000 | 890470 |
| US Treasury Notes 4.875% 10/31/2030  | 4.89 | 990000 | 1039964 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $563,697,417) |  |  | **547524490** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 3.79 | 10466477 | 10468570 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 3.77 | 4083288 | 4083696 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $14,552,405) |  |  | **14552266** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 104.1%**<br> (Cost $1,281,079,819)<br>| <br>**1225487262** |
| **NET OTHER ASSETS (LIABILITIES) - (4.1)%**  | **(47539501)** |
| **NET ASSETS - 100.0%** | **1177947761** |

---

---

| | | |
|:---|:---|:---|
| **TBA Sale Commitments**  | **TBA Sale Commitments**  | **TBA Sale Commitments**  |
|  | Principal<br> Amount (a) | Value ($) |
| U.S. Government Agency - Mortgage Securities |  |  |
| Ginnie Mae II Pool 5% 1/1/2056 | (1125000) | (1122272) |
| Ginnie Mae II Pool 5.5% 1/1/2056 | (2250000) | (2271718) |
| Ginnie Mae II Pool 5.5% 2/1/2056 | (400000) | (403548) |
| Ginnie Mae II Pool 6% 1/1/2056 | (875000) | (891629) |
| Ginnie Mae II Pool 6% 2/1/2056 | (100000) | (101826) |
| Ginnie Mae II Pool 6.5% 1/1/2056 | (1200000) | (1240308) |
| Ginnie Mae II Pool 6.5% 2/1/2056 | (600000) | (619451) |
| Uniform Mortgage Backed Securities 2% 1/1/2056 | (7400000) | (5978390) |
| Uniform Mortgage Backed Securities 2.5% 1/1/2056 | (200000) | (169022) |
| Uniform Mortgage Backed Securities 3% 1/1/2056 | (2200000) | (1944422) |
| Uniform Mortgage Backed Securities 3.5% 1/1/2056 | (5625000) | (5196314) |
| Uniform Mortgage Backed Securities 4% 1/1/2056 | (250000) | (237090) |
| Uniform Mortgage Backed Securities 5% 1/1/2056 | (925000) | (922688) |
| Uniform Mortgage Backed Securities 5.5% 1/1/2056 | (775000) | (785808) |
| TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES  |  | (21884486) |
| **TOTAL TBA SALE COMMITMENTS**<br> (Proceeds $21,903,412) |  | <br> **(21884486)** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,066,285 or 0.2% of net assets.

(e) Security or a portion of the security is on loan at period end.

(f) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(g) Zero coupon bond which is issued at a discount.

(h) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(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.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 11108201 | 211006482 | 211646127 | 213034 | 153 | (139) | 10468570 | 10466477 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 5580718 | 58833833 | 60330966 | 7945 | 111 | - | 4083696 | 4083288 | 0.0% |
| Total | 16688919 | 269840315 | 271977093 | 220979 | 264 | (139) | 14552266 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Asset-Backed Securities** | 5347271 | - | 5347271 | - |
|  **Bank Notes** |  |  |  |  |
| Financials | 1241694 | - | 1241694 | - |
|  **Commercial Mortgage Securities** | 16349304 | - | 16349304 | - |
|  **Foreign Government and Government Agency Obligations** | 19921712 | - | 19921712 | - |
|  **Municipal Securities** |  |  |  |  |
| Education | 276471 | - | 276471 | - |
| Electric Utilities | 121991 | - | 121991 | - |
| General Obligations | 1337846 | - | 1337846 | - |
| Health Care | 214097 | - | 214097 | - |
| Special Tax | 306426 | - | 306426 | - |
| Transportation | 1136819 | - | 1136819 | - |
| Water & Sewer | 183655 | - | 183655 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 23026335 | - | 23026335 | - |
| Consumer Discretionary | 18384242 | - | 18384242 | - |
| Consumer Staples | 18303506 | - | 18303506 | - |
| Energy | 21314903 | - | 21314903 | - |
| Financials | 103944390 | - | 103944390 | - |
| Health Care | 32537597 | - | 32537597 | - |
| Industrials | 20131652 | - | 20131652 | - |
| Information Technology | 23675048 | - | 23675048 | - |
| Materials | 7972016 | - | 7972016 | - |
| Real Estate | 10935880 | - | 10935880 | - |
| Utilities | 28811763 | - | 28811763 | - |
|  **U.S. Government Agency - Mortgage Securities** | 304322799 | - | 304322799 | - |
|  **U.S. Government Agency Obligations** |  |  |  |  |
| Financials | 2490657 | - | 2490657 | - |
| Utilities | 1122432 | - | 1122432 | - |
|  **U.S. Treasury Obligations** | 547524490 | - | 547524490 | - |
|  **Money Market Funds** | 14552266 | 14552266 | - | - |
| **Total Investments in Securities:** | 1225487262 | 14552266 | 1210934996 | - |
| **<u>Other Financial Instruments:</u>** |  |  |  |  |
|  **TBA Sale Commitments** | (21884486) | - | (21884486) | - |
| **Total Other Financial Instruments:** | (21884486) | - | (21884486) | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $3,960,564) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,266,527,414) | $1210934996 |  |
| Fidelity Central Funds (cost $14,552,405) | 14552266 |  |
| Total Investment in Securities (cost $1,281,079,819) |  | $1225487262 |
| Cash |  | 138549 |
| Foreign currency held at value (cost $86) |  | 93 |
| Receivable for investments sold |  | 4392315 |
| Receivable for TBA sale commitments |  | 21903412 |
| Receivable for fund shares sold |  | 540446 |
| Interest receivable |  | 9584442 |
| Distributions receivable from Fidelity Central Funds |  | 16607 |
| **Total assets** |  | 1262063126 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $9849067 |  |
| Delayed delivery | 44370285 |  |
| TBA sale commitments, at value | 21884486 |  |
| Payable for fund shares redeemed | 3715616 |  |
| Accrued management fee | 87253 |  |
| Distribution and service plan fees payable | 76599 |  |
| Other affiliated payables | 48474 |  |
| Collateral on securities loaned | 4083585 |  |
| **Total liabilities** |  | 84115365 |
| **Net Assets**  |  | $1177947761 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1250336360 |
| Total accumulated earnings (loss) |  | (72388599) |
| **Net Assets** |  | $1177947761 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($799,604,142 ÷ 81,254,624 shares) |  | $9.84 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($14,251,513 ÷ 1,448,707 shares) |  | $9.84 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($364,092,106 ÷ 37,152,867 shares) |  | $9.80 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $41172883 |
| Income from Fidelity Central Funds (including $7,945 from security lending)  |  | 220979 |
| **Total income** |  | 41393862 |
| **Expenses** |  |  |
| Management fee | $948627 |  |
| Transfer agent fees | 527015 |  |
| Distribution and service plan fees | 860468 |  |
| Independent trustees' fees and expenses | 2524 |  |
| Total expenses before reductions | 2338634 |  |
| Expense reductions | (4598) |  |
| Total expenses after reductions |  | 2334036 |
| **Net Investment income (loss)** |  | 39059826 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (2778818) |  |
| Fidelity Central Funds | 264 |  |
| Total net realized gain (loss) |  | (2778554) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 33647967 |  |
| Fidelity Central Funds  | (139) |  |
| Assets and liabilities in foreign currencies | 11 |  |
| TBA sale commitments | 3321 |  |
| Total change in net unrealized appreciation (depreciation) |  | 33651160 |
| **Net gain (loss)** |  | 30872606 |
| **Net increase (decrease) in net assets resulting from operations** |  | $69932432 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $39059826 | $29438767 |
| &nbsp;&nbsp;Net realized gain (loss) | (2778554)<br>| (5854256)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 33651160 | (14462780)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 69932432<br>| 9121731<br>|
| Distributions to shareholders | (36364489)<br>| (26463803)<br>|
| Share transactions - net increase (decrease) | 174871792<br>| 208450192<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 208439735<br>| 191108120<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 969508026 | 778399906<br>|
| &nbsp;&nbsp;End of period | $1177947761 | $969508026 |

---

**Financial Highlights** 

**VIP Bond Index Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.51 | $9.67 | $9.40 | $11.02 | $11.35 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .371  | .333  | .274  | .196  | .132  |
| Net realized and unrealized gain (loss)  | .289  | (.212)  | .233  | (1.646)  | (.353)  |
| Total from investment operations  | .660  | .121  | .507  | (1.450)  | (.221)  |
| Distributions from net investment income  | (.330)  | (.281)  | (.237)  | (.170)  | (.109)  |
| Total distributions  | (.330)  | (.281)  | (.237)  | (.170)  | (.109)  |
| Net asset value, end of period  | $9.84 | $9.51 | $9.67 | $9.40 | $11.02 |
| **Total Return** C,D | 6.98% <br>| 1.21%  | 5.47%  | (13.19)%  | (1.95)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .14%  | .14%  | .14%  | .14%  | .14%  |
| Expenses net of fee waivers, if any  | .14% <br>| .14%  | .14%  | .14%  | .14%  |
| Expenses net of all reductions, if any  | .14%  | .14%  | .14%  | .14%  | .14%  |
| Net investment income (loss)  | 3.79%  | 3.45%  | 2.89%  | 1.97%  | 1.19%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $799604 | $645582 | $558733 | $461166 | $513626 |
| Portfolio turnover rate G | 53% <br>| 62%  | 36%  | 33%  | 138%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Bond Index Portfolio Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.50 | $9.67 | $9.41 | $11.03 | $11.37 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .361  | .324  | .261  | .185  | .119  |
| Net realized and unrealized gain (loss)  | .301  | (.224)  | .234  | (1.645)  | (.352)  |
| Total from investment operations  | .662  | .100  | .495  | (1.460)  | (.233)  |
| Distributions from net investment income  | (.322)  | (.270)  | (.235)  | (.160)  | (.107)  |
| Total distributions  | (.322)  | (.270)  | (.235)  | (.160)  | (.107)  |
| Net asset value, end of period  | $9.84 | $9.50 | $9.67 | $9.41 | $11.03 |
| **Total Return** C,D | 7.01% <br>| .99%  | 5.34%  | (13.27)%  | (2.05)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .24%  | .24%  | .24%  | .24%  | .24%  |
| Expenses net of fee waivers, if any  | .24% <br>| .24%  | .24%  | .24%  | .24%  |
| Expenses net of all reductions, if any  | .24%  | .24%  | .24%  | .24%  | .24%  |
| Net investment income (loss)  | 3.69%  | 3.35%  | 2.79%  | 1.87%  | 1.09%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $14252 | $12218 | $11066 | $3144 | $2759 |
| Portfolio turnover rate G | 53% <br>| 62%  | 36%  | 33%  | 138%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Bond Index Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.47 | $9.63 | $9.37 | $10.98 | $11.32 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .345  | .308  | .249  | .170  | .104  |
| Net realized and unrealized gain (loss)  | .292  | (.208)  | .225  | (1.636)  | (.357)  |
| Total from investment operations  | .637  | .100  | .474  | (1.466)  | (.253)  |
| Distributions from net investment income  | (.307)  | (.260)  | (.214)  | (.144)  | (.087)  |
| Total distributions  | (.307)  | (.260)  | (.214)  | (.144)  | (.087)  |
| Net asset value, end of period  | $9.80 | $9.47 | $9.63 | $9.37 | $10.98 |
| **Total Return** C,D | 6.76% <br>| 1.00%  | 5.13%  | (13.38)%  | (2.24)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .39%  | .39%  | .39%  | .39%  | .39%  |
| Expenses net of fee waivers, if any  | .39% <br>| .39%  | .39%  | .39%  | .39%  |
| Expenses net of all reductions, if any  | .39%  | .39%  | .39%  | .39%  | .39%  |
| Net investment income (loss)  | 3.54%  | 3.20%  | 2.64%  | 1.72%  | .94%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $364092 | $311707 | $208601 | $185497 | $227058 |
| Portfolio turnover rate G | 53% <br>| 62%  | 36%  | 33%  | 138%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

VIP Bond Index Portfolio (the Fund) is a fund of Variable Insurance Products Fund V (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 RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank notes, foreign government and government agency obligations, municipal securities and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, commercial mortgage securities and U.S. government agency mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to market discount, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $12673158 |
| **Gross unrealized depreciation**  | <u>(65313336)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(52640178)</u> |
| **Tax Cost**  | <u>$1278146366</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$6621975</u> |
| **Capital loss carryforward**  | <u>$(26370405)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(52640171)</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 | $(7017115) |
| Long-term | <u>(19353290)</u> |
| **Total capital loss carryforward** | <u>$(26370405)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income** | $36364489 | $26463803 |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**To-Be-Announced (TBA) Securities and Mortgage Dollar Rolls.** TBA securities involve buying or selling mortgage-backed securities (MBS) on a forward commitment basis. A TBA transaction typically does not designate the actual security to be delivered and only includes an approximate principal amount; however delivered securities must meet specified terms defined by industry guidelines, including issuer, rate and current principal amount outstanding on underlying mortgage pools. Funds may enter into a TBA transaction with the intent to take possession of or deliver the underlying MBS, or a fund may elect to extend the settlement by entering into either a mortgage or reverse mortgage dollar roll. Mortgage dollar rolls are transactions where a fund sells TBA securities and simultaneously agrees to repurchase MBS on a later date at a lower price and with the same counterparty. Reverse mortgage dollar rolls involve the purchase and simultaneous agreement to sell TBA securities on a later date at a lower price. Transactions in mortgage dollar rolls and reverse mortgage dollar rolls are accounted for as purchases and sales and may result in an increase to a fund's portfolio turnover rate.

Purchases and sales of TBA securities involve risks similar to those discussed above for delayed delivery and when-issued securities. Also, if the counterparty in a mortgage dollar roll or a reverse mortgage dollar roll transaction files for bankruptcy or becomes insolvent, a fund's right to repurchase or sell securities may be limited. Additionally, when a fund sells TBA securities without already owning or having the right to obtain the deliverable securities (an uncovered forward commitment to sell), it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold them. A fund may be unable to purchase the deliverable securities if the corresponding market is illiquid.

TBA securities subject to a forward commitment to sell at period end are included at the end of the Schedule of Investments under the caption "TBA Sale Commitments." The value of these commitments and proceeds to be received at contractual settlement date are reflected in the Statement of Assets and Liabilities as "TBA sale commitments, at value" and "Receivable for TBA sale commitments," respectively. A fund realizes a gain or loss on settlement, either through the acquisition of an offsetting TBA purchase commitment on or before the sale commitment date, or by delivery of the securities under the commitment.

**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, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Bond Index Portfolio** | 306637497 | 256910860 |

---

**5. 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 .09% 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 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**  | .14% |
| **Service Class**  | .24% |
| **Service Class 2**  | .39% |

---

**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** | $13140 |
| **Service Class 2** | <u>847328</u> |
|  | <u>$860468</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 .05% of class-level average net assets. For the period, transfer agent fees for each class were as follows:

---

| | |
|:---|:---|
| **Initial Class** | $350979 |
| **Service Class** | 6570 |
| **Service Class 2** | &nbsp;&nbsp;&nbsp;&nbsp;<u>169466</u> |
|  | <u>$527015</u> |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of interest. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Bond Index Portfolio** | 666 | - | - |

---

**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 $4,598.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Bond Index Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $25010895 | $18353549 |
| Service Class | 440790 | 315045 |
| Service Class 2 | <u>10912804</u> | <u>7795209</u> |
| Total  | <u>$36364489</u> | <u>$26463803</u> |

---

**10. Share Transactions.**

Transactions for each class of shares were as follows and may contain in-kind transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Bond Index Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 20477796 | 16473534 | $201406417 | $159670830 |
| Reinvestment of distributions  | 2557598 | 1896668 | 25010895 | 18353549 |
| Shares redeemed | <u>(9699590)</u> | <u>(8247566)</u> | <u>(94368111)</u> | <u>(79126393)</u> |
| Net increase (decrease) | <u>13335804</u> | <u>10122636</u> | <u>$132049201</u> | <u>$98897986</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 613625 | 579163 | $6007548 | $5619010 |
| Reinvestment of distributions  | 44763 | 32299 | 437673 | 312431 |
| Shares redeemed | <u>(495297)</u> | <u>(470805)</u> | <u>(4845835)</u> | <u>(4537114)</u> |
| Net increase (decrease) | <u>163091</u> | <u>140657</u> | <u>$1599386</u> | <u>$1394327</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 8187801 | 15835287 | $79754641 | $153051195 |
| Reinvestment of distributions  | 1120566 | 807277 | 10912804 | 7792848 |
| Shares redeemed | <u>(5075104)</u> | <u>(5373399)</u> | <u>(49444240)</u> | <u>(52686164)</u> |
| Net increase (decrease) | <u>4233263</u> | <u>11269165</u> | <u>$41223205</u> | <u>$108157879</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders each were owners of record of more than 10% of the outstanding shares as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %** | **Number of Unaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| VIP Bond Index Portfolio | 54 | 2 | 38 |

---

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund V and the Shareholders of VIP Bond Index Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of VIP Bond Index Portfolio (the "Fund"), a fund of Variable Insurance Products Fund V, including the schedule of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 13, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

A total of 44.19% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $36,364,488 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**VIP Bond Index Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity and derivatives risk management. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured the index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of a representative class (Initial Class), the Board considered the fund's management fee rate as well as other "fund-level" expenses, such as pricing and bookkeeping fees and custodial, legal, and audit fees, paid by FMR under the fund's management contract. The Board also considered other "class-level" expenses, such as transfer agent fees and fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) for Initial Class of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of Initial Class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Initial Class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Initial Class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of Initial Class of the fund below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

<u>Other Contractual Arrangements.</u> The Board considered that current contractual arrangements for the fund oblige FMR to pay all "class-level" expenses of each class of the fund to the extent necessary to limit total operating expenses, with certain exceptions, as follows: Initial Class: 0.14%; Service Class: 0.24%; and Service Class 2: 0.39%. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances, and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img123151_4.jpg)<br>

1.9887310.107 VUSB-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Asset Manager 70% Portfolio**

**(formerly VIP Asset Manager: Growth Portfolio)**

**Annual Report**

**December 31, 2025**

![](img123153_1.jpg)

![](img123153_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIPAMG-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Asset Manager 70% Portfolio](#Sub_Sec_Fund_159_VIPAMG-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements159_VIPAMG-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPAMG-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPAMG-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPAMG-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPAMG-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPAMG-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPAMG-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**VIP Asset Manager 70% Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 23.0%** | &nbsp;&nbsp;**Bond Funds - 23.0%** | &nbsp;&nbsp;**Bond Funds - 23.0%** |
|  | Shares | Value ($)<br>|
| Fidelity Emerging Markets Debt Local Currency Central Fund (d) | 59751 | 5564019 |
| Fidelity Floating Rate Central Fund (d) | 19400 | 1854611 |
| Fidelity High Income Central Fund (d) | 42143 | 4664003 |
| Fidelity Inflation-Protected Bond Index Central Fund (d) | 77393 | 6915844 |
| Fidelity International Credit Central Fund (d) | 10217 | 858866 |
| Fidelity VIP Investment Grade Central Fund (d) | 700481 | 65964267 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $87,117,279) |  | **85821610** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 45.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 45.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 45.7%** |
|  | Shares | Value ($)<br>|
| Fidelity Blue Chip Growth ETF (b) | 165525 | 9077391 |
| Fidelity Commodity Strategy Central Fund (d) | 29175 | 2839938 |
| Fidelity Enhanced Large Cap Value ETF (b) | 64591 | 2238724 |
| Fidelity Enhanced Mid Cap ETF (b) | 98379 | 3579028 |
| Fidelity Enhanced Small Cap ETF (b) | 285117 | 10771720 |
| Fidelity Fundamental Small-Mid Cap ETF (b) | 144541 | 4435963 |
| Fidelity Hedged Equity ETF (b)(c) | 151107 | 4670718 |
| Fidelity Managed Futures ETF (b) | 32533 | 1738238 |
| Fidelity Real Estate Equity Central Fund (d) | 5551 | 747299 |
| Fidelity U.S. Equity Central Fund (d) | 893265 | 130273787 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $107,990,831) |  | **170372806** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 30.9%** | &nbsp;&nbsp;**International Equity Funds - 30.9%** | &nbsp;&nbsp;**International Equity Funds - 30.9%** |
|  | Shares | Value ($)<br>|
| Fidelity Emerging Markets Equity Central Fund (d) | 129400 | 37214093 |
| Fidelity International Equity Central Fund (d) | 651836 | 78122547 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $84,414,624) |  | **115336640** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/15/2026 (f) | 3.90 | 40000 | 39949 |
| US Treasury Bills 0% 1/8/2026 (f) | 3.89 | 110000 | 109936 |
| US Treasury Bills 0% 2/19/2026 (f) | 3.81 | 40000 | 39810 |
| US Treasury Bills 0% 2/5/2026 (f) | 3.81 | 30000 | 29899 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $219,541) |  |  | **219594** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 3.79 | 1459390 | 1459682 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 3.77 | 3175 | 3175 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,462,863) |  |  | **1462857** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $281,205,138)<br>| <br>**373213507** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(202227)** |
| **NET ASSETS - 100.0%** | **373011280** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |
| CBOT 10Y US Treasury Notes Contracts (United States) | 31 | 3/2026 | 3480719 | (16806) |
| SHORT |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 3 | 3/2026 | 1033875 | 5468 |
| ICE MSCI EAFE Index Contracts (United States) | 5 | 3/2026 | 725525 | (7609) |
| ICE MSCI Emerging Markets Index Contracts (United States) | 12 | 3/2026 | 846840 | (19354) |
| TOTAL SHORT |  |  |  | (21495) |
| **TOTAL FUTURES CONTRACTS** |  |  |  | **(38301)** |
| The notional amount of long futures as a percentage of Net Assets is 0.9%. | The notional amount of long futures as a percentage of Net Assets is 0.9%. | The notional amount of long futures as a percentage of Net Assets is 0.9%. | The notional amount of long futures as a percentage of Net Assets is 0.9%. | The notional amount of long futures as a percentage of Net Assets is 0.9%. |
| The notional amount of short futures as a percentage of Net Assets is 0.7%. | The notional amount of short futures as a percentage of Net Assets is 0.7%. | The notional amount of short futures as a percentage of Net Assets is 0.7%. | The notional amount of short futures as a percentage of Net Assets is 0.7%. | The notional amount of short futures as a percentage of Net Assets is 0.7%. |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Affiliated fund.

(c) Security or a portion of the security is on loan at period end.

(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. 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) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(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 $219,594.

(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 ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 3313620 | 22349148 | 24203266 | 236071 | 186 | (6) | 1459682 | 1459390 | 0.0% |
| Fidelity Commodity Strategy Central Fund | 1133011 | 1984974 | 445476 | 140697 | (27279) | 194708 | 2839938 | 29175 | 0.7% |
| Fidelity Emerging Markets Debt Local Currency Central Fund | 1917327 | 3407058 | - | 264425 | - | 239634 | 5564019 | 59751 | 0.9% |
| Fidelity Emerging Markets Equity Central Fund | 23255924 | 7694446 | 2407967 | 883749 | 44213 | 8627477 | 37214093 | 129400 | 1.1% |
| Fidelity Floating Rate Central Fund | 2106331 | 631084 | 824342 | 179786 | (30339) | (28123) | 1854611 | 19400 | 0.1% |
| Fidelity High Income Central Fund | 2071153 | 5252846 | 2937782 | 325121 | 64446 | 213340 | 4664003 | 42143 | 0.3% |
| Fidelity Inflation-Protected Bond Index Central Fund | 4004812 | 4763650 | 1941071 | 312357 | (97960) | 186413 | 6915844 | 77393 | 0.9% |
| Fidelity International Credit Central Fund | 695530 | 192710 | 57679 | 35041 | 402 | 27903 | 858866 | 10217 | 0.8% |
| Fidelity International Equity Central Fund | 54534613 | 20274968 | 6131489 | 6245284 | (49918) | 9494373 | 78122547 | 651836 | 1.1% |
| Fidelity Real Estate Equity Central Fund | 1352349 | 218504 | 816889 | 22147 | 20584 | (27249) | 747299 | 5551 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 1215975 | 9840273 | 11053073 | 2449 | - | - | 3175 | 3175 | 0.0% |
| Fidelity U.S. Equity Central Fund | 110294042 | 40952323 | 27251041 | 13878444 | 4878394 | 1400069 | 130273787 | 893265 | 0.6% |
| Fidelity VIP Investment Grade Central Fund | 52111590 | 26770772 | 14411809 | 2373661 | (478397) | 1972111 | 65964267 | 700481 | 2.0% |
| Total | 258006277 | 144332756 | 92481884 | 24899232 | 4324332 | 22300650 | 336482131 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Blue Chip Growth ETF | 7286783 | 604685 | 299740 | 4138 | 9872 | 1475791 | 9077391 | 165525 |
| Fidelity Enhanced Large Cap Value ETF | 1845629 | 297656 | 165163 | 34958 | 2084 | 258518 | 2238724 | 64591 |
| Fidelity Enhanced Mid Cap ETF | 2131045 | 3473563 | 2216638 | 43583 | (135851) | 326909 | 3579028 | 98379 |
| Fidelity Enhanced Small Cap ETF | 2543519 | 8994934 | 2088482 | 85997 | (222582) | 1544331 | 10771720 | 285117 |
| Fidelity Fundamental Small-Mid Cap ETF | 743151 | 3290976 | 92575 | 24268 | (4619) | 499030 | 4435963 | 144541 |
| Fidelity Hedged Equity ETF | 3476945 | 2915977 | 2212737 | 23524 | 222676 | 267857 | 4670718 | 151107 |
| Fidelity Managed Futures ETF | - | 1702009 | - | 36339 | - | 36229 | 1738238 | 32533 |
|  | 18027072 | 21279800 | 7075335 | 252807 | (128420) | 4408665 | 36511782 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 85821610 | 85821610 | - | - |
|  **Domestic Equity Funds** | 170372806 | 170372806 | - | - |
|  **International Equity Funds** | 115336640 | 115336640 | - | - |
|  **U.S. Treasury Obligations** | 219594 | - | 219594 | - |
|  **Money Market Funds** | 1462857 | 1462857 | - | - |
| **Total Investments in Securities:** | 373213507 | 372993913 | 219594 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 5468 | 5468 | - | - |
| Total Assets | 5468 | 5468 | - | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (43769) | (43769) | - | - |
| Total Liabilities | (43769) | (43769) | - | - |
| **Total Derivative Instruments:** | (38301) | (38301) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 5468 | (26963) |
| **Total Equity Risk**  | 5468 | (26963) |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | - | (16806) |
| **Total Interest Rate Risk**  | - | (16806) |
| **Total Value of Derivatives** | 5468 | (43769) |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $3,091) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $219,541) | $219594 |  |
| Fidelity Central Funds (cost $249,322,756) | 336482131 |  |
| Other affiliated issuers (cost $31,662,841) | 36511782 |  |
| Total Investment in Securities (cost $281,205,138) |  | $373213507 |
| Cash |  | 28717 |
| Receivable for investments sold |  | 897 |
| Receivable for fund shares sold |  | 85330 |
| Dividends receivable |  | 487 |
| Distributions receivable from Fidelity Central Funds |  | 7402 |
| Receivable for daily variation margin on futures contracts |  | 3432 |
| Prepaid expenses |  | 229 |
| **Total assets** |  | 373340001 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $33372 |  |
| Payable for fund shares redeemed | 52483 |  |
| Accrued management fee | 183861 |  |
| Distribution and service plan fees payable | 11620 |  |
| Audit fee payable | 35278 |  |
| Other payables and accrued expenses | 8932 |  |
| Collateral on securities loaned | 3175 |  |
| **Total liabilities** |  | 328721 |
| **Net Assets**  |  | $373011280 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $260893455 |
| Total accumulated earnings (loss) |  | 112117825 |
| **Net Assets** |  | $373011280 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($94,315,889 ÷ 3,644,968 shares) |  | $25.88 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,380,852 ÷ 171,288 shares) |  | $25.58 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($54,658,999 ÷ 2,166,546 shares) |  | $25.23 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($219,655,540 ÷ 8,572,979 shares) |  | $25.62 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends (including $252,807 earned from affiliated issuers) |  | $346828 |
| Interest  |  | 14317 |
| Income from Fidelity Central Funds (including $2,449 from security lending)  |  | 8067321 |
| **Total income** |  | 8428466 |
| **Expenses** |  |  |
| Management fee | $2004725 |  |
| Distribution and service plan fees | 114644 |  |
| Custodian fees and expenses | 21295 |  |
| Independent trustees' fees and expenses | 749 |  |
| Audit fees | 51407 |  |
| Legal | 2023 |  |
| Miscellaneous | 897 |  |
| Total expenses before reductions | 2195740 |  |
| Expense reductions | (122125) |  |
| Total expenses after reductions |  | 2073615 |
| **Net Investment income (loss)** |  | 6354851 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (268742) |  |
| Fidelity Central Funds | 4324332 |  |
| Other affiliated issuers | (128420) |  |
| Futures contracts | (535765) |  |
| Capital gain distributions from Fidelity Central Funds | 16831911 |  |
| Total net realized gain (loss) |  | 20223316 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 368753 |  |
| Fidelity Central Funds  | 22300650 |  |
| Other affiliated issuers  | 4408665 |  |
| Futures contracts | (185284) |  |
| Total change in net unrealized appreciation (depreciation) |  | 26892784 |
| **Net gain (loss)** |  | 47116100 |
| **Net increase (decrease) in net assets resulting from operations** |  | $53470951 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $6354851 | $4830413 |
| &nbsp;&nbsp;Net realized gain (loss) | 20223316<br>| 9962649<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 26892784 | 11649302<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 53470951<br>| 26442364<br>|
| Distributions to shareholders | (16246237)<br>| (7855218)<br>|
| Share transactions - net increase (decrease) | 58236778<br>| 14146733<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 95461492<br>| 32733879<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 277549788 | 244815909<br>|
| &nbsp;&nbsp;End of period | $373011280 | $277549788 |

---

**Financial Highlights** 

**VIP Asset Manager 70% Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.03 | $21.41 | $18.72 | $24.38 | $22.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .50  | .43  | .37  | .38  | .35  |
| Net realized and unrealized gain (loss)  | 3.60  | 1.87  | 2.69  | (4.33)  | 2.71  |
| Total from investment operations  | 4.10  | 2.30  | 3.06  | (3.95)  | 3.06  |
| Distributions from net investment income  | (.46)  | (.41)  | (.37)  | (.37)  | (.34)  |
| Distributions from net realized gain  | (.80)  | (.26)  | -  | (1.34)  | (.34)  |
| Total distributions  | (1.25) C | (.68) C | (.37)  | (1.71)  | (.68)  |
| Net asset value, end of period  | $25.88 | $23.03 | $21.41 | $18.72 | $24.38 |
| **Total Return** D,E | 18.29% <br>| 10.81%  | 16.37%  | (16.88)%  | 13.96%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .61%  | .62%  | .67%  | .67%  | .67%  |
| Expenses net of fee waivers, if any  | .58% <br>| .61%  | .66%  | .67%  | .66%  |
| Expenses net of all reductions, if any  | .58%  | .61%  | .66%  | .67%  | .66%  |
| Net investment income (loss)  | 2.09%  | 1.89%  | 1.84%  | 1.88%  | 1.46%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $94316 | $89192 | $88440 | $85620 | $111781 |
| Portfolio turnover rate H | 22% <br>| 21%  | 25%  | 26%  | 25%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Asset Manager 70% Portfolio Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.79 | $21.19 | $18.54 | $24.16 | $21.80 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .47  | .40  | .35  | .35  | .32  |
| Net realized and unrealized gain (loss)  | 3.56  | 1.86  | 2.65  | (4.28)  | 2.70  |
| Total from investment operations  | 4.03  | 2.26  | 3.00  | (3.93)  | 3.02  |
| Distributions from net investment income  | (.44)  | (.39)  | (.35)  | (.35)  | (.32)  |
| Distributions from net realized gain  | (.80)  | (.26)  | -  | (1.34)  | (.34)  |
| Total distributions  | (1.24)  | (.66) C | (.35)  | (1.69)  | (.66)  |
| Net asset value, end of period  | $25.58 | $22.79 | $21.19 | $18.54 | $24.16 |
| **Total Return** D,E | 18.15% <br>| 10.73%  | 16.21%  | (16.95)%  | 13.89%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .71%  | .72%  | .77%  | .77%  | .77%  |
| Expenses net of fee waivers, if any  | .68% <br>| .71%  | .76%  | .77%  | .76%  |
| Expenses net of all reductions, if any  | .67%  | .71%  | .76%  | .77%  | .76%  |
| Net investment income (loss)  | 1.99%  | 1.79%  | 1.74%  | 1.78%  | 1.36%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4381 | $3837 | $3618 | $2883 | $3609 |
| Portfolio turnover rate H | 22% <br>| 21%  | 25%  | 26%  | 25%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Asset Manager 70% Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.52 | $20.99 | $18.39 | $23.98 | $21.65 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .43  | .36  | .31  | .32  | .28  |
| Net realized and unrealized gain (loss)  | 3.51  | 1.84  | 2.64  | (4.24)  | 2.67  |
| Total from investment operations  | 3.94  | 2.20  | 2.95  | (3.92)  | 2.95  |
| Distributions from net investment income  | (.43)  | (.40)  | (.35)  | (.33)  | (.29)  |
| Distributions from net realized gain  | (.80)  | (.26)  | -  | (1.34)  | (.34)  |
| Total distributions  | (1.23)  | (.67) C | (.35)  | (1.67)  | (.62) C |
| Net asset value, end of period  | $25.23 | $22.52 | $20.99 | $18.39 | $23.98 |
| **Total Return** D,E | 17.96% <br>| 10.55%  | 16.05%  | (17.05)%  | 13.69%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .86%  | .90%  | .92%  | .92%  | .92%  |
| Expenses net of fee waivers, if any  | .82% <br>| .89%  | .91%  | .92%  | .91%  |
| Expenses net of all reductions, if any  | .82%  | .89%  | .91%  | .92%  | .91%  |
| Net investment income (loss)  | 1.84%  | 1.62%  | 1.59%  | 1.63%  | 1.21%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $54659 | $32739 | $14839 | $4015 | $3948 |
| Portfolio turnover rate H | 22% <br>| 21%  | 25%  | 26%  | 25%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Asset Manager 70% Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.84 | $21.24 | $18.58 | $24.21 | $21.85 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .48  | .41  | .35  | .36  | .33  |
| Net realized and unrealized gain (loss)  | 3.56  | 1.85  | 2.67  | (4.29)  | 2.69  |
| Total from investment operations  | 4.04  | 2.26  | 3.02  | (3.93)  | 3.02  |
| Distributions from net investment income  | (.46)  | (.40)  | (.36)  | (.36)  | (.33)  |
| Distributions from net realized gain  | (.80)  | (.26)  | -  | (1.34)  | (.34)  |
| Total distributions  | (1.26)  | (.66)  | (.36)  | (1.70)  | (.66) C |
| Net asset value, end of period  | $25.62 | $22.84 | $21.24 | $18.58 | $24.21 |
| **Total Return** D,E | 18.17% <br>| 10.73%  | 16.25%  | (16.93)%  | 13.89%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .69%  | .70%  | .75%  | .75%  | .74%  |
| Expenses net of fee waivers, if any  | .65% <br>| .69%  | .74%  | .74%  | .74%  |
| Expenses net of all reductions, if any  | .65%  | .69%  | .74%  | .74%  | .74%  |
| Net investment income (loss)  | 2.01%  | 1.81%  | 1.76%  | 1.80%  | 1.38%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $219656 | $151782 | $137920 | $126658 | $154034 |
| Portfolio turnover rate H | 22% <br>| 21%  | 25%  | 26%  | 25%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

VIP Asset Manager 70% Portfolio (the Fund) (formerly VIP Asset Manager: Growth Portfolio) is a fund of Variable Insurance Products Fund V (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 is a fund of funds, and therefore invests in other funds instead of individual securities. The Fund invests primarily in a combination of Fidelity Central funds and exchange-traded funds.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Commodity Strategy Central Fund | Geode Capital Management, LLC (Geode) | Seeks to provide investment returns that correspond to the performance of the commodities market. | Investment in commodity-related investments through a wholly-owned subsidiary organized under the laws of the Cayman Islands<br>| .01% |
| Fidelity Emerging Markets Equity Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks capital appreciation by investing primarily in equity securities of issuers in emerging markets. | Delayed Delivery & When Issued Securities<br> Foreign Securities<br> Restricted Securities | .02% |
| Fidelity International Equity Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks capital appreciation by investing primarily in non-U.S. based common stocks, including securities of issuers located in emerging markets. | Foreign Securities<br> Futures<br>| .01% |
| Fidelity Floating Rate Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of income by normally investing in floating rate loans and other floating rate securities. | Foreign Securities<br> Loans & Direct Debt Instruments<br> Restricted Securities | .01% |
| Fidelity High Income Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. | Foreign Securities<br> Futures<br> Loans & Direct Debt Instruments<br> Restricted Securities<br>| Less than .005% |
| Fidelity Inflation-Protected Bond Index Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks to provide investment results that correspond to the performance of the inflation-protected United States Treasury market, and may invest in derivatives. |  | Less than .005% |
| Fidelity VIP Investment Grade Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of current income by normally investing in investment-grade debt securities and repurchase agreements. | Delayed Delivery & When Issued Securities<br> Futures<br> Options<br> Restricted Securities<br> Swaps | Less than .005% |
| Fidelity Real Estate Equity Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks above-average income and long-term capital growth by investing primarily in equity securities of issuers in the real estate industry. |  | Less than .005% |
| Fidelity International Credit Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of current income by normally investing in debt securities of foreign issuers, including debt securities of issuers located in emerging markets. Foreign currency exposure is hedged utilizing foreign currency contracts. | Foreign Securities<br> Forward Foreign Currency Contracts<br> Futures<br> Restricted Securities<br> Swaps | .01% |
| Fidelity U.S. Equity Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks capital appreciation by investing primarily in common stocks, allocated across different market sectors. | Foreign Securities<br> Futures<br>| Less than .005% |
| Fidelity Emerging Markets Debt Local Currency Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks high total return by normally<br> investing in debt securities of issuers in emerging markets and other debt investments that are tied economically to emerging markets and denominated in the local currency of the issuer. | Foreign Securities<br> Restricted Securities | .02% |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

An unaudited holdings listing for the investing fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

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.

Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to the short-term gain distributions from the underlying mutual funds or exchange-traded funds (ETFs), futures contracts 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**  | $95083644 |
| **Gross unrealized depreciation**  | <u>(3100798)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$91982846</u> |
| **Tax Cost**  | <u>$281230661</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$29152</u> |
| **Undistributed long-term capital gain**  | <u>$20105829</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$91982846</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $7342238 | $5389863 |
| **Long-term Capital Gains**  | <u>8903999</u> | <u>2465355</u> |
| **Total**  | <u>$16246237</u> | <u>$7855218</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>|
| Interest Rate Risk  | Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates. |

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives.** The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **VIP Asset Manager 70% Portfolio** |  |  |
| **Equity Risk** |  |  |
| Futures Contracts | <u>(700304)</u> | <u>(168478)</u> |
| **Total Equity Risk** | <u>(700304)</u> | <u>(168478)</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; <u>164539</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(16806)</u> |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>164539</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(16806)</u> |
| Totals | <u>(535765)</u> | <u>(185284)</u> |

---

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.

**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, bond market and fluctuations in interest rates.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**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 Asset Manager 70% Portfolio** | 135083371 | 68636749 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .59 |
| **Service Class** | .59 |
| **Service Class 2** | .59 |
| **Investor Class** | .67 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .59 |
| **Service Class** | .59 |
| **Service Class 2** | .59 |
| **Investor Class** | .67 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's average net assets.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:

---

| | |
|:---|:---|
| **Service Class** | $4009 |
| **Service Class 2** | <u>110635</u> |
|  | <u>$114644</u> |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Asset Manager 70% Portfolio** | 1407946 | - | - |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Asset Manager 70% Portfolio** | 400 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Asset Manager 70% Portfolio** | 246 | - | - |

---

**9. Expense Reductions.** 

Effective November 1, 2023, the investment adviser has contractually agreed to waive the Fund's management fee with respect to the portion of the Fund's assets invested in certain affiliated ETFs. This waiver cannot be removed or modified without the approval of the Board. During the period this waiver reduced the Fund's management fee as follows:

---

| | |
|:---|:---|
|  | **Waiver ($)** |
| **VIP Asset Manager 70% Portfolio** | 120660 |

---

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1,465.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Asset Manager 70% Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $4678142 | $2629832 |
| Service Class | 206385 | 109353 |
| Service Class 2 | 2174141 | 800399 |
| Investor Class | <u>9187569</u> | <u>4315634</u> |
| Total  | <u>$16246237</u> | <u>$7855218</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** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Asset Manager 70% Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 77779 | 95836 | $1897135 | $2191675 |
| Reinvestment of distributions  | 194402 | 116591 | 4678142 | 2629832 |
| Shares redeemed | <u>(499916)</u> | <u>(470593)</u> | <u>(12028890)</u> | <u>(10653970)</u> |
| Net increase (decrease) | <u>(227735)</u> | <u>(258166)</u> | <u>$(5453613)</u> | <u>$(5832463)</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 10617 | 4889 | $256092 | $109620 |
| Reinvestment of distributions  | 8663 | 4900 | 206385 | 109353 |
| Shares redeemed | <u>(16396)</u> | <u>(12120)</u> | <u>(386199)</u> | <u>(275109)</u> |
| Net increase (decrease) | <u>2884</u> | <u>(2331)</u> | <u>$76278</u> | <u>$(56136)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 775644 | 781226 | $18004206 | $17503767 |
| Reinvestment of distributions  | 91843 | 35960 | 2174141 | 800399 |
| Shares redeemed | <u>(154926)</u> | <u>(70165)</u> | <u>(3703502)</u> | <u>(1587900)</u> |
| Net increase (decrease) | <u>712561</u> | <u>747021</u> | <u>$16474845</u> | <u>$16716266</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 2149433 | 604083 | $52440278 | $13613428 |
| Reinvestment of distributions  | 382121 | 192806 | 9187569 | 4315634 |
| Shares redeemed | <u>(603788)</u> | <u>(644746)</u> | <u>(14488579)</u> | <u>(14609996)</u> |
| Net increase (decrease) | <u>1927766</u> | <u>152143</u> | <u>$47139268</u> | <u>$3319066</u> |

---

**12. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %**  | **Number of Unaffiliated Shareholders** | **Unaffiliated Shareholders %**  |
| **VIP Asset Manager 70% Portfolio**  | 77 | 1 | 12 |

---

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund V and the Shareholders of VIP Asset Manager 70% Portfolio (formerly VIP Asset Manager: Growth Portfolio):

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of VIP Asset Manager 70% Portfolio (formerly VIP Asset Manager: Growth Portfolio)(the "Fund"), a fund of Variable Insurance Products Fund V, including the schedule of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $20,115,008, or, if subsequently determined to be different, the net capital gain of such year.

A total of 8.24% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $2,998,601 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Initial Class designates 0% and 17%; Service Class designates 0%, and 17%; Service Class 2 designates 0% and 18%; and Investor Class designates 0%, and 17% of the dividends distributed in February and December, 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 Asset Manager 70% Portfolio** |  |  |  |
| Initial Class  | 12/30/2025 | $0.1541 | $0.0153 |
| Service Class  | 12/30/2025 | $0.1491 | $0.0153 |
| Service Class 2 | 12/30/2025 | $0.1454 | $0.0153 |
| Investor Class  | 12/30/2025 | $0.1568 | $0.0153 |

---

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**VIP Asset Manager 70% Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against one or more indices, including a customized blended index that reflects the respective weights of the fund's asset classes (each a benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance. The fund underperformed its benchmark index and peers for the one- and three-year periods ended January 31, 2025, and as a result, the Board continues to engage in discussions with FMR regarding the steps it is taking to address the fund's performance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the representative class of the fund (Initial Class), the Board considered the effective management fee rate for Initial Class from March 2024 to December 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) for Initial Class of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of Initial Class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Initial Class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Initial Class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that the management fee rate of Initial Class of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of Initial Class of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img123153_4.jpg)<br>

1.540207.128 VIPAMG-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Asset Manager 50% Portfolio**

**(formerly VIP Asset Manager Portfolio)**

**Annual Report**

**December 31, 2025**

![](img123154_1.jpg)

![](img123154_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIPAM-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Asset Manager 50% Portfolio](#Sub_Sec_Fund_228_VIPAM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements228_VIPAM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPAM-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPAM-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPAM-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPAM-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPAM-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPAM-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**VIP Asset Manager 50% Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bond Funds - 37.8%** | &nbsp;&nbsp;**Bond Funds - 37.8%** | &nbsp;&nbsp;**Bond Funds - 37.8%** |
|  | Shares | Value ($)<br>|
| Fidelity Emerging Markets Debt Local Currency Central Fund (c) | 157364 | 14653737 |
| Fidelity Floating Rate Central Fund (c) | 49576 | 4739444 |
| Fidelity High Income Central Fund (c) | 107708 | 11920028 |
| Fidelity Inflation-Protected Bond Index Central Fund (c) | 200203 | 17890165 |
| Fidelity International Credit Central Fund (c) | 26828 | 2255128 |
| Fidelity VIP Investment Grade Central Fund (c) | 3270915 | 308022099 |
| <br> **TOTAL BOND FUNDS**<br> (Cost $378,084,315) |  | **359480601** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 36.8%** | &nbsp;&nbsp;**Domestic Equity Funds - 36.8%** | &nbsp;&nbsp;**Domestic Equity Funds - 36.8%** |
|  | Shares | Value ($)<br>|
| Fidelity Blue Chip Growth ETF (b) | 362684 | 19889591 |
| Fidelity Commodity Strategy Central Fund (c) | 75637 | 7362462 |
| Fidelity Enhanced Large Cap Value ETF (b) | 139807 | 4845711 |
| Fidelity Enhanced Mid Cap ETF (b) | 214890 | 7817698 |
| Fidelity Enhanced Small Cap ETF (b) | 639603 | 24164201 |
| Fidelity Fundamental Small-Mid Cap ETF (b) | 320112 | 9824237 |
| Fidelity Hedged Equity ETF (b) | 395681 | 12230500 |
| Fidelity Managed Futures ETF (b) | 89148 | 4763177 |
| Fidelity Real Estate Equity Central Fund (c) | 13875 | 1867865 |
| Fidelity U.S. Equity Central Fund (c) | 1759960 | 256672575 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $201,743,201) |  | **349438017** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 23.1%** | &nbsp;&nbsp;**International Equity Funds - 23.1%** | &nbsp;&nbsp;**International Equity Funds - 23.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Emerging Markets Equity Central Fund (c) | 246377 | 70855508 |
| Fidelity International Equity Central Fund (c) | 1236609 | 148207533 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $136,469,945) |  | **219063041** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/15/2026 (e) | 3.90 | 430000 | 429450 |
| US Treasury Bills 0% 1/2/2026 (e) | 3.90 | 550000 | 550000 |
| US Treasury Bills 0% 1/22/2026 (e) | 3.83 | 100000 | 99803 |
| US Treasury Bills 0% 1/29/2026 (e) | 3.81 | 170000 | 169551 |
| US Treasury Bills 0% 1/8/2026 (e) | 3.89 | 900000 | 899479 |
| US Treasury Bills 0% 2/19/2026 (e) | 3.77 to 3.81 | 160000 | 159240 |
| US Treasury Bills 0% 2/5/2026 (e) | 3.81 | 30000 | 29900 |
| US Treasury Bills 0% 3/5/2026 (e) | 3.65 | 30000 | 29817 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $2,366,782) |  |  | **2367240** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 3.79 | 19613785 | 19617708 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.77 | 31 | 31 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $19,617,755) |  |  | **19617739** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $738,281,998)<br>| <br>**949966638** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(72124)** |
| **NET ASSETS - 100.0%** | **949894514** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |
| CBOT 10Y US Treasury Notes Contracts (United States) | 81 | 3/2026 | 9094781 | (43912) |
| SHORT |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 92 | 3/2026 | 31705500 | 103378 |
| ICE MSCI EAFE Index Contracts (United States) | 31 | 3/2026 | 4498255 | (47176) |
| ICE MSCI Emerging Markets Index Contracts (United States) | 27 | 3/2026 | 1905390 | (44690) |
| TOTAL SHORT |  |  |  | 11512 |
| **TOTAL FUTURES CONTRACTS** |  |  |  | **(32400)** |
| The notional amount of long futures as a percentage of Net Assets is 1.0%. | The notional amount of long futures as a percentage of Net Assets is 1.0%. | The notional amount of long futures as a percentage of Net Assets is 1.0%. | The notional amount of long futures as a percentage of Net Assets is 1.0%. | The notional amount of long futures as a percentage of Net Assets is 1.0%. |
| The notional amount of short futures as a percentage of Net Assets is 4.0%. | The notional amount of short futures as a percentage of Net Assets is 4.0%. | The notional amount of short futures as a percentage of Net Assets is 4.0%. | The notional amount of short futures as a percentage of Net Assets is 4.0%. | The notional amount of short futures as a percentage of Net Assets is 4.0%. |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Affiliated fund.

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements,which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(d) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,367,240.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(g) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 24936619 | 92183087 | 97502450 | 1451895 | 468 | (16) | 19617708 | 19613785 | 0.0% |
| Fidelity Commodity Strategy Central Fund | 3737483 | 4673462 | 1537325 | 381736 | (237442) | 726284 | 7362462 | 75637 | 1.8% |
| Fidelity Emerging Markets Debt Local Currency Central Fund | 6994470 | 6746392 | - | 696406 | - | 912875 | 14653737 | 157364 | 2.4% |
| Fidelity Emerging Markets Equity Central Fund | 55662557 | 4786215 | 7966474 | 1799882 | (839816) | 19213026 | 70855508 | 246377 | 2.1% |
| Fidelity Floating Rate Central Fund | 7011121 | 698611 | 2785064 | 538691 | (91578) | (93646) | 4739444 | 49576 | 0.2% |
| Fidelity High Income Central Fund | 6879848 | 13164220 | 8954370 | 938809 | 292875 | 537455 | 11920028 | 107708 | 0.7% |
| Fidelity Inflation-Protected Bond Index Central Fund | 13731978 | 10645581 | 6854072 | 853036 | (213211) | 579889 | 17890165 | 200203 | 2.3% |
| Fidelity International Credit Central Fund | 2285623 | 155100 | 270299 | 100329 | (42097) | 126801 | 2255128 | 26828 | 2.2% |
| Fidelity International Equity Central Fund | 130468428 | 15502439 | 19701345 | 12217446 | 2984860 | 18953151 | 148207533 | 1236609 | 2.2% |
| Fidelity Real Estate Equity Central Fund | 4390992 | 121408 | 2625728 | 59683 | 196011 | (214818) | 1867865 | 13875 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 1401725 | 43232915 | 44634609 | 11739 | - | - | 31 | 31 | 0.0% |
| Fidelity U.S. Equity Central Fund | 281240984 | 34579239 | 74438548 | 27820381 | 34358559 | (19067659) | 256672575 | 1759960 | 1.3% |
| Fidelity VIP Investment Grade Central Fund | 305311985 | 63979408 | 69677730 | 12820502 | (4177703) | 12586139 | 308022099 | 3270915 | 9.4% |
| Total | 844053813 | 290468077 | 336948014 | 59690535 | 32230926 | 34259481 | 864064283 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Blue Chip Growth ETF | 18595271 | 784026 | 2847796 | 9067 | 174497 | 3183593 | 19889591 | 362684 |
| Fidelity Enhanced Large Cap Value ETF | 4709870 | 235680 | 686990 | 80395 | 11349 | 575802 | 4845711 | 139807 |
| Fidelity Enhanced Mid Cap ETF | 6273857 | 8841172 | 7621741 | 101952 | (435692) | 760102 | 7817698 | 214890 |
| Fidelity Enhanced Small Cap ETF | 7700335 | 22119207 | 8349721 | 203466 | (828284) | 3522664 | 24164201 | 639603 |
| Fidelity Fundamental Small-Mid Cap ETF | 1898615 | 7466078 | 615189 | 56709 | (31944) | 1106677 | 9824237 | 320112 |
| Fidelity Hedged Equity ETF | 11664877 | 6559699 | 7524016 | 70956 | 772322 | 757618 | 12230500 | 395681 |
| Fidelity Managed Futures ETF | - | 4653647 | - | 99578 | - | 109530 | 4763177 | 89148 |
|  | 50842825 | 50659509 | 27645453 | 622123 | (337752) | 10015986 | 83535115 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Bond Funds** | 359480601 | 359480601 | - | - |
|  **Domestic Equity Funds** | 349438017 | 349438017 | - | - |
|  **International Equity Funds** | 219063041 | 219063041 | - | - |
|  **U.S. Treasury Obligations** | 2367240 | - | 2367240 | - |
|  **Money Market Funds** | 19617739 | 19617739 | - | - |
| **Total Investments in Securities:** | 949966638 | 947599398 | 2367240 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 103378 | 103378 | - | - |
| Total Assets | 103378 | 103378 | - | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (135778) | (135778) | - | - |
| Total Liabilities | (135778) | (135778) | - | - |
| **Total Derivative Instruments:** | (32400) | (32400) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 103378 | (91866) |
| **Total Equity Risk**  | 103378 | (91866) |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | - | (43912) |
| **Total Interest Rate Risk**  | - | (43912) |
| **Total Value of Derivatives** | 103378 | (135778) |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,366,782) | $2367240 |  |
| Fidelity Central Funds (cost $663,899,221) | 864064283 |  |
| Other affiliated issuers (cost $72,015,995) | 83535115 |  |
| Total Investment in Securities (cost $738,281,998) |  | $949966638 |
| Cash |  | 29731 |
| Receivable for investments sold |  | 329275 |
| Receivable for fund shares sold |  | 168824 |
| Dividends receivable |  | 7940 |
| Distributions receivable from Fidelity Central Funds |  | 73573 |
| Receivable for daily variation margin on futures contracts |  | 240261 |
| Prepaid expenses |  | 664 |
| Other receivables |  | 2629 |
| **Total assets** |  | 950819535 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $116365 |  |
| Payable for fund shares redeemed | 375012 |  |
| Accrued management fee | 378841 |  |
| Distribution and service plan fees payable | 4386 |  |
| Audit fee payable | 38210 |  |
| Other payables and accrued expenses | 12207 |  |
| **Total liabilities** |  | 925021 |
| **Net Assets**  |  | $949894514 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $680969573 |
| Total accumulated earnings (loss) |  | 268924941 |
| **Net Assets** |  | $949894514 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($669,378,102 ÷ 37,993,926 shares) |  | $17.62 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,950,267 ÷ 169,620 shares) |  | $17.39 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($20,007,269 ÷ 1,178,525 shares) |  | $16.98 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($257,558,876 ÷ 14,768,388 shares) |  | $17.44 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends (including $622,123 earned from affiliated issuers) |  | $910146 |
| Interest  |  | 103641 |
| Income from Fidelity Central Funds (including $11,739 from security lending)  |  | 26495908 |
| **Total income** |  | 27509695 |
| **Expenses** |  |  |
| Management fee | $4726805 |  |
| Distribution and service plan fees | 49624 |  |
| Custodian fees and expenses | 22731 |  |
| Independent trustees' fees and expenses | 2231 |  |
| Audit fees | 54902 |  |
| Legal | 2700 |  |
| Miscellaneous | 3259 |  |
| Total expenses before reductions | 4862252 |  |
| Expense reductions | (299697) |  |
| Total expenses after reductions |  | 4562555 |
| **Net Investment income (loss)** |  | 22947140 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (1129434) |  |
| Fidelity Central Funds | 32230926 |  |
| Other affiliated issuers | (337752) |  |
| Futures contracts | (3768121) |  |
| Capital gain distributions from Fidelity Central Funds | 33194627 |  |
| Total net realized gain (loss) |  | 60190246 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1259709 |  |
| Fidelity Central Funds  | 34259481 |  |
| Other affiliated issuers  | 10015986 |  |
| Assets and liabilities in foreign currencies | 774 |  |
| Futures contracts | (1464208) |  |
| Total change in net unrealized appreciation (depreciation) |  | 44071742 |
| **Net gain (loss)** |  | 104261988 |
| **Net increase (decrease) in net assets resulting from operations** |  | $127209128 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $22947140 | $21921376 |
| &nbsp;&nbsp;Net realized gain (loss) | 60190246<br>| 38187396<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 44071742 | 16028173<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 127209128<br>| 76136945<br>|
| Distributions to shareholders | (64868208)<br>| (27864553)<br>|
| Share transactions - net increase (decrease) | (16861786)<br>| (86849616)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 45479134<br>| (38577224)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 904415380 | 942992604<br>|
| &nbsp;&nbsp;End of period | $949894514 | $904415380 |

---

**Financial Highlights** 

**VIP Asset Manager 50% Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.45 | $15.64 | $14.32 | $18.33 | $17.04 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .43  | .39  | .34  | .32  | .29  |
| Net realized and unrealized gain (loss)  | 1.95  | .93  | 1.50  | (2.94)  | 1.40  |
| Total from investment operations  | 2.38  | 1.32  | 1.84  | (2.62)  | 1.69  |
| Distributions from net investment income  | (.44)  | (.42) C | (.36)  | (.32)  | (.30)  |
| Distributions from net realized gain  | (.77)  | (.09) C | (.16)  | (1.07)  | (.10)  |
| Total distributions  | (1.21)  | (.51)  | (.52)  | (1.39)  | (.40)  |
| Net asset value, end of period  | $17.62 | $16.45 | $15.64 | $14.32 | $18.33 |
| **Total Return** D,E | 14.98% <br>| 8.50%  | 12.94%  | (14.94)%  | 9.92%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .51%  | .52%  | .59%  | .59%  | .59%  |
| Expenses net of fee waivers, if any  | .47% <br>| .51%  | .58%  | .59%  | .58%  |
| Expenses net of all reductions, if any  | .47%  | .51%  | .58%  | .59%  | .58%  |
| Net investment income (loss)  | 2.54%  | 2.37%  | 2.26%  | 2.08%  | 1.62%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $669378 | $663053 | $696248 | $688649 | $889923 |
| Portfolio turnover rate H | 24% <br>| 16%  | 19%  | 29%  | 20%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Asset Manager 50% Portfolio Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.26 | $15.47 | $14.16 | $18.14 | $16.86 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .41  | .37  | .32  | .30  | .27  |
| Net realized and unrealized gain (loss)  | 1.92  | .92  | 1.49  | (2.91)  | 1.38  |
| Total from investment operations  | 2.33  | 1.29  | 1.81  | (2.61)  | 1.65  |
| Distributions from net investment income  | (.43)  | (.40) C | (.34)  | (.31)  | (.27)  |
| Distributions from net realized gain  | (.77)  | (.09) C | (.16)  | (1.07)  | (.10)  |
| Total distributions  | (1.20)  | (.50) D | (.50)  | (1.37) D | (.37)  |
| Net asset value, end of period  | $17.39 | $16.26 | $15.47 | $14.16 | $18.14 |
| **Total Return** E,F | 14.86% <br>| 8.34%  | 12.90%  | (15.03)%  | 9.80%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .61%  | .63%  | .69%  | .69%  | .69%  |
| Expenses net of fee waivers, if any  | .57% <br>| .62%  | .68%  | .69%  | .69%  |
| Expenses net of all reductions, if any  | .57%  | .62%  | .68%  | .69%  | .69%  |
| Net investment income (loss)  | 2.44%  | 2.27%  | 2.16%  | 1.98%  | 1.52%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2950 | $2435 | $2504 | $2480 | $3627 |
| Portfolio turnover rate I | 24% <br>| 16%  | 19%  | 29%  | 20%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Asset Manager 50% Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.90 | $15.14 | $13.88 | $17.81 | $16.56 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .37  | .34  | .29  | .27  | .24  |
| Net realized and unrealized gain (loss)  | 1.89  | .90  | 1.45  | (2.85)  | 1.36  |
| Total from investment operations  | 2.26  | 1.24  | 1.74  | (2.58)  | 1.60  |
| Distributions from net investment income  | (.40)  | (.39) C | (.32)  | (.28)  | (.25)  |
| Distributions from net realized gain  | (.77)  | (.09) C | (.16)  | (1.07)  | (.10)  |
| Total distributions  | (1.18) D | (.48)  | (.48)  | (1.35)  | (.35)  |
| Net asset value, end of period  | $16.98 | $15.90 | $15.14 | $13.88 | $17.81 |
| **Total Return** E,F | 14.72% <br>| 8.23%  | 12.65%  | (15.15)%  | 9.68%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .76%  | .78%  | .84%  | .84%  | .84%  |
| Expenses net of fee waivers, if any  | .72% <br>| .77%  | .83%  | .84%  | .83%  |
| Expenses net of all reductions, if any  | .72%  | .77%  | .83%  | .84%  | .83%  |
| Net investment income (loss)  | 2.29%  | 2.12%  | 2.01%  | 1.83%  | 1.37%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $20007 | $18079 | $16471 | $14925 | $20038 |
| Portfolio turnover rate I | 24% <br>| 16%  | 19%  | 29%  | 20%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Asset Manager 50% Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.30 | $15.51 | $14.20 | $18.19 | $16.91 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .41  | .37  | .32  | .31  | .28  |
| Net realized and unrealized gain (loss)  | 1.93  | .92  | 1.50  | (2.92)  | 1.39  |
| Total from investment operations  | 2.34  | 1.29  | 1.82  | (2.61)  | 1.67  |
| Distributions from net investment income  | (.43)  | (.41) C | (.35)  | (.31)  | (.28)  |
| Distributions from net realized gain  | (.77)  | (.09) C | (.16)  | (1.07)  | (.10)  |
| Total distributions  | (1.20)  | (.50)  | (.51)  | (1.38)  | (.39) D |
| Net asset value, end of period  | $17.44 | $16.30 | $15.51 | $14.20 | $18.19 |
| **Total Return** E,F | 14.90% <br>| 8.36%  | 12.90%  | (15.00)%  | 9.85%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .59%  | .60%  | .66%  | .66%  | .66%  |
| Expenses net of fee waivers, if any  | .55% <br>| .59%  | .66%  | .66%  | .66%  |
| Expenses net of all reductions, if any  | .55%  | .59%  | .66%  | .66%  | .66%  |
| Net investment income (loss)  | 2.46%  | 2.29%  | 2.18%  | 2.01%  | 1.55%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $257559 | $220848 | $227770 | $224131 | $285912 |
| Portfolio turnover rate I | 24% <br>| 16%  | 19%  | 29%  | 20%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

VIP Asset Manager 50% Portfolio (the Fund) (formerly VIP Asset Manager Portfolio) is a fund of Variable Insurance Products Fund V (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 is a fund of funds, and therefore invests in other funds instead of individual securities. The Fund invests primarily in a combination of Fidelity Central funds and exchange-traded funds.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Commodity Strategy Central Fund | Geode Capital Management, LLC (Geode) | Seeks to provide investment returns that correspond to the performance of the commodities market. | Investment in commodity-related investments through a wholly-owned subsidiary organized under the laws of the Cayman Islands<br>| .01% |
| Fidelity Emerging Markets Equity Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks capital appreciation by investing primarily in equity securities of issuers in emerging markets. | Delayed Delivery & When Issued Securities<br> Foreign Securities<br> Restricted Securities | .02% |
| Fidelity International Equity Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks capital appreciation by investing primarily in non-U.S. based common stocks, including securities of issuers located in emerging markets. | Foreign Securities<br> Futures<br>| .01% |
| Fidelity Floating Rate Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of income by normally investing in floating rate loans and other floating rate securities. | Foreign Securities<br> Loans & Direct Debt Instruments<br> Restricted Securities | .01% |
| Fidelity High Income Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. | Foreign Securities<br> Futures<br> Loans & Direct Debt Instruments<br> Restricted Securities<br>| Less than .005% |
| Fidelity Inflation-Protected Bond Index Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks to provide investment results that correspond to the performance of the inflation-protected United States Treasury market, and may invest in derivatives. |  | Less than .005% |
| Fidelity VIP Investment Grade Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of current income by normally investing in investment-grade debt securities and repurchase agreements. | Delayed Delivery & When Issued Securities<br> Futures<br> Options<br> Restricted Securities<br> Swaps | Less than .005% |
| Fidelity Real Estate Equity Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks above-average income and long-term capital growth by investing primarily in equity securities of issuers in the real estate industry. |  | Less than .005% |
| Fidelity International Credit Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of current income by normally investing in debt securities of foreign issuers, including debt securities of issuers located in emerging markets. Foreign currency exposure is hedged utilizing foreign currency contracts. | Foreign Securities<br> Forward Foreign Currency Contracts<br> Futures<br> Restricted Securities<br> Swaps | .01% |
| Fidelity U.S. Equity Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks capital appreciation by investing primarily in common stocks, allocated across different market sectors. | Foreign Securities<br> Futures<br>| Less than .005% |
| Fidelity Emerging Markets Debt Local Currency Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks high total return by normally<br> investing in debt securities of issuers in emerging markets and other debt investments that are tied economically to emerging markets and denominated in the local currency of the issuer. | Foreign Securities<br> Restricted Securities | .02% |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

An unaudited holdings listing for the investing fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

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.

Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to the short-term gain distributions from the underlying mutual funds or exchange-traded funds (ETFs), futures contracts 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**  | $230359352 |
| **Gross unrealized depreciation**  | <u>(15641226)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$214718126</u> |
| **Tax Cost**  | <u>$735248512</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$123424</u> |
| **Undistributed long-term capital gain**  | <u>$61368179</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$214718399</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $23026505 | $23949854 |
| **Long-term Capital Gains**  | <u>41841703</u> | <u>3914699</u> |
| **Total**  | <u>$64868208</u> | <u>$27864553</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>|
| Interest Rate Risk  | Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates. |

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives.** The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **VIP Asset Manager 50% Portfolio** |  |  |
| **Equity Risk** |  |  |
| Futures Contracts | <u>(4284340)</u> | <u>(1420296)</u> |
| **Total Equity Risk** | <u>(4284340)</u> | <u>(1420296)</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; <u>516219</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(43912)</u> |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>516219</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(43912)</u> |
| Totals | <u>(3768121)</u> | <u>(1464208)</u> |

---

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.

**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, bond market and fluctuations in interest rates.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**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 Asset Manager 50% Portfolio** | 210186499 | 235892983 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .55 |
| **Service Class** | .55 |
| **Service Class 2** | .55 |
| **Investor Class** | .62 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .50 |
| **Service Class** | .50 |
| **Service Class 2** | .50 |
| **Investor Class** | .58 |

---

**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** | $2668 |
| **Service Class 2** | <u>46956</u> |
|  | <u>$49624</u> |

---

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **VIP Asset Manager 50% Portfolio** | $2622 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Asset Manager 50% Portfolio** | 22923 | 548937 | 51597 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Asset Manager 50% Portfolio** | 1245 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Asset Manager 50% Portfolio** | 1253 | - | - |

---

**9. Expense Reductions.** 

Effective November 1, 2023, the investment adviser has contractually agreed to waive the Fund's management fee with respect to the portion of the Fund's assets invested in certain affiliated ETFs. This waiver cannot be removed or modified without the approval of the Board. During the period this waiver reduced the Fund's management fee as follows:

---

| | |
|:---|:---|
|  | **Waiver ($)** |
| **VIP Asset Manager 50% Portfolio** | 299167 |

---

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 $530.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Asset Manager 50% Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $46797851 | $20535652 |
| Service Class | 183019 | 73407 |
| Service Class 2 | 1345678 | 531677 |
| Investor Class | <u>16541660</u> | <u>6723817</u> |
| Total  | <u>$64868208</u> | <u>$27864553</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** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Asset Manager 50% Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 867395 | 834242 | $14677945 | $13689079 |
| Reinvestment of distributions  | 2802463 | 1255943 | 46797851 | 20535652 |
| Shares redeemed | <u>(5983947)</u> | <u>(6291021)</u> | <u>(100435338)</u> | <u>(103200474)</u> |
| Net increase (decrease) | <u>(2314089)</u> | <u>(4200836)</u> | <u>$(38959542)</u> | <u>$(68975743)</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 26529 | 384 | $429364 | $6203 |
| Reinvestment of distributions  | 11060 | 4540 | 183019 | 73407 |
| Shares redeemed | <u>(17712)</u> | <u>(17041)</u> | <u>(296001)</u> | <u>(284773)</u> |
| Net increase (decrease) | <u>19877</u> | <u>(12117)</u> | <u>$316382</u> | <u>$(205163)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 172999 | 168778 | $2813944 | $2699728 |
| Reinvestment of distributions  | 83615 | 33619 | 1345678 | 531677 |
| Shares redeemed | <u>(215076)</u> | <u>(152975)</u> | <u>(3438179)</u> | <u>(2425843)</u> |
| Net increase (decrease) | <u>41538</u> | <u>49422</u> | <u>$721443</u> | <u>$805562</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 1850750 | 336480 | $31746916 | $5458909 |
| Reinvestment of distributions  | 998017 | 414763 | 16541660 | 6723817 |
| Shares redeemed | <u>(1626884)</u> | <u>(1891165)</u> | <u>(27228645)</u> | <u>(30656998)</u> |
| Net increase (decrease) | <u>1221883</u> | <u>(1139922)</u> | <u>$21059931</u> | <u>$(18474272)</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 Asset Manager 50% Portfolio**  | 46 | 2 | 26 |

---

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund V and the Shareholders of VIP Asset Manager 50% Portfolio (formerly VIP Asset Manager Portfolio):

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of VIP Asset Manager 50% Portfolio (formerly VIP Asset Manager Portfolio)(the "Fund"), a fund of Variable Insurance Products Fund V, including the schedule of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $61,470,794, or, if subsequently determined to be different, the net capital gain of such year.

A total of 14.11% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $15,054,305 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Initial Class designates 11%; Service Class designates 11%; Service Class 2 designates 11%; and Investor Class designates 11%; of the dividends distributed in December 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 Asset Manager 50% Portfolio** |  |  |  |
| Initial Class | 12/30/2025 | $0.1010 | $0.0079 |
| Service Class | 12/30/2025 | $0.0992 | $0.0079 |
| Service Class 2 | 12/30/2025 | $0.0933 | $0.0079 |
| Investor Class | 12/30/2025 | $0.0999 | $0.0079 |

---

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**VIP Asset Manager 50% Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against one or more appropriate indices, including a customized blended index that reflects the respective weights of the fund's asset classes (each a benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance. The fund underperformed its benchmark and peers for the one- and three-year periods ended May 31, 2025, and as a result, the Board continues to engage in discussions with FMR regarding the steps it is taking to address the fund's performance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the representative class of the fund (Initial Class), the Board considered the effective management fee rate for Initial Class from March 2024 to December 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) for Initial Class of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of Initial Class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Initial Class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Initial Class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that the management fee rate of Initial Class of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of Initial Class of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img123154_4.jpg)<br>

1.540206.128 VIPAM-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Investment Grade Bond II Portfolio**

**Annual Report**

**December 31, 2025**

![](img123209_1.jpg)

![](img123209_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIGBI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Investment Grade Bond II Portfolio](#Sub_Sec_Fund_6571_VIGBI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6571_VIGBI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIGBI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIGBI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIGBI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIGBI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIGBI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIGBI-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**VIP Investment Grade Bond II Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 9.2%** | &nbsp;&nbsp;**Asset-Backed Securities - 9.2%** | &nbsp;&nbsp;**Asset-Backed Securities - 9.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BAILIWICK OF JERSEY - 0.7%  |  |  |
| Aimco Clo 17 Ltd / Aimco Clo 17 LLC Series 2024-17A Class A1R, CME Term SOFR 3 month Index + 1.35%, 5.2074% 7/20/2037 (c)(d)(h) | 2320000 | 2325280 |
| Aimco Clo 19 Ltd / Aimco Clo 19 LLC Series 2024-19A Class A, CME Term SOFR 3 month Index + 1.35%, 5.2344% 10/20/2037 (c)(d)(h) | 828000 | 830039 |
| Aimco Clo 22 Ltd / Aimco Clo 22 LLC Series 2024-22A Class A, CME Term SOFR 3 month Index + 1.5%, 5.3844% 4/19/2037 (c)(d)(h) | 1960000 | 1965076 |
| Ares Lxx Clo Ltd / Ares Lxx Clo LLC Series 2025-70A Class A1R, CME Term SOFR 3 month Index + 1.25%, 4.9707% 1/25/2039 (c)(d)(h) | 2271000 | 2272006 |
| Bain Cap Cr Clo Ltd / Bain Cap Cr Clo LLC Series 2025-2A Class A1R, CME Term SOFR 3 month Index + 1.32%, 5.2044% 7/18/2038 (c)(d)(h) | 2540000 | 2546266 |
| Bain Capital Credit Clo Ltd Series 2025-4A Class A1R, CME Term SOFR 3 month Index + 1.23%, 4.9597% 1/21/2039 (c)(d)(h) | 2680000 | 2682803 |
| Blueberry Park Clo Ltd Series 2024-1A Class A, CME Term SOFR 3 month Index + 1.35%, 5.2344% 10/20/2037 (c)(d)(h) | 2642000 | 2646306 |
| Dryden 108 Clo Ltd / Dryden 108 Clo LLC Series 2024-108A Class A1R, CME Term SOFR 3 month Index + 1.36%, 5.2444% 7/18/2037 (c)(d)(h) | 4174000 | 4180441 |
| Flatiron Clo 26 Ltd / Flatiron Clo 26 LLC Series 2024-4A Class A, CME Term SOFR 3 month Index + 1.33%, 5.2345% 1/15/2038 (c)(d)(h) | 2270000 | 2275096 |
| Hamlin Pk Clo Ltd / Hamlin Pk Clo LLC Series 2024-1A Class A, CME Term SOFR 3 month Index + 1.34%, 5.2244% 10/20/2037 (c)(d)(h) | 2323000 | 2330896 |
| Invesco US CLO Ltd Series 2024-3A Class A, CME Term SOFR 3 month Index + 1.51%, 5.3944% 7/20/2037 (c)(d)(h) | 1884000 | 1890097 |
| TOTAL BAILIWICK OF JERSEY |  | 25944306 |
| BERMUDA - 0.2%  |  |  |
| RRAM Series 2024-24A Class A1A2, CME Term SOFR 3 month Index + 1.31%, 5.2145% 1/15/2037 (c)(d)(h) | 6000000 | 6007056 |
| CANADA - 0.0%  |  |  |
| Chesapeake Funding II LLC Series 2023-2A Class A1, 6.16% 10/15/2035 (h) | 319591 | 322969 |
| GRAND CAYMAN (UK OVERSEAS TER) - 4.7%  |  |  |
| Aimco CDO Series 2024-10A Class ARR, CME Term SOFR 3 month Index + 1.41%, 5.2674% 7/22/2037 (c)(d)(h) | 1348000 | 1349642 |
| Aimco CLO 11 Ltd Series 2024-11A Class A1R2, CME Term SOFR 3 month Index + 1.34%, 5.2216% 7/17/2037 (c)(d)(h) | 1526000 | 1529745 |
| Aimco Clo 14 Ltd / Aimco Clo 14 LLC Series 2025-14A Class A1R, CME Term SOFR 3 month Index + 1.22%, 5.1375% 10/20/2038 (c)(d)(h) | 2044526 | 2044456 |
| AIMCO CLO Series 2024-BA Class ARR, CME Term SOFR 3 month Index + 1.5%, 5.3936% 4/16/2037 (c)(d)(h) | 2766000 | 2773216 |
| Allegro Clo Ltd Series 2025-1A Class A1R, CME Term SOFR 3 month Index + 1.34%, 5.2244% 7/20/2038 (c)(d)(h) | 627000 | 628513 |
| Allegro Clo Xii Ltd Series 2024-1A Class A1R, CME Term SOFR 3 month Index + 1.44%, 5.31% 7/21/2037 (c)(d)(h) | 3577000 | 3585420 |
| Ares LIV CLO Ltd Series 2025-54A Class AR2, CME Term SOFR 3 month Index + 1.31%, 5.2145% 7/15/2038 (c)(d)(h) | 2723000 | 2730957 |
| Ares Lix Clo Ltd Series 2021-59A Class A, CME Term SOFR 3 month Index + 1.2916%, 5.1496% 4/25/2034 (c)(d)(h) | 425583 | 425883 |
| Ares Lv Clo Ltd Series 2024-55A Class A1R2, CME Term SOFR 3 month Index + 1.37%, 5.2745% 10/15/2037 (c)(d)(h) | 813000 | 815732 |
| Ares Lviii Clo Ltd / Ares Lviii Clo LLC Series 2025-58A Class A1R2, CME Term SOFR 3 month Index + 1.24%, 5.1445% 4/15/2038 (c)(d)(h) | 2235000 | 2236582 |
| Ares XLI Clo Ltd Series 2021-41A Class AR2, CME Term SOFR 3 month Index + 1.3316%, 5.2362% 4/15/2034 (c)(d)(h) | 3561718 | 3564012 |
| Babson CLO Ltd/Cayman Islands Series 2025-1A Class A1R2, CME Term SOFR 3 month Index + 1.26%, 5.1645% 1/15/2038 (c)(d)(h) | 14191000 | 14223639 |
| Barings Clo Ltd Series 2024-4A Class A, CME Term SOFR 3 month Index + 1.75%, 5.6344% 1/20/2037 (c)(d)(h) | 3356000 | 3360752 |
| Barings Clo Ltd Series 2024-4A Class AR, CME Term SOFR 3 month Index + 1.37%, 5.2544% 10/20/2037 (c)(d)(h) | 1352000 | 1354766 |
| Barings Clo Ltd Series 2021-1A Class A, CME Term SOFR 3 month Index + 1.2816%, 5.1396% 4/25/2034 (c)(d)(h) | 934550 | 935656 |
| BCRED BSL Static Clo Ltd / LLC Series 2025-1A Class AR, CME Term SOFR 3 month Index + 1.25%, 5.5413% 7/24/2035 (c)(d)(h) | 2245000 | 2245521 |
| Benefit Street Partners Clo 44 Ltd / LLC Series 2025-44A Class A1, CME Term SOFR 3 month Index + 1.22%, 4.944% 1/15/2039 (c)(d)(h) | 2294000 | 2295858 |
| Benefit Street Partners CLO Ltd Series 2025-43A Class A, CME Term SOFR 3 month Index + 1.27%, 5.1875% 10/20/2038 (c)(d)(h) | 2395000 | 2398901 |
| BETHP Series 2021-1A Class A, CME Term SOFR 3 month Index + 1.3916%, 5.2962% 1/15/2035 (c)(d)(h) | 549679 | 550271 |
| Carlyle US CLO Ltd Series 2024-10A Class A1R, CME Term SOFR 3 month Index + 1.31%, 5.1944% 1/20/2038 (c)(d)(h) | 1826000 | 1831157 |
| Carlyle US CLO Ltd Series 2024-11A Class A1R, CME Term SOFR 3 month Index + 1.41%, 5.268% 7/25/2037 (c)(d)(h) | 3068000 | 3075891 |
| Carlyle US Clo Ltd Series 2025-6A Class A1, CME Term SOFR 3 month Index + 1.22%, 4.8789% 1/20/2039 (c)(d)(h) | 2597000 | 2598034 |
| Cedar Fdg Xii Clo Ltd / Cedar Fdg Xii Clo LLC Series 2025-12A Class ARR, CME Term SOFR 3 month Index + 1.2%, 5.058% 1/25/2038 (c)(d)(h) | 2137000 | 2137203 |
| Cedar Fdg Xvii Clo Ltd Series 2025-17A Class AR, CME Term SOFR 3 month Index + 1.35%, 5.2344% 7/20/2038 (c)(d)(h) | 2065000 | 2069981 |
| Cedar Funding Ltd Series 2022-15A Class A, CME Term SOFR 3 month Index + 1.32%, 5.2044% 4/20/2035 (c)(d)(h) | 3994984 | 3994984 |
| Cedar Funding Ltd Series 2024-10A Class AR2, CME Term SOFR 3 month Index + 1.36%, 5.2444% 10/20/2037 (c)(d)(h) | 799000 | 800469 |
| Cifc Funding 2021-Iii Ltd Series 2025-3A Class A1R, CME Term SOFR 3 month Index + 1.23%, 5.1345% 10/15/2038 (c)(d)(h) | 4128000 | 4127905 |
| Cifc Funding 2025-Vi Ltd Series 2025-6A Class A1, CME Term SOFR 3 month Index + 1.25%, 5.1098% 10/23/2038 (c)(d)(h) | 1522000 | 1523587 |
| CIFC Funding Ltd Series 2025-5A Class A1R2, CME Term SOFR 3 month Index + 1.27%, 5.3593% 10/15/2038 (c)(d)(h) | 2278000 | 2284718 |
| Clover Clo Ltd Series 2025-1A Class ARR, CME Term SOFR 3 month Index + 1%, 4.8844% 4/18/2035 (c)(d)(h) | 2644000 | 2644637 |
| Dryden CLO Ltd Series 2022-98A Class A, CME Term SOFR 3 month Index + 1.3%, 5.1844% 4/20/2035 (c)(d)(h) | 2345807 | 2347008 |
| Dryden CLO Ltd Series 2024-83A Class AR, CME Term SOFR 3 month Index + 1.53%, 5.4144% 4/18/2037 (c)(d)(h) | 2387000 | 2392629 |
| Dryden CLO Ltd Series 2024-85A Class A1R2, CME Term SOFR 3 month Index + 1.38%, 5.2845% 7/15/2037 (c)(d)(h) | 3018000 | 3025002 |
| Dryden Senior Loan Fund Series 2024-78A Class A1R, CME Term SOFR 3 month Index + 1.53%, 5.4116% 4/17/2037 (c)(d)(h) | 600000 | 601002 |
| Eaton Vance CLO Ltd Series 2024-1A Class ARR, CME Term SOFR 3 month Index + 1.39%, 5.2945% 10/15/2037 (c)(d)(h) | 2398000 | 2404247 |
| Eaton Vance CLO Ltd Series 2024-2A Class AR2, CME Term SOFR 3 month Index + 1.38%, 5.2845% 10/15/2037 (c)(d)(h) | 1958000 | 1960767 |
| Flat Series 2025-30A Class A1, CME Term SOFR 3 month Index + 1.16%, 5.0645% 4/15/2038 (c)(d)(h) | 2232000 | 2228549 |
| Flatiron CLO 31 Ltd Series 2025-31A Class A1, CME Term SOFR 3 month Index + 1.2%, 4.8969% 1/18/2039 (c)(d)(h) | 2274000 | 2274000 |
| Flatiron Clo 32 Ltd Series 2025-32A Class A1, CME Term SOFR 3 month Index + 1.29%, 5.6063% 10/22/2038 (c)(d)(h) | 2233000 | 2240199 |
| Flatiron Clo Ltd Series 2024-1A Class A1R, CME Term SOFR 3 month Index + 1.36%, 5.2444% 10/19/2037 (c)(d)(h) | 2033000 | 2037979 |
| Horizon Aircraft Finance Ltd Series 2019-1 Class A, 3.721% 7/15/2039 (h) | 98001 | 96329 |
| Invesco US CLO Series 2024-1RA Class AR, CME Term SOFR 3 month Index + 1.55%, 5.4545% 4/15/2037 (c)(d)(h) | 1500000 | 1502303 |
| Lakeside Pk Clo Ltd / Lakeside Pk Clo LLC Series 2025-1A Class A, CME Term SOFR 3 month Index + 1.15%, 5.0545% 4/15/2038 (c)(d)(h) | 1612000 | 1611171 |
| Madison Park Funding 2015 Series 2024-19A Class AR3, CME Term SOFR 3 month Index + 1.6%, 5.4574% 1/22/2037 (c)(d)(h) | 410000 | 410287 |
| Madison Pk Fdg L Ltd / Madison Pk Fdg L LLC Series 2021-50A Class A, CME Term SOFR 3 month Index + 1.4016%, 5.2861% 4/19/2034 (c)(d)(h) | 1795369 | 1796292 |
| Madison Pk Fdg Lxvii Ltd / Madison Pk Fdg Lxvii LLC Series 2024-67A Class A1, CME Term SOFR 3 month Index + 1.51%, 5.368% 4/25/2037 (c)(d)(h) | 2755000 | 2761414 |
| Madison Pk Fdg Xlv Ltd / Madison Pk Fdg Xlv LLC Series 2024-45A Class ARR, CME Term SOFR 3 month Index + 1.08%, 4.9845% 7/15/2034 (c)(d)(h) | 1248118 | 1248631 |
| Magnetite CLO Ltd Series 2024-30A Class AR, CME Term SOFR 3 month Index + 1.35%, 5.208% 10/25/2037 (c)(d)(h) | 965191 | 966878 |
| Magnetite CLO LTD Series 2025-36A Class AR, CME Term SOFR 3 month Index + 1.32%, 5.178% 7/25/2038 (c)(d)(h) | 2228000 | 2233432 |
| Magnetite Clo Ltd Series 2025-45A Class A1, CME Term SOFR 3 month Index + 1.15%, 5.0545% 4/15/2038 (c)(d)(h) | 1559000 | 1558963 |
| Magnetite Xli Ltd Series 2024-41A Class A, CME Term SOFR 3 month Index + 1.29%, 5.148% 1/25/2038 (c)(d)(h) | 1475000 | 1477623 |
| Magnetite XXI Ltd Series 2021-21A Class AR, CME Term SOFR 3 month Index + 1.2816%, 5.1661% 4/20/2034 (c)(d)(h) | 746434 | 746664 |
| Magnetite Xxix Ltd / Magnetite Xxix LLC Series 2024-29A Class AR, CME Term SOFR 3 month Index + 1.35%, 5.2545% 7/15/2037 (c)(d)(h) | 1119000 | 1121597 |
| Magnetite Xxvi Ltd / Magnetite Xxvi LLC Series 2025-26A Class AR2, CME Term SOFR 3 month Index + 1.15%, 5.008% 1/25/2038 (c)(d)(h) | 2192000 | 2190255 |
| Magnetite Xxviii Ltd Series 2025-28A Class A1RR, CME Term SOFR 3 month Index + 1.24%, 5.1445% 1/15/2038 (c)(d)(h) | 2973000 | 2973303 |
| Morgan Stanley Eaton Vance CLO Ltd / LLC Series 2025-21A Class A1, CME Term SOFR 3 month Index + 1.17%, 5.0745% 4/15/2038 (c)(d)(h) | 2660000 | 2655925 |
| Neuberger Berman Loan Advisers Clo 25 Ltd Series 2024-25A Class AR2, CME Term SOFR 3 month Index + 1.4%, 5.2844% 7/18/2038 (c)(d)(h) | 2320000 | 2325772 |
| Oak Hill Credit Partners Series 2024-13A Class AR, CME Term SOFR 3 month Index + 1.35%, 5.2344% 7/20/2037 (c)(d)(h) | 3898000 | 3904697 |
| Ocp Aegis Clo Ltd Series 2025-47A Class A1, CME Term SOFR 3 month Index + 1.11%, 4.8574% 1/21/2038 (c)(d)(h) | 2087000 | 2087518 |
| OCP Clo Ltd Series 2025-44A Class A, CME Term SOFR 3 month Index + 1.3%, 5.5622% 10/24/2038 (c)(d)(h) | 2387000 | 2392987 |
| OCP CLO Ltd Series 2025-46A Class A, CME Term SOFR 3 month Index + 1.2%, 5.0473% 10/15/2038 (c)(d)(h) | 1605000 | 1604790 |
| Oha Cr Fdg 4 Ltd / Oha Cr Fdg 4 LLC Series 2024-4A Class AR2, CME Term SOFR 3 month Index + 1.29%, 5.1474% 1/22/2038 (c)(d)(h) | 2694000 | 2698671 |
| Oha Credit Funding 14-R Ltd Series 2025-14RA Class A, CME Term SOFR 3 month Index + 1.23%, 5.1144% 4/20/2038 (c)(d)(h) | 1471000 | 1471615 |
| OHA Credit Funding 6 Ltd Series 2024-6A Class AR2, CME Term SOFR 3 month Index + 1.33%, 5.2144% 10/20/2037 (c)(d)(h) | 2146000 | 2148833 |
| OHA Credit Partners Ltd Series 2024-18A Class A1, CME Term SOFR 3 month Index + 1.5%, 5.3844% 4/20/2037 (c)(d)(h) | 1960000 | 1965210 |
| Oha Credit Partners VII Ltd Series 2025-7A Class AR4, CME Term SOFR 3 month Index + 1.14%, 5.029% 2/20/2038 (c)(d)(h) | 2111000 | 2106778 |
| OHA Credit Partners XVII Ltd Series 2024-17A Class A, CME Term SOFR 3 month Index + 1.32%, 5.2044% 1/18/2038 (c)(d)(h) | 920000 | 921462 |
| Palmer Square Ln Fdg 2025-2 Ltd / Palmer Square Ln Fdg 2025-2 LLC Series 2025-2A Class A1, CME Term SOFR 3 month Index + 0.94%, 5.2277% 7/15/2033 (c)(d)(h) | 2260000 | 2260472 |
| Palmer Square Loan Funding Ltd Series 2024-2A Class A1N, CME Term SOFR 3 month Index + 1%, 4.9045% 1/15/2033 (c)(d)(h) | 1058068 | 1058333 |
| Palmer Square Loan Funding Ltd Series 2025-1A Class A1, CME Term SOFR 3 month Index + 0.8%, 4.6518% 2/15/2033 (c)(d)(h) | 2291565 | 2287809 |
| Peace Park Clo Ltd Series 2025-1A Class AR, CME Term SOFR 3 month Index + 1.25%, 5.1344% 10/20/2038 (c)(d)(h) | 1606000 | 1607600 |
| Project Silver Series 2019-1 Class A, 3.967% 7/15/2044 (h) | 385851 | 382012 |
| Rr 34 Ltd Series 2024-34RA Class A1R, CME Term SOFR 3 month Index + 1.35%, 5.2545% 10/15/2039 (c)(d)(h) | 1175000 | 1178224 |
| Rr 7 Ltd Series 2022-7A Class A1AB, CME Term SOFR 3 month Index + 1.34%, 5.2445% 1/15/2037 (c)(d)(h) | 1078307 | 1079308 |
| Sixth Street Clo Xix Ltd Series 2025-19A Class A1R, CME Term SOFR 3 month Index + 1.28%, 5.1616% 7/17/2038 (c)(d)(h) | 1460000 | 1463498 |
| Sixth Street Clo Xviii Ltd Series 2025-18A Class A1R, CME Term SOFR 3 month Index + 1.25%, 5.1316% 10/17/2038 (c)(d)(h) | 2272000 | 2274892 |
| Sixth Street CLO XX Ltd Series 2025-20A Class A1R, CME Term SOFR 3 month Index + 1.32%, 5.2016% 7/17/2038 (c)(d)(h) | 1835000 | 1839329 |
| Symphony Clo 43 Ltd Series 2024-43A Class A1, CME Term SOFR 3 month Index + 1.52%, 5.4245% 4/15/2037 (c)(d)(h) | 1901000 | 1905222 |
| Symphony Clo Xxvi Ltd / Symphony Clo Xxvi LLC Series 2021-26A Class AR, CME Term SOFR 3 month Index + 1.3416%, 5.2261% 4/20/2033 (c)(d)(h) | 518856 | 518939 |
| Thunderbolt Aircraft Lease Series 2018-A Class A, 5.96% 9/15/2038 (c)(h) | 148580 | 148654 |
| Thunderbolt III Aircraft Lease Ltd Series 2019-1 Class A, 3.671% 11/15/2039 (h) | 376210 | 373403 |
| Voya Clo Ltd Series 2024-1A Class A1, CME Term SOFR 3 month Index + 1.52%, 5.4245% 4/15/2037 (c)(d)(h) | 900000 | 902185 |
| Voya CLO Ltd/Voya CLO LLC Series 2025-2A Class A1RR, CME Term SOFR 3 month Index + 1.31%, 5.1944% 1/20/2038 (c)(d)(h) | 266000 | 266289 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 166175039 |
| IRELAND - 0.0%  |  |  |
| Volofin Finance Designated Activity Co Series 2024-1A Class A, 5.935% 6/15/2037 (h) | 778618 | 793542 |
| MULTI-NATIONAL - 0.2%  |  |  |
| Aimco Clo 21 Ltd / Aimco Clo 21 LLC Series 2024-21A Class A1, CME Term SOFR 3 month Index + 1.5%, 5.3844% 4/18/2037 (c)(d)(h) | 1864000 | 1868804 |
| Allegro Clo Xv Ltd / Allegro Clo Vx LLC Series 2025-1A Class A1R, CME Term SOFR 3 month Index + 1.18%, 5.0644% 4/20/2038 (c)(d)(h) | 668000 | 668082 |
| Ares Ln Fdg V Ltd / Ares Ln Fdg V LLC Series 2024-ALF5A Class A1, CME Term SOFR 3 month Index + 1.5%, 5.358% 7/27/2037 (c)(d)(h) | 2450000 | 2456395 |
| Ocp Clo 2018-15 Ltd Series 2025-15A Class AR, CME Term SOFR 3 month Index + 1.25%, 5.1344% 1/20/2038 (c)(d)(h) | 1483000 | 1485982 |
| TOTAL MULTI-NATIONAL |  | 6479263 |
| UNITED STATES - 3.4%  |  |  |
| Aaset 2024-1 US Ltd / Aaset 2024-1 Intl Ltd Series 2024-1A Class A1, 6.261% 5/16/2049 (h) | 1656890 | 1702512 |
| Aaset 2024-1 US Ltd / Aaset 2024-1 Intl Ltd Series 2024-1A Class A2, 6.261% 5/16/2049 (h) | 1508347 | 1549880 |
| Aaset 2025-1 Ltd / Aaset 2025-1 LLC Series 2025-1A Class A, 5.943% 2/16/2050 (h) | 1366362 | 1392487 |
| AASET Trust Series 2019-2 Class A, 3.376% 10/16/2039 (h) | 36285 | 36252 |
| AASET Trust Series 2021-1A Class A, 2.95% 11/16/2041 (h) | 348970 | 336012 |
| AASET Trust Series 2021-2A Class A, 2.798% 1/15/2047 (h) | 957935 | 908918 |
| AASET Trust Series 2022-1A Class A, 6% 5/16/2047 (h) | 7381911 | 7531562 |
| Achv Abs Trust Series 2024-3AL Class A, 5.01% 12/26/2031 (h) | 165215 | 166828 |
| Affirm Asset Securitization Trust Series 2024-A Class 1A, 5.61% 2/15/2029 (h) | 500000 | 500778 |
| Affirm Master Trust Series 2025-2A Class A, 4.67% 7/15/2033 (h) | 900000 | 906157 |
| Affirm Master Trust Series 2025-3A Class A, 4.45% 10/16/2034 (h) | 600000 | 602118 |
| Ally Auto Receivables Trust Series 2024-1 Class A3, 5.08% 12/15/2028  | 1035787 | 1042753 |
| Altde Trust Series 2025-1A Class A, 5.9% 8/15/2050 (h) | 1853540 | 1895566 |
| Apollo Aviation Securitization Equity Trust Series 2020-1A Class A, 3.351% 1/16/2040 (h) | 61051 | 60623 |
| ARI Fleet Lease Trust Series 2025-A Class A2, 4.38% 1/17/2034 (h) | 669054 | 671248 |
| Autonation Finance Trust Series 2025-1A Class A2, 4.72% 4/10/2028 (h) | 698276 | 699800 |
| Avis Budget Rental Car Funding AESOP LLC Series 2025-1A Class A, 4.8% 8/20/2029 (h) | 180000 | 182863 |
| BHG Series 2025-2CON Class A, 4.84% 9/17/2036 (h) | 447588 | 451964 |
| Blackbird Cap II Aircraft Lease Ltd / Blackbird Cap II Aircraft Lease Us L Series 2021-1A Class A, 2.443% 7/15/2046 (h) | 727929 | 691305 |
| Blackbird Capital Aircraft Lease Securitization Ltd Series 2016-1A Class A, 4.213% 12/16/2041 (h)(i) | 123921 | 124169 |
| BofA Auto Trust Series 2024-1A Class A3, 5.35% 11/15/2028 (h) | 472026 | 476807 |
| BofA Auto Trust Series 2025-1A Class A2A, 4.52% 11/22/2027 (h) | 1053669 | 1055499 |
| Capital One Multi-Asset Execution Trust Series 2019-A3 Class A3, 2.06% 8/15/2028  | 283000 | 279966 |
| CarMax Auto Owner Trust Series 2023-4 Class A3, 6% 7/17/2028  | 997764 | 1010633 |
| CarMax Auto Owner Trust Series 2024-2 Class A3, 5.5% 1/16/2029  | 1011000 | 1024888 |
| CarMax Auto Owner Trust Series 2024-4 Class A3, 4.6% 10/15/2029  | 200000 | 202121 |
| CarMax Auto Owner Trust Series 2025-2 Class A2A, 4.59% 7/17/2028  | 1093205 | 1096435 |
| Castlelake Aircraft Securitization Series 2018-1 Class A, 4.125% 6/15/2043 (h) | 95791 | 94833 |
| Castlelake Aircraft Securitization Trust Series 2019-1A Class A, 3.967% 4/15/2039 (h) | 239052 | 234270 |
| Castlelake Aircraft Securitization Trust Series 2019-1A Class B, 5.095% 4/15/2039 (h) | 272765 | 259144 |
| Castlelake Aircraft Structured Trust Series 2021-1A Class A, 3.474% 1/15/2046 (h) | 19538 | 19372 |
| Chase Auto Owner Trust Series 2024-1A Class A3, 5.13% 5/25/2029 (h) | 747207 | 753972 |
| Citibank Credit Card Issuance Trust Series 2018-A7 Class A7, 3.96% 10/13/2030  | 442000 | 443873 |
| Citizens Auto Receivables Trust Series 2024-2 Class A3, 5.33% 8/15/2028 (h) | 579508 | 583512 |
| DB Master Finance LLC Series 2017-1A Class A2II, 4.03% 11/20/2047 (h) | 698333 | 693773 |
| DB Master Finance LLC Series 2021-1A Class A2I, 2.045% 11/20/2051 (h) | 916800 | 899313 |
| DB Master Finance LLC Series 2025-1A Class A2I, 4.891% 8/20/2055 (h) | 1885000 | 1890561 |
| DB Master Finance LLC Series 2025-1A Class A2II, 5.165% 8/20/2055 (h) | 1525000 | 1528720 |
| Dext Abs LLC Series 2025-2 Class A2, 4.1% 4/17/2028 (h) | 600000 | 600130 |
| DLLAA Series 2023-1A Class A3, 5.64% 2/22/2028 (h) | 473760 | 478784 |
| DLLAD Series 2023-1A Class A3, 4.79% 1/20/2028 (h) | 335821 | 337761 |
| DLLAD Series 2024-1A Class A3, 5.3% 7/20/2029 (h) | 444000 | 453288 |
| Domino's Pizza Master Issuer LLC Series 2018-1A Class A2II, 4.328% 7/25/2048 (h) | 1895000 | 1889598 |
| Domino's Pizza Master Issuer LLC Series 2021-1A Class A2II, 3.151% 4/25/2051 (h) | 2659788 | 2439768 |
| Eaton Vance CLO Ltd Series 2024-1A Class AR2, CME Term SOFR 3 month Index + 1.51%, 5.4145% 7/15/2037 (c)(d)(h) | 2449000 | 2453433 |
| Enterprise Fleet Financing LLC Series 2023-3 Class A2, 6.4% 3/20/2030 (h) | 951710 | 963416 |
| Enterprise Fleet Financing Series 2024-2 Class A2, 5.74% 12/20/2026 (h) | 264123 | 265072 |
| Enterprise Fleet Financing Series 2024-2 Class A3, 5.61% 4/20/2028 (h) | 800000 | 813608 |
| Exeter Automobile Receivables Trust Series 2025-4A Class B, 4.4% 5/15/2030  | 1500000 | 1508107 |
| Exeter Select Automobile Receivables Trust Series 2025-1 Class A2, 4.83% 10/16/2028  | 201334 | 201969 |
| Exeter Select Automobile Receivables Trust Series 2025-1 Class A3, 4.69% 4/15/2030  | 270000 | 272997 |
| Ford Credit Floorplan Master Owner Trust A Series 2023-1 Class A1, 4.92% 5/15/2028 (h) | 1700000 | 1705421 |
| Ggam Master Tr Internationa Ltd / LLC Series 2025-1A Class A, 5.923% 9/30/2060 (h) | 5360000 | 5396728 |
| Gilead Aviation LLC Series 2025-1A Class A, 5.789% 3/15/2050 (h) | 3162556 | 3211711 |
| GMF Floorplan Owner Revolving Trust Series 2023-1 Class A1, 5.34% 6/15/2028 (h) | 1600000 | 1609579 |
| GMF Floorplan Owner Revolving Trust Series 2024-4A Class A1, 4.73% 11/15/2029 (h) | 1860000 | 1885755 |
| Great America Leasing Receivables Funding LLC Series 2025-1 Series 2025-1 Class A2, 4.52% 10/15/2027 (h) | 498957 | 500637 |
| Green Lakes Park Clo LLC Series 2025-1A Class ARR, CME Term SOFR 3 month Index + 1.18%, 5.038% 1/25/2038 (c)(d)(h) | 2288000 | 2285737 |
| Horizon Aircraft Finance I Limited Series 2018-1 Class A, 4.458% 12/15/2038 (h) | 380898 | 377215 |
| Hyundai Auto Lease Securitization Trust Series 2025-B Class A2A, 4.58% 9/15/2027 (h) | 987603 | 991268 |
| Jersey Mike's Funding Series 2024-1A Class A2, 5.636% 2/15/2055 (h) | 1980038 | 2020561 |
| Jersey Mike's Funding Series 2025-1A Class A2, 5.61% 8/16/2055 (h) | 1411463 | 1438623 |
| John Deere Owner Trust Series 2025-A Class A2A, 4.23% 3/15/2028  | 599761 | 600850 |
| Mercedes-Benz Auto Lease Trust Series 2024-B Class A3, 4.23% 2/15/2028  | 1000000 | 1002219 |
| Merchants Fleet Funding LLC Series 2023-1A Class A, 7.21% 5/20/2036 (h) | 380309 | 382000 |
| Merchants Fleet Funding LLC Series 2024-1A Class A, 5.82% 4/20/2037 (h) | 869254 | 874872 |
| Merchants Fleet Funding LLC Series 2025-1A Class A, 4.49% 1/20/2039 (h) | 1100000 | 1103722 |
| Navigator Aircraft Abs Ltd Series 2025-1 Class A, 5.107% 10/15/2050 (h) | 3474939 | 3443394 |
| OCCU Auto Receivables Trust Series 2025-1A Class A3, 4.81% 11/15/2029 (h) | 300000 | 302659 |
| OCP CLO Ltd Series 2025-8RA Class AR2, CME Term SOFR 3 month Index + 1.22%, 5.1016% 10/17/2038 (c)(d)(h) | 2255000 | 2257183 |
| Oportun Issuance Trust 2025-B Series 2025-B Class A, 4.88% 5/9/2033 (h) | 600000 | 602262 |
| Oportun Issuance Trust Series 2025-C Class A, 4.49% 7/8/2033 (h) | 1800000 | 1803326 |
| OWN Equipment Fund I LLC Series 2024-2M Class A, 5.7% 12/20/2032 (h) | 655185 | 664642 |
| Pk Alift Loan Funding 3 LP Series 2024-1 Class A1, 5.842% 9/15/2039 (h) | 386992 | 395569 |
| Planet Fitness Master Issuer LLC Series 2019-1A Class A2, 3.858% 12/5/2049 (h) | 4332460 | 4150614 |
| Planet Fitness Master Issuer LLC Series 2022-1A Class A2II, 4.008% 12/5/2051 (h) | 561138 | 532514 |
| Planet Fitness Master Issuer LLC Series 2025-1A Class A2I, 5.274% 12/6/2055 (h) | 1570000 | 1578055 |
| Rcktl Series 2025-2A Class A, 4.48% 11/27/2034 (h) | 422025 | 422448 |
| SBA Tower Trust Series 2020, 1.884% 7/15/2050 (h) | 300000 | 299665 |
| SBA Tower Trust Series 2020, 2.328% 7/15/2052 (h) | 229000 | 220082 |
| SBNA Auto Lease Trust Series 2024-B Class A3, 5.56% 11/22/2027 (h) | 983554 | 988788 |
| SBNA Auto Lease Trust Series 2024-C Class A3, 4.56% 2/22/2028 (h) | 962070 | 964341 |
| Sclp 2025-2 Series 2025-2 Class A, 4.82% 6/25/2034 (h) | 789057 | 793613 |
| SFS Auto Receivables Securitization Trust Series 2024-2A Class A3, 5.33% 11/20/2029 (h) | 782861 | 791323 |
| SLAM Ltd Series 2025-1A Class A, 5.807% 5/15/2050 (h) | 1500597 | 1539210 |
| Sofi Consumer Loan Program Series 2025-3 Class A, 4.47% 8/15/2034 (h) | 1063073 | 1066128 |
| Subway Funding LLC Series 2024-1A Class A23, 6.505% 7/30/2054 (h) | 2081970 | 2153254 |
| Subway Funding LLC Series 2024-1A Class A2I, 6.028% 7/30/2054 (h) | 3992670 | 4047868 |
| Subway Funding LLC Series 2024-1A Class A2II, 6.268% 7/30/2054 (h) | 2374020 | 2424601 |
| Subway Funding LLC Series 2024-3A Class A23, 5.914% 7/30/2054 (h) | 2872980 | 2853278 |
| Subway Funding LLC Series 2024-3A Class A2I, 5.246% 7/30/2054 (h) | 2995740 | 2986581 |
| Subway Funding LLC Series 2024-3A Class A2II, 5.566% 7/30/2054 (h) | 1416690 | 1405862 |
| Taco Bell Fdg LLC Series 2025-1A Class A2I, 4.821% 8/25/2055 (h) | 3310000 | 3294279 |
| Terwin Mortgage Trust Series 2003-4HE Class A1, CME Term SOFR 1 month Index + 0.9745%, 4.7062% 9/25/2034 (c)(d) | 818 | 877 |
| Upgrade Receivables Trust Series 2024-1A Class A, 5.37% 2/18/2031 (h) | 5626 | 5626 |
| USAA Auto Owner Trust Series 2024-A Class A3, 5.03% 3/15/2029 (h) | 884676 | 891624 |
| Verd Series 2025-1A Class A2, 4.85% 3/13/2028 (h) | 945466 | 949879 |
| Westf 2025-A Series 2025-A Class A, 5.582% 6/15/2050 (h) | 1817236 | 1846718 |
| Wheels Fleet Lease Funding 1 LLC Series 2024-2A Class A1, 4.87% 6/21/2039 (h) | 1728283 | 1745335 |
| Wheels Fleet Lease Funding 1 LLC Series 2025-3A Class A1, 4.08% 9/18/2040 (h) | 400000 | 401110 |
| Willis Engine Structured Tr VII Series 2023-A Class A, 8% 10/15/2048 (h) | 660870 | 679403 |
| Willis Engine Structured Trust VII Series 2025-B Class A, 5.159% 12/15/2050 (h) | 1300000 | 1303439 |
| World Omni Auto Receivables Trust 2023-B Series 2023-B Class A3, 4.66% 5/15/2028  | 671456 | 672964 |
| World Omni Auto Receivables Trust 2023-C Series 2023-C Class A3, 5.15% 11/15/2028  | 456317 | 458990 |
| TOTAL UNITED STATES |  | 123003820 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $326,445,485) |  | <br> **328725995** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Notes - 0.0%** | &nbsp;&nbsp;**Bank Notes - 0.0%** | &nbsp;&nbsp;**Bank Notes - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Capital One NA 3.45% 7/27/2026  | 350000 | 348936 |
| Capital One NA ICE IBA - USD SOFR Spread-Adj ICE Swap Rate 5Y + 1.73%, 5.974% 8/9/2028 (c)(d) | 347000 | 360528 |
| Regions Bank/Birmingham AL 6.45% 6/26/2037  | 969000 | 1047722 |
| TOTAL UNITED STATES |  | 1757186 |
| <br> **TOTAL BANK NOTES**<br> (Cost $1,805,043) |  | <br> **1757186** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Collateralized Mortgage Obligations - 1.7%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 1.7%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 1.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 1.7%  |  |  |
| Binom Securitization Trust Series 2022-RPL1 Class A1, 3% 2/25/2061 (c)(h) | 469693 | 442564 |
| Bravo Residential Fdg Tr 2025-Nqm5 Series 2025-NQM5 Class A1, 5.496% 2/25/2065 (c)(h) | 410472 | 414638 |
| Bravo Residential Funding Trust Series 2022-RPL1 Class A1, 2.75% 9/25/2061 (h) | 774538 | 718933 |
| Bravo Residential Funding Trust Series 2023-RPL1 Class A1, 5% 5/25/2063 (h) | 1176000 | 1186846 |
| CFMT LLC Series 2024-HB13 Class A, 3% 5/25/2034 (c)(h) | 476269 | 470630 |
| CFMT LLC Series 2024-HB15 Class A, 4% 8/25/2034 (c)(h) | 340289 | 339162 |
| Fannie Mae Guaranteed REMIC Series 2020-51 Class BA, 2% 6/25/2046  | 650123 | 594621 |
| Fannie Mae Guaranteed REMIC Series 2021-21 Class HG, 2% 11/25/2047  | 247258 | 223367 |
| Fannie Mae Guaranteed REMIC Series 2021-45 Class DA, 3% 7/25/2051  | 415237 | 371369 |
| Fannie Mae Guaranteed REMIC Series 2021-66 Class DA, 2% 1/25/2048  | 81775 | 69099 |
| Fannie Mae Guaranteed REMIC Series 2021-66 Class DM, 2% 1/25/2048  | 86904 | 73433 |
| Fannie Mae Guaranteed REMIC Series 2021-77 Class CH, 1.5% 8/25/2050  | 101908 | 85117 |
| Fannie Mae Guaranteed REMIC Series 2021-85 Class L, 2.5% 8/25/2048  | 71653 | 64090 |
| Fannie Mae Guaranteed REMIC Series 2021-95 Class BA, 2.5% 6/25/2049  | 789091 | 702964 |
| Fannie Mae Guaranteed REMIC Series 2021-95, 2.5% 9/25/2048  | 522534 | 469080 |
| Fannie Mae Guaranteed REMIC Series 2021-96 Class AH, 2.5% 3/25/2049  | 1118223 | 999100 |
| Fannie Mae Guaranteed REMIC Series 2021-96 Class HA, 2.5% 2/25/2050  | 113143 | 101040 |
| Fannie Mae Guaranteed REMIC Series 2022-1 Class KA, 3% 5/25/2048  | 262829 | 246766 |
| Fannie Mae Guaranteed REMIC Series 2022-11 Class B, 3% 6/25/2049  | 320197 | 299567 |
| Fannie Mae Guaranteed REMIC Series 2022-13 Class HA, 3% 8/25/2046  | 409312 | 390499 |
| Fannie Mae Guaranteed REMIC Series 2022-13 Class MA, 3% 5/25/2044  | 975752 | 942871 |
| Fannie Mae Guaranteed REMIC Series 2022-2 Class TH, 2.5% 2/25/2052  | 123075 | 114239 |
| Fannie Mae Guaranteed REMIC Series 2022-20 Class HC, 2.5% 4/25/2052  | 1519964 | 1400712 |
| Fannie Mae Guaranteed REMIC Series 2022-25 Class AB, 4% 9/25/2047  | 375004 | 370420 |
| Fannie Mae Guaranteed REMIC Series 2022-3 Class D, 2% 2/25/2048  | 718682 | 648579 |
| Fannie Mae Guaranteed REMIC Series 2022-3 Class N, 2% 10/25/2047  | 2100155 | 1893925 |
| Fannie Mae Guaranteed REMIC Series 2022-4 Class B, 2.5% 5/25/2049  | 82381 | 73566 |
| Fannie Mae Guaranteed REMIC Series 2022-49 Class TC, 4% 12/25/2048  | 219665 | 217423 |
| Fannie Mae Guaranteed REMIC Series 2022-5 Class BA, 2.5% 12/25/2049  | 314053 | 273387 |
| Fannie Mae Guaranteed REMIC Series 2022-5 Class DA, 2.25% 11/25/2047  | 885310 | 801460 |
| Fannie Mae Guaranteed REMIC Series 2022-53 Class FG, U.S. 30-Day Avg. SOFR Index + 0.8%, 4.6742% 8/25/2052 (c)(d) | 764852 | 761239 |
| Fannie Mae Guaranteed REMIC Series 2022-56 Class FJ, U.S. 30-Day Avg. SOFR Index + 0.8%, 4.6742% 9/25/2052 (c)(d) | 1607535 | 1599943 |
| Fannie Mae Guaranteed REMIC Series 2022-64 Class GF, U.S. 30-Day Avg. SOFR Index + 0.8%, 4.6742% 10/25/2052 (c)(d) | 571850 | 569006 |
| Fannie Mae Guaranteed REMIC Series 2022-67 Class FA, U.S. 30-Day Avg. SOFR Index + 0.8%, 4.6742% 10/25/2052 (c)(d) | 1921600 | 1912515 |
| Fannie Mae Guaranteed REMIC Series 2022-7 Class A, 3% 5/25/2048  | 371437 | 348840 |
| Fannie Mae Guaranteed REMIC Series 2022-7 Class E, 2.5% 11/25/2047  | 748237 | 684969 |
| Fannie Mae Guaranteed REMIC Series 2023-54 Class FD, U.S. 30-Day Avg. SOFR Index + 1.45%, 5.3242% 11/25/2053 (c)(d) | 943952 | 955369 |
| Fannie Mae Guaranteed REMIC Series 2023-56 Class FC, U.S. 30-Day Avg. SOFR Index + 1.5%, 5.3742% 11/25/2053 (c)(d) | 225785 | 228413 |
| Fannie Mae Guaranteed REMIC Series 2024-41 Class FB, U.S. 30-Day Avg. SOFR Index + 1.53%, 5.4042% 7/25/2054 (c)(d) | 205275 | 207314 |
| Fannie Mae Guaranteed REMIC Series 2024-7 Class FB, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 9/25/2053 (c)(d) | 445540 | 448082 |
| Fannie Mae Guaranteed REMIC Series 2024-90 Class FD, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 12/25/2054 (c)(d) | 1521315 | 1527764 |
| Fannie Mae Guaranteed REMIC Series 2024-93 Class FG, U.S. 30-Day Avg. SOFR Index + 1.1%, 4.9742% 12/25/2054 (c)(d) | 484984 | 486932 |
| Fannie Mae Mortgage pass-thru certificates Series 1999-57 Class PH, 6.5% 12/25/2029  | 2126 | 2179 |
| Fannie Mae Mortgage pass-thru certificates Series 2024-100 Class EF, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 6/25/2054 (c)(d) | 706508 | 710126 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-33 Class FC, U.S. 30-Day Avg. SOFR Index + 1.6%, 5.4742% 8/25/2054 (c)(d) | 889727 | 898858 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-4 Class FH, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 9/25/2054 (c)(d) | 375492 | 376985 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class AF, U.S. 30-Day Avg. SOFR Index + 1.4%, 5.2742% 2/25/2055 (c)(d) | 523672 | 527455 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class DF, U.S. 30-Day Avg. SOFR Index + 1.4%, 5.2742% 9/25/2054 (c)(d) | 568652 | 571943 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class FB, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 2/25/2055 (c)(d) | 837632 | 841693 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class FE, U.S. 30-Day Avg. SOFR Index + 1.15%, 5.0242% 2/25/2055 (c)(d) | 365526 | 366532 |
| Fannie Mae Series 2022-30 Class E, 4.5% 7/25/2048  | 726402 | 725169 |
| Freddie Mac Multiclass Mortgage participation certificates Series 2021-5159 Class EA, 2.5% 8/25/2048  | 229246 | 205208 |
| Freddie Mac Multiclass Mortgage participation certificates Series 2021-5159 Class GC, 2% 11/25/2047  | 64800 | 57798 |
| Freddie Mac Multiclass Mortgage participation certificates Series 2021-5164 Class M, 2.5% 7/25/2048  | 233847 | 209419 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-5001 Class A, 2% 1/25/2045  | 181073 | 171573 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-5002 Class TJ, 2% 7/25/2050  | 70881 | 59775 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5169 Class TP, 2.5% 6/25/2049  | 232223 | 206606 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5175 Class CB, 2.5% 4/25/2050  | 410836 | 362028 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5180 Class KA, 2.5% 10/25/2047  | 80999 | 73861 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5182 Class A, 2.5% 10/25/2048  | 552256 | 495290 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5189 Class DA, 2.5% 5/25/2049  | 214373 | 191062 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5189 Class TP, 2.5% 5/25/2049  | 193126 | 171882 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5190 Class BA, 2.5% 11/25/2047  | 197592 | 180059 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5190 Class CA, 2.5% 5/25/2049  | 162222 | 144354 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5191 Class CA, 2.5% 4/25/2050  | 95363 | 83863 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5196 Class ME, 1.75% 2/25/2052  | 1207634 | 1083062 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5197 Class A, 2.5% 6/25/2049  | 162222 | 144354 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5197 Class DA, 2.5% 11/25/2047  | 149855 | 136677 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5198 Class BA, 2.5% 11/25/2047  | 725964 | 665602 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5202 Class AG, 3% 1/25/2049  | 115594 | 108098 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5202 Class LB, 2.5% 10/25/2047  | 160636 | 146855 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5202 Class UA, 3% 4/25/2050  | 260679 | 239994 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5207 Class PA, 3% 6/25/2051  | 2990339 | 2714388 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5237 Class FP, U.S. 30-Day Avg. SOFR Index + 0.55%, 4.4242% 7/25/2052 (c)(d) | 134361 | 133323 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5250 Class FA, U.S. 30-Day Avg. SOFR Index + 0.67%, 4.5442% 8/25/2052 (c)(d) | 295674 | 291873 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5254 Class FG, U.S. 30-Day Avg. SOFR Index + 0.75%, 4.6242% 9/25/2052 (c)(d) | 557295 | 554021 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2023-5330 Class FA, U.S. 30-Day Avg. SOFR Index + 1.05%, 4.9242% 8/25/2053 (c)(d) | 789700 | 790732 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2023-5354 Class FC, U.S. 30-Day Avg. SOFR Index + 1.45%, 5.3242% 10/25/2053 (c)(d) | 619082 | 627152 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-5425 Class FK, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 6/25/2054 (c)(d) | 559859 | 563291 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-5459 Class FD, U.S. 30-Day Avg. SOFR Index + 1%, 4.8742% 10/25/2054 (c)(d) | 375278 | 376095 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-5476 Class FB, U.S. 30-Day Avg. SOFR Index + 1.1%, 4.9742% 11/25/2054 (c)(d) | 2772596 | 2783829 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5499 Class NF, U.S. 30-Day Avg. SOFR Index + 1.15%, 5.0242% 2/25/2055 (c)(d) | 970370 | 974480 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5499 Class WF, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.0742% 2/25/2055 (c)(d) | 315729 | 315699 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5500 Class FV, U.S. 30-Day Avg. SOFR Index + 1.25%, 5.1242% 10/25/2054 (c)(d) | 575540 | 578443 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5509 Class FB, U.S. 30-Day Avg. SOFR Index + 1.15%, 5.0242% 2/25/2055 (c)(d) | 540117 | 541610 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5529 Class CF, U.S. 30-Day Avg. SOFR Index + 1.05%, 4.9242% 4/25/2055 (c)(d) | 701948 | 701723 |
| GS Mortgage-Backed Securities Trust Series 2024-RPL2 Class A1, 3.75% 7/25/2061 (h) | 329612 | 323321 |
| GS Mortgage-Backed Securities Trust Series 2024-RPL4 Class A1, 3.9% 9/25/2061 (h)(i) | 86658 | 85648 |
| JPMorgan Mortgage Trust Series 2025-NQM2 Class A1, 5.567% 9/25/2065 (c)(h) | 457196 | 461804 |
| MFA Trust Series 2022-RPL1 Class A1, 3.3% 8/25/2061 (h) | 2259971 | 2153910 |
| MFRA Trust Series 2024-RPL1 Class A1, 4.25% 2/25/2066 (c)(h) | 338651 | 324336 |
| Morgan Stanley Residential Mortgage Loan Trust 2025-NQM3 Series 2025-NQM3 Class A1, 5.53% 5/25/2070 (c)(h) | 403369 | 406884 |
| New Residential Mortgage Loan Trust Series 2025-NQM7 Class A1FC, 4.949% 10/26/2065 (c)(h) | 400000 | 400324 |
| NYMT Loan Trust Series 2021-CP1 Class A1, 2.0424% 7/25/2061 (h) | 221577 | 209843 |
| NYMT Loan Trust Series 2024-CP1 Class A1, 3.75% 2/25/2068 (h) | 409761 | 390047 |
| OBX Series 2025-NQM14 Class A1, 5.162% 7/25/2065 (h)(i) | 272670 | 273808 |
| Obx Trust Series 2025-NQM19 Class A1, 4.869% 10/25/2065 (c)(h) | 487677 | 487471 |
| Ocwen Loan Investment Trust Series 2023-HB1 Class A, 3% 6/25/2036 (h) | 40629 | 40527 |
| Ocwen Loan Investment Trust Series 2024-HB1 Class A, 3% 2/25/2037 (h) | 85794 | 84514 |
| Ocwen Loan Investment Trust Series 2025-HB2 Class A, 3% 11/25/2038 (c)(h) | 800000 | 780480 |
| Pret 2025-Rpl3 Series 2025-RPL3 Class A1, 4.15% 4/25/2065 (h)(i) | 662911 | 652648 |
| Prpm 2025-Rcf3 LLC Series 2025-RCF3 Class A1, 5.25% 7/25/2055 (c)(h) | 340743 | 342568 |
| PRPM LLC Series 2024-RCF3 Class A1, 4% 5/25/2054 (h) | 648743 | 642840 |
| PRPM LLC Series 2024-RCF4 Class A1, 4% 7/25/2054 (h) | 203077 | 201270 |
| PRPM LLC Series 2024-RPL2 Class A1, 3.5% 5/25/2054 (c)(h) | 796898 | 781561 |
| Towd Point Mortgage Trust Series 2020-1 Class A1, 2.71% 1/25/2060 (h) | 988767 | 957059 |
| Towd Point Mortgage Trust Series 2022-1 Class A1, 3.75% 7/25/2062 (h) | 2433391 | 2354125 |
| Verus Securitization Trust Series 2025-4 Class A1, 5.448% 5/25/2070 (h) | 700851 | 707579 |
| Verus Securitization Trust Series 2025-6 Class A1, 5.417% 7/25/2070 (h)(i) | 660787 | 666711 |
| TOTAL UNITED STATES |  | 60564150 |
| <br> **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> (Cost $59,539,567) |  | <br> **60564150** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 4.6%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 4.6%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 4.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 4.6%  |  |  |
| ALA Trust Series 2025-OANA Class A, CME Term SOFR 1 month Index + 1.7426%, 5.4936% 6/15/2040 (c)(d)(h) | 1620000 | 1626072 |
| Arbor Multifamily Mortgage Securities Trust Series 2021-MF2 Class ASB, 2.2446% 6/15/2054 (h) | 600000 | 570367 |
| BAMLL Commercial Mortgage Securities Trust Series 2019-BPR Class ANM, 3.112% 11/5/2032 (h) | 362282 | 346452 |
| BAMLL Commercial Mortgage Securities Trust Series 2019-BPR Class BNM, 3.465% 11/5/2032 (h) | 109000 | 102329 |
| BANK Series 2017-BNK4 Class ASB, 3.419% 5/15/2050  | 118936 | 118474 |
| BANK Series 2018-BN14 Class ASB, 4.185% 9/15/2060  | 191297 | 191336 |
| BANK Series 2019-BN19 Class ASB, 3.071% 8/15/2061  | 474580 | 466107 |
| BANK Series 2019-BN21 Class A5, 2.851% 10/17/2052  | 82630 | 78321 |
| BANK Series 2020-BN25 Class A5, 2.649% 1/15/2063  | 462410 | 430481 |
| BANK Series 2020-BN26 Class ASB, 2.313% 3/15/2063  | 938692 | 908664 |
| BANK Series 2020-BN28 Class A4, 1.844% 3/15/2063  | 1148351 | 1025132 |
| BANK Series 2021-BN33 Class XA, 1.153% 5/15/2064 (c)(j) | 11790256 | 435169 |
| BANK Series 2021-BN35 Class A5, 2.285% 6/15/2064  | 567169 | 504009 |
| BANK5 Series 2023-5YR1 Class A2, 5.779% 4/15/2056  | 431554 | 441016 |
| BANK5 Series 2025-5YR19 Class XB, 0.5998% 12/15/2058 (c)(j) | 1600000 | 47008 |
| BBCMS Mortgage Trust Series 2021-C11 Class A5, 2.322% 9/15/2054  | 722307 | 644814 |
| BBCMS Mortgage Trust Series 2022-C14 Class ASB, 2.901% 2/15/2055  | 600000 | 573981 |
| BBCMS Mortgage Trust Series 2023-C21 Class A3, 6.5058% 9/15/2056 (c) | 1422000 | 1518658 |
| Benchmark Mortgage Trust Series 2018-B4 Class A5, 4.121% 7/15/2051  | 172167 | 171476 |
| Benchmark Mortgage Trust Series 2018-B8 Class A5, 4.2317% 1/15/2052  | 1180306 | 1171308 |
| Benchmark Mortgage Trust Series 2019-B10 Class A4, 3.717% 3/15/2062  | 159609 | 156424 |
| Benchmark Mortgage Trust Series 2019-B10 Class ASB, 3.615% 3/15/2062  | 327362 | 325235 |
| Benchmark Mortgage Trust Series 2019-B12 Class A5, 3.1156% 8/15/2052  | 726144 | 696571 |
| Benchmark Mortgage Trust Series 2019-B9 Class A5, 4.0156% 3/15/2052  | 642936 | 633152 |
| Benchmark Mortgage Trust Series 2019-B9 Class AAB, 3.9325% 3/15/2052  | 599195 | 597746 |
| Benchmark Mortgage Trust Series 2020-B19 Class A5, 1.85% 9/15/2053  | 468749 | 415957 |
| Benchmark Mortgage Trust Series 2021-B24 Class A5, 2.5843% 3/15/2054  | 700621 | 628550 |
| Benchmark Mortgage Trust Series 2023-V3 Class XA, 1.0526% 7/15/2056 (c)(j) | 31963272 | 576812 |
| BLP Commercial Mortgage Trust Series 2024-IND2 Class A, CME Term SOFR 1 month Index + 1.3422%, 5.0923% 3/15/2041 (c)(d)(h) | 1123076 | 1123767 |
| BMO Mortgage Trust Series 2023-C6 Class XA, 0.7898% 9/15/2056 (c)(j) | 13255666 | 657256 |
| BMO Mortgage Trust Series 2024-5C5 Class A3, 5.8574% 2/15/2057  | 300000 | 313505 |
| BMO Mortgage Trust Series 2025-5C13 Class A2, 4.7355% 12/15/2058  | 400000 | 404140 |
| BMP Series 2024-MF23 Class A, CME Term SOFR 1 month Index + 1.3719%, 5.1221% 6/15/2041 (c)(d)(h) | 1792000 | 1794797 |
| BMP Series 2024-MF23 Class B, CME Term SOFR 1 month Index + 1.6416%, 5.3917% 6/15/2041 (c)(d)(h) | 885000 | 885552 |
| BMP Series 2024-MF23 Class C, CME Term SOFR 1 month Index + 1.8413%, 5.5914% 6/15/2041 (c)(d)(h) | 626000 | 626773 |
| BX Commercial Mortgage Trust 2021-SOAR Series 2022-IND Class A, CME Term SOFR 1 month Index + 1.491%, 5.2411% 4/15/2037 (c)(d)(h) | 498151 | 498609 |
| BX Commercial Mortgage Trust 2024-XL5 Series 2024-XL5 Class A, CME Term SOFR 1 month Index + 1.3917%, 5.1418% 3/15/2041 (c)(d)(h) | 4743400 | 4746321 |
| BX Commercial Mortgage Trust 2025-SPOT Series 2025-SPOT Class A, CME Term SOFR 1 month Index + 1.4434%, 5.1935% 4/15/2040 (c)(d)(h) | 4424413 | 4427177 |
| BX Commercial Mortgage Trust 24-MDHS Series 2024-MDHS Class A, 5.3914% 5/15/2041 (c)(h) | 2853812 | 2858220 |
| BX Commercial Mortgage Trust Series 2019-IMC Class A, CME Term SOFR 1 month Index + 1.0463%, 5.0053% 4/15/2034 (c)(d)(h) | 239529 | 238372 |
| BX Commercial Mortgage Trust Series 2019-IMC Class B, CME Term SOFR 1 month Index + 1.3463%, 5.3053% 4/15/2034 (c)(d)(h) | 412398 | 409046 |
| BX Commercial Mortgage Trust Series 2019-IMC Class C, CME Term SOFR 1 month Index + 1.6463%, 5.6053% 4/15/2034 (c)(d)(h) | 272629 | 270095 |
| BX Commercial Mortgage Trust Series 2019-IMC Class D, CME Term SOFR 1 month Index + 1.9463%, 5.9053% 4/15/2034 (c)(d)(h) | 286192 | 282368 |
| BX Commercial Mortgage Trust Series 2021-PAC Class A, CME Term SOFR 1 month Index + 0.8036%, 4.5536% 10/15/2036 (c)(d)(h) | 1109960 | 1106502 |
| BX Commercial Mortgage Trust Series 2021-PAC Class B, CME Term SOFR 1 month Index + 1.0133%, 4.7633% 10/15/2036 (c)(d)(h) | 162246 | 161740 |
| BX Commercial Mortgage Trust Series 2021-PAC Class C, CME Term SOFR 1 month Index + 1.2131%, 4.9631% 10/15/2036 (c)(d)(h) | 217124 | 216177 |
| BX Commercial Mortgage Trust Series 2021-PAC Class D, CME Term SOFR 1 month Index + 1.4128%, 5.1628% 10/15/2036 (c)(d)(h) | 210720 | 209669 |
| BX Commercial Mortgage Trust Series 2021-PAC Class E, CME Term SOFR 1 month Index + 2.062%, 5.812% 10/15/2036 (c)(d)(h) | 732746 | 730919 |
| BX Commercial Mortgage Trust Series 2022-LP2 Class A, CME Term SOFR 1 month Index + 1.0129%, 4.763% 2/15/2039 (c)(d)(h) | 184175 | 183891 |
| BX Commercial Mortgage Trust Series 2022-LP2 Class B, CME Term SOFR 1 month Index + 1.3123%, 5.0624% 2/15/2039 (c)(d)(h) | 310649 | 310262 |
| BX Commercial Mortgage Trust Series 2022-LP2 Class C, CME Term SOFR 1 month Index + 1.5617%, 5.3118% 2/15/2039 (c)(d)(h) | 310649 | 310262 |
| BX Commercial Mortgage Trust Series 2022-LP2 Class D, CME Term SOFR 1 month Index + 1.9608%, 5.7109% 2/15/2039 (c)(d)(h) | 310649 | 310262 |
| BX Commercial Mortgage Trust Series 2023-XL3 Class A, CME Term SOFR 1 month Index + 1.7614%, 5.5115% 12/9/2040 (c)(d)(h) | 1447054 | 1448395 |
| BX Commercial Mortgage Trust Series 2023-XL3 Class B, CME Term SOFR 1 month Index + 2.1908%, 5.9409% 12/9/2040 (c)(d)(h) | 391657 | 392020 |
| BX Commercial Mortgage Trust Series 2023-XL3 Class C, CME Term SOFR 1 month Index + 2.6402%, 6.3903% 12/9/2040 (c)(d)(h) | 173274 | 173595 |
| BX Commercial Mortgage Trust Series 2024-GPA3 Class A, CME Term SOFR 1 month Index + 1.2928%, 5.0429% 12/15/2039 (c)(d)(h) | 1840497 | 1840496 |
| BX Trust 2021 Series 2021-LBA Class AJV, CME Term SOFR 1 month Index + 0.9145%, 4.6655% 2/15/2036 (c)(d)(h) | 200000 | 199754 |
| BX Trust 2024-CNY Series 2024-CNYN Class A, CME Term SOFR 1 month Index + 1.4419%, 5.192% 4/15/2041 (c)(d)(h) | 3240401 | 3243399 |
| BX Trust 2024-CNY Series 2024-CNYN Class B, CME Term SOFR 1 month Index + 1.6915%, 5.4416% 4/15/2041 (c)(d)(h) | 516387 | 517344 |
| BX Trust 2024-CNY Series 2024-CNYN Class C, CME Term SOFR 1 month Index + 1.9412%, 5.6913% 4/15/2041 (c)(d)(h) | 428399 | 429459 |
| BX Trust 2025 Series 2025-DIME Class A, CME Term SOFR 1 month Index + 1.15%, 4.9001% 2/15/2035 (c)(d)(h) | 2237000 | 2231411 |
| BX Trust 2025-ROIC Series 2025-ROIC Class A, CME Term SOFR 1 month Index + 1.1438%, 4.894% 3/15/2030 (c)(d)(h) | 6604242 | 6595993 |
| BX Trust 2025-ROIC Series 2025-ROIC Class B, CME Term SOFR 1 month Index + 1.3935%, 5.1436% 3/15/2030 (c)(d)(h) | 967228 | 963602 |
| BX Trust 2025-ROIC Series 2025-ROIC Class C, CME Term SOFR 1 month Index + 1.69%, 5.2934% 3/15/2030 (c)(d)(h) | 1362685 | 1357578 |
| BX Trust Series 2021-BXMF Class A, CME Term SOFR 1 month Index + 0.7504%, 4.5004% 10/15/2026 (c)(d)(h) | 1718942 | 1716365 |
| BX Trust Series 2022-IND Class B, CME Term SOFR 1 month Index + 1.94%, 5.6901% 4/15/2037 (c)(d)(h) | 372906 | 373364 |
| BX Trust Series 2022-IND Class C, CME Term SOFR 1 month Index + 2.29%, 6.0401% 4/15/2037 (c)(d)(h) | 84192 | 84321 |
| BX Trust Series 2022-IND Class D, CME Term SOFR 1 month Index + 2.839%, 6.5891% 4/15/2037 (c)(d)(h) | 70498 | 70628 |
| BX Trust Series 2024-XL4 Class A, CME Term SOFR 1 month Index + 1.442%, 5.1922% 2/15/2039 (c)(d)(h) | 2846284 | 2848036 |
| BX Trust Series 2024-XL4 Class B, CME Term SOFR 1 month Index + 1.7915%, 5.5417% 2/15/2039 (c)(d)(h) | 361006 | 361786 |
| BX Trust Series 2024-XL5 Class B, CME Term SOFR 1 month Index + 1.6912%, 5.4414% 3/15/2041 (c)(d)(h) | 842800 | 843580 |
| BX Trust Series 2024-XL5 Class C, CME Term SOFR 1 month Index + 1.9409%, 5.691% 3/15/2041 (c)(d)(h) | 1119300 | 1120681 |
| BX Trust Series 2025-TAIL Class A, CME Term SOFR 1 month Index + 1.4%, 5.0802% 6/15/2035 (c)(d)(h) | 868000 | 868000 |
| Cent Trust Series 2025-CITY Class A, 5.0909% 7/10/2040 (c)(h) | 1913000 | 1937849 |
| Cent Trust Series 2025-CITY Class X, 0.2082% 7/10/2040 (h) | 17700000 | 120958 |
| CF Hippolyta Issuer LLC Series 2021-1A Class A1, 1.53% 3/15/2061 (h) | 1180767 | 953352 |
| CFCRE Commercial Mortgage Trust Series 2016-C7 Class A2, 3.5853% 12/10/2054  | 527861 | 523888 |
| CFCRE Commercial Mortgage Trust Series 2017-C8 Class A3, 3.3048% 6/15/2050  | 1958314 | 1937662 |
| Citigroup Commercial Mortgage Trust Series 2016-C1 Class A4, 3.209% 5/10/2049  | 508851 | 506876 |
| Citigroup Commercial Mortgage Trust Series 2016-P4 Class A4, 2.902% 7/10/2049  | 589456 | 584875 |
| Citigroup Commercial Mortgage Trust Series 2020-GC46 Class AAB, 2.614% 2/15/2053  | 419107 | 407909 |
| Computershare Corporate Trust Series 2018-C48 Class A5, 4.302% 1/15/2052  | 1284202 | 1287381 |
| CSAIL Commercial Mortgage Trust Series 2019-C17 Class A4, 2.7628% 9/15/2052  | 516958 | 489927 |
| CSAIL Commercial Mortgage Trust Series 2019-C17 Class A5, 3.0161% 9/15/2052  | 516958 | 488324 |
| DTP Commercial Mortgage Trust Series 2023-STE2 Class A, 6.038% 1/15/2041 (c)(h) | 605000 | 622235 |
| ELP Series 2025-ELP Class A, 4.6039% 11/13/2042 (h) | 1564000 | 1563972 |
| Extended Stay America Trust Series 2025-ESH Class A, CME Term SOFR 1 month Index + 1.3%, 5.0501% 10/15/2042 (c)(d)(h) | 4640000 | 4647245 |
| Extended Stay America Trust Series 2025-ESH Class B, CME Term SOFR 1 month Index + 1.6%, 5.3501% 10/15/2042 (c)(d)(h) | 825000 | 826289 |
| Extended Stay America Trust Series 2025-ESH Class C, CME Term SOFR 1 month Index + 1.85%, 5.6001% 10/15/2042 (c)(d)(h) | 405000 | 405632 |
| Fannie Mae Guaranteed REMIC Series 2025-M4 Class A2, 4.389% 8/25/2035  | 800000 | 793583 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-M2 Class A2, 4.62% 4/25/2030  | 2700000 | 2749159 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K054 Class A2, 2.745% 1/25/2026  | 398549 | 397513 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K056 Class A2, 2.525% 5/25/2026  | 478409 | 475442 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K057 Class A2, 2.57% 7/25/2026  | 399689 | 396835 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K063 Class A2, 3.43% 1/25/2027  | 2600000 | 2588148 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K064 Class A2, 3.224% 3/25/2027  | 472919 | 469661 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K068 Class A2, 3.244% 8/25/2027  | 1152712 | 1142685 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K069 Class A2, 3.187% 9/25/2027  | 388455 | 384328 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K070 Class A2, 3.303% 11/25/2027  | 1100000 | 1089920 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K071 Class A2, 3.286% 11/25/2027  | 600000 | 594059 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K072 Class A2, 3.444% 12/25/2027  | 500000 | 496357 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K073 Class A2, 3.35% 1/25/2028  | 900000 | 891799 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K074 Class A2, 3.6% 1/25/2028  | 2597308 | 2585320 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K076 Class A2, 3.9% 4/25/2028  | 600000 | 600762 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K077 Class A2, 3.85% 5/25/2028  | 1800000 | 1800430 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K079 Class A2, 3.926% 6/25/2028  | 213322 | 213688 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K080 Class A2, 3.926% 7/25/2028  | 454836 | 455629 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K081 Class A2, 3.9% 8/25/2028  | 400000 | 400452 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K083 Class A2, 4.05% 9/25/2028  | 400000 | 401951 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2019-1510 Class A2, 3.718% 1/25/2031  | 407161 | 400321 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2019-K094 Class A2, 2.903% 6/25/2029  | 1410116 | 1365907 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-K104 Class A2, 2.253% 1/25/2030  | 2053820 | 1928669 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-K116 Class A2, 1.378% 7/25/2030  | 1745881 | 1559517 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-K117 Class A2, 1.406% 8/25/2030  | 890789 | 794795 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-K118 Class A2, 1.493% 9/25/2030  | 423042 | 378055 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-K121 Class A2, 1.547% 10/25/2030  | 593860 | 530052 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-K740 Class A2, 1.47% 9/25/2027  | 1100000 | 1059089 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-K123 Class A2, 1.621% 12/25/2030  | 781693 | 698364 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-K125 Class A2, 1.846% 1/25/2031  | 230204 | 207297 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-K126 Class A2, 2.074% 1/25/2031  | 327624 | 298571 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-K130 Class A2, 1.723% 6/25/2031  | 281917 | 249911 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-K136 Class A2, 2.127% 11/25/2031  | 771017 | 690387 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-K141 Class A2, 2.25% 2/25/2032  | 2100000 | 1885575 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2023-K753 Class A2, 4.4% 10/25/2030  | 600000 | 608247 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-K521 Class AS, U.S. 30-Day Avg. SOFR Index + 0.52%, 4.5286% 3/25/2029 (c)(d) | 1196870 | 1194740 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K543 Class A2, 4.329% 6/25/2030 (c) | 700000 | 707912 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K544 Class A2, 4.266% 7/25/2030 (c) | 400000 | 403364 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K546 Class A2, 4.361% 5/25/2030 (c) | 600000 | 607399 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K547 Class A2, 4.421% 5/25/2030  | 2200000 | 2232152 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K548 Class A2, 4.32% 9/25/2030 (c) | 1200000 | 1212538 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K549 Class A2, 4.34% 9/25/2030 (c) | 200000 | 202258 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K551 Class A2, 4.165% 11/25/2030 (c) | 400000 | 401393 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K551 Class AS, 4.55% 10/25/2030  | 3700000 | 3698376 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K552 Class AS, U.S. 30-Day Avg. SOFR Index + 0.54%, 4.5486% 10/25/2030 (c)(d) | 2200000 | 2199993 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K761 Class A2, 4.4% 6/25/2032  | 500000 | 504106 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K762 Class A2, 4.36% 9/25/2032  | 1400000 | 1408997 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-K763 Class A2, 4.17% 10/25/2032 (c) | 900000 | 894828 |
| GS Mortgage Securities Trust Series 2018-GS10 Class A4, 3.89% 7/10/2051  | 3800000 | 3741507 |
| GS Mortgage Securities Trust Series 2020-GC45 Class A5, 2.9106% 2/13/2053  | 1245771 | 1174143 |
| Int Commercial Mortgage Trust Series 2025-PLAZA Class A, 4.8788% 11/5/2037 (c)(h) | 1351000 | 1356101 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C24 Class A5, 3.6385% 11/15/2047  | 48992 | 48243 |
| JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class ASB, 3.4743% 12/15/2049 (c) | 133007 | 132511 |
| JPMCC Commercial Mortgage Securities Trust Series 2017-JP6 Class ASB, 3.2829% 7/15/2050  | 69678 | 69263 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-WPT Class DFX, 5.3503% 7/5/2033 (h)(k) | 158353 | 90135 |
| Life Financial Services Trust Series 2022-BMR2 Class A1, CME Term SOFR 1 month Index + 1.2952%, 5.0454% 5/15/2039 (c)(d)(h) | 2976439 | 2870460 |
| Life Financial Services Trust Series 2022-BMR2 Class B, CME Term SOFR 1 month Index + 1.7939%, 5.544% 5/15/2039 (c)(d)(h) | 899162 | 812582 |
| Life Financial Services Trust Series 2022-BMR2 Class C, CME Term SOFR 1 month Index + 2.0931%, 5.8432% 5/15/2039 (c)(d)(h) | 511349 | 460870 |
| Life Financial Services Trust Series 2022-BMR2 Class D, CME Term SOFR 1 month Index + 2.5419%, 6.292% 5/15/2039 (c)(d)(h) | 454472 | 366562 |
| LIFE Mortgage Trust Series 2021-BMR Class C, CME Term SOFR 1 month Index + 1.2145%, 4.9645% 3/15/2038 (c)(d)(h) | 14847 | 14783 |
| LIFE Mortgage Trust Series 2021-BMR Class D, CME Term SOFR 1 month Index + 1.5145%, 5.2645% 3/15/2038 (c)(d)(h) | 135373 | 134614 |
| LIFE Mortgage Trust Series 2021-BMR Class E, CME Term SOFR 1 month Index + 1.8645%, 5.6145% 3/15/2038 (c)(d)(h) | 118320 | 117505 |
| MHP Series 2025-MHIL2 Class A, CME Term SOFR 1 month Index + 1.5%, 5.2501% 9/15/2040 (c)(d)(h) | 2000000 | 1999990 |
| Morgan Stanley Cap I Tr 2020-L4 Series 2020-L4 Class A3, 2.698% 2/15/2053  | 487766 | 456140 |
| Morgan Stanley Capital I Trust Series 2016-UB11 Class A4, 2.782% 8/15/2049  | 1200000 | 1187438 |
| Morgan Stanley Capital I Trust Series 2017-H1 Class A4, 3.259% 6/15/2050  | 1500000 | 1484512 |
| Morgan Stanley Capital I Trust Series 2018-H4 Class A4, 4.31% 12/15/2051  | 1275945 | 1268342 |
| Morgan Stanley Capital I Trust Series 2019-L2 Class A3, 3.806% 3/15/2052  | 898594 | 887046 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class A, 3.9% 9/24/2057 (c)(h) | 932201 | 920031 |
| Msbam Series 2025-5C2 Class A3, 5.107% 11/15/2058  | 540000 | 553965 |
| Natixis Commercial Mortgage Securities Trust Series 2020-2PAC Class A, 2.966% 12/15/2038 (h) | 393546 | 382151 |
| Providence Place Group LP Series 2000-C1 Class A2, 7.75% 7/20/2028 (h) | 162510 | 165626 |
| SCG Trust Series 2025-FLWR Class A, CME Term SOFR 1 month Index + 1.25%, 5.0001% 8/15/2042 (c)(d)(h) | 500000 | 500312 |
| SCMS Series 2025-BNC1 Class A2, 4.5016% 12/15/2057 (h) | 1100000 | 1101177 |
| SPGN Mortgage Trust Series 2022-TFLM Class B, CME Term SOFR 1 month Index + 2%, 5.7501% 2/15/2039 (c)(d)(h) | 263000 | 262912 |
| SPGN Mortgage Trust Series 2022-TFLM Class C, CME Term SOFR 1 month Index + 2.65%, 6.4001% 2/15/2039 (c)(d)(h) | 137000 | 137225 |
| SREIT Trust Series 2021-MFP Class A, CME Term SOFR 1 month Index + 0.8453%, 4.5954% 11/15/2038 (c)(d)(h) | 1964066 | 1962855 |
| SREIT Trust Series 2021-MFP Class B, CME Term SOFR 1 month Index + 1.1943%, 4.9444% 11/15/2038 (c)(d)(h) | 1485832 | 1484915 |
| SREIT Trust Series 2021-MFP Class C, CME Term SOFR 1 month Index + 1.4435%, 5.1936% 11/15/2038 (c)(d)(h) | 301798 | 301612 |
| SREIT Trust Series 2021-MFP Class D, CME Term SOFR 1 month Index + 1.6927%, 5.4428% 11/15/2038 (c)(d)(h) | 198355 | 198232 |
| TCO Commercial Mortgage Trust Series 2024-DPM Class A, CME Term SOFR 1 month Index + 1.2429%, 4.993% 12/15/2039 (c)(d)(h) | 2790000 | 2789999 |
| TCO Commercial Mortgage Trust Series 2024-DPM Class B, CME Term SOFR 1 month Index + 1.5924%, 5.3425% 12/15/2039 (c)(d)(h) | 680000 | 679999 |
| TCO Commercial Mortgage Trust Series 2024-DPM Class C, CME Term SOFR 1 month Index + 1.9919%, 5.742% 12/15/2039 (c)(d)(h) | 501000 | 501625 |
| VLS Commercial Mortgage Trust Series 2020-LAB Class A, 2.13% 10/10/2042 (h) | 1123328 | 965009 |
| Wells Fargo Commercial Mortgage Trust Series 2016-C37 Class A4, 3.525% 12/15/2049  | 375720 | 373210 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C52 Class A5, 2.892% 8/15/2052  | 887720 | 842505 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C54 Class A4, 3.146% 12/15/2052  | 63390 | 60621 |
| Wells Fargo Commercial Mortgage Trust Series 2020-C55 Class A5, 2.725% 2/15/2053  | 438989 | 411678 |
| Wells Fargo Commercial Mortgage Trust Series 2020-C55 Class ASB, 2.651% 2/15/2053  | 344026 | 334564 |
| Wells Fargo Commercial Mortgage Trust Series 2021-FCMT Class A, CME Term SOFR 1 month Index + 1.3145%, 5.0655% 5/15/2031 (c)(d)(h) | 552000 | 551618 |
| TOTAL UNITED STATES |  | 164866606 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $163,996,242) |  | <br> **164866606** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed-Income Funds - 0.5%** | &nbsp;&nbsp;**Fixed-Income Funds - 0.5%** | &nbsp;&nbsp;**Fixed-Income Funds - 0.5%** |
|  | Shares | Value ($)<br>|
| Fidelity Specialized High Income Central Fund (l)<br>(Cost $17,819,447)<br>| 203410 | **18308892** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 0.2%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 0.2%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 0.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.1%  |  |  |
| Province of Alberta 3.3% 3/15/2028  | 274000 | 271665 |
| Province of British Columbia 2.25% 6/2/2026  | 654000 | 649724 |
| Province of Ontario 0.625% 1/21/2026  | 70000 | 69875 |
| Province of Ontario 1.125% 10/7/2030  | 658000 | 580313 |
| Province of Ontario 2.3% 6/15/2026  | 391000 | 388677 |
| Province of Ontario 2.5% 4/27/2026  | 137000 | 136375 |
| Province of Quebec 2.5% 4/20/2026  | 322000 | 320618 |
| Province of Quebec 2.75% 4/12/2027  | 350000 | 345839 |
| TOTAL CANADA |  | 2763086 |
| JAPAN - 0.0%  |  |  |
| Japan International Cooperation Agency 1.75% 4/28/2031  | 274000 | 244441 |
| MEXICO - 0.1%  |  |  |
| United Mexican States 3.5% 2/12/2034  | 1114000 | 963611 |
| United Mexican States 4.28% 8/14/2041  | 1201000 | 963202 |
| United Mexican States 4.35% 1/15/2047  | 395000 | 297435 |
| United Mexican States 4.5% 1/31/2050  | 254000 | 192151 |
| United Mexican States 4.6% 2/10/2048  | 481000 | 372775 |
| United Mexican States 4.75% 3/8/2044  | 266000 | 219051 |
| United Mexican States 5.55% 1/21/2045  | 107000 | 99189 |
| United Mexican States 6.05% 1/11/2040  | 132000 | 131393 |
| TOTAL MEXICO |  | 3238807 |
| SAUDI ARABIA - 0.0%  |  |  |
| Kingdom of Saudi Arabia 3.25% 10/22/2030 (h) | 396000 | 377735 |
| Kingdom of Saudi Arabia 4.5% 4/22/2060 (h) | 301000 | 240047 |
| TOTAL SAUDI ARABIA |  | 617782 |
| URUGUAY - 0.0%  |  |  |
| Uruguay Republic 4.125% 11/20/2045  | 130228 | 113819 |
| <br> **TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS**<br> (Cost $7,401,131) |  | <br> **6977935** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 0.0%** | &nbsp;&nbsp;**Municipal Securities - 0.0%** | &nbsp;&nbsp;**Municipal Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Texas - 0.0%  |  |  |
| Transportation - 0.0% |  |  |
| Dallas Fort Worth International Airport 4.507% 11/1/2051  | 155000 | 133641 |
| Dallas Fort Worth International Airport Series 2019A, 3.144% 11/1/2045  | 65000 | 49721 |
| Dallas Fort Worth International Airport Series 2021 C, 2.843% 11/1/2046  | 400000 | 289626 |
| TOTAL TEXAS |  | 472988 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $535,126) |  | <br> **472988** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 22.1%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 22.1%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 22.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Commonwealth Bank of Australia 3.61% 9/12/2034 (c)(h) | 328000 | 316348 |
| Westpac Banking Corp 4.11% 7/24/2034 (c) | 800000 | 787153 |
| Westpac Banking Corp 4.421% 7/24/2039  | 160000 | 148508 |
| TOTAL FINANCIALS |  | 1252009 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Rio Tinto Finance USA Ltd 5.2% 11/2/2040  | 357000 | 356032 |
| Rio Tinto Finance USA Ltd 7.125% 7/15/2028  | 55000 | 59184 |
| TOTAL MATERIALS |  | 415216 |
| TOTAL AUSTRALIA |  | 1667225 |
| BRAZIL - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Vale Overseas Ltd 3.75% 7/8/2030  | 667000 | 640574 |
| Vale SA 5.625% 9/11/2042  | 181000 | 182361 |
|  |  | 822935 |
| Paper & Forest Products - 0.0% |  |  |
| Suzano Austria GmbH 2.5% 9/15/2028  | 412000 | 389598 |
| Suzano Austria GmbH 6% 1/15/2029  | 330000 | 339280 |
|  |  | 728878 |
| TOTAL BRAZIL |  | 1551813 |
| CANADA - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Gildan Activewear Inc 4.7% 10/7/2030 (h) | 284000 | 282606 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Canadian Natural Resources Ltd 4.95% 6/1/2047  | 175000 | 154017 |
| Canadian Natural Resources Ltd 5.85% 2/1/2035  | 644000 | 670353 |
| Canadian Natural Resources Ltd 6.25% 3/15/2038  | 188000 | 199397 |
| Cenovus Energy Inc 2.65% 1/15/2032  | 196000 | 174132 |
| Cenovus Energy Inc 4.65% 3/20/2031  | 703000 | 700812 |
| Cenovus Energy Inc 5.4% 3/20/2036  | 541000 | 540290 |
| Cenovus Energy Inc 5.4% 6/15/2047  | 154000 | 140358 |
| Cenovus Energy Inc 6.75% 11/15/2039  | 8000 | 8808 |
| Enbridge Inc 4.25% 12/1/2026  | 223000 | 223425 |
| Enbridge Inc 5.5% 12/1/2046  | 397000 | 390360 |
| Transcanada Pipelines Ltd Residual Strip 6.1% 6/1/2040  | 184000 | 193320 |
| TOTAL ENERGY |  | 3395272 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Emera US Finance LP 3.55% 6/15/2026  | 237000 | 236234 |
| Emera US Finance LP 4.75% 6/15/2046  | 143000 | 122052 |
| TOTAL UTILITIES |  | 358286 |
| TOTAL CANADA |  | 4036164 |
| FRANCE - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| BNP Paribas SA 5.786% 1/13/2033 (c)(h) | 3269000 | 3431583 |
| Societe Generale SA 5.5% 4/13/2029 (c)(h) | 2232000 | 2285931 |
| TOTAL FRANCE |  | 5717514 |
| GERMANY - 0.3%  |  |  |
| Financials - 0.2% |  |  |
| Capital Markets - 0.1% |  |  |
| Deutsche Bank AG 4.1% 1/13/2026  | 330000 | 329997 |
| Deutsche Bank AG/New York NY 2.311% 11/16/2027 (c) | 171000 | 168227 |
| Deutsche Bank AG/New York NY 4.1% 1/13/2026  | 598000 | 597968 |
| Deutsche Bank AG/New York NY 4.999% 9/11/2030 (c) | 2100000 | 2132244 |
| Deutsche Bank AG/New York NY 6.72% 1/18/2029 (c) | 1810000 | 1894961 |
|  |  | 5123397 |
| Financial Services - 0.1% |  |  |
| KfW 0.625% 1/22/2026  | 1471000 | 1468411 |
| KfW 2.875% 4/3/2028  | 421000 | 414827 |
| Landwirtschaftliche Rentenbank 1.75% 7/27/2026  | 233000 | 230446 |
| Landwirtschaftliche Rentenbank 2.5% 11/15/2027  | 242000 | 237354 |
|  |  | 2351038 |
| TOTAL FINANCIALS |  | 7474435 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Bayer US Finance II LLC 3.95% 4/15/2045 (h) | 38000 | 28345 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| RWE Finance US LLC 5.125% 9/18/2035 (h) | 2026000 | 2014638 |
| TOTAL GERMANY |  | 9517418 |
| IRELAND - 0.6%  |  |  |
| Financials - 0.3% |  |  |
| Consumer Finance - 0.3% |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 2.45% 10/29/2026  | 878000 | 866066 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3% 10/29/2028  | 730000 | 707727 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.3% 1/30/2032  | 567000 | 523522 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.4% 10/29/2033  | 204000 | 184176 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.85% 10/29/2041  | 204000 | 166706 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.875% 1/23/2028  | 430000 | 427928 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.45% 4/3/2026  | 393000 | 393035 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 5.75% 6/6/2028  | 4500000 | 4659193 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.45% 4/15/2027  | 2464000 | 2531132 |
| TOTAL FINANCIALS |  | 10459485 |
| Industrials - 0.3% |  |  |
| Transportation Infrastructure - 0.3% |  |  |
| Avolon Holdings Funding Ltd 4.25% 4/15/2026 (h) | 198000 | 197951 |
| Avolon Holdings Funding Ltd 4.375% 5/1/2026 (h) | 587000 | 587179 |
| Avolon Holdings Funding Ltd 5.15% 1/15/2030 (h) | 232000 | 235800 |
| Avolon Holdings Funding Ltd 5.375% 5/30/2030 (h) | 1248000 | 1281205 |
| Avolon Holdings Funding Ltd 6.375% 5/4/2028 (h) | 7612000 | 7931488 |
| TOTAL INDUSTRIALS |  | 10233623 |
| TOTAL IRELAND |  | 20693108 |
| ITALY - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Intesa Sanpaolo SpA 5.71% 1/15/2026 (h) | 1614000 | 1614777 |
| JAPAN - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| NTT Finance Corp 4.567% 7/16/2027 (h) | 449000 | 452788 |
| NTT Finance Corp 4.62% 7/16/2028 (h) | 454000 | 460038 |
| NTT Finance Corp 4.876% 7/16/2030 (h) | 1195000 | 1217004 |
| TOTAL COMMUNICATION SERVICES |  | 2129830 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Japan Bank for International Cooperation 1.25% 1/21/2031  | 1072000 | 939458 |
| Japan Bank for International Cooperation 2.375% 4/20/2026  | 358000 | 356412 |
| Japan Bank for International Cooperation 2.875% 6/1/2027  | 208000 | 205568 |
| Japan Bank for International Cooperation 3.25% 7/20/2028  | 246000 | 242958 |
| TOTAL FINANCIALS |  | 1744396 |
| TOTAL JAPAN |  | 3874226 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Export-Import Bank of Korea 0.625% 2/9/2026  | 719000 | 716574 |
| Korea Development Bank/The 1.625% 1/19/2031  | 367000 | 327773 |
| TOTAL KOREA (SOUTH) |  | 1044347 |
| MEXICO - 0.8%  |  |  |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Petroleos Mexicanos 5.95% 1/28/2031  | 807000 | 781095 |
| Petroleos Mexicanos 6.35% 2/12/2048  | 1658000 | 1301364 |
| Petroleos Mexicanos 6.5% 1/23/2029  | 698000 | 710215 |
| Petroleos Mexicanos 6.7% 2/16/2032  | 2603000 | 2595530 |
| Petroleos Mexicanos 6.75% 9/21/2047  | 1520000 | 1246704 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 989000 | 802672 |
| Petroleos Mexicanos 7.69% 1/23/2050  | 5536000 | 4962139 |
| Petroleos Mexicanos 8.75% 6/2/2029  | 15000000 | 16081651 |
| TOTAL ENERGY |  | 28481370 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Southern Copper Corp 5.25% 11/8/2042  | 158000 | 150849 |
| Southern Copper Corp 7.5% 7/27/2035  | 167000 | 196694 |
| TOTAL MATERIALS |  | 347543 |
| TOTAL MEXICO |  | 28828913 |
| MULTI-NATIONAL - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| African Development Bank 0.875% 7/22/2026  | 419000 | 412534 |
| Asian Development Bank 0.5% 2/4/2026  | 611000 | 609154 |
| Asian Development Bank 0.75% 10/8/2030  | 534000 | 463956 |
| Asian Development Bank 2% 4/24/2026  | 173000 | 172049 |
| Asian Development Bank 2.5% 11/2/2027  | 184000 | 180561 |
| Asian Development Bank 2.625% 1/12/2027  | 178000 | 176149 |
| Asian Development Bank 2.75% 1/19/2028  | 1032000 | 1015570 |
| European Investment Bank 0.75% 9/23/2030  | 762000 | 663461 |
| European Investment Bank 0.875% 5/17/2030  | 183000 | 161994 |
| European Investment Bank 1.25% 2/14/2031  | 331000 | 291926 |
| European Investment Bank 2.375% 5/24/2027  | 110000 | 108221 |
| Inter-American Development Bank 0.875% 4/20/2026  | 1388000 | 1376050 |
| Inter-American Development Bank 2% 6/2/2026  | 110000 | 109189 |
| Inter-American Development Bank 2.25% 6/18/2029  | 524000 | 500227 |
| Inter-American Development Bank 2.375% 7/7/2027  | 184000 | 180781 |
| Inter-American Development Bank 4.375% 1/24/2044  | 239000 | 223607 |
|  |  | 6645429 |
| Financial Services - 0.1% |  |  |
| International Bank for Reconstruction & Development 0.75% 8/26/2030  | 454000 | 395898 |
| International Bank for Reconstruction & Development 0.875% 5/14/2030  | 555000 | 491207 |
| International Bank for Reconstruction & Development 1.25% 2/10/2031  | 497000 | 438197 |
| International Bank for Reconstruction & Development 1.875% 10/27/2026  | 130000 | 128100 |
| International Bank for Reconstruction & Development 2.5% 3/29/2032  | 1000000 | 920148 |
| International Finance Corp 0.75% 8/27/2030  | 303000 | 263865 |
|  |  | 2637415 |
| TOTAL MULTI-NATIONAL |  | 9282844 |
| NETHERLANDS - 0.4%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| ABN AMRO Bank NV 4.988% 12/3/2028 (c)(h) | 10000000 | 10174059 |
| Cooperatieve Rabobank UA 3.75% 7/21/2026  | 528000 | 526785 |
| Cooperatieve Rabobank UA 5.25% 5/24/2041  | 82000 | 82328 |
| TOTAL FINANCIALS |  | 10783172 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| NXP BV / NXP Funding LLC / NXP USA Inc 4.85% 8/19/2032  | 1006000 | 1011295 |
| NXP BV / NXP Funding LLC / NXP USA Inc 5.25% 8/19/2035  | 2902000 | 2944879 |
| TOTAL INFORMATION TECHNOLOGY |  | 3956174 |
| TOTAL NETHERLANDS |  | 14739346 |
| NORWAY - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Equinor ASA 2.375% 5/22/2030  | 316000 | 294122 |
| Equinor ASA 3.125% 4/6/2030  | 274000 | 263976 |
| Equinor ASA 3.625% 9/10/2028  | 331000 | 330071 |
| Equinor ASA 3.7% 4/6/2050  | 438000 | 331959 |
| Equinor ASA 5.1% 8/17/2040  | 55000 | 54634 |
| TOTAL NORWAY |  | 1274762 |
| QATAR - 0.0%  |  |  |
| Utilities - 0.0% |  |  |
| Gas Utilities - 0.0% |  |  |
| Nakilat Inc 6.067% 12/31/2033 (h) | 159655 | 169224 |
| SWITZERLAND - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| UBS Group AG 1.494% 8/10/2027 (c)(h) | 732000 | 720320 |
| UBS Group AG 3.869% 1/12/2029 (c)(h) | 505000 | 502150 |
| UBS Group AG 4.194% 4/1/2031 (c)(h) | 1208000 | 1196486 |
| UBS Group AG 4.55% 4/17/2026  | 323000 | 323545 |
| UBS Group AG 4.875% 5/15/2045  | 310000 | 287276 |
|  |  | 3029777 |
| Insurance - 0.0% |  |  |
| Swiss Re Finance Luxembourg SA 5% 4/2/2049 (c)(h) | 200000 | 201339 |
| TOTAL SWITZERLAND |  | 3231116 |
| UNITED KINGDOM - 0.5%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Tobacco - 0.1% |  |  |
| BAT Capital Corp 3.557% 8/15/2027  | 153000 | 151823 |
| BAT Capital Corp 4.39% 8/15/2037  | 298000 | 274506 |
| BAT Capital Corp 4.54% 8/15/2047  | 306000 | 253835 |
| BAT Capital Corp 4.758% 9/6/2049  | 334000 | 282200 |
| BAT Capital Corp 6.421% 8/2/2033  | 422000 | 465650 |
| Imperial Brands Finance PLC 6.125% 7/27/2027 (h) | 1309000 | 1347375 |
| Reynolds American Inc 5.7% 8/15/2035  | 153000 | 159586 |
| Reynolds American Inc 5.85% 8/15/2045  | 116000 | 114125 |
| Reynolds American Inc 6.15% 9/15/2043  | 502000 | 515036 |
| Reynolds American Inc 7.25% 6/15/2037  | 570000 | 658635 |
| TOTAL CONSUMER STAPLES |  | 4222771 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Barclays PLC 2.279% 11/24/2027 (c) | 500000 | 491954 |
| Barclays PLC 2.894% 11/24/2032 (c) | 520000 | 473823 |
| Barclays PLC 4.836% 5/9/2028  | 263000 | 265246 |
| Barclays PLC 4.95% 1/10/2047  | 443000 | 407719 |
| Barclays PLC 5.088% 6/20/2030 (c) | 923000 | 938705 |
| Barclays PLC 5.2% 5/12/2026  | 781000 | 784371 |
| Barclays PLC 5.829% 5/9/2027 (c) | 4830000 | 4857180 |
| Barclays PLC 6.224% 5/9/2034 (c) | 2572000 | 2765683 |
| NatWest Group PLC 3.073% 5/22/2028 (c) | 584000 | 576580 |
| NatWest Group PLC 4.8% 4/5/2026  | 358000 | 358889 |
| NatWest Group PLC 4.892% 5/18/2029 (c) | 234000 | 237936 |
| TOTAL FINANCIALS |  | 12158086 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| BAE Systems PLC 3.4% 4/15/2030 (h) | 285000 | 275489 |
| TOTAL UNITED KINGDOM |  | 16656346 |
| UNITED STATES - 18.7%  |  |  |
| Communication Services - 1.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| AT&T Inc 1.65% 2/1/2028  | 284000 | 270716 |
| AT&T Inc 2.25% 2/1/2032  | 467000 | 409562 |
| AT&T Inc 2.55% 12/1/2033  | 1877000 | 1601965 |
| AT&T Inc 2.75% 6/1/2031  | 509000 | 467462 |
| AT&T Inc 2.95% 7/15/2026  | 219000 | 217801 |
| AT&T Inc 3.3% 2/1/2052  | 484000 | 315035 |
| AT&T Inc 3.5% 6/1/2041  | 261000 | 205301 |
| AT&T Inc 3.5% 9/15/2053  | 864000 | 578210 |
| AT&T Inc 3.55% 9/15/2055  | 1880000 | 1251407 |
| AT&T Inc 3.65% 6/1/2051  | 400000 | 281084 |
| AT&T Inc 3.8% 2/15/2027  | 247000 | 246523 |
| AT&T Inc 4.35% 6/15/2045  | 175000 | 144392 |
| AT&T Inc 4.5% 3/9/2048  | 224000 | 184948 |
| AT&T Inc 4.65% 6/1/2044  | 216000 | 187006 |
| Verizon Communications Inc 1.5% 9/18/2030  | 110000 | 96984 |
| Verizon Communications Inc 2.355% 3/15/2032  | 1607000 | 1416168 |
| Verizon Communications Inc 2.55% 3/21/2031  | 2142000 | 1956060 |
| Verizon Communications Inc 4.4% 11/1/2034  | 103000 | 99377 |
| Verizon Communications Inc 4.75% 1/15/2033  | 1917000 | 1915499 |
| Verizon Communications Inc 4.78% 2/15/2035  | 1473000 | 1450275 |
|  |  | 13295775 |
| Entertainment - 0.0% |  |  |
| Walt Disney Co/The 2.65% 1/13/2031  | 435000 | 406890 |
| Walt Disney Co/The 2.75% 9/1/2049  | 286000 | 181554 |
| Walt Disney Co/The 3.5% 5/13/2040  | 187000 | 156556 |
| Walt Disney Co/The 3.6% 1/13/2051  | 186000 | 138155 |
| Walt Disney Co/The 4.7% 3/23/2050  | 1046000 | 935685 |
| Walt Disney Co/The 5.4% 10/1/2043  | 106000 | 105926 |
| Walt Disney Co/The 6.15% 2/15/2041  | 288000 | 313124 |
| Walt Disney Co/The 6.15% 3/1/2037  | 108000 | 119043 |
|  |  | 2356933 |
| Media - 0.8% |  |  |
| Charter Communications Operating LLC / Charter Communications Operating Capital 2.3% 2/1/2032  | 408000 | 350757 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 2.8% 4/1/2031  | 701000 | 630770 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 3.5% 6/1/2041  | 924000 | 657231 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 4.2% 3/15/2028  | 302000 | 300497 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 4.4% 4/1/2033  | 318000 | 299578 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 4.8% 3/1/2050  | 8242000 | 6191387 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 5.05% 3/30/2029  | 1087000 | 1099626 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 5.125% 7/1/2049  | 339000 | 265285 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 5.25% 4/1/2053  | 4000000 | 3163382 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 5.375% 5/1/2047  | 2518000 | 2074189 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 5.5% 4/1/2063  | 318000 | 250569 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 5.75% 4/1/2048  | 143000 | 121976 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 6.1% 6/1/2029  | 1665000 | 1737725 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 6.384% 10/23/2035  | 369000 | 380829 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 6.484% 10/23/2045  | 474000 | 445639 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 6.55% 6/1/2034  | 1149000 | 1208467 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 6.834% 10/23/2055  | 3000000 | 2879548 |
| Comcast Corp 1.5% 2/15/2031  | 390000 | 339062 |
| Comcast Corp 1.95% 1/15/2031  | 70000 | 62396 |
| Comcast Corp 2.45% 8/15/2052  | 390000 | 206812 |
| Comcast Corp 2.65% 2/1/2030  | 216000 | 203862 |
| Comcast Corp 2.8% 1/15/2051  | 224000 | 129766 |
| Comcast Corp 3.4% 4/1/2030  | 200000 | 193968 |
| Comcast Corp 3.45% 2/1/2050  | 204000 | 136387 |
| Comcast Corp 3.75% 4/1/2040  | 160000 | 131875 |
| Comcast Corp 3.969% 11/1/2047  | 143000 | 107104 |
| Comcast Corp 4% 3/1/2048  | 329000 | 247473 |
| Comcast Corp 5.168% 1/15/2037 (h) | 520000 | 512704 |
| Time Warner Cable LLC 4.5% 9/15/2042  | 418000 | 321452 |
| Time Warner Cable LLC 5.5% 9/1/2041  | 214000 | 187818 |
| Time Warner Cable LLC 5.875% 11/15/2040  | 188000 | 173966 |
| Time Warner Cable LLC 6.55% 5/1/2037  | 2538000 | 2589924 |
| Time Warner Cable LLC 7.3% 7/1/2038  | 585000 | 626641 |
| TWDC Enterprises 18 Corp 3% 7/30/2046  | 123000 | 85022 |
| TWDC Enterprises 18 Corp 4.125% 6/1/2044  | 156000 | 131149 |
|  |  | 28444836 |
| Wireless Telecommunication Services - 0.2% |  |  |
| T-Mobile USA Inc 2.05% 2/15/2028  | 412000 | 395500 |
| T-Mobile USA Inc 2.25% 11/15/2031  | 5000000 | 4428506 |
| T-Mobile USA Inc 3.3% 2/15/2051  | 412000 | 275412 |
| T-Mobile USA Inc 3.75% 4/15/2027  | 997000 | 993868 |
| T-Mobile USA Inc 3.875% 4/15/2030  | 1339000 | 1316739 |
|  |  | 7410025 |
| TOTAL COMMUNICATION SERVICES |  | 51507569 |
| Consumer Discretionary - 0.3% |  |  |
| Automobiles - 0.1% |  |  |
| General Motors Co 5% 10/1/2028  | 189000 | 192429 |
| General Motors Co 5.2% 4/1/2045  | 117000 | 105086 |
| General Motors Co 5.95% 4/1/2049  | 173000 | 167898 |
| General Motors Co 6.6% 4/1/2036  | 160000 | 174130 |
| General Motors Co 6.75% 4/1/2046  | 196000 | 209955 |
| General Motors Co 6.8% 10/1/2027  | 364000 | 378814 |
| General Motors Financial Co Inc 3.85% 1/5/2028  | 192000 | 191179 |
| General Motors Financial Co Inc 4% 10/6/2026  | 101000 | 100954 |
| General Motors Financial Co Inc 4.35% 1/17/2027  | 219000 | 219453 |
| General Motors Financial Co Inc 5.65% 1/17/2029  | 587000 | 607988 |
| General Motors Financial Co Inc 5.85% 4/6/2030  | 1080000 | 1134546 |
|  |  | 3482432 |
| Diversified Consumer Services - 0.0% |  |  |
| American University/The 3.672% 4/1/2049  | 66000 | 49635 |
| Duke University 2.832% 10/1/2055  | 128000 | 80138 |
| George Washington University/The 4.126% 9/15/2048  | 192000 | 156505 |
| George Washington University/The 4.3% 9/15/2044  | 55000 | 46733 |
| Massachusetts Institute of Technology 2.989% 7/1/2050  | 128000 | 85198 |
| Massachusetts Institute of Technology 3.885% 7/1/2116  | 78000 | 53699 |
| Massachusetts Institute of Technology 3.959% 7/1/2038  | 130000 | 120667 |
| Northwestern University 3.662% 12/1/2057  | 152000 | 110155 |
| Northwestern University 4.643% 12/1/2044  | 92000 | 86633 |
| President and Fellows of Harvard College 3.3% 7/15/2056  | 133000 | 91530 |
| President and Fellows of Harvard College 3.619% 10/1/2037  | 27000 | 24100 |
| University of Notre Dame du Lac 3.438% 2/15/2045  | 91000 | 70796 |
| University of Southern California 2.945% 10/1/2051  | 314000 | 203902 |
| University of Southern California 5.25% 10/1/2111  | 55000 | 50953 |
| William Marsh Rice University 3.774% 5/15/2055  | 50000 | 38406 |
|  |  | 1269050 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| McDonald's Corp 3.6% 7/1/2030  | 448000 | 439595 |
| Metropolitan Museum of Art/The 3.4% 7/1/2045  | 82000 | 62395 |
|  |  | 501990 |
| Specialty Retail - 0.2% |  |  |
| AutoNation Inc 3.85% 3/1/2032  | 2004000 | 1883772 |
| AutoNation Inc 4.75% 6/1/2030  | 96000 | 96908 |
| AutoZone Inc 3.75% 6/1/2027  | 159000 | 158308 |
| AutoZone Inc 4% 4/15/2030  | 996000 | 984891 |
| Lowe's Cos Inc 1.3% 4/15/2028  | 220000 | 207478 |
| Lowe's Cos Inc 1.7% 10/15/2030  | 334000 | 296659 |
| Lowe's Cos Inc 3.35% 4/1/2027  | 85000 | 84387 |
| Lowe's Cos Inc 3.65% 4/5/2029  | 294000 | 290205 |
| Lowe's Cos Inc 3.7% 4/15/2046  | 96000 | 72607 |
| Lowe's Cos Inc 3.75% 4/1/2032  | 899000 | 861465 |
| Lowe's Cos Inc 4.05% 5/3/2047  | 315000 | 249087 |
| Lowe's Cos Inc 4.5% 4/15/2030  | 811000 | 821265 |
| O'Reilly Automotive Inc 4.2% 4/1/2030  | 148000 | 147592 |
|  |  | 6154624 |
| TOTAL CONSUMER DISCRETIONARY |  | 11408096 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.0% |  |  |
| Molson Coors Beverage Co 3% 7/15/2026  | 1419000 | 1411175 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Mars Inc 4.8% 3/1/2030 (h) | 2279000 | 2329053 |
| Mars Inc 5% 3/1/2032 (h) | 1711000 | 1763603 |
| Mars Inc 5.2% 3/1/2035 (h) | 1422000 | 1461574 |
|  |  | 5554230 |
| Food Products - 0.0% |  |  |
| General Mills Inc 2.875% 4/15/2030  | 289000 | 273281 |
| General Mills Inc 3% 2/1/2051  | 168000 | 108643 |
| General Mills Inc 4.2% 4/17/2028  | 472000 | 473535 |
|  |  | 855459 |
| Tobacco - 0.1% |  |  |
| Altria Group Inc 3.875% 9/16/2046  | 274000 | 205926 |
| Altria Group Inc 4.25% 8/9/2042  | 963000 | 803570 |
| Altria Group Inc 4.5% 5/2/2043  | 466000 | 397531 |
| Altria Group Inc 4.8% 2/14/2029  | 491000 | 499392 |
| Altria Group Inc 5.8% 2/14/2039  | 256000 | 263845 |
| Altria Group Inc 5.95% 2/14/2049  | 452000 | 451905 |
| Philip Morris International Inc 3.875% 8/21/2042  | 132000 | 108783 |
| Philip Morris International Inc 4.125% 3/4/2043  | 274000 | 232053 |
| Philip Morris International Inc 4.875% 11/15/2043  | 165000 | 152164 |
| Philip Morris International Inc 6.375% 5/16/2038  | 40000 | 44575 |
|  |  | 3159744 |
| TOTAL CONSUMER STAPLES |  | 10980608 |
| Energy - 1.2% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Halliburton Co 2.92% 3/1/2030  | 264000 | 249733 |
| Halliburton Co 4.85% 11/15/2035  | 270000 | 266400 |
| Halliburton Co 5% 11/15/2045  | 207000 | 185073 |
| Halliburton Co 7.45% 9/15/2039  | 41000 | 48283 |
|  |  | 749489 |
| Oil, Gas & Consumable Fuels - 1.2% |  |  |
| Columbia Pipelines Holding Co LLC 4.999% 11/17/2032 (h) | 3600000 | 3599679 |
| Columbia Pipelines Operating Co LLC 5.927% 8/15/2030 (h) | 432000 | 456994 |
| Columbia Pipelines Operating Co LLC 6.036% 11/15/2033 (h) | 1163000 | 1244942 |
| Columbia Pipelines Operating Co LLC 6.497% 8/15/2043 (h) | 348000 | 367629 |
| Columbia Pipelines Operating Co LLC 6.544% 11/15/2053 (h) | 626000 | 666574 |
| Columbia Pipelines Operating Co LLC 6.714% 8/15/2063 (h) | 375000 | 405811 |
| DCP Midstream Operating LP 5.125% 5/15/2029  | 1257000 | 1285772 |
| DCP Midstream Operating LP 5.6% 4/1/2044  | 154000 | 148564 |
| DCP Midstream Operating LP 6.45% 11/3/2036 (h) | 311000 | 329837 |
| DCP Midstream Operating LP 6.75% 9/15/2037 (h) | 1205000 | 1310183 |
| Energy Transfer LP 3.75% 5/15/2030  | 750000 | 729876 |
| Energy Transfer LP 3.9% 7/15/2026  | 206000 | 205822 |
| Energy Transfer LP 5% 5/15/2050  | 798000 | 667645 |
| Energy Transfer LP 5.15% 3/15/2045  | 219000 | 193590 |
| Energy Transfer LP 5.25% 4/15/2029  | 258000 | 265106 |
| Energy Transfer LP 5.3% 4/1/2044  | 159000 | 144212 |
| Energy Transfer LP 5.8% 6/15/2038  | 523000 | 532640 |
| Hess Corp 4.3% 4/1/2027  | 614000 | 616597 |
| Hess Corp 5.8% 4/1/2047  | 117000 | 119924 |
| Hess Corp 7.125% 3/15/2033  | 126000 | 145821 |
| Hess Corp 7.3% 8/15/2031  | 168000 | 192978 |
| Hess Corp 7.875% 10/1/2029  | 551000 | 622633 |
| Kinder Morgan Energy Partners LP 4.7% 11/1/2042  | 104000 | 91806 |
| Kinder Morgan Energy Partners LP 5% 3/1/2043  | 27000 | 24535 |
| Kinder Morgan Energy Partners LP 5.5% 3/1/2044  | 192000 | 183933 |
| Kinder Morgan Energy Partners LP 5.625% 9/1/2041  | 27000 | 26613 |
| Kinder Morgan Energy Partners LP 6.55% 9/15/2040  | 140000 | 151714 |
| Kinder Morgan Inc 4.3% 3/1/2028  | 273000 | 274332 |
| Kinder Morgan Inc 5.2% 3/1/2048  | 241000 | 220020 |
| Kinder Morgan Inc 5.3% 12/1/2034  | 234000 | 238532 |
| Kinder Morgan Inc 5.55% 6/1/2045  | 573000 | 553989 |
| Marathon Petroleum Corp 4.5% 4/1/2048  | 160000 | 128770 |
| Marathon Petroleum Corp 6.5% 3/1/2041  | 27000 | 28737 |
| MPLX LP 4.125% 3/1/2027  | 259000 | 259115 |
| MPLX LP 4.7% 4/15/2048  | 535000 | 444651 |
| MPLX LP 4.8% 2/15/2029  | 393000 | 398870 |
| MPLX LP 4.95% 9/1/2032  | 2488000 | 2504808 |
| MPLX LP 5.2% 3/1/2047  | 168000 | 150125 |
| MPLX LP 5.5% 2/15/2049  | 662000 | 607917 |
| Occidental Petroleum Corp 6.2% 3/15/2040  | 214000 | 217307 |
| Occidental Petroleum Corp 6.45% 9/15/2036  | 578000 | 615989 |
| Occidental Petroleum Corp 6.6% 3/15/2046  | 717000 | 741580 |
| Occidental Petroleum Corp 7.5% 5/1/2031  | 964000 | 1084675 |
| ONEOK Inc 4.25% 9/15/2046  | 151000 | 118292 |
| ONEOK Inc 4.25% 9/24/2027  | 820000 | 822696 |
| ONEOK Inc 4.4% 10/15/2029  | 858000 | 860872 |
| ONEOK Inc 4.45% 9/1/2049  | 160000 | 128701 |
| ONEOK Inc 4.75% 10/15/2031  | 1669000 | 1677868 |
| ONEOK Inc 4.95% 7/13/2047  | 160000 | 139640 |
| ONEOK Inc 5.2% 7/15/2048  | 83000 | 74782 |
| Ovintiv Inc 6.5% 2/1/2038  | 244000 | 255670 |
| Phillips 66 4.875% 11/15/2044  | 27000 | 23716 |
| Phillips 66 5.875% 5/1/2042  | 260000 | 262800 |
| Plains All American Pipeline LP / PAA Finance Corp 3.55% 12/15/2029  | 166000 | 161266 |
| Plains All American Pipeline LP / PAA Finance Corp 4.7% 1/15/2031  | 2117000 | 2128937 |
| Plains All American Pipeline LP / PAA Finance Corp 4.9% 2/15/2045  | 52000 | 45481 |
| Plains All American Pipeline LP / PAA Finance Corp 6.65% 1/15/2037  | 77000 | 83658 |
| Sabine Pass Liquefaction LLC 4.5% 5/15/2030  | 1002000 | 1006057 |
| Spectra Energy Partners LP 3.375% 10/15/2026  | 447000 | 444981 |
| Targa Resources Corp 4.35% 1/15/2029  | 895000 | 897485 |
| Targa Resources Corp 4.9% 9/15/2030  | 1171000 | 1193114 |
| Targa Resources Corp 5.65% 2/15/2036  | 2819000 | 2895663 |
| Transcontinental Gas Pipe Line Co LLC 3.25% 5/15/2030  | 288000 | 275915 |
| Transcontinental Gas Pipe Line Co LLC 4.45% 8/1/2042  | 212000 | 185549 |
| Transcontinental Gas Pipe Line Co LLC 4.6% 3/15/2048  | 110000 | 95505 |
| Western Gas Partners LP 4.5% 3/1/2028  | 251000 | 251999 |
| Western Gas Partners LP 4.65% 7/1/2026  | 1137000 | 1137181 |
| Western Gas Partners LP 4.75% 8/15/2028  | 145000 | 146708 |
| Williams Cos Inc/The 3.5% 11/15/2030  | 1068000 | 1024518 |
| Williams Cos Inc/The 3.75% 6/15/2027  | 640000 | 637434 |
| Williams Cos Inc/The 4.65% 8/15/2032  | 2571000 | 2574789 |
| Williams Cos Inc/The 4.85% 3/1/2048  | 231000 | 202340 |
| Williams Cos Inc/The 5.3% 8/15/2052  | 581000 | 535900 |
| Williams Cos Inc/The 5.75% 6/24/2044  | 52000 | 51669 |
|  |  | 43542033 |
| TOTAL ENERGY |  | 44291522 |
| Financials - 9.5% |  |  |
| Banks - 5.2% |  |  |
| Bank of America Corp 1.658% 3/11/2027 (c) | 532000 | 529507 |
| Bank of America Corp 1.734% 7/22/2027 (c) | 690000 | 681198 |
| Bank of America Corp 2.087% 6/14/2029 (c) | 157000 | 149763 |
| Bank of America Corp 2.299% 7/21/2032 (c) | 2174000 | 1943899 |
| Bank of America Corp 2.651% 3/11/2032 (c) | 506000 | 464807 |
| Bank of America Corp 2.676% 6/19/2041 (c) | 340000 | 250692 |
| Bank of America Corp 2.687% 4/22/2032 (c) | 246000 | 225743 |
| Bank of America Corp 2.831% 10/24/2051 (c) | 276000 | 175673 |
| Bank of America Corp 2.972% 7/21/2052 (c) | 268000 | 175603 |
| Bank of America Corp 3.194% 7/23/2030 (c) | 1318000 | 1273028 |
| Bank of America Corp 3.419% 12/20/2028 (c) | 3213000 | 3172587 |
| Bank of America Corp 3.593% 7/21/2028 (c) | 304000 | 301905 |
| Bank of America Corp 3.705% 4/24/2028 (c) | 241000 | 239906 |
| Bank of America Corp 3.846% 3/8/2037 (c) | 197000 | 185522 |
| Bank of America Corp 3.97% 3/5/2029 (c) | 601000 | 600023 |
| Bank of America Corp 3.974% 2/7/2030 (c) | 388000 | 385815 |
| Bank of America Corp 4.083% 3/20/2051 (c) | 173000 | 138614 |
| Bank of America Corp 4.183% 11/25/2027  | 425000 | 426020 |
| Bank of America Corp 4.25% 10/22/2026  | 645000 | 646516 |
| Bank of America Corp 4.271% 7/23/2029 (c) | 494000 | 496264 |
| Bank of America Corp 4.33% 3/15/2050 (c) | 359000 | 301589 |
| Bank of America Corp 4.443% 1/20/2048 (c) | 418000 | 363049 |
| Bank of America Corp 4.45% 3/3/2026  | 547000 | 547394 |
| Bank of America Corp 4.571% 4/27/2033 (c) | 10000000 | 9975498 |
| Bank of America Corp 4.623% 5/9/2029 (c) | 6247000 | 6329871 |
| Bank of America Corp 5% 1/21/2044  | 147000 | 141740 |
| Bank of America Corp 5.015% 7/22/2033 (c) | 14951000 | 15244816 |
| Bank of America Corp 5.875% 2/7/2042  | 90000 | 95630 |
| Bank of America Corp 6.11% 1/29/2037  | 194000 | 209109 |
| Bank of America Corp 7.75% 5/14/2038  | 114000 | 138400 |
| Citigroup Inc 1.122% 1/28/2027 (c) | 487000 | 485888 |
| Citigroup Inc 2.561% 5/1/2032 (c) | 414000 | 375716 |
| Citigroup Inc 3.52% 10/27/2028 (c) | 632000 | 626338 |
| Citigroup Inc 3.668% 7/24/2028 (c) | 1119000 | 1111883 |
| Citigroup Inc 3.887% 1/10/2028 (c) | 123000 | 122765 |
| Citigroup Inc 3.98% 3/20/2030 (c) | 976000 | 967152 |
| Citigroup Inc 4.125% 7/25/2028  | 423000 | 422827 |
| Citigroup Inc 4.3% 11/20/2026  | 218000 | 218535 |
| Citigroup Inc 4.412% 3/31/2031 (c) | 1601000 | 1600732 |
| Citigroup Inc 4.45% 9/29/2027  | 3118000 | 3138057 |
| Citigroup Inc 4.6% 3/9/2026  | 441000 | 441301 |
| Citigroup Inc 4.65% 7/23/2048  | 389000 | 343126 |
| Citigroup Inc 4.75% 5/18/2046  | 216000 | 189551 |
| Citigroup Inc 4.91% 5/24/2033 (c) | 11248000 | 11382799 |
| Citigroup Inc 5.3% 5/6/2044  | 55000 | 53388 |
| Citigroup Inc 5.875% 1/30/2042  | 149000 | 156680 |
| Citigroup Inc 6.27% 11/17/2033 (c) | 5000000 | 5443862 |
| Citigroup Inc 8.125% 7/15/2039  | 219000 | 280775 |
| Citizens Financial Group Inc 2.638% 9/30/2032  | 662000 | 571783 |
| Citizens Financial Group Inc 5.718% 7/23/2032 (c) | 4546000 | 4766066 |
| Fifth Third Bancorp 2.55% 5/5/2027  | 407000 | 399308 |
| Fifth Third Bancorp 4.895% 9/6/2030 (c) | 3500000 | 3556448 |
| Fifth Third Bancorp 8.25% 3/1/2038  | 57000 | 69989 |
| JPMorgan Chase & Co 1.47% 9/22/2027 (c) | 821000 | 806017 |
| JPMorgan Chase & Co 1.953% 2/4/2032 (c) | 440000 | 392347 |
| JPMorgan Chase & Co 2.522% 4/22/2031 (c) | 329000 | 306472 |
| JPMorgan Chase & Co 2.545% 11/8/2032 (c) | 642000 | 579339 |
| JPMorgan Chase & Co 2.956% 5/13/2031 (c) | 884000 | 833934 |
| JPMorgan Chase & Co 3.109% 4/22/2051 (c) | 409000 | 277746 |
| JPMorgan Chase & Co 3.509% 1/23/2029 (c) | 867000 | 858773 |
| JPMorgan Chase & Co 3.882% 7/24/2038 (c) | 123000 | 110425 |
| JPMorgan Chase & Co 3.96% 1/29/2027 (c) | 334000 | 333941 |
| JPMorgan Chase & Co 3.964% 11/15/2048 (c) | 258000 | 207558 |
| JPMorgan Chase & Co 4.005% 4/23/2029 (c) | 563000 | 562457 |
| JPMorgan Chase & Co 4.203% 7/23/2029 (c) | 1198000 | 1201885 |
| JPMorgan Chase & Co 4.452% 12/5/2029 (c) | 335000 | 338452 |
| JPMorgan Chase & Co 4.493% 3/24/2031 (c) | 1607000 | 1620968 |
| JPMorgan Chase & Co 4.586% 4/26/2033 (c) | 8275000 | 8318611 |
| JPMorgan Chase & Co 4.85% 2/1/2044  | 137000 | 129659 |
| JPMorgan Chase & Co 4.912% 7/25/2033 (c) | 15028000 | 15309157 |
| JPMorgan Chase & Co 4.95% 6/1/2045  | 262000 | 246818 |
| JPMorgan Chase & Co 5.103% 4/22/2031 (c) | 2338000 | 2413930 |
| JPMorgan Chase & Co 5.5% 10/15/2040  | 156000 | 162576 |
| JPMorgan Chase & Co 5.572% 4/22/2036 (c) | 2777000 | 2913514 |
| JPMorgan Chase & Co 5.6% 7/15/2041  | 41000 | 42737 |
| JPMorgan Chase & Co 5.625% 8/16/2043  | 137000 | 140715 |
| JPMorgan Chase & Co 5.717% 9/14/2033 (c) | 2300000 | 2431546 |
| Morgan Stanley Private Bank NA 4.734% 7/18/2031 (c) | 6399000 | 6486651 |
| PNC Financial Services Group Inc/The 1.15% 8/13/2026  | 345000 | 339218 |
| PNC Financial Services Group Inc/The 2.6% 7/23/2026  | 667000 | 662325 |
| PNC Financial Services Group Inc/The 4.626% 6/6/2033 (c) | 15000000 | 14866809 |
| Santander Holdings USA Inc 2.49% 1/6/2028 (c) | 717000 | 704731 |
| Wells Fargo & Co 2.572% 2/11/2031 (c) | 644000 | 601486 |
| Wells Fargo & Co 3% 10/23/2026  | 557000 | 552927 |
| Wells Fargo & Co 3.068% 4/30/2041 (c) | 487000 | 377713 |
| Wells Fargo & Co 3.35% 3/2/2033 (c) | 157000 | 146534 |
| Wells Fargo & Co 3.584% 5/22/2028 (c) | 287000 | 285114 |
| Wells Fargo & Co 3.9% 5/1/2045  | 130000 | 105431 |
| Wells Fargo & Co 4.1% 6/3/2026  | 88000 | 88007 |
| Wells Fargo & Co 4.4% 6/14/2046  | 196000 | 163762 |
| Wells Fargo & Co 4.478% 4/4/2031 (c) | 1796000 | 1807868 |
| Wells Fargo & Co 4.75% 12/7/2046  | 439000 | 385733 |
| Wells Fargo & Co 4.897% 7/25/2033 (c) | 13435000 | 13643979 |
| Wells Fargo & Co 4.9% 11/17/2045  | 265000 | 238531 |
| Wells Fargo & Co 5.15% 4/23/2031 (c) | 9468000 | 9772899 |
| Wells Fargo & Co 5.244% 1/24/2031 (c) | 4588000 | 4750965 |
| Wells Fargo & Co 5.375% 11/2/2043  | 184000 | 178476 |
| Wells Fargo & Co 5.499% 1/23/2035 (c) | 670000 | 699058 |
| Wells Fargo & Co 5.605% 4/23/2036 (c) | 2798000 | 2932617 |
| Wells Fargo & Co 5.606% 1/15/2044  | 312000 | 309130 |
|  |  | 183174691 |
| Capital Markets - 2.3% |  |  |
| Athene Global Funding 5.339% 1/15/2027 (h) | 4421000 | 4474810 |
| Athene Global Funding 5.583% 1/9/2029 (h) | 2226000 | 2286601 |
| Goldman Sachs Group Inc/The 2.383% 7/21/2032 (c) | 1960000 | 1755399 |
| Goldman Sachs Group Inc/The 2.6% 2/7/2030  | 334000 | 313850 |
| Goldman Sachs Group Inc/The 2.615% 4/22/2032 (c) | 848000 | 773217 |
| Goldman Sachs Group Inc/The 2.65% 10/21/2032 (c) | 434000 | 391739 |
| Goldman Sachs Group Inc/The 3.102% 2/24/2033 (c) | 16994000 | 15655307 |
| Goldman Sachs Group Inc/The 3.436% 2/24/2043 (c) | 137000 | 107308 |
| Goldman Sachs Group Inc/The 3.691% 6/5/2028 (c) | 5717000 | 5686584 |
| Goldman Sachs Group Inc/The 3.8% 3/15/2030  | 1945000 | 1914281 |
| Goldman Sachs Group Inc/The 3.85% 1/26/2027  | 829000 | 828272 |
| Goldman Sachs Group Inc/The 4.411% 4/23/2039 (c) | 130000 | 120104 |
| Goldman Sachs Group Inc/The 4.75% 10/21/2045  | 433000 | 392358 |
| Goldman Sachs Group Inc/The 6.75% 10/1/2037  | 843000 | 941106 |
| Moody's Corp 4.875% 12/17/2048  | 284000 | 255032 |
| Morgan Stanley 1.512% 7/20/2027 (c) | 270000 | 266159 |
| Morgan Stanley 1.593% 5/4/2027 (c) | 393000 | 389580 |
| Morgan Stanley 2.239% 7/21/2032 (c) | 255000 | 226590 |
| Morgan Stanley 2.511% 10/20/2032 (c) | 137000 | 122870 |
| Morgan Stanley 3.217% 4/22/2042 (c) | 498000 | 390186 |
| Morgan Stanley 3.591% 7/22/2028 (c) | 984000 | 977267 |
| Morgan Stanley 3.622% 4/1/2031 (c) | 1260000 | 1224247 |
| Morgan Stanley 3.772% 1/24/2029 (c) | 337000 | 335096 |
| Morgan Stanley 3.95% 4/23/2027  | 937000 | 936336 |
| Morgan Stanley 3.971% 7/22/2038 (c) | 171000 | 154110 |
| Morgan Stanley 4.3% 1/27/2045  | 55000 | 47599 |
| Morgan Stanley 4.375% 1/22/2047  | 304000 | 262480 |
| Morgan Stanley 4.431% 1/23/2030 (c) | 552000 | 555058 |
| Morgan Stanley 4.457% 4/22/2039 (c) | 207000 | 194768 |
| Morgan Stanley 4.889% 7/20/2033 (c) | 10161000 | 10307292 |
| Morgan Stanley 5.192% 4/17/2031 (c) | 3820000 | 3938695 |
| Morgan Stanley 5.597% 3/24/2051 (c) | 355000 | 354999 |
| Morgan Stanley 5.664% 4/17/2036 (c) | 1681000 | 1764487 |
| Morgan Stanley 6.342% 10/18/2033 (c) | 15700000 | 17206760 |
| Morgan Stanley 6.375% 7/24/2042  | 80000 | 89035 |
| Morgan Stanley 7.25% 4/1/2032  | 27000 | 31075 |
| MSCI Inc 5.15% 3/15/2036  | 723000 | 717709 |
| MSCI Inc 5.25% 9/1/2035  | 1987000 | 2000110 |
|  |  | 78388476 |
| Consumer Finance - 0.9% |  |  |
| Ally Financial Inc 7.1% 11/15/2027  | 2990000 | 3141194 |
| Ally Financial Inc 8% 11/1/2031  | 1409000 | 1599223 |
| Capital One Financial Corp 3.273% 3/1/2030 (c) | 783000 | 759787 |
| Capital One Financial Corp 3.65% 5/11/2027  | 1693000 | 1685048 |
| Capital One Financial Corp 3.75% 3/9/2027  | 970000 | 967113 |
| Capital One Financial Corp 3.75% 7/28/2026  | 267000 | 266441 |
| Capital One Financial Corp 3.8% 1/31/2028  | 674000 | 671250 |
| Capital One Financial Corp 4.1% 2/9/2027  | 358000 | 358242 |
| Capital One Financial Corp 5.247% 7/26/2030 (c) | 3190000 | 3290343 |
| Capital One Financial Corp 5.468% 2/1/2029 (c) | 2078000 | 2133658 |
| Capital One Financial Corp 5.817% 2/1/2034 (c) | 1646000 | 1722750 |
| Capital One Financial Corp 6.377% 6/8/2034 (c) | 2857000 | 3088219 |
| Ford Motor Credit Co LLC 5.303% 9/6/2029  | 6610000 | 6655509 |
| Stellantis Financial Services US Corp 4.95% 9/15/2028 (h) | 4842000 | 4908532 |
| Synchrony Financial 3.7% 8/4/2026  | 129000 | 128543 |
| Synchrony Financial 3.95% 12/1/2027  | 780000 | 776283 |
|  |  | 32152135 |
| Financial Services - 0.6% |  |  |
| Aon Corp / Aon Global Holdings PLC 2.6% 12/2/2031  | 547000 | 494319 |
| Corebridge Financial Inc 3.65% 4/5/2027  | 4362000 | 4334393 |
| Corebridge Financial Inc 3.85% 4/5/2029  | 355000 | 349225 |
| Corebridge Financial Inc 3.9% 4/5/2032  | 1323000 | 1255724 |
| Corebridge Financial Inc 4.35% 4/5/2042  | 96000 | 82083 |
| Corebridge Financial Inc 6.05% 9/15/2033  | 285000 | 302426 |
| Corebridge Global Funding 4.9% 12/3/2029 (h) | 4000000 | 4069134 |
| Corebridge Global Funding 5.9% 9/19/2028 (h) | 1806000 | 1886149 |
| Equitable Holdings Inc 4.35% 4/20/2028  | 252000 | 252934 |
| Equitable Holdings Inc 4.572% 2/15/2029 (h) | 3685000 | 3702347 |
| Jackson Financial Inc 3.125% 11/23/2031  | 304000 | 276378 |
| Jackson Financial Inc 5.17% 6/8/2027  | 1172000 | 1186717 |
| Jackson Financial Inc 5.67% 6/8/2032  | 1260000 | 1308932 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl 3% 5/15/2032  | 991000 | 889574 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl 3.625% 1/15/2032  | 381000 | 356529 |
| Pine Street Trust II 5.568% 2/15/2049 (h) | 716000 | 669111 |
| Voya Financial Inc 3.65% 6/15/2026  | 433000 | 432066 |
| Voya Financial Inc 5.7% 7/15/2043  | 103000 | 102259 |
|  |  | 21950300 |
| Insurance - 0.5% |  |  |
| Aon Global Ltd 4.6% 6/14/2044  | 44000 | 38469 |
| Athene Holding Ltd 3.5% 1/15/2031  | 187000 | 176678 |
| Five Corners Funding Trust II 2.85% 5/15/2030 (h) | 1385000 | 1303871 |
| Liberty Mutual Group Inc 4.569% 2/1/2029 (h) | 514000 | 516351 |
| Lincoln National Corp 3.625% 12/12/2026  | 165000 | 164409 |
| Marsh & McLennan Cos Inc 4.2% 3/1/2048  | 134000 | 110226 |
| Marsh & McLennan Cos Inc 4.35% 1/30/2047  | 77000 | 65264 |
| Marsh & McLennan Cos Inc 4.375% 3/15/2029  | 711000 | 718092 |
| Marsh & McLennan Cos Inc 4.9% 3/15/2049  | 255000 | 230632 |
| Massachusetts Mutual Life Insurance Co 3.729% 10/15/2070 (h) | 730000 | 471906 |
| MetLife Inc 4.125% 8/13/2042  | 171000 | 145798 |
| MetLife Inc 4.6% 5/13/2046  | 55000 | 49191 |
| MetLife Inc 4.721% 12/15/2044 (c) | 137000 | 123406 |
| MetLife Inc 5.3% 12/15/2034  | 2696000 | 2803706 |
| Pacific LifeCorp 5.125% 1/30/2043 (h) | 660000 | 624025 |
| Prudential Financial Inc 3.878% 3/27/2028  | 114000 | 113920 |
| Prudential Financial Inc 3.905% 12/7/2047  | 15000 | 11794 |
| Prudential Financial Inc 3.935% 12/7/2049  | 294000 | 227648 |
| Prudential Financial Inc 4.35% 2/25/2050  | 343000 | 284450 |
| Prudential Financial Inc 4.418% 3/27/2048  | 174000 | 146193 |
| Prudential Financial Inc 5.125% 3/1/2052 (c) | 115000 | 113949 |
| Prudential Financial Inc 5.7% 12/14/2036  | 10000 | 10596 |
| Reinsurance Group of America Inc 5.75% 9/15/2034  | 3500000 | 3650088 |
| Reinsurance Group of America Inc 6% 9/15/2033  | 4140000 | 4409633 |
| Unum Group 4% 6/15/2029  | 554000 | 547991 |
| Unum Group 4.046% 8/15/2041 (h) | 111000 | 89787 |
| Unum Group 5.75% 8/15/2042  | 867000 | 859630 |
| Western-Southern Global Funding 4.9% 5/1/2030 (h) | 514000 | 526026 |
|  |  | 18533729 |
| TOTAL FINANCIALS |  | 334199331 |
| Health Care - 0.9% |  |  |
| Biotechnology - 0.1% |  |  |
| Amgen Inc 1.65% 8/15/2028  | 532000 | 501432 |
| Amgen Inc 2.6% 8/19/2026  | 288000 | 285768 |
| Amgen Inc 5.15% 3/2/2028  | 1562000 | 1598535 |
|  |  | 2385735 |
| Health Care Providers & Services - 0.8% |  |  |
| Allina Health System 3.887% 4/15/2049  | 182000 | 139552 |
| Banner Health 2.913% 1/1/2051  | 377000 | 240922 |
| Centene Corp 2.45% 7/15/2028  | 1232000 | 1153570 |
| Centene Corp 2.625% 8/1/2031  | 575000 | 494583 |
| Centene Corp 3.375% 2/15/2030  | 640000 | 588950 |
| Centene Corp 4.25% 12/15/2027  | 721000 | 716755 |
| Centene Corp 4.625% 12/15/2029  | 1121000 | 1087307 |
| Children's Hospital of Philadelphia/The 2.704% 7/1/2050  | 277000 | 172138 |
| Cigna Group/The 4.375% 10/15/2028  | 1489000 | 1502536 |
| Cigna Group/The 4.8% 8/15/2038  | 1120000 | 1072423 |
| Cigna Group/The 6.125% 11/15/2041  | 82000 | 86699 |
| CVS Health Corp 2.875% 6/1/2026  | 206000 | 204957 |
| CVS Health Corp 3% 8/15/2026  | 532000 | 528470 |
| CVS Health Corp 3.25% 8/15/2029  | 482000 | 465289 |
| CVS Health Corp 3.625% 4/1/2027  | 225000 | 223760 |
| CVS Health Corp 4.3% 3/25/2028  | 655000 | 657169 |
| CVS Health Corp 4.78% 3/25/2038  | 749000 | 706990 |
| CVS Health Corp 4.875% 7/20/2035  | 85000 | 83626 |
| CVS Health Corp 5% 1/30/2029  | 1255000 | 1281605 |
| CVS Health Corp 5% 9/15/2032  | 985000 | 1005361 |
| CVS Health Corp 5.05% 3/25/2048  | 751000 | 662044 |
| CVS Health Corp 5.125% 7/20/2045  | 242000 | 218479 |
| CVS Health Corp 5.25% 1/30/2031  | 515000 | 532170 |
| CVS Health Corp 5.3% 12/5/2043  | 120000 | 111765 |
| Franciscan Missionaries of Our Lady Health System Inc 3.914% 7/1/2049  | 292000 | 221846 |
| HCA Inc 3.5% 9/1/2030  | 6450000 | 6202695 |
| HCA Inc 3.625% 3/15/2032  | 333000 | 314529 |
| HCA Inc 5.25% 6/15/2049  | 475000 | 429292 |
| HCA Inc 5.625% 9/1/2028  | 1513000 | 1559564 |
| HCA Inc 5.875% 2/1/2029  | 1674000 | 1744472 |
| Humana Inc 1.35% 2/3/2027  | 346000 | 335852 |
| Humana Inc 2.15% 2/3/2032  | 347000 | 300787 |
| Humana Inc 3.125% 8/15/2029  | 223000 | 213840 |
| Humana Inc 3.7% 3/23/2029  | 333000 | 326955 |
| Humana Inc 4.95% 10/1/2044  | 69000 | 60893 |
| Integris Baptist Medical Center Inc 3.875% 8/15/2050  | 313000 | 226647 |
| Kaiser Foundation Hospitals 3.266% 11/1/2049  | 251000 | 175013 |
| Kaiser Foundation Hospitals 4.15% 5/1/2047  | 180000 | 149720 |
| Kaiser Foundation Hospitals 4.875% 4/1/2042  | 49000 | 46568 |
| Mass General Brigham Inc 4.117% 7/1/2055  | 96000 | 78177 |
| Memorial Sloan-Kettering Cancer Center 4.2% 7/1/2055  | 82000 | 66555 |
| MyMichigan Health 3.409% 6/1/2050  | 129000 | 89454 |
| New York and Presbyterian Hospital/The 4.024% 8/1/2045  | 96000 | 79194 |
| New York and Presbyterian Hospital/The 4.063% 8/1/2056  | 72000 | 56029 |
| Novant Health Inc 3.168% 11/1/2051  | 227000 | 151202 |
| NYU Langone Hospitals 4.784% 7/1/2044  | 208000 | 189865 |
| Orlando Health Obligated Group 3.327% 10/1/2050  | 208000 | 146673 |
| Piedmont Healthcare Inc 2.719% 1/1/2042  | 42000 | 29766 |
| Providence St Joseph Health Obligated Group 2.7% 10/1/2051  | 74000 | 43725 |
| Sabra Health Care LP 3.2% 12/1/2031  | 1175000 | 1075095 |
| Sutter Health 3.361% 8/15/2050  | 504000 | 352385 |
| Toledo Hospital/The Series 2018 B, 5.325% 11/15/2028  | 265000 | 268695 |
| Trinity Health Corp 2.632% 12/1/2040  | 121000 | 88307 |
| West Virginia United Health System Obligated Group 3.129% 6/1/2050  | 170000 | 106731 |
|  |  | 29067646 |
| Pharmaceuticals - 0.0% |  |  |
| Elanco Animal Health Inc 6.65% 8/28/2028 (c) | 168000 | 175566 |
| Mylan Inc 4.55% 4/15/2028  | 502000 | 502530 |
| Utah Acquisition Sub Inc 3.95% 6/15/2026  | 240000 | 239457 |
|  |  | 917553 |
| TOTAL HEALTH CARE |  | 32370934 |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Boeing Co 2.7% 2/1/2027  | 217000 | 213837 |
| Boeing Co 2.95% 2/1/2030  | 278000 | 263383 |
| Boeing Co 3.625% 3/1/2048  | 110000 | 78540 |
| Boeing Co 3.65% 3/1/2047  | 76000 | 55324 |
| Boeing Co 3.75% 2/1/2050  | 424000 | 308357 |
| Boeing Co 5.04% 5/1/2027  | 372000 | 375808 |
| Boeing Co 5.15% 5/1/2030  | 706000 | 725422 |
| Boeing Co 5.705% 5/1/2040  | 1466000 | 1496461 |
| Boeing Co 5.805% 5/1/2050  | 869000 | 854744 |
| Boeing Co 5.93% 5/1/2060  | 372000 | 364767 |
| Boeing Co 6.259% 5/1/2027  | 654000 | 671015 |
| Boeing Co 6.298% 5/1/2029  | 838000 | 889494 |
| Boeing Co 6.388% 5/1/2031  | 635000 | 689098 |
| Boeing Co 6.528% 5/1/2034  | 679000 | 751218 |
| Boeing Co 6.858% 5/1/2054  | 1023000 | 1148971 |
| Boeing Co 6.875% 3/15/2039  | 90000 | 101251 |
| Boeing Co 7.008% 5/1/2064  | 965000 | 1096482 |
|  |  | 10084172 |
| Building Products - 0.0% |  |  |
| Carrier Global Corp 2.493% 2/15/2027  | 245000 | 241016 |
| Carrier Global Corp 2.722% 2/15/2030  | 427000 | 402005 |
| Carrier Global Corp 3.377% 4/5/2040  | 171000 | 138165 |
| Carrier Global Corp 3.577% 4/5/2050  | 131000 | 96441 |
| Carrier Global Corp 5.9% 3/15/2034  | 284000 | 304641 |
| Carrier Global Corp 6.2% 3/15/2054  | 176000 | 190297 |
| Trane Technologies Holdco Inc 3.75% 8/21/2028  | 127000 | 126549 |
| Trane Technologies Holdco Inc 4.3% 2/21/2048  | 136000 | 113797 |
|  |  | 1612911 |
| Ground Transportation - 0.1% |  |  |
| Uber Technologies Inc 4.15% 1/15/2031  | 1645000 | 1638915 |
| Uber Technologies Inc 4.8% 9/15/2035  | 1297000 | 1290150 |
|  |  | 2929065 |
| Industrial Conglomerates - 0.0% |  |  |
| Trane Technologies Financing Ltd 3.8% 3/21/2029  | 393000 | 390172 |
| Trane Technologies Financing Ltd 4.65% 11/1/2044  | 165000 | 149277 |
|  |  | 539449 |
| Professional Services - 0.1% |  |  |
| Paychex Inc 5.1% 4/15/2030  | 284000 | 292381 |
| Paychex Inc 5.35% 4/15/2032  | 395000 | 409057 |
| Paychex Inc 5.6% 4/15/2035  | 309000 | 323614 |
| Verisk Analytics Inc 4.5% 8/15/2030  | 814000 | 820159 |
| Verisk Analytics Inc 5.125% 2/15/2036  | 1832000 | 1840364 |
|  |  | 3685575 |
| TOTAL INDUSTRIALS |  | 18851172 |
| Information Technology - 0.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Dell International LLC / EMC Corp 4.15% 2/15/2029  | 1653000 | 1651208 |
| Dell International LLC / EMC Corp 4.5% 2/15/2031  | 3271000 | 3266331 |
| Dell International LLC / EMC Corp 4.75% 10/6/2032  | 2181000 | 2178134 |
| Dell International LLC / EMC Corp 4.9% 10/1/2026  | 259000 | 260202 |
| Dell International LLC / EMC Corp 5.1% 2/15/2036  | 3460000 | 3416969 |
| Dell International LLC / EMC Corp 5.3% 10/1/2029  | 690000 | 712005 |
| Dell International LLC / EMC Corp 6.1% 7/15/2027  | 298000 | 306144 |
| Dell International LLC / EMC Corp 6.2% 7/15/2030  | 258000 | 275616 |
| Dell International LLC / EMC Corp 8.1% 7/15/2036  | 287000 | 347766 |
| Dell International LLC / EMC Corp 8.35% 7/15/2046  | 141000 | 178861 |
|  |  | 12593236 |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Broadcom Corp / Broadcom Cayman Finance Ltd 3.5% 1/15/2028  | 192000 | 190358 |
| Broadcom Inc 1.95% 2/15/2028  | 209000 | 200597 |
| Broadcom Inc 2.45% 2/15/2031  | 2705000 | 2474206 |
| Broadcom Inc 2.6% 2/15/2033  | 1777000 | 1564856 |
| Broadcom Inc 3.419% 4/15/2033  | 160000 | 148106 |
| Broadcom Inc 3.469% 4/15/2034  | 117000 | 106686 |
| Broadcom Inc 3.5% 2/15/2041  | 1275000 | 1037193 |
| Broadcom Inc 4.3% 11/15/2032  | 344000 | 339328 |
| Broadcom Inc 4.75% 4/15/2029  | 469000 | 477803 |
|  |  | 6539133 |
| Software - 0.2% |  |  |
| Oracle Corp 4.45% 9/26/2030  | 1243000 | 1216072 |
| Oracle Corp 4.8% 9/26/2032  | 2073000 | 2001320 |
| Oracle Corp 5.2% 9/26/2035  | 1887000 | 1807898 |
| Oracle Corp 5.875% 9/26/2045  | 1164000 | 1051236 |
| Oracle Corp 5.95% 9/26/2055  | 1459000 | 1292695 |
| Oracle Corp 6.1% 9/26/2065  | 1502000 | 1324753 |
|  |  | 8693974 |
| TOTAL INFORMATION TECHNOLOGY |  | 27826343 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Celanese US Holdings LLC 6.85% 11/15/2028 (c) | 943000 | 986515 |
| Celanese US Holdings LLC 7.05% 11/15/2030 (c) | 1533000 | 1615287 |
| Celanese US Holdings LLC 7.2% 11/15/2033 (c) | 895000 | 945492 |
| TOTAL MATERIALS |  | 3547294 |
| Real Estate - 2.5% |  |  |
| Diversified REITs - 0.3% |  |  |
| Piedmont Operating Partnership LP 2.75% 4/1/2032  | 184000 | 157968 |
| Store Capital LLC 2.75% 11/18/2030  | 6596000 | 6005102 |
| Store Capital LLC 4.625% 3/15/2029  | 225000 | 224171 |
| VICI Properties LP 4.75% 2/15/2028  | 964000 | 973415 |
| VICI Properties LP 4.75% 4/1/2028  | 522000 | 527494 |
| VICI Properties LP 4.95% 2/15/2030  | 1228000 | 1242740 |
| VICI Properties LP 5.125% 5/15/2032  | 823000 | 828694 |
| VICI Properties LP 5.75% 4/1/2034  | 377000 | 389063 |
| Vornado Realty LP 2.15% 6/1/2026  | 237000 | 234388 |
| WP Carey Inc 2.4% 2/1/2031  | 477000 | 429904 |
| WP Carey Inc 3.85% 7/15/2029  | 160000 | 157733 |
|  |  | 11170672 |
| Health Care REITs - 0.3% |  |  |
| Alexandria Real Estate Equities Inc 2% 5/18/2032  | 254000 | 214760 |
| Alexandria Real Estate Equities Inc 3% 5/18/2051  | 193000 | 117929 |
| Alexandria Real Estate Equities Inc 4.85% 4/15/2049  | 316000 | 267080 |
| Alexandria Real Estate Equities Inc 4.9% 12/15/2030  | 523000 | 529981 |
| Healthcare Realty Holdings LP 3.1% 2/15/2030  | 165000 | 156735 |
| Healthcare Realty Holdings LP 3.5% 8/1/2026  | 172000 | 171072 |
| Healthpeak OP LLC 3% 1/15/2030  | 343000 | 324981 |
| Healthpeak OP LLC 3.25% 7/15/2026  | 72000 | 71649 |
| Healthpeak OP LLC 3.5% 7/15/2029  | 82000 | 79701 |
| Omega Healthcare Investors Inc 3.25% 4/15/2033  | 2605000 | 2315749 |
| Omega Healthcare Investors Inc 3.375% 2/1/2031  | 416000 | 388380 |
| Omega Healthcare Investors Inc 3.625% 10/1/2029  | 742000 | 718413 |
| Omega Healthcare Investors Inc 4.5% 4/1/2027  | 2294000 | 2301551 |
| Omega Healthcare Investors Inc 4.75% 1/15/2028  | 801000 | 807273 |
| Ventas Realty LP 3% 1/15/2030  | 958000 | 912092 |
| Ventas Realty LP 3.25% 10/15/2026  | 96000 | 95467 |
| Ventas Realty LP 3.85% 4/1/2027  | 260000 | 259322 |
| Ventas Realty LP 4% 3/1/2028  | 876000 | 874779 |
| Ventas Realty LP 4.125% 1/15/2026  | 235000 | 234974 |
| Ventas Realty LP 4.375% 2/1/2045  | 178000 | 149432 |
| Ventas Realty LP 4.75% 11/15/2030  | 1258000 | 1275657 |
| Ventas Realty LP 4.875% 4/15/2049  | 78000 | 68201 |
|  |  | 12335178 |
| Industrial REITs - 0.0% |  |  |
| LXP Industrial Trust 2.375% 10/1/2031  | 83000 | 72555 |
| LXP Industrial Trust 2.7% 9/15/2030  | 230000 | 210911 |
|  |  | 283466 |
| Office REITs - 0.2% |  |  |
| Boston Properties LP 2.75% 10/1/2026  | 192000 | 189995 |
| Boston Properties LP 3.25% 1/30/2031  | 1011000 | 948187 |
| Boston Properties LP 4.5% 12/1/2028  | 489000 | 492161 |
| Boston Properties LP 6.75% 12/1/2027  | 1962000 | 2052192 |
| COPT Defense Properties LP 2% 1/15/2029  | 228000 | 212942 |
| COPT Defense Properties LP 2.25% 3/15/2026  | 209000 | 208074 |
| COPT Defense Properties LP 2.75% 4/15/2031  | 310000 | 282763 |
| COPT Defense Properties LP 4.5% 10/15/2030  | 331000 | 329393 |
| Hudson Pacific Properties LP 4.65% 4/1/2029  | 972000 | 898483 |
|  |  | 5614190 |
| Real Estate Management & Development - 0.5% |  |  |
| Brandywine Operating Partnership LP 3.95% 11/15/2027  | 579000 | 567497 |
| Brandywine Operating Partnership LP 4.55% 10/1/2029  | 734000 | 700540 |
| Brandywine Operating Partnership LP 8.3% 3/15/2028  | 2672000 | 2816935 |
| CBRE Services Inc 2.5% 4/1/2031  | 699000 | 634006 |
| Digital Realty Trust LP 3.7% 8/15/2027  | 219000 | 217813 |
| Essex Portfolio LP 3% 1/15/2030  | 51000 | 48446 |
| Essex Portfolio LP 4% 3/1/2029  | 167000 | 165705 |
| Extra Space Storage LP 4.95% 1/15/2033  | 4608000 | 4657861 |
| Tanger Properties LP 2.75% 9/1/2031  | 6551000 | 5928047 |
| Tanger Properties LP 3.125% 9/1/2026  | 767000 | 761304 |
| Tanger Properties LP 3.875% 7/15/2027  | 170000 | 169072 |
|  |  | 16667226 |
| Residential REITs - 0.7% |  |  |
| American Homes 4 Rent LP 2.375% 7/15/2031  | 95000 | 84921 |
| American Homes 4 Rent LP 3.625% 4/15/2032  | 389000 | 367422 |
| American Homes 4 Rent LP 4.25% 2/15/2028  | 264000 | 264524 |
| American Homes 4 Rent LP 4.95% 6/15/2030  | 7639000 | 7791859 |
| Invitation Homes Operating Partnership LP 4.15% 4/15/2032  | 6299000 | 6113995 |
| Invitation Homes Operating Partnership LP 4.95% 1/15/2033  | 4255000 | 4316786 |
| Sun Communities Operating LP 2.3% 11/1/2028  | 210000 | 199828 |
| Sun Communities Operating LP 2.7% 7/15/2031  | 6542000 | 5944899 |
| UDR Inc 2.1% 6/15/2033  | 446000 | 370932 |
|  |  | 25455166 |
| Retail REITs - 0.5% |  |  |
| Brixmor Operating Partnership LP 3.9% 3/15/2027  | 155000 | 154540 |
| Brixmor Operating Partnership LP 4.05% 7/1/2030  | 6304000 | 6214931 |
| Brixmor Operating Partnership LP 4.125% 5/15/2029  | 819000 | 815670 |
| Brixmor Operating Partnership LP 4.125% 6/15/2026  | 791000 | 790513 |
| Kite Realty Group Trust 4.75% 9/15/2030  | 1220000 | 1233471 |
| Phillips Edison Grocery Center Operating Partnership I LP 5.75% 7/15/2034  | 5482000 | 5731733 |
| Realty Income Corp 2.2% 6/15/2028  | 100000 | 95912 |
| Realty Income Corp 2.85% 12/15/2032  | 123000 | 110328 |
| Realty Income Corp 3.25% 1/15/2031  | 128000 | 121860 |
| Realty Income Corp 3.4% 1/15/2028  | 200000 | 197783 |
| Simon Property Group LP 2.2% 2/1/2031  | 731000 | 661076 |
| Simon Property Group LP 2.45% 9/13/2029  | 205000 | 193786 |
| Simon Property Group LP 3.25% 9/13/2049  | 320000 | 220423 |
|  |  | 16542026 |
| TOTAL REAL ESTATE |  | 88067924 |
| Utilities - 1.2% |  |  |
| Electric Utilities - 0.8% |  |  |
| Alabama Power Co 1.45% 9/15/2030  | 500000 | 443417 |
| Alabama Power Co 3.05% 3/15/2032  | 828000 | 768347 |
| Alabama Power Co 3.7% 12/1/2047  | 162000 | 123643 |
| Alabama Power Co 3.75% 3/1/2045  | 27000 | 21239 |
| Alabama Power Co 4.15% 8/15/2044  | 127000 | 106080 |
| Alabama Power Co 4.3% 7/15/2048  | 161000 | 133697 |
| Alabama Power Co 5.2% 6/1/2041  | 106000 | 103861 |
| Appalachian Power Co 4.45% 6/1/2045  | 165000 | 137596 |
| Appalachian Power Co 4.5% 3/1/2049  | 251000 | 205660 |
| Baltimore Gas and Electric Co 2.9% 6/15/2050  | 220000 | 140722 |
| Baltimore Gas and Electric Co 3.5% 8/15/2046  | 69000 | 51114 |
| Cleco Corporate Holdings LLC 3.375% 9/15/2029  | 433000 | 407198 |
| Cleco Corporate Holdings LLC 3.743% 5/1/2026  | 1810000 | 1805019 |
| Commonwealth Edison Co 3.2% 11/15/2049  | 467000 | 315647 |
| Commonwealth Edison Co 3.65% 6/15/2046  | 78000 | 59589 |
| Commonwealth Edison Co 3.7% 3/1/2045  | 85000 | 66497 |
| Commonwealth Edison Co 3.75% 8/15/2047  | 169000 | 129187 |
| Commonwealth Edison Co 4% 3/1/2048  | 187000 | 148531 |
| Commonwealth Edison Co 4% 3/1/2049  | 164000 | 127814 |
| Consolidated Edison Co of New York Inc 3.35% 4/1/2030  | 99000 | 95871 |
| Consolidated Edison Co of New York Inc 3.875% 6/15/2047  | 78000 | 60507 |
| Consolidated Edison Co of New York Inc 4.45% 3/15/2044  | 219000 | 190914 |
| Consolidated Edison Co of New York Inc 4.5% 5/15/2058  | 260000 | 212728 |
| Consolidated Edison Co of New York Inc 4.65% 12/1/2048  | 287000 | 248434 |
| Consolidated Edison Co of New York Inc 5.5% 12/1/2039  | 69000 | 70468 |
| Duke Energy Carolinas LLC 2.85% 3/15/2032  | 83000 | 76009 |
| Duke Energy Carolinas LLC 3.2% 8/15/2049  | 219000 | 149594 |
| Duke Energy Carolinas LLC 3.75% 6/1/2045  | 55000 | 43220 |
| Duke Energy Carolinas LLC 3.875% 3/15/2046  | 107000 | 84722 |
| Duke Energy Carolinas LLC 4% 9/30/2042  | 103000 | 86395 |
| Duke Energy Corp 2.45% 6/1/2030  | 529000 | 490441 |
| Duke Energy Corp 2.65% 9/1/2026  | 366000 | 362879 |
| Duke Energy Corp 4.2% 6/15/2049  | 260000 | 204629 |
| Duke Energy Corp 4.8% 12/15/2045  | 76000 | 67382 |
| Duke Energy Florida LLC 3.4% 10/1/2046  | 69000 | 50332 |
| Duke Energy Ohio Inc 4.3% 2/1/2049  | 744000 | 608083 |
| Duke Energy Progress LLC 3.4% 4/1/2032  | 334000 | 315969 |
| Duke Energy Progress LLC 4.15% 12/1/2044  | 49000 | 40813 |
| Duke Energy Progress LLC 4.375% 3/30/2044  | 55000 | 47056 |
| Duquesne Light Holdings Inc 2.532% 10/1/2030 (h) | 166000 | 150801 |
| Duquesne Light Holdings Inc 2.775% 1/7/2032 (h) | 574000 | 510086 |
| Entergy Corp 2.95% 9/1/2026  | 129000 | 128040 |
| Entergy Corp 3.75% 6/15/2050  | 113000 | 82059 |
| Entergy Louisiana LLC 4.2% 9/1/2048  | 87000 | 70304 |
| Entergy Tex Inc 3.55% 9/30/2049  | 111000 | 79136 |
| Entergy Tex Inc 4% 3/30/2029  | 485000 | 484303 |
| Exelon Corp 2.75% 3/15/2027  | 183000 | 180230 |
| Exelon Corp 3.35% 3/15/2032  | 222000 | 207695 |
| Exelon Corp 4.05% 4/15/2030  | 218000 | 215842 |
| Exelon Corp 5.1% 6/15/2045  | 30000 | 27738 |
| FirstEnergy Corp 2.25% 9/1/2030  | 370000 | 334991 |
| FirstEnergy Corp 3.4% 3/1/2050  | 100000 | 68972 |
| FirstEnergy Corp 3.9% 7/15/2027 (i) | 233000 | 232070 |
| FirstEnergy Corp 4.85% 7/15/2047 (i) | 129000 | 113563 |
| FirstEnergy Transmission LLC 4.75% 1/15/2033 (h) | 6262000 | 6260001 |
| Interstate Power and Light Co 2.3% 6/1/2030  | 381000 | 349766 |
| IPALCO Enterprises Inc 4.25% 5/1/2030  | 1025000 | 1001874 |
| Pacific Gas and Electric Co 3.15% 1/1/2026  | 400355 | 400355 |
| Pacific Gas and Electric Co 3.25% 6/1/2031  | 167000 | 155392 |
| Pacific Gas and Electric Co 4.2% 6/1/2041  | 834000 | 694820 |
| Pacific Gas and Electric Co 4.55% 7/1/2030  | 1037586 | 1033128 |
| Pacific Gas and Electric Co 4.75% 2/15/2044  | 33000 | 27868 |
| Potomac Electric Power Co 6.5% 11/15/2037  | 104000 | 116647 |
| Progress Energy Inc 6% 12/1/2039  | 143000 | 151131 |
| Southern Co/The 3.25% 7/1/2026  | 302000 | 300957 |
| Southern Co/The 4.4% 7/1/2046  | 201000 | 169567 |
| Southern Co/The 4.85% 3/15/2035  | 4500000 | 4444661 |
| Tampa Electric Co 4.45% 6/15/2049  | 321000 | 268071 |
| Tampa Electric Co 6.15% 5/15/2037  | 172000 | 183732 |
| Virginia Electric and Power Co 3.8% 4/1/2028  | 409000 | 407482 |
| Washington Natural Gas Co 4.3% 5/20/2045  | 176000 | 146600 |
| Wisconsin Electric Power Co 4.25% 6/1/2044  | 129000 | 108890 |
|  |  | 27908076 |
| Gas Utilities - 0.0% |  |  |
| Southern Co Gas Capital Corp 3.95% 10/1/2046  | 371000 | 290270 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| AES Corp/The 1.375% 1/15/2026  | 4000000 | 3995365 |
| AES Corp/The 2.45% 1/15/2031  | 807000 | 731656 |
| AES Corp/The 3.95% 7/15/2030 (h) | 941000 | 918448 |
|  |  | 5645469 |
| Multi-Utilities - 0.2% |  |  |
| Berkshire Hathaway Energy Co 3.25% 4/15/2028  | 274000 | 270069 |
| Berkshire Hathaway Energy Co 3.7% 7/15/2030  | 275000 | 270377 |
| Berkshire Hathaway Energy Co 3.8% 7/15/2048  | 274000 | 207509 |
| Berkshire Hathaway Energy Co 4.25% 10/15/2050  | 237000 | 189513 |
| Berkshire Hathaway Energy Co 4.5% 2/1/2045  | 182000 | 157851 |
| Berkshire Hathaway Energy Co 5.15% 11/15/2043  | 212000 | 203549 |
| Delmarva Power & Light Co 4% 6/1/2042  | 110000 | 92237 |
| NiSource Inc 1.7% 2/15/2031  | 444000 | 389614 |
| NiSource Inc 2.95% 9/1/2029  | 1074000 | 1030554 |
| NiSource Inc 3.49% 5/15/2027  | 210000 | 208638 |
| NiSource Inc 3.6% 5/1/2030  | 1800000 | 1748788 |
| NiSource Inc 3.95% 3/30/2048  | 274000 | 213697 |
| NiSource Inc 4.375% 5/15/2047  | 131000 | 108571 |
| Puget Energy Inc 4.1% 6/15/2030  | 1710000 | 1674554 |
| Puget Energy Inc 4.224% 3/15/2032  | 756000 | 724871 |
|  |  | 7490392 |
| Water Utilities - 0.0% |  |  |
| American Water Capital Corp 3.45% 6/1/2029  | 167000 | 163693 |
| American Water Capital Corp 6.593% 10/15/2037  | 179000 | 202544 |
|  |  | 366237 |
| TOTAL UTILITIES |  | 41700444 |
| TOTAL UNITED STATES |  | 664751237 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $784,294,939) |  | <br> **788650380** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 20.1%** | &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 20.1%** | &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 20.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 20.1%  |  |  |
| Fannie Mae 2% 11/1/2051  | 1244650 | 1016436 |
| Fannie Mae 2% 3/1/2052  | 1489589 | 1215067 |
| Fannie Mae 2.5% 1/1/2052  | 571532 | 487671 |
| Fannie Mae 2.5% 6/1/2052  | 1324001 | 1140488 |
| Fannie Mae 3% 10/1/2031  | 48899 | 47876 |
| Fannie Mae 3% 11/1/2047  | 10739 | 9700 |
| Fannie Mae 3.5% 2/1/2045  | 365211 | 348935 |
| Fannie Mae 4% 4/1/2050  | 15340 | 14722 |
| Fannie Mae 5.5% 2/1/2055  | 90752 | 92074 |
| Fannie Mae 6.5% 7/1/2054  | 267106 | 281598 |
| Fannie Mae 7% 6/1/2054  | 19007 | 20282 |
| Fannie Mae 7% 7/1/2054  | 18940 | 20270 |
| Fannie Mae 7% 8/1/2054  | 20861 | 22208 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.475%, 6.396% 5/1/2036 (c)(d) | 1930 | 1979 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.48%, 6.105% 7/1/2034 (c)(d) | 284 | 291 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.5405%, 6.285% 11/1/2034 (c)(d) | 35743 | 36757 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.553%, 6.178% 6/1/2036 (c)(d) | 332 | 341 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.667%, 6.391% 11/1/2036 (c)(d) | 4685 | 4822 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.7%, 6.561% 6/1/2042 (c)(d) | 3107 | 3233 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.75%, 6.618% 7/1/2035 (c)(d) | 324 | 333 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.788%, 6.788% 2/1/2036 (c)(d) | 2161 | 2231 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.8%, 6.478% 7/1/2041 (c)(d) | 1004 | 1048 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.818%, 6.508% 7/1/2041 (c)(d) | 2062 | 2154 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.818%, 6.568% 9/1/2041 (c)(d) | 1768 | 1848 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.82%, 6.695% 12/1/2035 (c)(d) | 2355 | 2432 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.83%, 6.58% 10/1/2041 (c)(d) | 601 | 626 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.88%, 6.534% 11/1/2034 (c)(d) | 2375 | 2452 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.95%, 6.785% 9/1/2036 (c)(d) | 4287 | 4447 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.955%, 6.705% 7/1/2037 (c)(d) | 1502 | 1562 |
| Fannie Mae Mortgage pass-thru certificates 1 year U.S. Treasury Index + 1.945%, 5.944% 10/1/2033 (c)(d) | 5678 | 5783 |
| Fannie Mae Mortgage pass-thru certificates 1 year U.S. Treasury Index + 2.208%, 6.458% 3/1/2035 (c)(d) | 454 | 464 |
| Fannie Mae Mortgage pass-thru certificates 1 year U.S. Treasury Index + 2.2597%, 6.508% 8/1/2036 (c)(d) | 7140 | 7311 |
| Fannie Mae Mortgage pass-thru certificates 1 year U.S. Treasury Index + 2.277%, 6.38% 10/1/2033 (c)(d) | 623 | 637 |
| Fannie Mae Mortgage pass-thru certificates 1 year U.S. Treasury Index + 2.462%, 6.452% 5/1/2035 (c)(d) | 803 | 823 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 1/1/2036  | 763279 | 691957 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 1/1/2041  | 38219 | 32520 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 10/1/2036  | 57189 | 52006 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2035  | 528874 | 479455 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2035  | 504031 | 456934 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2035  | 272896 | 247396 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2035  | 12129 | 10996 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2035  | 11832 | 10726 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2036  | 596954 | 542106 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2036  | 117772 | 107099 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2036  | 107539 | 97894 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2036  | 103115 | 93866 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2036  | 94570 | 85999 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2036  | 34036 | 30952 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2040  | 37333 | 31815 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2041  | 670265 | 565040 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2050  | 1200679 | 933730 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2050  | 805480 | 626397 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 12/1/2035  | 530185 | 480644 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 12/1/2040  | 38029 | 32383 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 12/1/2050  | 1143771 | 889475 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 12/1/2050  | 493861 | 384061 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 2/1/2036  | 111949 | 101488 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 2/1/2041  | 39025 | 33180 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 3/1/2041  | 39895 | 33896 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 6/1/2051  | 19729 | 15294 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 9/1/2035  | 681697 | 619703 |
| Fannie Mae Mortgage pass-thru certificates 2% 1/1/2051  | 780808 | 637398 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2030  | 6895 | 6658 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2035  | 283348 | 263536 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2035  | 17670 | 16434 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2035  | 11671 | 10855 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2035  | 10503 | 9768 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2050  | 189260 | 154558 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2050  | 71662 | 59239 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2051  | 448974 | 369738 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2051  | 387255 | 319517 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2051  | 19172 | 15573 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2036  | 72340 | 67010 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2050  | 53229 | 43685 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2051  | 48262 | 39745 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2051  | 33020 | 27244 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2035  | 52858 | 48981 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2040  | 149193 | 132012 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2050  | 15915 | 13142 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2051  | 2700434 | 2218795 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2051  | 718929 | 581268 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2051  | 527345 | 435102 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2028  | 311873 | 306708 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2036  | 538535 | 500375 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2036  | 49709 | 46187 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2036  | 34452 | 32011 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2036  | 34095 | 31764 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2036  | 17757 | 16577 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2052  | 335016 | 276101 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2052  | 52061 | 42840 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2052  | 22476 | 18531 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2037  | 142635 | 132528 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2051  | 16799 | 13751 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 778903 | 640468 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 551297 | 454348 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 497386 | 409607 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 191837 | 157981 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 50917 | 41899 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 34939 | 28805 |
| Fannie Mae Mortgage pass-thru certificates 2% 4/1/2035  | 6428 | 6025 |
| Fannie Mae Mortgage pass-thru certificates 2% 4/1/2041  | 68158 | 60240 |
| Fannie Mae Mortgage pass-thru certificates 2% 4/1/2051  | 794589 | 648151 |
| Fannie Mae Mortgage pass-thru certificates 2% 4/1/2051  | 22693 | 18738 |
| Fannie Mae Mortgage pass-thru certificates 2% 5/1/2036  | 51764 | 48209 |
| Fannie Mae Mortgage pass-thru certificates 2% 5/1/2042  | 2514144 | 2214837 |
| Fannie Mae Mortgage pass-thru certificates 2% 6/1/2036  | 56630 | 52741 |
| Fannie Mae Mortgage pass-thru certificates 2% 6/1/2041  | 660618 | 580007 |
| Fannie Mae Mortgage pass-thru certificates 2% 6/1/2041  | 49077 | 43367 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2035  | 237158 | 221465 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2035  | 149112 | 139245 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2036  | 62626 | 58188 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2041  | 478603 | 421426 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2050  | 1037296 | 847425 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2050  | 65470 | 53977 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2051  | 1202143 | 981722 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2051  | 32102 | 26196 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2051  | 17780 | 14509 |
| Fannie Mae Mortgage pass-thru certificates 2% 8/1/2028  | 4480 | 4385 |
| Fannie Mae Mortgage pass-thru certificates 2% 8/1/2035  | 584072 | 545423 |
| Fannie Mae Mortgage pass-thru certificates 2% 8/1/2035  | 156033 | 145708 |
| Fannie Mae Mortgage pass-thru certificates 2% 8/1/2035  | 45939 | 42899 |
| Fannie Mae Mortgage pass-thru certificates 2% 8/1/2035  | 11683 | 10910 |
| Fannie Mae Mortgage pass-thru certificates 2% 8/1/2050  | 89641 | 73405 |
| Fannie Mae Mortgage pass-thru certificates 2% 8/1/2051  | 51939 | 42237 |
| Fannie Mae Mortgage pass-thru certificates 2% 9/1/2035  | 26562 | 24804 |
| Fannie Mae Mortgage pass-thru certificates 2% 9/1/2051  | 97188 | 79216 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2031  | 8697 | 8464 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2031  | 5920 | 5759 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2031  | 2750 | 2674 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2032  | 172279 | 166788 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2032  | 56953 | 55425 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2032  | 54230 | 52875 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2032  | 11443 | 11068 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2033  | 14535 | 13967 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2033  | 9086 | 8747 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2035  | 72094 | 68715 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2043  | 199698 | 177909 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2047  | 29600 | 25738 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2047  | 9457 | 8223 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2050  | 50820 | 43506 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2051  | 3705871 | 3208434 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2051  | 243297 | 208206 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2052  | 455797 | 391624 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2052  | 103863 | 88851 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2031  | 163772 | 158623 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2032  | 28024 | 26989 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2034  | 25201 | 24036 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2039  | 37067 | 33802 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2039  | 5028 | 4578 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2043  | 7858 | 6986 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2050  | 1048056 | 904756 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2051  | 278086 | 238239 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2029  | 3211 | 3143 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2029  | 1778 | 1748 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2030  | 1211 | 1180 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2031  | 115355 | 111726 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2031  | 11142 | 10843 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2034  | 100820 | 96159 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2035  | 61882 | 58925 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2039  | 9255 | 8427 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2041  | 1139330 | 1025552 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2041  | 455360 | 408268 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2041  | 359119 | 323432 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2041  | 337503 | 303890 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2041  | 292392 | 262424 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2041  | 106116 | 95463 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2049  | 61148 | 52348 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2051  | 1382347 | 1183404 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2051  | 1055335 | 904114 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2026  | 709 | 703 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2029  | 3045 | 2981 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2029  | 2390 | 2339 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2030  | 12823 | 12508 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2030  | 2379 | 2321 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2031  | 292453 | 283009 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2031  | 5247 | 5073 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2033  | 9726 | 9343 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2049  | 631800 | 540873 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2051 (e) | 2811427 | 2415601 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2051  | 488187 | 417929 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2031  | 17379 | 17121 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2032  | 1918 | 1857 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2035  | 88237 | 85498 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2035  | 18841 | 17981 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2035  | 16967 | 16172 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2041  | 300458 | 271101 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2042  | 928371 | 836552 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2050  | 32396 | 27703 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2032  | 107449 | 103931 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2035  | 15198 | 14481 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2040  | 93535 | 84861 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2041  | 133701 | 121273 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2050  | 963986 | 824349 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2052  | 1475609 | 1272928 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2052  | 563901 | 484332 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2030  | 9372 | 9195 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2030  | 2164 | 2114 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2031  | 11584 | 11263 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2036  | 327969 | 313421 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2036  | 159629 | 154605 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2040  | 62888 | 57097 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2041  | 282605 | 254906 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2042  | 369025 | 331157 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2043  | 53985 | 48114 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2043  | 15648 | 13916 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2046  | 654 | 569 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2051  | 408565 | 355128 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2052  | 3000121 | 2578666 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2052  | 1374002 | 1178836 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2052  | 1128930 | 974573 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2052  | 602361 | 516047 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2029  | 2027 | 1991 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2029  | 732 | 718 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2035  | 33844 | 32237 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2035  | 19251 | 18337 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2040  | 218235 | 198072 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2041  | 155728 | 140447 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2041  | 116818 | 105703 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2042  | 58549 | 52587 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2042  | 23614 | 21219 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2046  | 7887 | 6863 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2046  | 3033 | 2640 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2051  | 2467426 | 2125430 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2051  | 1597731 | 1366793 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2051  | 1214023 | 1045754 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 6/1/2031  | 86249 | 83683 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 6/1/2033  | 7329 | 7051 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 6/1/2035  | 445618 | 424459 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 6/1/2035  | 23181 | 22080 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 6/1/2040  | 233187 | 211430 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 6/1/2046  | 11883 | 10340 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 6/1/2046  | 11792 | 10165 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 6/1/2050  | 146020 | 126192 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 6/1/2050  | 40979 | 35043 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2026  | 334 | 332 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2029  | 2310 | 2260 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2031  | 655945 | 636139 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2035  | 15724 | 14972 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2035  | 13937 | 13271 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2040  | 18135 | 16425 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2041  | 195192 | 175756 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2041  | 123579 | 111576 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2045  | 85562 | 73863 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2046  | 80153 | 69745 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2046  | 36368 | 31645 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2046  | 9464 | 8235 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2050  | 1365777 | 1178182 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2029  | 10412 | 10198 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2029  | 7010 | 6863 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2029  | 5612 | 5489 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2029  | 4866 | 4764 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2029  | 3416 | 3343 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2029  | 815 | 797 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2031  | 7218 | 7000 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2032  | 8914 | 8600 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2033  | 6249 | 6005 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2035  | 444003 | 422782 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2035  | 57165 | 54433 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2039  | 8076 | 7368 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2050  | 14331 | 12264 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2051  | 668881 | 571990 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2051  | 537113 | 459309 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2051  | 515871 | 441145 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2029  | 29808 | 29183 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2029  | 18997 | 18590 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2029  | 7379 | 7218 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2029  | 6894 | 6753 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2029  | 5993 | 5872 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2029  | 3417 | 3341 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2029  | 3354 | 3285 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2029  | 3095 | 3030 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2029  | 2651 | 2598 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2029  | 2147 | 2105 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2029  | 2045 | 2002 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2034  | 15698 | 14972 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2041  | 388838 | 349350 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2046  | 5576 | 4853 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2027  | 1425 | 1416 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2027  | 1308 | 1300 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2027  | 381 | 378 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2030  | 8259 | 8132 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2030  | 2268 | 2233 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2030  | 1654 | 1636 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2030  | 1371 | 1352 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2030  | 201 | 200 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2031  | 21424 | 21033 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2031  | 16215 | 15928 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2032  | 20076 | 19645 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2032  | 2456 | 2402 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2035  | 403219 | 392621 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2040  | 20778 | 19591 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 42710 | 39451 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 23818 | 22043 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 22615 | 20964 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 19356 | 18049 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 19149 | 17700 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 15299 | 14117 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 12577 | 11611 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 10208 | 9455 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 9186 | 8576 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 7446 | 6925 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 5560 | 5179 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 4503 | 4174 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 4103 | 3789 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2045  | 3113 | 2844 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2046  | 23126 | 21024 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2046  | 13739 | 12491 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2046  | 2367 | 2152 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2047  | 108927 | 98689 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2047  | 82506 | 74751 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2047  | 57644 | 52226 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2047  | 54855 | 49699 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2047  | 44291 | 40128 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2047  | 36409 | 32987 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2047  | 32562 | 29501 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2047  | 8077 | 7317 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2047  | 5060 | 4584 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2047  | 4033 | 3654 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2048  | 10385 | 9380 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2051  | 561547 | 501572 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2052  | 660029 | 588093 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2052  | 131820 | 117370 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2052  | 42082 | 37469 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2052  | 41374 | 36865 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2052  | 36690 | 32668 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2052  | 30737 | 27368 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2027  | 6715 | 6659 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2027  | 1379 | 1368 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2029  | 9092 | 8957 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2030  | 12906 | 12684 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2030  | 4383 | 4308 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2030  | 3356 | 3296 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2030  | 2365 | 2325 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2030  | 2329 | 2288 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2031  | 12483 | 12227 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2031  | 4029 | 3944 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2032  | 38925 | 38002 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2043  | 33614 | 30924 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2043  | 18046 | 16529 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2043  | 14015 | 12889 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2043  | 13345 | 12225 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2043  | 12139 | 11146 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2044  | 467661 | 430753 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2046  | 485500 | 443054 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2046  | 43460 | 39375 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2046  | 40044 | 36280 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2046  | 36139 | 32742 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2046  | 31488 | 28529 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2046  | 30692 | 27845 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2046  | 22051 | 19978 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2046  | 10652 | 9664 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2046  | 10254 | 9290 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2046  | 6518 | 5905 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2046  | 5446 | 4934 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2047  | 13132 | 11861 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2049  | 761088 | 682181 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2051 (g) | 1298100 | 1165545 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2051  | 435338 | 387891 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2026  | 2390 | 2377 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2026  | 896 | 890 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2026  | 645 | 641 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2027  | 8100 | 8029 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2027  | 2286 | 2266 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2027  | 530 | 525 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2030  | 4761 | 4674 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2030  | 4287 | 4214 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2030  | 4198 | 4125 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2032  | 3978 | 3879 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2033  | 29022 | 28348 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2034  | 52500 | 51556 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2042  | 33207 | 30716 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2042  | 17779 | 16452 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2042  | 7583 | 7031 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2042  | 6692 | 6168 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2042  | 3699 | 3432 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2042  | 2852 | 2625 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2045  | 3291 | 2988 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2046  | 611665 | 557997 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2046  | 600982 | 548252 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2046  | 401917 | 364141 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2046  | 360159 | 331886 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2046  | 241672 | 218957 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2046  | 224354 | 203267 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2046  | 118182 | 107074 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2046  | 34497 | 31255 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2046  | 6470 | 5862 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2046  | 5188 | 4700 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2046  | 4640 | 4204 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2047  | 17961 | 16222 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2047  | 7546 | 6815 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2048  | 168771 | 152434 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2050  | 110078 | 98390 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2050  | 11626 | 10428 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2051  | 16959 | 15243 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2026  | 664 | 659 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2026  | 330 | 328 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2026  | 241 | 240 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2026  | 167 | 166 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2029  | 14163 | 13956 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2030  | 5959 | 5857 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2030  | 1346 | 1324 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2031  | 4261 | 4172 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2032  | 143375 | 140497 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2032  | 54855 | 53524 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2034  | 51158 | 49846 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 429165 | 395911 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 175633 | 162106 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 36295 | 33411 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 24830 | 23055 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 24070 | 22289 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 13902 | 12880 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 13396 | 12362 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 9786 | 9069 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 9832 | 9064 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 9265 | 8587 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 8915 | 8262 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 8755 | 8088 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 7567 | 6981 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 4172 | 3901 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 2057 | 1894 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2045  | 29999 | 27317 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2045  | 20353 | 18514 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2045  | 17337 | 15759 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2046  | 286660 | 259717 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2046  | 80050 | 72526 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2046  | 39871 | 36124 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2046  | 25127 | 22765 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2046  | 24331 | 22044 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2046  | 11694 | 10594 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2046  | 6458 | 5851 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2046  | 6055 | 5486 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2047  | 13966 | 12614 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2047  | 8060 | 7280 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2050  | 1023488 | 914816 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2051  | 788536 | 705058 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2051  | 473861 | 422215 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2051  | 393181 | 352048 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2027  | 1320 | 1311 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2027  | 1184 | 1176 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2027  | 654 | 649 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2027  | 373 | 370 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2029  | 27540 | 27210 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2029  | 15661 | 15478 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2030  | 17076 | 16813 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2030  | 8724 | 8593 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2030  | 1684 | 1659 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2030  | 915 | 901 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2031  | 90078 | 88713 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2031  | 18122 | 17786 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2031  | 5086 | 5000 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2031  | 2989 | 2935 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2032  | 11506 | 11266 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2033  | 21510 | 21000 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2034  | 13392 | 13082 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2035  | 36294 | 35671 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2040  | 143945 | 135724 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 152667 | 141214 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 113122 | 104677 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 59816 | 55446 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 53468 | 49475 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 12919 | 11961 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 12470 | 11492 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 12420 | 11439 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 8490 | 7831 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 5296 | 4874 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 939 | 892 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2045  | 11405 | 10417 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2046  | 37267 | 33881 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2046  | 13795 | 12541 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2046  | 10444 | 9495 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2046  | 4370 | 3973 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2047  | 202458 | 183429 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2047  | 86257 | 78150 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2047  | 60898 | 55174 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2047  | 6442 | 5836 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2048  | 9060 | 8183 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2052  | 218310 | 195131 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2052  | 39486 | 35158 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2027  | 3190 | 3167 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2027  | 1363 | 1353 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2029  | 21792 | 21508 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2029  | 1008 | 996 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2030  | 3422 | 3396 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2030  | 1984 | 1953 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2031  | 929 | 915 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2032  | 31386 | 30676 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2032  | 18510 | 18102 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2032  | 7386 | 7221 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2032  | 3894 | 3808 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2033  | 21055 | 20606 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2033  | 6705 | 6549 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2038  | 13059 | 12354 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2043  | 12317 | 11402 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2043  | 5874 | 5417 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2044  | 14799 | 13560 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2046  | 12343 | 11221 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2046  | 10260 | 9328 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2046  | 8417 | 7652 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2047  | 220062 | 200753 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2047  | 13508 | 12239 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2047  | 10201 | 9280 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2047  | 5932 | 5367 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2048  | 262386 | 239119 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2048  | 26931 | 24324 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2048  | 18678 | 16870 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2048  | 13475 | 12170 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2052  | 1037375 | 931768 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2052  | 627742 | 558932 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2027  | 4040 | 4010 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2027  | 1725 | 1713 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2027  | 1008 | 1001 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2027  | 961 | 954 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2029  | 1554 | 1535 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2029  | 825 | 815 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2030  | 7648 | 7526 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2031  | 7187 | 7052 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2031  | 5196 | 5089 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2031  | 4736 | 4647 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2032  | 5854 | 5724 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2039  | 3843 | 3627 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2042  | 144994 | 134366 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2043  | 30378 | 28128 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2043  | 26407 | 24227 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2043  | 17722 | 16325 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2043  | 13288 | 12241 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2045  | 88407 | 80707 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2045  | 4598 | 4202 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2045  | 2943 | 2688 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2045  | 1729 | 1584 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2046  | 9646 | 8769 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2046  | 6740 | 6127 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2046  | 4315 | 3923 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2046  | 3065 | 2786 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2046  | 3001 | 2729 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2046  | 2738 | 2489 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2046  | 2196 | 1997 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2048  | 39993 | 36121 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2048  | 36547 | 33009 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2052  | 885213 | 796756 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2027  | 751 | 745 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2027  | 519 | 516 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2027  | 495 | 491 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2027  | 373 | 370 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2031  | 23083 | 22650 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2031  | 10847 | 10649 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2031  | 2560 | 2510 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2032  | 8567 | 8374 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2032  | 4756 | 4648 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2032  | 3925 | 3836 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2032  | 3487 | 3408 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 331978 | 305853 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 115647 | 106330 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 60628 | 55721 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 56999 | 52575 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 39111 | 35947 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 37134 | 34209 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 11548 | 10638 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 11412 | 10554 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 9117 | 8428 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 8099 | 7487 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 4116 | 3789 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2045  | 29880 | 27251 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2045  | 16317 | 14895 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2046  | 198812 | 181493 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2046  | 21430 | 19443 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2046  | 20833 | 18940 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2046  | 8862 | 8056 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2046  | 4784 | 4350 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2046  | 3812 | 3466 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2050  | 45472 | 40786 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2051  | 68140 | 60905 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2052  | 1906346 | 1702744 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2027  | 3870 | 3840 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2027  | 2959 | 2937 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2028  | 1427 | 1417 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2029  | 9166 | 9053 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2029  | 4900 | 4834 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2029  | 3730 | 3681 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2029  | 1812 | 1788 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2030  | 13797 | 13571 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2030  | 12308 | 12112 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2031  | 18361 | 18016 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2042  | 68474 | 63280 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2043  | 246642 | 227274 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2043  | 55257 | 50885 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2043  | 47574 | 43754 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2043  | 24662 | 22697 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2043  | 14122 | 12995 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2043  | 11158 | 10343 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2043  | 11109 | 10235 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2043  | 9368 | 8697 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2043  | 8928 | 8219 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2043  | 7673 | 7060 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2043  | 7190 | 6618 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2043  | 5078 | 4676 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2045  | 21761 | 19836 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2045  | 13168 | 12002 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2045  | 6601 | 5984 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2046  | 41782 | 37907 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2047  | 7466 | 6755 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2048  | 127010 | 114715 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2051  | 2279749 | 2051939 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2027  | 2277 | 2261 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2027  | 2057 | 2042 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2029  | 8085 | 7977 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2029  | 6376 | 6289 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2029  | 3630 | 3581 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2029  | 3547 | 3497 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2030  | 3787 | 3726 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2030  | 3726 | 3665 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2030  | 3208 | 3157 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2032  | 39184 | 38287 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2032  | 5609 | 5480 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2034  | 104296 | 102557 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2039  | 80683 | 76125 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2043  | 233286 | 214711 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2043  | 34627 | 31870 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2043  | 34252 | 31564 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2043  | 30470 | 28046 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2043  | 24820 | 22818 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2043  | 24110 | 22209 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2043  | 23750 | 21850 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2043  | 20293 | 18685 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2043  | 14751 | 13561 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2043  | 11495 | 10609 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2043  | 7831 | 7237 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2043  | 7428 | 6853 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2043  | 6877 | 6326 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2043  | 6709 | 6167 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2043  | 3914 | 3600 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2043  | 2797 | 2577 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2043  | 2378 | 2176 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2045  | 8035 | 7370 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2045  | 7190 | 6599 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2046  | 7168 | 6503 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2046  | 4815 | 4368 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2047  | 30038 | 27214 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2047  | 24649 | 22332 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2047  | 15858 | 14348 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2050  | 38968 | 34915 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2051  | 664434 | 596585 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2026  | 509 | 507 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2027  | 619 | 614 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2029  | 9737 | 9607 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2029  | 9354 | 9222 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2029  | 3329 | 3281 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2029  | 3133 | 3091 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2029  | 2708 | 2667 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2029  | 2575 | 2538 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2029  | 2419 | 2383 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2029  | 316 | 312 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2030  | 1909 | 1877 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2031  | 4958 | 4856 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2032  | 225921 | 220628 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2032  | 9322 | 9125 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2032  | 6111 | 5961 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2039  | 9571 | 9030 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2043  | 71952 | 66418 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2043  | 30545 | 28072 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2043  | 14892 | 13706 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2043  | 13533 | 12471 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2043  | 12556 | 11547 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2043  | 9292 | 8546 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2043  | 8362 | 7693 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2043  | 8231 | 7569 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2043  | 7662 | 7031 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2045  | 309605 | 281762 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2045  | 33889 | 30897 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2045  | 14075 | 12818 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2045  | 5178 | 4700 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2046  | 9968 | 9088 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2046  | 8533 | 7742 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2046  | 7732 | 7015 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2046  | 4914 | 4458 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2049  | 1057714 | 951028 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2050  | 127351 | 114108 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2050  | 92565 | 82940 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2027  | 629 | 624 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2027  | 461 | 457 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2027  | 409 | 406 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2027  | 405 | 402 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2027  | 331 | 328 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2030  | 11322 | 11131 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2030  | 1968 | 1934 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2030  | 1884 | 1852 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2030  | 1128 | 1109 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2032  | 33427 | 32644 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2032  | 22125 | 21740 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2032  | 14170 | 13842 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2032  | 6872 | 6695 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2032  | 5476 | 5335 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2032  | 3322 | 3239 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2032  | 3304 | 3225 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2032  | 2085 | 2033 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2035  | 227487 | 222855 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2043  | 127107 | 117074 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2043  | 99789 | 91802 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2043  | 16673 | 15362 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2043  | 10040 | 9236 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2046  | 632107 | 575658 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2046  | 118059 | 107110 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2046  | 11533 | 10464 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2046  | 8825 | 8007 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2046  | 6201 | 5626 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2046  | 4998 | 4534 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2047  | 58478 | 52817 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2047  | 12521 | 11309 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2048  | 19264 | 17453 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2050  | 70579 | 63196 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2051  | 49057 | 43803 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2034  | 16467 | 16239 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2035  | 54609 | 53696 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2042  | 1466 | 1397 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2043  | 148666 | 142025 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2043  | 28552 | 27257 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2043  | 25118 | 23934 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2043  | 10583 | 10090 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2043  | 9929 | 9473 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2043  | 3441 | 3279 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2043  | 3399 | 3232 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2044  | 11181 | 10686 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2045  | 144355 | 136771 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2045  | 123844 | 117142 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2045  | 7655 | 7242 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2045  | 5733 | 5449 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2045  | 5504 | 5207 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2045  | 4185 | 3950 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2045  | 3584 | 3389 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2046  | 34449 | 32453 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2046  | 16354 | 15406 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2046  | 13275 | 12506 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2046  | 7460 | 7028 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2047  | 219449 | 206459 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2047  | 193753 | 182283 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2047  | 76543 | 72011 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2047  | 42202 | 39704 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2047  | 27842 | 26168 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2047  | 25823 | 24294 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2047  | 22466 | 21136 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2047  | 6309 | 5936 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2048  | 279186 | 263968 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2052  | 74954 | 69698 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2052  | 71998 | 67219 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2033  | 2305 | 2275 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2042  | 72271 | 69014 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2042  | 34987 | 33468 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2042  | 21050 | 20101 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2042  | 19968 | 19045 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2042  | 14835 | 14105 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2042  | 3763 | 3596 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2042  | 2866 | 2726 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2043  | 5047 | 4797 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2045  | 122790 | 115903 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2045  | 67392 | 63578 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2045  | 17908 | 16892 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2045  | 7778 | 7448 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2046  | 249308 | 234549 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2046  | 24407 | 22963 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2047  | 258041 | 244056 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2048  | 9754 | 9165 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2049  | 371159 | 349535 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2050  | 2235287 | 2086200 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2041  | 30177 | 28840 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2042  | 10852 | 10334 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2042  | 7832 | 7471 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2042  | 6451 | 6154 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2042  | 5617 | 5367 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2042  | 2231 | 2129 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2043  | 23623 | 22550 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2043  | 19759 | 18884 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2045  | 493797 | 465618 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2045  | 107406 | 101356 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2045  | 3988 | 3751 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2046  | 10830 | 10188 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2051  | 343195 | 319340 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2034  | 10990 | 10806 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2041  | 221431 | 212106 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2041  | 90658 | 86765 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2042  | 38252 | 36563 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2042  | 21214 | 20165 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2042  | 10010 | 9576 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2042  | 9531 | 9068 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2042  | 8684 | 8260 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2042  | 5732 | 5444 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2042  | 4002 | 3813 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2042  | 2681 | 2549 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2042  | 1907 | 1833 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2042  | 821 | 792 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2045  | 64952 | 61277 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2045  | 11404 | 10750 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2045  | 6707 | 6326 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2046  | 69328 | 66147 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2034  | 8080 | 7968 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2035  | 67002 | 65987 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2042  | 15534 | 14841 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2043  | 28771 | 27393 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2043  | 27897 | 26644 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2043  | 16128 | 15362 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2043  | 9998 | 9481 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2045  | 59446 | 56190 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2045  | 7187 | 6791 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2045  | 6177 | 5833 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2045  | 5894 | 5575 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2046  | 36186 | 34089 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2047  | 17916 | 16855 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2052  | 148194 | 137940 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 3/1/2031  | 2193 | 2174 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 3/1/2034  | 5122 | 5051 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 3/1/2043  | 25117 | 23922 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 3/1/2045  | 12703 | 11992 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 3/1/2046  | 836252 | 797899 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 3/1/2046  | 108980 | 104040 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 3/1/2052  | 209921 | 195067 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2034  | 9848 | 9699 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2034  | 4848 | 4780 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2039  | 9926 | 9648 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2042  | 89845 | 85842 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2042  | 34763 | 33224 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2042  | 20568 | 19623 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2042  | 8119 | 7771 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2042  | 5929 | 5677 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2046  | 146670 | 138171 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2046  | 124652 | 117429 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2046  | 79276 | 74682 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2028  | 1415 | 1408 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2039  | 13326 | 12933 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2042  | 75389 | 72160 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2042  | 62190 | 59468 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2042  | 12133 | 11615 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2042  | 8260 | 7870 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2042  | 2361 | 2285 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2046  | 44741 | 42148 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2046  | 19148 | 18038 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2034  | 2762 | 2721 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2035  | 64560 | 63663 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2041  | 42621 | 41046 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2042  | 6519 | 6230 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2043  | 46706 | 44412 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2044  | 4397 | 4208 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2045  | 82881 | 78219 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2045  | 13328 | 12601 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2045  | 11208 | 10592 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2045  | 3100 | 2926 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2049  | 216437 | 203625 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2039  | 11773 | 11426 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2042  | 34132 | 32684 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2042  | 17387 | 16644 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2042  | 9453 | 9052 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2042  | 9443 | 9031 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2042  | 9052 | 8652 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2042  | 7539 | 7181 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2042  | 7287 | 7021 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2042  | 6012 | 5747 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2042  | 5882 | 5663 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2042  | 5746 | 5486 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2042  | 2123 | 2030 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2046  | 37200 | 34998 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2046  | 24247 | 22812 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2046  | 24112 | 22685 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2046  | 21870 | 20575 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2047  | 1373378 | 1310342 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2047  | 729774 | 697052 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2052  | 401507 | 375480 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2033  | 9939 | 9813 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2034  | 12017 | 11850 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2037  | 8463 | 8274 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2039  | 5345 | 5187 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2042  | 141510 | 135255 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2042  | 78419 | 74953 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2042  | 14057 | 13416 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2042  | 4965 | 4750 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2042  | 3544 | 3372 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2042  | 1967 | 1892 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2042  | 1455 | 1387 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2043  | 405863 | 387473 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2043  | 34221 | 32731 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2045  | 30403 | 28715 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2046  | 37792 | 35555 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2046  | 36707 | 34534 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2050  | 1104527 | 1036726 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2039  | 29123 | 28264 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2042  | 64081 | 61289 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2042  | 51302 | 49024 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2042  | 20436 | 19635 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2042  | 14265 | 13625 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2042  | 12983 | 12398 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2042  | 9775 | 9360 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2042  | 8975 | 8550 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2042  | 7675 | 7329 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2042  | 7634 | 7269 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2042  | 7306 | 6971 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2042  | 2488 | 2386 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2042  | 1399 | 1353 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2042  | 1227 | 1167 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2045  | 2912 | 2745 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2046  | 21722 | 20436 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2047  | 167605 | 158521 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2033  | 9966 | 9968 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2041  | 3358 | 3292 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2042  | 21753 | 21213 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2049  | 24317 | 23391 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2049  | 18241 | 17546 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2049  | 2456 | 2362 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2050  | 15371 | 14761 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2050  | 7510 | 7212 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2051  | 15913 | 15144 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2052  | 53467 | 51129 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2052  | 24833 | 23979 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2033  | 7067 | 7101 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2034  | 24257 | 24328 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2038  | 45369 | 44760 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2040  | 4326 | 4250 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2040  | 3298 | 3234 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2041  | 60836 | 59535 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2041  | 16785 | 16442 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2041  | 2999 | 2923 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2043  | 34204 | 33439 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2046  | 120295 | 117063 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2047  | 290434 | 280271 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2047  | 27784 | 26811 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2048  | 185995 | 178964 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2049  | 32877 | 31593 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2050  | 1121382 | 1080742 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2033  | 10732 | 10783 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2039  | 2332 | 2299 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 399051 | 391083 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2041  | 62557 | 61222 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2041  | 6599 | 6454 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2049  | 15938 | 15316 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2051  | 33134 | 31995 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2041  | 7761 | 7573 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2041  | 3503 | 3424 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2044  | 13032 | 12655 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2049  | 25789 | 24854 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2049  | 19088 | 18330 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2049  | 10446 | 10032 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2050  | 25188 | 24141 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2051  | 19643 | 18968 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2033  | 27438 | 27444 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2042  | 31014 | 30342 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2042  | 2384 | 2348 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2042  | 2133 | 2091 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2046  | 18855 | 18295 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2046  | 4867 | 4739 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2047  | 316713 | 307907 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2047  | 11790 | 11392 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2049  | 450882 | 433696 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2049  | 58907 | 56661 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2049  | 29462 | 28339 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2049  | 4677 | 4499 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2050  | 113667 | 109725 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2050  | 11060 | 10621 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2050  | 9715 | 9330 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2050  | 6881 | 6608 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2051  | 12063 | 11573 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2052  | 17208 | 16611 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2032  | 16867 | 16873 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2042  | 9822 | 9582 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2042  | 6282 | 6148 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2042  | 5657 | 5520 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2045  | 197133 | 191545 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2047  | 32589 | 31490 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2049  | 497527 | 478718 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2049  | 22834 | 21964 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2049  | 4201 | 4041 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2050  | 120380 | 115678 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2050  | 68569 | 65805 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2050  | 7727 | 7433 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2050  | 5734 | 5506 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2051  | 16247 | 15623 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2042  | 51078 | 49962 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2042  | 14024 | 13719 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2042  | 7404 | 7243 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2042  | 5989 | 5844 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2044  | 32152 | 31289 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2047  | 57142 | 55160 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2047  | 44436 | 42895 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2047  | 19336 | 18666 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2048  | 78003 | 75639 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2048  | 22101 | 21301 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2048  | 18849 | 18249 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2048  | 17901 | 17331 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2049  | 379689 | 365217 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2049  | 126464 | 121241 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2049  | 44991 | 43276 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2050  | 9021 | 8657 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2046  | 33078 | 32200 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2047  | 80953 | 78500 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2047  | 26209 | 25278 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2048  | 192774 | 186631 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2048  | 117049 | 113099 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2048  | 31139 | 30147 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2048  | 20174 | 19494 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2048  | 15130 | 14582 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2048  | 11073 | 10672 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2049  | 10091 | 9709 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2049  | 5538 | 5307 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2049  | 5243 | 5041 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2049  | 2492 | 2397 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2050  | 53098 | 51074 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2050  | 18722 | 17962 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2050  | 17661 | 16944 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2034  | 15704 | 15779 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2041  | 9262 | 9073 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2047  | 20542 | 19874 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2048  | 96487 | 92990 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2048  | 36069 | 34705 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2048  | 11269 | 10878 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2048  | 7436 | 7092 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2048  | 4830 | 4607 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2049  | 82270 | 79109 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2049  | 6497 | 6247 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2050  | 37559 | 36034 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2052  | 478245 | 458223 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2052  | 460426 | 441150 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2030  | 2828 | 2819 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2046  | 109514 | 106572 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2046  | 7002 | 6807 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2047  | 44315 | 42972 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2048  | 60823 | 58524 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2048  | 41336 | 39774 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2049  | 56530 | 54357 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2049  | 12802 | 12314 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2049  | 6469 | 6221 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2041  | 998 | 976 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2041  | 503 | 492 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2044  | 8969 | 8717 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2046  | 33740 | 32834 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2047  | 95768 | 92447 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2048  | 19643 | 18901 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2049  | 59889 | 57588 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2049  | 28133 | 27051 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2049  | 15108 | 14528 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2050  | 44925 | 43142 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2051  | 20908 | 20041 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2039  | 1985 | 1954 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2041  | 33865 | 33165 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2041  | 4627 | 4513 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2041  | 1368 | 1337 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2041  | 662 | 651 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2044  | 62397 | 60574 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2046  | 131495 | 127963 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2046  | 4042 | 3930 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2048  | 725492 | 699199 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2049  | 451840 | 434476 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2049  | 33580 | 32289 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2049  | 3511 | 3376 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2050  | 95997 | 92338 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2051  | 25335 | 24472 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2051  | 9351 | 9032 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2052  | 41342 | 39882 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2053  | 4855724 | 4661539 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2041  | 5232 | 5237 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2041  | 1034 | 1034 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2042  | 1251 | 1251 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2043  | 119355 | 119431 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2044  | 5696 | 5685 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2044  | 5511 | 5503 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2044  | 4623 | 4615 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2044  | 2900 | 2893 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2045  | 11846 | 11873 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2047  | 44403 | 44241 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2047  | 3745 | 3737 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2048  | 10939 | 10875 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2048  | 514 | 511 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2049  | 19863 | 19704 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2050  | 197726 | 196264 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2050  | 11643 | 11524 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2050  | 3987 | 3947 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2039  | 52322 | 52430 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2039  | 6676 | 6700 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2040  | 2658 | 2663 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2043  | 7468 | 7451 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2044  | 4693 | 4703 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2044  | 3729 | 3738 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2044  | 3372 | 3379 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2044  | 2588 | 2594 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2045  | 63973 | 64034 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2046  | 5744 | 5732 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2046  | 3235 | 3229 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2047  | 12776 | 12701 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2047  | 6803 | 6764 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2047  | 5856 | 5822 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2047  | 1668 | 1658 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2048  | 102666 | 101907 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2048  | 45705 | 45367 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2048  | 16855 | 16731 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2049  | 20833 | 20627 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2050  | 10040 | 9922 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2040  | 35811 | 35846 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2040  | 14342 | 14356 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2041  | 3443 | 3449 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2042  | 24629 | 24653 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2043  | 10893 | 10871 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2043  | 1742 | 1737 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2044  | 25010 | 25068 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2044  | 3329 | 3337 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2044  | 3201 | 3209 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2044  | 2409 | 2414 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2044  | 1788 | 1792 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2045  | 6533 | 6537 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2046  | 23951 | 23864 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2047  | 18642 | 18533 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2048  | 42716 | 42400 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2048  | 32032 | 31795 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2048  | 15068 | 14971 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2048  | 5500 | 5460 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2048  | 1988 | 1969 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2049  | 32010 | 31683 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2038  | 2681 | 2693 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2039  | 22713 | 22760 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2040  | 79682 | 79745 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2043  | 28761 | 28719 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2043  | 1051 | 1050 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2044  | 12395 | 12423 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2044  | 9290 | 9311 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2044  | 3282 | 3290 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2044  | 2893 | 2902 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2044  | 2703 | 2710 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2044  | 627 | 629 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2045  | 6096 | 6092 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2046  | 5662 | 5641 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2046  | 5605 | 5585 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2048  | 179602 | 179060 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2048  | 34382 | 34106 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2048  | 13557 | 13449 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2048  | 8699 | 8629 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2048  | 8368 | 8301 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2048  | 1802 | 1795 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2048  | 1323 | 1312 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2050  | 11158 | 11044 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2040  | 2024 | 2027 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2041  | 8092 | 8105 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2041  | 1485 | 1485 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2044  | 16240 | 16208 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2044  | 6781 | 6759 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2044  | 5289 | 5272 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2044  | 3264 | 3256 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2045  | 3224 | 3230 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2045  | 957 | 964 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2047  | 231440 | 230832 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2047  | 16513 | 16453 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2047  | 14242 | 14190 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2047  | 6167 | 6145 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2047  | 1873 | 1867 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2048  | 9695 | 9633 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2049  | 170314 | 168948 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2049  | 14261 | 14147 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2049  | 8670 | 8592 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2049  | 4585 | 4548 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2049  | 3326 | 3299 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2049  | 3245 | 3219 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2049  | 3130 | 3086 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2050  | 108954 | 107773 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2041  | 11839 | 11845 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2041  | 2070 | 2072 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2041  | 1453 | 1454 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2041  | 1369 | 1370 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2041  | 1261 | 1265 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2044  | 5915 | 5902 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2044  | 4957 | 4946 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2044  | 4144 | 4133 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2044  | 3191 | 3183 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2044  | 3126 | 3120 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2044  | 1212 | 1212 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2046  | 36515 | 36440 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2046  | 4254 | 4252 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2047  | 17879 | 17814 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2048  | 18096 | 17979 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2049  | 27120 | 26903 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2049  | 12352 | 12241 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2049  | 5545 | 5495 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2050  | 7763 | 7674 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2035  | 82 | 82 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2039  | 268460 | 269698 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2039  | 46403 | 46619 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2041  | 47964 | 47982 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2041  | 10731 | 10729 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2041  | 1979 | 1981 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2044  | 21077 | 21027 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2044  | 9784 | 9773 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2044  | 8565 | 8546 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2044  | 5116 | 5113 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2044  | 2737 | 2730 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2044  | 2099 | 2095 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2045  | 6527 | 6538 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2047  | 9719 | 9672 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2048  | 10677 | 10608 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2049  | 10424 | 10341 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2049  | 6303 | 6246 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2050  | 43357 | 42860 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2050  | 4367 | 4317 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2035  | 124 | 125 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2039  | 2204 | 2210 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2040  | 2772 | 2778 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2044  | 17001 | 16957 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2044  | 5174 | 5161 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2044  | 4323 | 4314 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2044  | 2695 | 2686 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2044  | 2204 | 2199 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2045  | 3214 | 3220 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2046  | 2100 | 2099 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2047  | 5788 | 5759 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2049  | 13889 | 13752 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2049  | 9716 | 9619 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2042  | 2360 | 2358 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2044  | 11620 | 11592 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2045  | 3986 | 3976 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2047  | 74327 | 74033 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2047  | 13283 | 13218 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2047  | 5392 | 5365 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2047  | 2146 | 2135 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2048  | 2018 | 2005 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2048  | 1266 | 1249 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2049  | 145553 | 144386 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2049  | 6524 | 6459 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2049  | 2927 | 2898 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2050  | 34563 | 34167 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2038  | 10331 | 10347 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2039  | 59781 | 59897 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2039  | 23569 | 23612 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2039  | 1662 | 1666 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2041  | 3521 | 3526 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2045  | 2562 | 2566 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2047  | 58575 | 58343 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2047  | 13109 | 13045 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2047  | 7559 | 7522 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2047  | 3289 | 3273 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2048  | 12520 | 12427 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2049  | 20877 | 20670 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2027  | 96 | 96 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2033  | 11096 | 11146 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2033  | 4977 | 5000 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2033  | 1680 | 1688 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2037  | 1535 | 1541 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2039  | 22547 | 22587 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2039  | 20485 | 20517 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2039  | 2094 | 2101 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2039  | 1710 | 1713 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2039  | 1513 | 1516 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2039  | 777 | 779 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2040  | 3635 | 3641 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2041  | 11014 | 11024 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2041  | 5364 | 5368 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2041  | 2281 | 2282 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2041  | 2172 | 2173 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2041  | 1560 | 1561 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2041  | 1447 | 1448 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2044  | 10662 | 10638 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2044  | 6319 | 6297 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2044  | 4652 | 4637 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2044  | 4559 | 4546 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2044  | 4298 | 4287 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2044  | 2416 | 2409 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2046  | 89824 | 89625 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2046  | 37054 | 36977 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2048  | 24685 | 24502 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2049  | 206586 | 204929 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2049  | 130230 | 128941 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2049  | 4231 | 4194 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2050  | 11463 | 11332 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2029  | 283 | 284 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2033  | 12054 | 12109 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2033  | 5537 | 5563 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2033  | 4418 | 4438 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2033  | 2142 | 2152 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2035  | 27034 | 27155 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2039  | 37560 | 37640 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2040  | 19652 | 19674 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2041  | 30109 | 30112 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2043  | 3965 | 3964 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2043  | 2577 | 2573 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2044  | 13748 | 13780 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2046  | 2870 | 2864 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2047  | 3610 | 3589 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2047  | 1560 | 1551 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2048  | 47310 | 46960 |
| Fannie Mae Mortgage pass-thru certificates 5% 1/1/2037  | 712 | 725 |
| Fannie Mae Mortgage pass-thru certificates 5% 1/1/2038  | 1055 | 1075 |
| Fannie Mae Mortgage pass-thru certificates 5% 1/1/2040  | 1193 | 1216 |
| Fannie Mae Mortgage pass-thru certificates 5% 1/1/2041  | 2342 | 2388 |
| Fannie Mae Mortgage pass-thru certificates 5% 1/1/2044  | 4121 | 4198 |
| Fannie Mae Mortgage pass-thru certificates 5% 1/1/2044  | 3705 | 3774 |
| Fannie Mae Mortgage pass-thru certificates 5% 1/1/2044  | 2218 | 2260 |
| Fannie Mae Mortgage pass-thru certificates 5% 1/1/2049  | 19178 | 19521 |
| Fannie Mae Mortgage pass-thru certificates 5% 1/1/2049  | 7321 | 7452 |
| Fannie Mae Mortgage pass-thru certificates 5% 1/1/2051  | 222953 | 226798 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2035  | 16456 | 16749 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2040  | 1828365 | 1852261 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2041  | 64336 | 65609 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2041  | 10296 | 10500 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2043  | 2364 | 2409 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2044  | 3889 | 3986 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2045  | 12644 | 12894 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2048  | 118123 | 120812 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2048  | 8274 | 8274 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2049  | 45224 | 46004 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2050  | 20921 | 21282 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2052  | 895894 | 905465 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2052  | 884484 | 892828 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2033  | 25786 | 26222 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2034  | 7706 | 7843 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2035  | 2814 | 2868 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2039  | 8915 | 9088 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2039  | 395 | 402 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2040  | 782275 | 792499 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2040  | 4303 | 4387 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2043  | 12039 | 12265 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2044  | 8636 | 8807 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2044  | 993 | 1018 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2048  | 9034 | 9207 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2049  | 19396 | 19694 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2052  | 512911 | 518391 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2052  | 320493 | 323517 |
| Fannie Mae Mortgage pass-thru certificates 5% 12/1/2029  | 1393 | 1409 |
| Fannie Mae Mortgage pass-thru certificates 5% 12/1/2039  | 2132 | 2174 |
| Fannie Mae Mortgage pass-thru certificates 5% 12/1/2039  | 943 | 962 |
| Fannie Mae Mortgage pass-thru certificates 5% 12/1/2043  | 6698 | 6828 |
| Fannie Mae Mortgage pass-thru certificates 5% 12/1/2043  | 3605 | 3674 |
| Fannie Mae Mortgage pass-thru certificates 5% 12/1/2048  | 40299 | 41019 |
| Fannie Mae Mortgage pass-thru certificates 5% 12/1/2048  | 30511 | 31056 |
| Fannie Mae Mortgage pass-thru certificates 5% 12/1/2048  | 9375 | 9542 |
| Fannie Mae Mortgage pass-thru certificates 5% 12/1/2048  | 5544 | 5643 |
| Fannie Mae Mortgage pass-thru certificates 5% 12/1/2048  | 4911 | 4911 |
| Fannie Mae Mortgage pass-thru certificates 5% 12/1/2049  | 55169 | 56120 |
| Fannie Mae Mortgage pass-thru certificates 5% 12/1/2049  | 17954 | 18230 |
| Fannie Mae Mortgage pass-thru certificates 5% 12/1/2049  | 12585 | 12810 |
| Fannie Mae Mortgage pass-thru certificates 5% 12/1/2050  | 10495 | 10489 |
| Fannie Mae Mortgage pass-thru certificates 5% 12/1/2052  | 366899 | 370819 |
| Fannie Mae Mortgage pass-thru certificates 5% 2/1/2035  | 4734 | 4816 |
| Fannie Mae Mortgage pass-thru certificates 5% 2/1/2037  | 24121 | 24557 |
| Fannie Mae Mortgage pass-thru certificates 5% 2/1/2041  | 154 | 157 |
| Fannie Mae Mortgage pass-thru certificates 5% 2/1/2047  | 2118 | 2163 |
| Fannie Mae Mortgage pass-thru certificates 5% 2/1/2049  | 77420 | 78901 |
| Fannie Mae Mortgage pass-thru certificates 5% 2/1/2049  | 19987 | 20344 |
| Fannie Mae Mortgage pass-thru certificates 5% 3/1/2030  | 2925 | 2961 |
| Fannie Mae Mortgage pass-thru certificates 5% 3/1/2033  | 2300 | 2336 |
| Fannie Mae Mortgage pass-thru certificates 5% 3/1/2038  | 1543 | 1572 |
| Fannie Mae Mortgage pass-thru certificates 5% 3/1/2038  | 882 | 899 |
| Fannie Mae Mortgage pass-thru certificates 5% 3/1/2040  | 1501 | 1531 |
| Fannie Mae Mortgage pass-thru certificates 5% 3/1/2041  | 3858 | 3934 |
| Fannie Mae Mortgage pass-thru certificates 5% 3/1/2042  | 2728 | 2780 |
| Fannie Mae Mortgage pass-thru certificates 5% 3/1/2044  | 3944 | 4019 |
| Fannie Mae Mortgage pass-thru certificates 5% 3/1/2044  | 2341 | 2385 |
| Fannie Mae Mortgage pass-thru certificates 5% 3/1/2044  | 1699 | 1730 |
| Fannie Mae Mortgage pass-thru certificates 5% 3/1/2049  | 33170 | 33763 |
| Fannie Mae Mortgage pass-thru certificates 5% 3/1/2049  | 3277 | 3335 |
| Fannie Mae Mortgage pass-thru certificates 5% 3/1/2050  | 7952 | 8090 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2035  | 16233 | 16532 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2035  | 4672 | 4759 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2035  | 1838 | 1872 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2038  | 1765 | 1799 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2040  | 15069 | 15366 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2040  | 4255 | 4339 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2040  | 422 | 430 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2041  | 17292 | 17634 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2041  | 8395 | 8561 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2041  | 8304 | 8467 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2041  | 5456 | 5564 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2041  | 4924 | 5022 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2041  | 4667 | 4759 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2041  | 1455 | 1483 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2042  | 69396 | 70770 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2047  | 4370 | 4461 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2048  | 26557 | 26966 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2049  | 4721 | 4805 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2049  | 2611 | 2658 |
| Fannie Mae Mortgage pass-thru certificates 5% 5/1/2030  | 342 | 346 |
| Fannie Mae Mortgage pass-thru certificates 5% 5/1/2036  | 1143 | 1165 |
| Fannie Mae Mortgage pass-thru certificates 5% 5/1/2038  | 471 | 480 |
| Fannie Mae Mortgage pass-thru certificates 5% 5/1/2039  | 438 | 446 |
| Fannie Mae Mortgage pass-thru certificates 5% 5/1/2040  | 1158 | 1181 |
| Fannie Mae Mortgage pass-thru certificates 5% 5/1/2041  | 8577 | 8747 |
| Fannie Mae Mortgage pass-thru certificates 5% 5/1/2041  | 2223 | 2267 |
| Fannie Mae Mortgage pass-thru certificates 5% 5/1/2044  | 3573 | 3642 |
| Fannie Mae Mortgage pass-thru certificates 5% 5/1/2047  | 2261 | 2308 |
| Fannie Mae Mortgage pass-thru certificates 5% 5/1/2048  | 26105 | 26335 |
| Fannie Mae Mortgage pass-thru certificates 5% 5/1/2048  | 10232 | 10447 |
| Fannie Mae Mortgage pass-thru certificates 5% 5/1/2048  | 9240 | 9423 |
| Fannie Mae Mortgage pass-thru certificates 5% 5/1/2049  | 61604 | 62705 |
| Fannie Mae Mortgage pass-thru certificates 5% 5/1/2050  | 17703 | 17976 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2035  | 1305 | 1329 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2035  | 409 | 417 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2036  | 512 | 522 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2038  | 333 | 339 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2039  | 30267 | 30790 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2039  | 1507 | 1536 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2040  | 2590 | 2641 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2041  | 15333 | 15636 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2041  | 5098 | 5198 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2041  | 4711 | 4804 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2048  | 24494 | 24495 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2048  | 13874 | 14148 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2048  | 2103 | 2144 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2049  | 12409 | 12623 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2030  | 2220 | 2250 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2034  | 48740 | 49601 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2034  | 1729 | 1760 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2035  | 33120 | 33703 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2035  | 19502 | 19854 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2037  | 1513 | 1539 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2039  | 1484 | 1514 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2040  | 399019 | 404234 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2041  | 5507 | 5616 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2041  | 3120 | 3182 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2044  | 2840 | 2896 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2047  | 4463 | 4556 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2047  | 2650 | 2706 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2048  | 25834 | 26328 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2048  | 3379 | 3444 |
| Fannie Mae Mortgage pass-thru certificates 5% 8/1/2030  | 785 | 796 |
| Fannie Mae Mortgage pass-thru certificates 5% 8/1/2033  | 4623 | 4700 |
| Fannie Mae Mortgage pass-thru certificates 5% 8/1/2039  | 1838 | 1874 |
| Fannie Mae Mortgage pass-thru certificates 5% 8/1/2041  | 3266 | 3330 |
| Fannie Mae Mortgage pass-thru certificates 5% 8/1/2041  | 2408 | 2456 |
| Fannie Mae Mortgage pass-thru certificates 5% 8/1/2043  | 4860 | 4953 |
| Fannie Mae Mortgage pass-thru certificates 5% 8/1/2044  | 4356 | 4437 |
| Fannie Mae Mortgage pass-thru certificates 5% 8/1/2047  | 14073 | 14360 |
| Fannie Mae Mortgage pass-thru certificates 5% 8/1/2048  | 147967 | 150796 |
| Fannie Mae Mortgage pass-thru certificates 5% 8/1/2048  | 17561 | 17896 |
| Fannie Mae Mortgage pass-thru certificates 5% 8/1/2048  | 5162 | 5260 |
| Fannie Mae Mortgage pass-thru certificates 5% 8/1/2049  | 34051 | 34659 |
| Fannie Mae Mortgage pass-thru certificates 5% 9/1/2035  | 3038 | 3090 |
| Fannie Mae Mortgage pass-thru certificates 5% 9/1/2041  | 2488 | 2537 |
| Fannie Mae Mortgage pass-thru certificates 5% 9/1/2041  | 2096 | 2138 |
| Fannie Mae Mortgage pass-thru certificates 5% 9/1/2043  | 27511 | 28035 |
| Fannie Mae Mortgage pass-thru certificates 5% 9/1/2048  | 15468 | 15763 |
| Fannie Mae Mortgage pass-thru certificates 5% 9/1/2048  | 13595 | 13855 |
| Fannie Mae Mortgage pass-thru certificates 5% 9/1/2048  | 2933 | 2989 |
| Fannie Mae Mortgage pass-thru certificates 5% 9/1/2049  | 14678 | 14959 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2034  | 108 | 111 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2037  | 1016 | 1054 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2037  | 611 | 634 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2037  | 470 | 487 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2038  | 1217 | 1263 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2038  | 1133 | 1177 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2038  | 619 | 643 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2038  | 390 | 406 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2039  | 530 | 549 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2039  | 399 | 415 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2040  | 6399 | 6654 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2041  | 11360 | 11808 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2049  | 30110 | 31293 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2049  | 18552 | 19333 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2049  | 11788 | 12284 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2055  | 794361 | 805691 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 10/1/2035  | 505 | 525 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 10/1/2035  | 337 | 349 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 10/1/2036  | 241 | 249 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 10/1/2037  | 2271 | 2358 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 11/1/2033  | 1253 | 1294 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 11/1/2033  | 315 | 325 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 11/1/2035  | 176 | 182 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 11/1/2036  | 24496 | 25397 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 11/1/2036  | 14763 | 15298 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 11/1/2036  | 6702 | 6944 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 11/1/2036  | 805 | 835 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 11/1/2036  | 314 | 325 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 11/1/2038  | 15222 | 15773 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 11/1/2039  | 1379 | 1434 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 11/1/2054  | 644468 | 656077 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2034  | 290 | 300 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2035  | 8346 | 8649 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2035  | 5401 | 5597 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2035  | 1788 | 1854 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2035  | 324 | 336 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2036  | 11920 | 12378 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2037  | 2056 | 2135 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2037  | 675 | 700 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2038  | 769 | 799 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2038  | 180 | 187 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2039  | 5455 | 5675 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2039  | 5039 | 5243 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2039  | 4309 | 4481 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2041  | 2311 | 2406 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2048  | 11011 | 11495 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2048  | 3198 | 3336 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2054  | 68157 | 69129 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2033  | 454 | 469 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2034  | 16609 | 17175 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2034  | 524 | 542 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2035  | 6738 | 6970 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2035  | 4002 | 4140 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2035  | 2280 | 2363 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2035  | 1812 | 1877 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2037  | 5785 | 5996 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2037  | 1079 | 1119 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2037  | 947 | 981 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2038  | 4310 | 4476 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2038  | 3702 | 3837 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2038  | 960 | 992 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2038  | 763 | 791 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2039  | 21081 | 21838 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2041  | 1202 | 1251 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2042  | 10737 | 11139 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2042  | 10145 | 10560 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2042  | 3127 | 3243 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2049  | 17329 | 18026 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 3/1/2035  | 774 | 802 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 3/1/2036  | 714 | 740 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 3/1/2038  | 26733 | 27723 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 3/1/2038  | 851 | 884 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 3/1/2038  | 714 | 742 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 3/1/2039  | 3074 | 3190 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 3/1/2040  | 7401 | 7662 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 4/1/2033  | 130 | 134 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 4/1/2034  | 11866 | 12282 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 4/1/2034  | 574 | 594 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 4/1/2036  | 1585 | 1644 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 4/1/2038  | 649 | 674 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 4/1/2039  | 9000 | 9348 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 4/1/2040  | 3288 | 3421 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2033  | 4122 | 4256 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2033  | 1806 | 1864 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2034  | 3382 | 3497 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2034  | 812 | 838 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2035  | 33401 | 34573 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2036  | 1862 | 1932 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2037  | 2952 | 3060 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2038  | 5246 | 5446 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2038  | 2495 | 2590 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2038  | 829 | 861 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2038  | 804 | 835 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2038  | 517 | 537 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2038  | 252 | 262 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2039  | 4701 | 4880 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2040  | 24239 | 25174 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2040  | 9108 | 9480 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2044  | 53478 | 55365 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2049  | 10016 | 10419 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2053  | 959437 | 984814 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2054  | 89513 | 91005 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2027  | 913 | 926 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2033  | 4707 | 4859 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2033  | 4377 | 4519 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2033  | 1748 | 1800 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2036  | 134 | 139 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2037  | 2081 | 2160 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2038  | 6786 | 7040 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2038  | 1796 | 1863 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2038  | 1623 | 1685 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2038  | 319 | 332 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2040  | 4284 | 4457 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2040  | 1136 | 1180 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2041  | 2339 | 2430 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2041  | 2222 | 2312 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2049  | 2955 | 3066 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2053  | 144322 | 148681 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2033  | 2172 | 2245 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2033  | 1074 | 1109 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2033  | 801 | 827 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2033  | 583 | 602 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2034  | 33705 | 34902 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2035  | 11225 | 11626 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2036  | 3058 | 3163 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2037  | 707 | 733 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2037  | 482 | 500 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2038  | 337 | 350 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2039  | 1684 | 1747 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2039  | 1122 | 1168 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2041  | 2481 | 2582 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2054  | 731865 | 750766 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2055  | 997974 | 1012208 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2029  | 1825 | 1862 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2037  | 3112 | 3227 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2037  | 572 | 592 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2037  | 558 | 577 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2037  | 493 | 510 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2039  | 4467 | 4645 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2039  | 376 | 391 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2040  | 2178 | 2263 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2053  | 494465 | 509244 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 9/1/2034  | 864 | 895 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 9/1/2036  | 8771 | 9063 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 9/1/2037  | 4866 | 5046 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 9/1/2037  | 1656 | 1720 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 9/1/2037  | 753 | 781 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 9/1/2038  | 771 | 800 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 9/1/2039  | 18725 | 19474 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 9/1/2040  | 6280 | 6523 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 9/1/2041  | 40094 | 41471 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 9/1/2041  | 13445 | 13954 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 9/1/2041  | 2560 | 2657 |
| Fannie Mae Mortgage pass-thru certificates 6 month FTSE USD IBOR Consumer Fallbacks + 1.313%, 5.563% 5/1/2034 (c)(d) | 2271 | 2295 |
| Fannie Mae Mortgage pass-thru certificates 6 month FTSE USD IBOR Consumer Fallbacks + 1.42%, 5.998% 9/1/2033 (c)(d) | 5727 | 5777 |
| Fannie Mae Mortgage pass-thru certificates 6 month FTSE USD IBOR Consumer Fallbacks + 1.55%, 6.187% 10/1/2033 (c)(d) | 226 | 230 |
| Fannie Mae Mortgage pass-thru certificates 6 month FTSE USD IBOR Consumer Fallbacks + 1.565%, 6.206% 7/1/2035 (c)(d) | 317 | 323 |
| Fannie Mae Mortgage pass-thru certificates 6% 1/1/2038  | 13497 | 14239 |
| Fannie Mae Mortgage pass-thru certificates 6% 1/1/2040  | 13653 | 14426 |
| Fannie Mae Mortgage pass-thru certificates 6% 1/1/2040  | 1208 | 1276 |
| Fannie Mae Mortgage pass-thru certificates 6% 1/1/2042  | 1317 | 1392 |
| Fannie Mae Mortgage pass-thru certificates 6% 10/1/2033  | 16295 | 16970 |
| Fannie Mae Mortgage pass-thru certificates 6% 10/1/2034  | 4941 | 5168 |
| Fannie Mae Mortgage pass-thru certificates 6% 10/1/2037  | 13819 | 14557 |
| Fannie Mae Mortgage pass-thru certificates 6% 10/1/2038  | 9668 | 10204 |
| Fannie Mae Mortgage pass-thru certificates 6% 10/1/2038  | 234 | 247 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2032  | 16369 | 17007 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2032  | 2734 | 2840 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2035  | 7846 | 8204 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2035  | 5425 | 5665 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2036  | 3748 | 3950 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2037  | 141 | 149 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2038  | 6349 | 6712 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2038  | 4340 | 4584 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2053  | 1261442 | 1305765 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2054  | 1184558 | 1235567 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2054  | 448288 | 468292 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2054  | 175422 | 183524 |
| Fannie Mae Mortgage pass-thru certificates 6% 12/1/2038  | 5485 | 5790 |
| Fannie Mae Mortgage pass-thru certificates 6% 2/1/2034  | 7969 | 8315 |
| Fannie Mae Mortgage pass-thru certificates 6% 2/1/2037  | 7486 | 7884 |
| Fannie Mae Mortgage pass-thru certificates 6% 2/1/2037  | 5219 | 5500 |
| Fannie Mae Mortgage pass-thru certificates 6% 2/1/2037  | 326 | 343 |
| Fannie Mae Mortgage pass-thru certificates 6% 2/1/2038  | 2432 | 2565 |
| Fannie Mae Mortgage pass-thru certificates 6% 2/1/2039  | 366 | 386 |
| Fannie Mae Mortgage pass-thru certificates 6% 2/1/2055  | 1169819 | 1219096 |
| Fannie Mae Mortgage pass-thru certificates 6% 3/1/2034  | 3050 | 3182 |
| Fannie Mae Mortgage pass-thru certificates 6% 3/1/2037  | 638 | 671 |
| Fannie Mae Mortgage pass-thru certificates 6% 3/1/2038  | 5048 | 5335 |
| Fannie Mae Mortgage pass-thru certificates 6% 3/1/2038  | 1996 | 2111 |
| Fannie Mae Mortgage pass-thru certificates 6% 3/1/2054  | 457671 | 471837 |
| Fannie Mae Mortgage pass-thru certificates 6% 3/1/2055  | 654523 | 683373 |
| Fannie Mae Mortgage pass-thru certificates 6% 4/1/2035  | 18912 | 19806 |
| Fannie Mae Mortgage pass-thru certificates 6% 4/1/2035  | 18577 | 19436 |
| Fannie Mae Mortgage pass-thru certificates 6% 4/1/2036  | 4279 | 4503 |
| Fannie Mae Mortgage pass-thru certificates 6% 4/1/2039  | 523 | 552 |
| Fannie Mae Mortgage pass-thru certificates 6% 4/1/2040  | 7969 | 8417 |
| Fannie Mae Mortgage pass-thru certificates 6% 4/1/2040  | 3588 | 3790 |
| Fannie Mae Mortgage pass-thru certificates 6% 5/1/2036  | 101156 | 106118 |
| Fannie Mae Mortgage pass-thru certificates 6% 5/1/2040  | 18892 | 19945 |
| Fannie Mae Mortgage pass-thru certificates 6% 5/1/2041  | 2384 | 2516 |
| Fannie Mae Mortgage pass-thru certificates 6% 5/1/2054  | 1773558 | 1827900 |
| Fannie Mae Mortgage pass-thru certificates 6% 5/1/2055 (f) | 3353062 | 3495617 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2035  | 8014 | 8326 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2037  | 2322 | 2455 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2040  | 4518 | 4775 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2040  | 4362 | 4607 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2053  | 954325 | 995420 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2054  | 2002522 | 2063879 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2037  | 883 | 933 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2038  | 2895 | 3058 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2038  | 2165 | 2288 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2038  | 325 | 343 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2041  | 51249 | 54132 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2053  | 236690 | 246883 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2054  | 1500659 | 1556838 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2054  | 1317755 | 1374087 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2054  | 1212179 | 1249320 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2055  | 1966799 | 2030135 |
| Fannie Mae Mortgage pass-thru certificates 6% 8/1/2037  | 21317 | 22242 |
| Fannie Mae Mortgage pass-thru certificates 6% 8/1/2039  | 486 | 514 |
| Fannie Mae Mortgage pass-thru certificates 6% 8/1/2054  | 2083075 | 2146900 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2036  | 10369 | 10913 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2037  | 4847 | 5101 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2037  | 2324 | 2453 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2037  | 1029 | 1087 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2038  | 4671 | 4928 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2039  | 7435 | 7846 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2039  | 2812 | 2970 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2039  | 2390 | 2526 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2052  | 954332 | 990655 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2053  | 359935 | 373747 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2054  | 2415041 | 2489038 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2054  | 703035 | 735505 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 1/1/2033  | 658 | 691 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 1/1/2036  | 2226 | 2327 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 1/1/2037  | 622 | 663 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 1/1/2055  | 262741 | 278178 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 10/1/2032  | 520 | 546 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 10/1/2036  | 1840 | 1960 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 10/1/2037  | 17372 | 18494 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 10/1/2037  | 305 | 326 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 10/1/2037  | 227 | 243 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 10/1/2038  | 345 | 370 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 10/1/2039  | 6224 | 6646 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 11/1/2036  | 323 | 345 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 11/1/2037  | 4053 | 4330 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 12/1/2032  | 3283 | 3432 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 12/1/2032  | 141 | 147 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 12/1/2034  | 2638 | 2787 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 12/1/2035  | 10910 | 11438 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 12/1/2037  | 1662 | 1770 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 12/1/2037  | 569 | 607 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 12/1/2053  | 199648 | 210761 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 2/1/2036  | 557 | 591 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 2/1/2037  | 114 | 122 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 3/1/2054  | 345738 | 360813 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 4/1/2035  | 747 | 793 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 5/1/2031  | 125 | 130 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 5/1/2038  | 463 | 494 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 5/1/2039  | 541 | 577 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 5/1/2053  | 868092 | 916656 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 6/1/2035  | 3378 | 3571 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 6/1/2035  | 2488 | 2620 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 6/1/2036  | 349 | 371 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 6/1/2054  | 1296618 | 1369156 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 6/1/2054  | 591361 | 616497 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 6/1/2055  | 287586 | 304865 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2032  | 3289 | 3438 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2032  | 2435 | 2544 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2032  | 1266 | 1326 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2035  | 4828 | 5071 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2035  | 3303 | 3483 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2035  | 1226 | 1297 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2036  | 603 | 643 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2054  | 808606 | 842976 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2055  | 454016 | 481153 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2031  | 203 | 211 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2032  | 181 | 189 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2032  | 147 | 153 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2036  | 10016 | 10497 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2036  | 9650 | 10108 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2036  | 7832 | 8207 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2036  | 1846 | 1937 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2037  | 427 | 457 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2054  | 384423 | 405821 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2055  | 664712 | 704911 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2055  | 497003 | 527215 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 9/1/2032  | 1954 | 2043 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 9/1/2032  | 218 | 228 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 9/1/2036  | 1963 | 2088 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 9/1/2036  | 159 | 165 |
| Fannie Mae Mortgage pass-thru certificates 7% 1/1/2027  | 49 | 49 |
| Fannie Mae Mortgage pass-thru certificates 7% 1/1/2028  | 79 | 83 |
| Fannie Mae Mortgage pass-thru certificates 7% 1/1/2028  | 25 | 26 |
| Fannie Mae Mortgage pass-thru certificates 7% 1/1/2028  | 16 | 17 |
| Fannie Mae Mortgage pass-thru certificates 7% 1/1/2029  | 10 | 11 |
| Fannie Mae Mortgage pass-thru certificates 7% 1/1/2054  | 301640 | 320403 |
| Fannie Mae Mortgage pass-thru certificates 7% 1/1/2054  | 164734 | 175316 |
| Fannie Mae Mortgage pass-thru certificates 7% 1/1/2054  | 133416 | 141809 |
| Fannie Mae Mortgage pass-thru certificates 7% 10/1/2028  | 52 | 55 |
| Fannie Mae Mortgage pass-thru certificates 7% 10/1/2053  | 106464 | 113303 |
| Fannie Mae Mortgage pass-thru certificates 7% 11/1/2027  | 92 | 97 |
| Fannie Mae Mortgage pass-thru certificates 7% 11/1/2053  | 253012 | 269659 |
| Fannie Mae Mortgage pass-thru certificates 7% 11/1/2053  | 25164 | 26689 |
| Fannie Mae Mortgage pass-thru certificates 7% 11/1/2053  | 15228 | 16126 |
| Fannie Mae Mortgage pass-thru certificates 7% 12/1/2027  | 20 | 21 |
| Fannie Mae Mortgage pass-thru certificates 7% 12/1/2053  | 182419 | 193837 |
| Fannie Mae Mortgage pass-thru certificates 7% 12/1/2053  | 57873 | 61122 |
| Fannie Mae Mortgage pass-thru certificates 7% 12/1/2053  | 18948 | 20051 |
| Fannie Mae Mortgage pass-thru certificates 7% 2/1/2028  | 12 | 13 |
| Fannie Mae Mortgage pass-thru certificates 7% 2/1/2029  | 1089 | 1144 |
| Fannie Mae Mortgage pass-thru certificates 7% 2/1/2054  | 186375 | 198289 |
| Fannie Mae Mortgage pass-thru certificates 7% 4/1/2026  | 21 | 21 |
| Fannie Mae Mortgage pass-thru certificates 7% 4/1/2026  | 5 | 5 |
| Fannie Mae Mortgage pass-thru certificates 7% 4/1/2026  | 5 | 5 |
| Fannie Mae Mortgage pass-thru certificates 7% 5/1/2026  | 11 | 11 |
| Fannie Mae Mortgage pass-thru certificates 7% 5/1/2026  | 6 | 6 |
| Fannie Mae Mortgage pass-thru certificates 7% 5/1/2026  | 2 | 2 |
| Fannie Mae Mortgage pass-thru certificates 7% 6/1/2026  | 80 | 80 |
| Fannie Mae Mortgage pass-thru certificates 7% 8/1/2027  | 8 | 8 |
| Fannie Mae Mortgage pass-thru certificates 7% 9/1/2026  | 2 | 2 |
| Fannie Mae Mortgage pass-thru certificates 7% 9/1/2053  | 154070 | 163713 |
| Fannie Mae Mortgage pass-thru certificates 7% 9/1/2053  | 14176 | 15031 |
| Fannie Mae Mortgage pass-thru certificates 7% 9/1/2054  | 120737 | 128766 |
| Fannie Mae Mortgage pass-thru certificates 7% 9/1/2054  | 90690 | 97005 |
| Fannie Mae Mortgage pass-thru certificates 7% 9/1/2054  | 59472 | 63501 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 1/1/2028  | 88 | 89 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 10/1/2026  | 48 | 48 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 10/1/2027  | 17 | 17 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 11/1/2027  | 79 | 80 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 11/1/2028  | 20 | 21 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 11/1/2029  | 44 | 46 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 11/1/2031  | 715 | 752 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 12/1/2027  | 16 | 16 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 12/1/2029  | 29 | 30 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 2/1/2026  | 1 | 1 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 2/1/2027  | 46 | 47 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 2/1/2028  | 14 | 14 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 3/1/2028  | 19 | 19 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 3/1/2029  | 14 | 14 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 4/1/2029  | 6 | 6 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 5/1/2027  | 11 | 11 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 5/1/2028  | 199 | 204 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 5/1/2029  | 20 | 21 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 6/1/2027  | 386 | 393 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 6/1/2028  | 51 | 52 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 7/1/2027  | 11 | 11 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 7/1/2028  | 324 | 329 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 8/1/2029  | 192 | 200 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 8/1/2029  | 147 | 153 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 8/1/2029  | 35 | 36 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 8/1/2029  | 35 | 36 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 8/1/2029  | 13 | 13 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 8/1/2029  | 6 | 6 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2029  | 1432 | 1494 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2029  | 98 | 103 |
| Freddie Mac Gold Pool 1.5% 1/1/2036  | 591243 | 535997 |
| Freddie Mac Gold Pool 1.5% 1/1/2037  | 27758 | 25251 |
| Freddie Mac Gold Pool 1.5% 10/1/2035  | 991684 | 901499 |
| Freddie Mac Gold Pool 1.5% 10/1/2036  | 29699 | 27007 |
| Freddie Mac Gold Pool 1.5% 10/1/2036  | 24268 | 22068 |
| Freddie Mac Gold Pool 1.5% 11/1/2035  | 2526662 | 2290567 |
| Freddie Mac Gold Pool 1.5% 11/1/2035  | 25822 | 23409 |
| Freddie Mac Gold Pool 1.5% 11/1/2036  | 82286 | 74906 |
| Freddie Mac Gold Pool 1.5% 11/1/2036  | 24055 | 21875 |
| Freddie Mac Gold Pool 1.5% 11/1/2036  | 22238 | 20222 |
| Freddie Mac Gold Pool 1.5% 11/1/2036  | 18480 | 16823 |
| Freddie Mac Gold Pool 1.5% 12/1/2035  | 523118 | 474237 |
| Freddie Mac Gold Pool 1.5% 12/1/2036  | 84979 | 77357 |
| Freddie Mac Gold Pool 1.5% 12/1/2040  | 22932 | 19526 |
| Freddie Mac Gold Pool 1.5% 12/1/2050  | 458232 | 356353 |
| Freddie Mac Gold Pool 1.5% 2/1/2041  | 39451 | 33511 |
| Freddie Mac Gold Pool 1.5% 3/1/2036  | 233267 | 211470 |
| Freddie Mac Gold Pool 1.5% 3/1/2041  | 39917 | 33909 |
| Freddie Mac Gold Pool 1.5% 4/1/2041  | 40657 | 34484 |
| Freddie Mac Gold Pool 1.5% 5/1/2036  | 21730 | 19693 |
| Freddie Mac Gold Pool 1.5% 7/1/2035  | 73740 | 67034 |
| Freddie Mac Gold Pool 1.5% 8/1/2035  | 2124375 | 1931181 |
| Freddie Mac Gold Pool 1.5% 9/1/2050  | 1015996 | 790109 |
| Freddie Mac Gold Pool 2% 1/1/2036  | 15966 | 14849 |
| Freddie Mac Gold Pool 2% 1/1/2052  | 164163 | 134986 |
| Freddie Mac Gold Pool 2% 1/1/2052  | 112405 | 92673 |
| Freddie Mac Gold Pool 2% 1/1/2052  | 77294 | 62784 |
| Freddie Mac Gold Pool 2% 1/1/2052  | 40291 | 33243 |
| Freddie Mac Gold Pool 2% 10/1/2035  | 11759 | 10981 |
| Freddie Mac Gold Pool 2% 10/1/2050  | 184794 | 150911 |
| Freddie Mac Gold Pool 2% 10/1/2051  | 519741 | 427042 |
| Freddie Mac Gold Pool 2% 10/1/2051  | 190038 | 156499 |
| Freddie Mac Gold Pool 2% 11/1/2041  | 92502 | 80913 |
| Freddie Mac Gold Pool 2% 11/1/2050  | 3869616 | 3160098 |
| Freddie Mac Gold Pool 2% 11/1/2050  | 17683 | 14441 |
| Freddie Mac Gold Pool 2% 11/1/2050  | 16752 | 13680 |
| Freddie Mac Gold Pool 2% 11/1/2050  | 15661 | 12931 |
| Freddie Mac Gold Pool 2% 11/1/2051  | 304308 | 249177 |
| Freddie Mac Gold Pool 2% 12/1/2035  | 442532 | 411590 |
| Freddie Mac Gold Pool 2% 12/1/2035  | 62606 | 58229 |
| Freddie Mac Gold Pool 2% 12/1/2051  | 377489 | 310397 |
| Freddie Mac Gold Pool 2% 12/1/2051  | 20172 | 16612 |
| Freddie Mac Gold Pool 2% 12/1/2051  | 18204 | 15020 |
| Freddie Mac Gold Pool 2% 2/1/2035  | 10683 | 10049 |
| Freddie Mac Gold Pool 2% 2/1/2036  | 65394 | 60596 |
| Freddie Mac Gold Pool 2% 2/1/2036  | 47716 | 44335 |
| Freddie Mac Gold Pool 2% 2/1/2036  | 16862 | 15683 |
| Freddie Mac Gold Pool 2% 2/1/2042  | 102985 | 89919 |
| Freddie Mac Gold Pool 2% 2/1/2051  | 1077771 | 879144 |
| Freddie Mac Gold Pool 2% 2/1/2052  | 1954851 | 1584810 |
| Freddie Mac Gold Pool 2% 2/1/2052  | 167601 | 138128 |
| Freddie Mac Gold Pool 2% 3/1/2041  | 159546 | 141054 |
| Freddie Mac Gold Pool 2% 3/1/2051  | 1799395 | 1467777 |
| Freddie Mac Gold Pool 2% 3/1/2051  | 474726 | 387682 |
| Freddie Mac Gold Pool 2% 4/1/2051  | 112466 | 91739 |
| Freddie Mac Gold Pool 2% 4/1/2052  | 929396 | 761019 |
| Freddie Mac Gold Pool 2% 4/1/2052  | 179886 | 147634 |
| Freddie Mac Gold Pool 2% 5/1/2051  | 1804138 | 1470519 |
| Freddie Mac Gold Pool 2% 5/1/2051  | 78300 | 64041 |
| Freddie Mac Gold Pool 2% 5/1/2051  | 41658 | 34306 |
| Freddie Mac Gold Pool 2% 5/1/2051  | 19873 | 16409 |
| Freddie Mac Gold Pool 2% 6/1/2035  | 34242 | 31976 |
| Freddie Mac Gold Pool 2% 6/1/2040  | 26441 | 23391 |
| Freddie Mac Gold Pool 2% 6/1/2052  | 136130 | 110702 |
| Freddie Mac Gold Pool 2% 7/1/2041  | 1760105 | 1546754 |
| Freddie Mac Gold Pool 2% 7/1/2050  | 20711 | 16920 |
| Freddie Mac Gold Pool 2% 7/1/2050  | 12665 | 10347 |
| Freddie Mac Gold Pool 2% 7/1/2051  | 23559 | 19386 |
| Freddie Mac Gold Pool 2% 8/1/2036  | 37117 | 34394 |
| Freddie Mac Gold Pool 2% 8/1/2051  | 147111 | 120137 |
| Freddie Mac Gold Pool 2% 9/1/2050  | 1515380 | 1237525 |
| Freddie Mac Gold Pool 2% 9/1/2050  | 34068 | 27821 |
| Freddie Mac Gold Pool 2.5% 1/1/2031  | 17392 | 16944 |
| Freddie Mac Gold Pool 2.5% 1/1/2035  | 20377 | 19422 |
| Freddie Mac Gold Pool 2.5% 1/1/2040  | 57961 | 52710 |
| Freddie Mac Gold Pool 2.5% 1/1/2042  | 446469 | 399979 |
| Freddie Mac Gold Pool 2.5% 1/1/2051  | 22643 | 19632 |
| Freddie Mac Gold Pool 2.5% 1/1/2052  | 586020 | 503513 |
| Freddie Mac Gold Pool 2.5% 10/1/2029  | 10917 | 10695 |
| Freddie Mac Gold Pool 2.5% 10/1/2029  | 6098 | 5976 |
| Freddie Mac Gold Pool 2.5% 10/1/2032  | 51711 | 49918 |
| Freddie Mac Gold Pool 2.5% 10/1/2034  | 16917 | 16135 |
| Freddie Mac Gold Pool 2.5% 10/1/2041  | 217180 | 194930 |
| Freddie Mac Gold Pool 2.5% 10/1/2049  | 32561 | 27875 |
| Freddie Mac Gold Pool 2.5% 10/1/2050  | 2797550 | 2415043 |
| Freddie Mac Gold Pool 2.5% 11/1/2031  | 136446 | 132152 |
| Freddie Mac Gold Pool 2.5% 11/1/2034  | 8908 | 8496 |
| Freddie Mac Gold Pool 2.5% 11/1/2041  | 1830547 | 1649971 |
| Freddie Mac Gold Pool 2.5% 11/1/2041  | 146890 | 132138 |
| Freddie Mac Gold Pool 2.5% 11/1/2041  | 103717 | 93510 |
| Freddie Mac Gold Pool 2.5% 11/1/2049  | 16680 | 14280 |
| Freddie Mac Gold Pool 2.5% 11/1/2050  | 2294090 | 1978270 |
| Freddie Mac Gold Pool 2.5% 11/1/2050  | 198422 | 171664 |
| Freddie Mac Gold Pool 2.5% 12/1/2029  | 14148 | 13848 |
| Freddie Mac Gold Pool 2.5% 12/1/2032  | 41204 | 39698 |
| Freddie Mac Gold Pool 2.5% 12/1/2034  | 4992 | 4758 |
| Freddie Mac Gold Pool 2.5% 12/1/2049  | 705259 | 603760 |
| Freddie Mac Gold Pool 2.5% 12/1/2049  | 64235 | 54990 |
| Freddie Mac Gold Pool 2.5% 12/1/2050  | 178523 | 154281 |
| Freddie Mac Gold Pool 2.5% 12/1/2051  | 375763 | 321685 |
| Freddie Mac Gold Pool 2.5% 2/1/2030  | 22852 | 22359 |
| Freddie Mac Gold Pool 2.5% 2/1/2032  | 8135 | 7881 |
| Freddie Mac Gold Pool 2.5% 2/1/2033  | 55456 | 53464 |
| Freddie Mac Gold Pool 2.5% 2/1/2042  | 343077 | 308897 |
| Freddie Mac Gold Pool 2.5% 2/1/2050  | 284566 | 243612 |
| Freddie Mac Gold Pool 2.5% 2/1/2051  | 210700 | 182089 |
| Freddie Mac Gold Pool 2.5% 3/1/2028  | 17648 | 17431 |
| Freddie Mac Gold Pool 2.5% 3/1/2032  | 270925 | 262232 |
| Freddie Mac Gold Pool 2.5% 3/1/2033  | 6746 | 6510 |
| Freddie Mac Gold Pool 2.5% 3/1/2035  | 17934 | 17088 |
| Freddie Mac Gold Pool 2.5% 3/1/2050  | 566350 | 484312 |
| Freddie Mac Gold Pool 2.5% 3/1/2051  | 410989 | 351584 |
| Freddie Mac Gold Pool 2.5% 3/1/2052  | 24997 | 21400 |
| Freddie Mac Gold Pool 2.5% 4/1/2031  | 65560 | 63787 |
| Freddie Mac Gold Pool 2.5% 4/1/2035  | 17227 | 16414 |
| Freddie Mac Gold Pool 2.5% 4/1/2040  | 96535 | 87596 |
| Freddie Mac Gold Pool 2.5% 4/1/2042  | 95143 | 85339 |
| Freddie Mac Gold Pool 2.5% 5/1/2041  | 731643 | 663047 |
| Freddie Mac Gold Pool 2.5% 5/1/2051  | 202685 | 174592 |
| Freddie Mac Gold Pool 2.5% 6/1/2030  | 9978 | 9747 |
| Freddie Mac Gold Pool 2.5% 6/1/2040  | 170793 | 154855 |
| Freddie Mac Gold Pool 2.5% 6/1/2041  | 113406 | 102325 |
| Freddie Mac Gold Pool 2.5% 6/1/2050  | 169417 | 144876 |
| Freddie Mac Gold Pool 2.5% 6/1/2050  | 99223 | 84850 |
| Freddie Mac Gold Pool 2.5% 6/1/2050  | 80529 | 68864 |
| Freddie Mac Gold Pool 2.5% 7/1/2030  | 179634 | 175400 |
| Freddie Mac Gold Pool 2.5% 7/1/2031  | 4068 | 3951 |
| Freddie Mac Gold Pool 2.5% 7/1/2035  | 51335 | 48882 |
| Freddie Mac Gold Pool 2.5% 7/1/2040  | 25134 | 22775 |
| Freddie Mac Gold Pool 2.5% 8/1/2031  | 55526 | 53909 |
| Freddie Mac Gold Pool 2.5% 8/1/2031  | 6766 | 6569 |
| Freddie Mac Gold Pool 2.5% 8/1/2035  | 594805 | 566375 |
| Freddie Mac Gold Pool 2.5% 8/1/2041  | 87188 | 78709 |
| Freddie Mac Gold Pool 2.5% 8/1/2050  | 865697 | 743814 |
| Freddie Mac Gold Pool 2.5% 8/1/2050  | 214830 | 185658 |
| Freddie Mac Gold Pool 2.5% 9/1/2031  | 36675 | 35576 |
| Freddie Mac Gold Pool 2.5% 9/1/2035  | 585883 | 557880 |
| Freddie Mac Gold Pool 2.5% 9/1/2041  | 185852 | 167614 |
| Freddie Mac Gold Pool 3% 1/1/2027  | 1218 | 1210 |
| Freddie Mac Gold Pool 3% 1/1/2028  | 1074 | 1065 |
| Freddie Mac Gold Pool 3% 1/1/2031  | 1086 | 1069 |
| Freddie Mac Gold Pool 3% 1/1/2033  | 9128 | 8899 |
| Freddie Mac Gold Pool 3% 1/1/2034  | 17428 | 16978 |
| Freddie Mac Gold Pool 3% 1/1/2040  | 26524 | 25009 |
| Freddie Mac Gold Pool 3% 1/1/2043  | 36562 | 33816 |
| Freddie Mac Gold Pool 3% 1/1/2043  | 22712 | 21060 |
| Freddie Mac Gold Pool 3% 1/1/2043  | 5092 | 4697 |
| Freddie Mac Gold Pool 3% 1/1/2044  | 72322 | 66702 |
| Freddie Mac Gold Pool 3% 1/1/2045  | 34251 | 31315 |
| Freddie Mac Gold Pool 3% 1/1/2047  | 1470617 | 1333989 |
| Freddie Mac Gold Pool 3% 1/1/2048  | 30478 | 27561 |
| Freddie Mac Gold Pool 3% 1/1/2051  | 64229 | 57469 |
| Freddie Mac Gold Pool 3% 1/1/2052  | 342954 | 305575 |
| Freddie Mac Gold Pool 3% 1/1/2052  | 288674 | 257031 |
| Freddie Mac Gold Pool 3% 1/1/2052  | 127659 | 113746 |
| Freddie Mac Gold Pool 3% 1/1/2052  | 33063 | 29439 |
| Freddie Mac Gold Pool 3% 10/1/2026  | 603 | 599 |
| Freddie Mac Gold Pool 3% 10/1/2027  | 756 | 749 |
| Freddie Mac Gold Pool 3% 10/1/2028  | 24387 | 24133 |
| Freddie Mac Gold Pool 3% 10/1/2028  | 18897 | 18700 |
| Freddie Mac Gold Pool 3% 10/1/2028  | 2848 | 2815 |
| Freddie Mac Gold Pool 3% 10/1/2028  | 2040 | 2024 |
| Freddie Mac Gold Pool 3% 10/1/2028  | 287 | 285 |
| Freddie Mac Gold Pool 3% 10/1/2029  | 3601 | 3553 |
| Freddie Mac Gold Pool 3% 10/1/2029  | 2495 | 2462 |
| Freddie Mac Gold Pool 3% 10/1/2030  | 15620 | 15372 |
| Freddie Mac Gold Pool 3% 10/1/2030  | 5943 | 5841 |
| Freddie Mac Gold Pool 3% 10/1/2030  | 4664 | 4585 |
| Freddie Mac Gold Pool 3% 10/1/2032  | 3378 | 3301 |
| Freddie Mac Gold Pool 3% 10/1/2039  | 8740 | 8268 |
| Freddie Mac Gold Pool 3% 10/1/2039  | 8676 | 8181 |
| Freddie Mac Gold Pool 3% 10/1/2042  | 34051 | 31462 |
| Freddie Mac Gold Pool 3% 10/1/2042  | 20240 | 18686 |
| Freddie Mac Gold Pool 3% 10/1/2042  | 3595 | 3326 |
| Freddie Mac Gold Pool 3% 10/1/2043  | 33470 | 30934 |
| Freddie Mac Gold Pool 3% 10/1/2047  | 39348 | 35582 |
| Freddie Mac Gold Pool 3% 10/1/2048  | 19237 | 17363 |
| Freddie Mac Gold Pool 3% 10/1/2049  | 309377 | 277301 |
| Freddie Mac Gold Pool 3% 10/1/2050  | 303583 | 271824 |
| Freddie Mac Gold Pool 3% 10/1/2051  | 61240 | 54566 |
| Freddie Mac Gold Pool 3% 11/1/2030  | 35434 | 35031 |
| Freddie Mac Gold Pool 3% 11/1/2032  | 8451 | 8270 |
| Freddie Mac Gold Pool 3% 11/1/2032  | 3655 | 3571 |
| Freddie Mac Gold Pool 3% 11/1/2042  | 26839 | 25156 |
| Freddie Mac Gold Pool 3% 11/1/2042  | 7358 | 6782 |
| Freddie Mac Gold Pool 3% 11/1/2042  | 6866 | 6368 |
| Freddie Mac Gold Pool 3% 11/1/2042  | 4798 | 4444 |
| Freddie Mac Gold Pool 3% 11/1/2048  | 67776 | 61173 |
| Freddie Mac Gold Pool 3% 11/1/2050  | 74561 | 66645 |
| Freddie Mac Gold Pool 3% 11/1/2051  | 254084 | 226392 |
| Freddie Mac Gold Pool 3% 12/1/2029  | 38649 | 38114 |
| Freddie Mac Gold Pool 3% 12/1/2030  | 27696 | 27198 |
| Freddie Mac Gold Pool 3% 12/1/2032  | 21312 | 20812 |
| Freddie Mac Gold Pool 3% 12/1/2032  | 20560 | 20095 |
| Freddie Mac Gold Pool 3% 12/1/2032  | 19672 | 19216 |
| Freddie Mac Gold Pool 3% 12/1/2032  | 4991 | 4868 |
| Freddie Mac Gold Pool 3% 12/1/2042  | 694046 | 644213 |
| Freddie Mac Gold Pool 3% 12/1/2042  | 4765 | 4405 |
| Freddie Mac Gold Pool 3% 12/1/2044  | 4698 | 4351 |
| Freddie Mac Gold Pool 3% 12/1/2046  | 459378 | 418853 |
| Freddie Mac Gold Pool 3% 12/1/2047  | 8554 | 7735 |
| Freddie Mac Gold Pool 3% 12/1/2050  | 612284 | 547273 |
| Freddie Mac Gold Pool 3% 2/1/2027  | 872 | 866 |
| Freddie Mac Gold Pool 3% 2/1/2030  | 3308 | 3261 |
| Freddie Mac Gold Pool 3% 2/1/2030  | 2885 | 2844 |
| Freddie Mac Gold Pool 3% 2/1/2030  | 2010 | 1985 |
| Freddie Mac Gold Pool 3% 2/1/2033  | 58223 | 56873 |
| Freddie Mac Gold Pool 3% 2/1/2033  | 26038 | 25591 |
| Freddie Mac Gold Pool 3% 2/1/2038  | 20034 | 18952 |
| Freddie Mac Gold Pool 3% 2/1/2040  | 171296 | 161513 |
| Freddie Mac Gold Pool 3% 2/1/2043  | 63364 | 58882 |
| Freddie Mac Gold Pool 3% 2/1/2043  | 36992 | 34124 |
| Freddie Mac Gold Pool 3% 2/1/2043  | 27690 | 25689 |
| Freddie Mac Gold Pool 3% 2/1/2043  | 16783 | 15544 |
| Freddie Mac Gold Pool 3% 2/1/2043  | 12577 | 11716 |
| Freddie Mac Gold Pool 3% 2/1/2043  | 10664 | 9869 |
| Freddie Mac Gold Pool 3% 2/1/2043  | 5984 | 5554 |
| Freddie Mac Gold Pool 3% 2/1/2043  | 5044 | 4669 |
| Freddie Mac Gold Pool 3% 2/1/2047  | 136227 | 123570 |
| Freddie Mac Gold Pool 3% 2/1/2047  | 131026 | 118853 |
| Freddie Mac Gold Pool 3% 2/1/2049  | 10599 | 9560 |
| Freddie Mac Gold Pool 3% 3/1/2027  | 3212 | 3189 |
| Freddie Mac Gold Pool 3% 3/1/2027  | 860 | 854 |
| Freddie Mac Gold Pool 3% 3/1/2032  | 84397 | 82627 |
| Freddie Mac Gold Pool 3% 3/1/2033  | 16882 | 16476 |
| Freddie Mac Gold Pool 3% 3/1/2033  | 4814 | 4703 |
| Freddie Mac Gold Pool 3% 3/1/2040  | 98206 | 92075 |
| Freddie Mac Gold Pool 3% 3/1/2040  | 9581 | 8983 |
| Freddie Mac Gold Pool 3% 3/1/2043  | 18215 | 16930 |
| Freddie Mac Gold Pool 3% 3/1/2043  | 17170 | 15891 |
| Freddie Mac Gold Pool 3% 3/1/2043  | 11086 | 10230 |
| Freddie Mac Gold Pool 3% 3/1/2043  | 3290 | 3039 |
| Freddie Mac Gold Pool 3% 3/1/2045  | 29502 | 26989 |
| Freddie Mac Gold Pool 3% 3/1/2045  | 28949 | 26390 |
| Freddie Mac Gold Pool 3% 3/1/2045  | 16585 | 15156 |
| Freddie Mac Gold Pool 3% 3/1/2047  | 303410 | 275221 |
| Freddie Mac Gold Pool 3% 3/1/2048  | 6726 | 6075 |
| Freddie Mac Gold Pool 3% 3/1/2050  | 563043 | 504668 |
| Freddie Mac Gold Pool 3% 3/1/2052  | 170940 | 152202 |
| Freddie Mac Gold Pool 3% 4/1/2027  | 1045 | 1037 |
| Freddie Mac Gold Pool 3% 4/1/2027  | 337 | 335 |
| Freddie Mac Gold Pool 3% 4/1/2028  | 3004 | 2976 |
| Freddie Mac Gold Pool 3% 4/1/2030  | 3693 | 3638 |
| Freddie Mac Gold Pool 3% 4/1/2033  | 7901 | 7711 |
| Freddie Mac Gold Pool 3% 4/1/2034  | 41126 | 40053 |
| Freddie Mac Gold Pool 3% 4/1/2039  | 13833 | 13055 |
| Freddie Mac Gold Pool 3% 4/1/2040  | 18305 | 17140 |
| Freddie Mac Gold Pool 3% 4/1/2043  | 61929 | 57211 |
| Freddie Mac Gold Pool 3% 4/1/2045  | 21076 | 19246 |
| Freddie Mac Gold Pool 3% 4/1/2046  | 7499 | 6847 |
| Freddie Mac Gold Pool 3% 4/1/2046  | 6844 | 6249 |
| Freddie Mac Gold Pool 3% 4/1/2047  | 8772 | 7957 |
| Freddie Mac Gold Pool 3% 4/1/2050  | 563168 | 504780 |
| Freddie Mac Gold Pool 3% 4/1/2051  | 120328 | 106574 |
| Freddie Mac Gold Pool 3% 5/1/2028  | 1170 | 1160 |
| Freddie Mac Gold Pool 3% 5/1/2029  | 508 | 503 |
| Freddie Mac Gold Pool 3% 5/1/2032  | 95214 | 93190 |
| Freddie Mac Gold Pool 3% 5/1/2043  | 151773 | 139917 |
| Freddie Mac Gold Pool 3% 5/1/2043  | 23613 | 21790 |
| Freddie Mac Gold Pool 3% 5/1/2043  | 22144 | 20475 |
| Freddie Mac Gold Pool 3% 5/1/2043  | 12829 | 11831 |
| Freddie Mac Gold Pool 3% 5/1/2043  | 7691 | 7070 |
| Freddie Mac Gold Pool 3% 5/1/2043  | 6865 | 6355 |
| Freddie Mac Gold Pool 3% 5/1/2045  | 50691 | 46273 |
| Freddie Mac Gold Pool 3% 5/1/2045  | 4470 | 4082 |
| Freddie Mac Gold Pool 3% 5/1/2046  | 122034 | 111421 |
| Freddie Mac Gold Pool 3% 5/1/2046  | 19203 | 17533 |
| Freddie Mac Gold Pool 3% 5/1/2048  | 21953 | 19828 |
| Freddie Mac Gold Pool 3% 5/1/2051  | 256888 | 229612 |
| Freddie Mac Gold Pool 3% 5/1/2051  | 21801 | 19486 |
| Freddie Mac Gold Pool 3% 6/1/2027  | 774 | 768 |
| Freddie Mac Gold Pool 3% 6/1/2028  | 2467 | 2445 |
| Freddie Mac Gold Pool 3% 6/1/2028  | 1257 | 1244 |
| Freddie Mac Gold Pool 3% 6/1/2030  | 19135 | 18841 |
| Freddie Mac Gold Pool 3% 6/1/2031  | 7329 | 7199 |
| Freddie Mac Gold Pool 3% 6/1/2043  | 78808 | 72826 |
| Freddie Mac Gold Pool 3% 6/1/2043  | 13639 | 12662 |
| Freddie Mac Gold Pool 3% 6/1/2043  | 12655 | 11698 |
| Freddie Mac Gold Pool 3% 6/1/2043  | 9515 | 8787 |
| Freddie Mac Gold Pool 3% 6/1/2043  | 9233 | 8512 |
| Freddie Mac Gold Pool 3% 6/1/2043  | 6251 | 5761 |
| Freddie Mac Gold Pool 3% 6/1/2045  | 135736 | 123865 |
| Freddie Mac Gold Pool 3% 6/1/2045  | 14378 | 13198 |
| Freddie Mac Gold Pool 3% 6/1/2045  | 5471 | 5026 |
| Freddie Mac Gold Pool 3% 6/1/2046  | 121797 | 111167 |
| Freddie Mac Gold Pool 3% 6/1/2052  | 562696 | 501016 |
| Freddie Mac Gold Pool 3% 7/1/2029  | 11826 | 11681 |
| Freddie Mac Gold Pool 3% 7/1/2032  | 40545 | 39800 |
| Freddie Mac Gold Pool 3% 7/1/2032  | 13643 | 13341 |
| Freddie Mac Gold Pool 3% 7/1/2042  | 43706 | 40488 |
| Freddie Mac Gold Pool 3% 7/1/2043  | 302609 | 278903 |
| Freddie Mac Gold Pool 3% 7/1/2043  | 17619 | 16256 |
| Freddie Mac Gold Pool 3% 7/1/2043  | 17140 | 15861 |
| Freddie Mac Gold Pool 3% 7/1/2043  | 15410 | 14215 |
| Freddie Mac Gold Pool 3% 7/1/2043  | 7917 | 7272 |
| Freddie Mac Gold Pool 3% 7/1/2043  | 5913 | 5460 |
| Freddie Mac Gold Pool 3% 7/1/2045  | 216357 | 197344 |
| Freddie Mac Gold Pool 3% 7/1/2045  | 9403 | 8602 |
| Freddie Mac Gold Pool 3% 7/1/2045  | 4701 | 4286 |
| Freddie Mac Gold Pool 3% 7/1/2048  | 15929 | 14387 |
| Freddie Mac Gold Pool 3% 8/1/2028  | 1587 | 1570 |
| Freddie Mac Gold Pool 3% 8/1/2030  | 32065 | 31571 |
| Freddie Mac Gold Pool 3% 8/1/2032  | 66547 | 65076 |
| Freddie Mac Gold Pool 3% 8/1/2042  | 2962 | 2738 |
| Freddie Mac Gold Pool 3% 8/1/2043  | 8707 | 8016 |
| Freddie Mac Gold Pool 3% 8/1/2045  | 7061 | 6463 |
| Freddie Mac Gold Pool 3% 8/1/2047  | 5015 | 4535 |
| Freddie Mac Gold Pool 3% 9/1/2028  | 2223 | 2201 |
| Freddie Mac Gold Pool 3% 9/1/2028  | 1024 | 1012 |
| Freddie Mac Gold Pool 3% 9/1/2029  | 2167 | 2136 |
| Freddie Mac Gold Pool 3% 9/1/2030  | 18591 | 18292 |
| Freddie Mac Gold Pool 3% 9/1/2032  | 11065 | 10799 |
| Freddie Mac Gold Pool 3% 9/1/2042  | 6012 | 5569 |
| Freddie Mac Gold Pool 3% 9/1/2043  | 31469 | 28980 |
| Freddie Mac Gold Pool 3% 9/1/2043  | 8460 | 7766 |
| Freddie Mac Gold Pool 3% 9/1/2043  | 7586 | 6986 |
| Freddie Mac Gold Pool 3% 9/1/2043  | 5863 | 5406 |
| Freddie Mac Gold Pool 3% 9/1/2043  | 3569 | 3279 |
| Freddie Mac Gold Pool 3% 9/1/2046  | 110523 | 101580 |
| Freddie Mac Gold Pool 3% 9/1/2049  | 9423 | 8520 |
| Freddie Mac Gold Pool 3% 9/1/2050  | 68054 | 60934 |
| Freddie Mac Gold Pool 3% 9/1/2051  | 227322 | 202972 |
| Freddie Mac Gold Pool 3.5% 1/1/2029  | 1725 | 1717 |
| Freddie Mac Gold Pool 3.5% 1/1/2031  | 3218 | 3194 |
| Freddie Mac Gold Pool 3.5% 1/1/2044  | 252390 | 241057 |
| Freddie Mac Gold Pool 3.5% 1/1/2044  | 44257 | 42318 |
| Freddie Mac Gold Pool 3.5% 1/1/2045  | 14850 | 14106 |
| Freddie Mac Gold Pool 3.5% 1/1/2046  | 7142 | 6736 |
| Freddie Mac Gold Pool 3.5% 10/1/2033  | 51465 | 50866 |
| Freddie Mac Gold Pool 3.5% 10/1/2040  | 4301 | 4122 |
| Freddie Mac Gold Pool 3.5% 10/1/2042  | 25115 | 24021 |
| Freddie Mac Gold Pool 3.5% 10/1/2042  | 8250 | 7880 |
| Freddie Mac Gold Pool 3.5% 10/1/2042  | 4544 | 4348 |
| Freddie Mac Gold Pool 3.5% 10/1/2045  | 137020 | 129453 |
| Freddie Mac Gold Pool 3.5% 10/1/2047  | 8837 | 8358 |
| Freddie Mac Gold Pool 3.5% 10/1/2047  | 8752 | 8208 |
| Freddie Mac Gold Pool 3.5% 10/1/2049  | 410280 | 385095 |
| Freddie Mac Gold Pool 3.5% 11/1/2033  | 4107 | 4044 |
| Freddie Mac Gold Pool 3.5% 11/1/2040  | 8970 | 8619 |
| Freddie Mac Gold Pool 3.5% 11/1/2044  | 9676 | 9172 |
| Freddie Mac Gold Pool 3.5% 11/1/2045  | 203115 | 192247 |
| Freddie Mac Gold Pool 3.5% 11/1/2047  | 57821 | 54687 |
| Freddie Mac Gold Pool 3.5% 11/1/2047  | 5798 | 5437 |
| Freddie Mac Gold Pool 3.5% 11/1/2048  | 5647 | 5306 |
| Freddie Mac Gold Pool 3.5% 12/1/2033  | 35717 | 35227 |
| Freddie Mac Gold Pool 3.5% 12/1/2040  | 8648 | 8210 |
| Freddie Mac Gold Pool 3.5% 12/1/2042  | 5920 | 5654 |
| Freddie Mac Gold Pool 3.5% 12/1/2042  | 3980 | 3805 |
| Freddie Mac Gold Pool 3.5% 12/1/2044  | 47618 | 45557 |
| Freddie Mac Gold Pool 3.5% 12/1/2045  | 67836 | 64022 |
| Freddie Mac Gold Pool 3.5% 12/1/2046  | 16143 | 15190 |
| Freddie Mac Gold Pool 3.5% 12/1/2047  | 88221 | 82738 |
| Freddie Mac Gold Pool 3.5% 12/1/2047  | 34616 | 32464 |
| Freddie Mac Gold Pool 3.5% 12/1/2047  | 13561 | 12822 |
| Freddie Mac Gold Pool 3.5% 2/1/2034  | 940061 | 927385 |
| Freddie Mac Gold Pool 3.5% 2/1/2034  | 47166 | 46226 |
| Freddie Mac Gold Pool 3.5% 2/1/2042  | 93164 | 89203 |
| Freddie Mac Gold Pool 3.5% 2/1/2043  | 377033 | 360219 |
| Freddie Mac Gold Pool 3.5% 2/1/2043  | 44815 | 42561 |
| Freddie Mac Gold Pool 3.5% 2/1/2043  | 22376 | 21433 |
| Freddie Mac Gold Pool 3.5% 2/1/2043  | 8188 | 7867 |
| Freddie Mac Gold Pool 3.5% 2/1/2043  | 4859 | 4648 |
| Freddie Mac Gold Pool 3.5% 2/1/2044  | 32113 | 30628 |
| Freddie Mac Gold Pool 3.5% 2/1/2044  | 20357 | 19449 |
| Freddie Mac Gold Pool 3.5% 2/1/2045  | 177211 | 167820 |
| Freddie Mac Gold Pool 3.5% 2/1/2045  | 33602 | 31789 |
| Freddie Mac Gold Pool 3.5% 2/1/2052  | 131711 | 122968 |
| Freddie Mac Gold Pool 3.5% 3/1/2032  | 88019 | 87113 |
| Freddie Mac Gold Pool 3.5% 3/1/2032  | 2583 | 2559 |
| Freddie Mac Gold Pool 3.5% 3/1/2045  | 36611 | 34647 |
| Freddie Mac Gold Pool 3.5% 3/1/2045  | 11365 | 10772 |
| Freddie Mac Gold Pool 3.5% 3/1/2045  | 3199 | 3038 |
| Freddie Mac Gold Pool 3.5% 3/1/2046  | 234575 | 221244 |
| Freddie Mac Gold Pool 3.5% 3/1/2050  | 1390044 | 1307757 |
| Freddie Mac Gold Pool 3.5% 3/1/2050  | 15311 | 14295 |
| Freddie Mac Gold Pool 3.5% 3/1/2052  | 171489 | 159569 |
| Freddie Mac Gold Pool 3.5% 4/1/2028  | 3264 | 3251 |
| Freddie Mac Gold Pool 3.5% 4/1/2033  | 5066 | 5012 |
| Freddie Mac Gold Pool 3.5% 4/1/2034  | 3344 | 3297 |
| Freddie Mac Gold Pool 3.5% 4/1/2040  | 10635 | 10225 |
| Freddie Mac Gold Pool 3.5% 4/1/2042  | 170761 | 163562 |
| Freddie Mac Gold Pool 3.5% 4/1/2042  | 9191 | 8810 |
| Freddie Mac Gold Pool 3.5% 4/1/2042  | 3783 | 3621 |
| Freddie Mac Gold Pool 3.5% 4/1/2043  | 167529 | 159953 |
| Freddie Mac Gold Pool 3.5% 4/1/2043  | 36765 | 35115 |
| Freddie Mac Gold Pool 3.5% 4/1/2043  | 17369 | 16606 |
| Freddie Mac Gold Pool 3.5% 4/1/2046  | 156765 | 147856 |
| Freddie Mac Gold Pool 3.5% 4/1/2046  | 99284 | 93642 |
| Freddie Mac Gold Pool 3.5% 4/1/2046  | 55272 | 52131 |
| Freddie Mac Gold Pool 3.5% 4/1/2052  | 393353 | 369208 |
| Freddie Mac Gold Pool 3.5% 5/1/2032  | 16218 | 16079 |
| Freddie Mac Gold Pool 3.5% 5/1/2034  | 41776 | 41154 |
| Freddie Mac Gold Pool 3.5% 5/1/2039  | 6301 | 6115 |
| Freddie Mac Gold Pool 3.5% 5/1/2040  | 20300 | 19530 |
| Freddie Mac Gold Pool 3.5% 5/1/2042  | 6087 | 5801 |
| Freddie Mac Gold Pool 3.5% 5/1/2043  | 64415 | 61371 |
| Freddie Mac Gold Pool 3.5% 5/1/2043  | 60947 | 58026 |
| Freddie Mac Gold Pool 3.5% 5/1/2043  | 7229 | 6893 |
| Freddie Mac Gold Pool 3.5% 5/1/2043  | 5414 | 5151 |
| Freddie Mac Gold Pool 3.5% 5/1/2045  | 136735 | 129370 |
| Freddie Mac Gold Pool 3.5% 5/1/2045  | 84947 | 80352 |
| Freddie Mac Gold Pool 3.5% 5/1/2046  | 87028 | 82354 |
| Freddie Mac Gold Pool 3.5% 5/1/2046  | 63189 | 59597 |
| Freddie Mac Gold Pool 3.5% 5/1/2046  | 8273 | 7792 |
| Freddie Mac Gold Pool 3.5% 5/1/2048  | 3512 | 3304 |
| Freddie Mac Gold Pool 3.5% 6/1/2032  | 420137 | 415534 |
| Freddie Mac Gold Pool 3.5% 6/1/2038  | 3418 | 3336 |
| Freddie Mac Gold Pool 3.5% 6/1/2039  | 57392 | 55699 |
| Freddie Mac Gold Pool 3.5% 6/1/2040  | 17994 | 17336 |
| Freddie Mac Gold Pool 3.5% 6/1/2045  | 166558 | 157703 |
| Freddie Mac Gold Pool 3.5% 6/1/2045  | 27089 | 25718 |
| Freddie Mac Gold Pool 3.5% 6/1/2048  | 2698 | 2531 |
| Freddie Mac Gold Pool 3.5% 7/1/2029  | 17985 | 17896 |
| Freddie Mac Gold Pool 3.5% 7/1/2032  | 20412 | 20213 |
| Freddie Mac Gold Pool 3.5% 7/1/2034  | 4551 | 4482 |
| Freddie Mac Gold Pool 3.5% 7/1/2039  | 10321 | 10017 |
| Freddie Mac Gold Pool 3.5% 7/1/2040  | 1711 | 1643 |
| Freddie Mac Gold Pool 3.5% 7/1/2042  | 480084 | 458847 |
| Freddie Mac Gold Pool 3.5% 7/1/2042  | 12661 | 12125 |
| Freddie Mac Gold Pool 3.5% 7/1/2045  | 248077 | 234515 |
| Freddie Mac Gold Pool 3.5% 7/1/2046  | 863715 | 817984 |
| Freddie Mac Gold Pool 3.5% 7/1/2047  | 141927 | 134279 |
| Freddie Mac Gold Pool 3.5% 7/1/2051  | 300722 | 280101 |
| Freddie Mac Gold Pool 3.5% 8/1/2032  | 41722 | 41315 |
| Freddie Mac Gold Pool 3.5% 8/1/2034  | 70801 | 69721 |
| Freddie Mac Gold Pool 3.5% 8/1/2034  | 32597 | 32103 |
| Freddie Mac Gold Pool 3.5% 8/1/2039  | 18016 | 17484 |
| Freddie Mac Gold Pool 3.5% 8/1/2040  | 11630 | 11184 |
| Freddie Mac Gold Pool 3.5% 8/1/2042  | 72499 | 69339 |
| Freddie Mac Gold Pool 3.5% 8/1/2042  | 6739 | 6429 |
| Freddie Mac Gold Pool 3.5% 8/1/2042  | 2014 | 1930 |
| Freddie Mac Gold Pool 3.5% 8/1/2043  | 25864 | 24648 |
| Freddie Mac Gold Pool 3.5% 8/1/2043  | 8952 | 8532 |
| Freddie Mac Gold Pool 3.5% 8/1/2043  | 2978 | 2825 |
| Freddie Mac Gold Pool 3.5% 8/1/2045  | 127078 | 120053 |
| Freddie Mac Gold Pool 3.5% 8/1/2045  | 2863 | 2707 |
| Freddie Mac Gold Pool 3.5% 8/1/2046  | 269797 | 254127 |
| Freddie Mac Gold Pool 3.5% 8/1/2047  | 220644 | 208754 |
| Freddie Mac Gold Pool 3.5% 8/1/2047  | 25686 | 24294 |
| Freddie Mac Gold Pool 3.5% 8/1/2047  | 16609 | 15714 |
| Freddie Mac Gold Pool 3.5% 8/1/2047  | 4888 | 4601 |
| Freddie Mac Gold Pool 3.5% 9/1/2033  | 12500 | 12355 |
| Freddie Mac Gold Pool 3.5% 9/1/2040  | 9324 | 8976 |
| Freddie Mac Gold Pool 3.5% 9/1/2042  | 597758 | 570728 |
| Freddie Mac Gold Pool 3.5% 9/1/2042  | 526547 | 502973 |
| Freddie Mac Gold Pool 3.5% 9/1/2043  | 27847 | 26561 |
| Freddie Mac Gold Pool 3.5% 9/1/2043  | 12329 | 11708 |
| Freddie Mac Gold Pool 3.5% 9/1/2043  | 8278 | 7859 |
| Freddie Mac Gold Pool 3.5% 9/1/2045  | 58429 | 55214 |
| Freddie Mac Gold Pool 3.5% 9/1/2045  | 2450 | 2313 |
| Freddie Mac Gold Pool 3.5% 9/1/2046  | 54653 | 51479 |
| Freddie Mac Gold Pool 3.5% 9/1/2046  | 37682 | 35658 |
| Freddie Mac Gold Pool 3.5% 9/1/2047  | 194774 | 183943 |
| Freddie Mac Gold Pool 3.5% 9/1/2047  | 5916 | 5595 |
| Freddie Mac Gold Pool 3.5% 9/1/2047  | 5507 | 5209 |
| Freddie Mac Gold Pool 4% 1/1/2039  | 6177 | 6094 |
| Freddie Mac Gold Pool 4% 1/1/2049  | 25419 | 24450 |
| Freddie Mac Gold Pool 4% 1/1/2049  | 19920 | 19161 |
| Freddie Mac Gold Pool 4% 1/1/2052  | 23358 | 22329 |
| Freddie Mac Gold Pool 4% 10/1/2033  | 2171 | 2182 |
| Freddie Mac Gold Pool 4% 10/1/2034  | 7393 | 7424 |
| Freddie Mac Gold Pool 4% 10/1/2041  | 78902 | 77298 |
| Freddie Mac Gold Pool 4% 10/1/2048  | 11820 | 11373 |
| Freddie Mac Gold Pool 4% 10/1/2051  | 13668 | 13070 |
| Freddie Mac Gold Pool 4% 11/1/2043  | 46478 | 45390 |
| Freddie Mac Gold Pool 4% 12/1/2038  | 40036 | 39498 |
| Freddie Mac Gold Pool 4% 12/1/2049  | 5774 | 5535 |
| Freddie Mac Gold Pool 4% 12/1/2049  | 4868 | 4678 |
| Freddie Mac Gold Pool 4% 2/1/2043  | 2281 | 2221 |
| Freddie Mac Gold Pool 4% 2/1/2045  | 66913 | 65085 |
| Freddie Mac Gold Pool 4% 2/1/2049  | 21552 | 20731 |
| Freddie Mac Gold Pool 4% 3/1/2049  | 72758 | 69985 |
| Freddie Mac Gold Pool 4% 3/1/2049  | 6065 | 5834 |
| Freddie Mac Gold Pool 4% 3/1/2049  | 3198 | 3076 |
| Freddie Mac Gold Pool 4% 4/1/2035  | 35612 | 35660 |
| Freddie Mac Gold Pool 4% 4/1/2043  | 3680 | 3592 |
| Freddie Mac Gold Pool 4% 4/1/2046  | 23635 | 22961 |
| Freddie Mac Gold Pool 4% 4/1/2049  | 10369 | 9974 |
| Freddie Mac Gold Pool 4% 4/1/2050  | 9834 | 9444 |
| Freddie Mac Gold Pool 4% 4/1/2052  | 17363 | 16756 |
| Freddie Mac Gold Pool 4% 5/1/2037  | 276699 | 274234 |
| Freddie Mac Gold Pool 4% 5/1/2048  | 163903 | 158373 |
| Freddie Mac Gold Pool 4% 5/1/2048  | 109840 | 106467 |
| Freddie Mac Gold Pool 4% 5/1/2049  | 5059 | 4866 |
| Freddie Mac Gold Pool 4% 5/1/2049  | 3665 | 3524 |
| Freddie Mac Gold Pool 4% 5/1/2050  | 59787 | 57378 |
| Freddie Mac Gold Pool 4% 5/1/2051  | 8035 | 7646 |
| Freddie Mac Gold Pool 4% 5/1/2053  | 1231814 | 1180243 |
| Freddie Mac Gold Pool 4% 6/1/2044  | 2706 | 2670 |
| Freddie Mac Gold Pool 4% 6/1/2049  | 5608 | 5392 |
| Freddie Mac Gold Pool 4% 7/1/2048  | 10302 | 9912 |
| Freddie Mac Gold Pool 4% 7/1/2049  | 10918 | 10498 |
| Freddie Mac Gold Pool 4% 7/1/2049  | 6660 | 6404 |
| Freddie Mac Gold Pool 4% 8/1/2033  | 3090 | 3106 |
| Freddie Mac Gold Pool 4% 8/1/2048  | 12443 | 11973 |
| Freddie Mac Gold Pool 4% 8/1/2049  | 287903 | 276839 |
| Freddie Mac Gold Pool 4% 8/1/2049  | 77972 | 74976 |
| Freddie Mac Gold Pool 4% 9/1/2041  | 8489 | 8320 |
| Freddie Mac Gold Pool 4% 9/1/2048  | 20274 | 19595 |
| Freddie Mac Gold Pool 4% 9/1/2049  | 37673 | 36225 |
| Freddie Mac Gold Pool 4% 9/1/2051  | 13341 | 12886 |
| Freddie Mac Gold Pool 4.5% 1/1/2041  | 15952 | 15993 |
| Freddie Mac Gold Pool 4.5% 1/1/2041  | 3096 | 3106 |
| Freddie Mac Gold Pool 4.5% 1/1/2042  | 137887 | 138212 |
| Freddie Mac Gold Pool 4.5% 1/1/2044  | 39802 | 39780 |
| Freddie Mac Gold Pool 4.5% 1/1/2049  | 91477 | 90744 |
| Freddie Mac Gold Pool 4.5% 1/1/2049  | 27732 | 27543 |
| Freddie Mac Gold Pool 4.5% 1/1/2049  | 5179 | 5138 |
| Freddie Mac Gold Pool 4.5% 1/1/2049  | 2431 | 2414 |
| Freddie Mac Gold Pool 4.5% 10/1/2039  | 3395 | 3407 |
| Freddie Mac Gold Pool 4.5% 10/1/2040  | 7393 | 7406 |
| Freddie Mac Gold Pool 4.5% 10/1/2041  | 72227 | 72341 |
| Freddie Mac Gold Pool 4.5% 10/1/2041  | 1787 | 1794 |
| Freddie Mac Gold Pool 4.5% 10/1/2043  | 11527 | 11513 |
| Freddie Mac Gold Pool 4.5% 10/1/2048  | 238966 | 238826 |
| Freddie Mac Gold Pool 4.5% 10/1/2048  | 12331 | 12254 |
| Freddie Mac Gold Pool 4.5% 10/1/2048  | 7955 | 7896 |
| Freddie Mac Gold Pool 4.5% 10/1/2048  | 4375 | 4348 |
| Freddie Mac Gold Pool 4.5% 10/1/2049  | 26882 | 26616 |
| Freddie Mac Gold Pool 4.5% 11/1/2039  | 59930 | 60117 |
| Freddie Mac Gold Pool 4.5% 11/1/2041  | 37408 | 37483 |
| Freddie Mac Gold Pool 4.5% 11/1/2044  | 1070 | 1074 |
| Freddie Mac Gold Pool 4.5% 11/1/2047  | 19502 | 19412 |
| Freddie Mac Gold Pool 4.5% 11/1/2047  | 15968 | 15894 |
| Freddie Mac Gold Pool 4.5% 11/1/2048  | 2236 | 2222 |
| Freddie Mac Gold Pool 4.5% 11/1/2049  | 25959 | 25694 |
| Freddie Mac Gold Pool 4.5% 11/1/2049  | 2993 | 2962 |
| Freddie Mac Gold Pool 4.5% 12/1/2040  | 8899 | 8925 |
| Freddie Mac Gold Pool 4.5% 12/1/2043  | 38550 | 38508 |
| Freddie Mac Gold Pool 4.5% 12/1/2044  | 2315 | 2323 |
| Freddie Mac Gold Pool 4.5% 12/1/2045  | 9498 | 9530 |
| Freddie Mac Gold Pool 4.5% 12/1/2046  | 3310 | 3302 |
| Freddie Mac Gold Pool 4.5% 12/1/2047  | 71669 | 71336 |
| Freddie Mac Gold Pool 4.5% 12/1/2048  | 23281 | 23143 |
| Freddie Mac Gold Pool 4.5% 12/1/2048  | 14600 | 14483 |
| Freddie Mac Gold Pool 4.5% 12/1/2048  | 4186 | 4152 |
| Freddie Mac Gold Pool 4.5% 2/1/2041  | 7864 | 7874 |
| Freddie Mac Gold Pool 4.5% 2/1/2041  | 6148 | 6162 |
| Freddie Mac Gold Pool 4.5% 2/1/2041  | 6144 | 6157 |
| Freddie Mac Gold Pool 4.5% 2/1/2041  | 4427 | 4439 |
| Freddie Mac Gold Pool 4.5% 2/1/2041  | 3759 | 3771 |
| Freddie Mac Gold Pool 4.5% 2/1/2041  | 2624 | 2628 |
| Freddie Mac Gold Pool 4.5% 2/1/2044  | 22966 | 22939 |
| Freddie Mac Gold Pool 4.5% 2/1/2047  | 15264 | 15227 |
| Freddie Mac Gold Pool 4.5% 2/1/2047  | 4515 | 4504 |
| Freddie Mac Gold Pool 4.5% 2/1/2048  | 4687 | 4663 |
| Freddie Mac Gold Pool 4.5% 2/1/2049  | 92340 | 91599 |
| Freddie Mac Gold Pool 4.5% 2/1/2049  | 5000 | 4963 |
| Freddie Mac Gold Pool 4.5% 2/1/2049  | 1637 | 1626 |
| Freddie Mac Gold Pool 4.5% 2/1/2050  | 6272 | 6204 |
| Freddie Mac Gold Pool 4.5% 3/1/2041  | 24176 | 24232 |
| Freddie Mac Gold Pool 4.5% 3/1/2041  | 5880 | 5894 |
| Freddie Mac Gold Pool 4.5% 3/1/2041  | 3384 | 3391 |
| Freddie Mac Gold Pool 4.5% 3/1/2044  | 22797 | 22773 |
| Freddie Mac Gold Pool 4.5% 3/1/2044  | 15100 | 15092 |
| Freddie Mac Gold Pool 4.5% 3/1/2044  | 14067 | 14050 |
| Freddie Mac Gold Pool 4.5% 3/1/2044  | 8527 | 8515 |
| Freddie Mac Gold Pool 4.5% 3/1/2049  | 78365 | 77736 |
| Freddie Mac Gold Pool 4.5% 3/1/2049  | 1020 | 1011 |
| Freddie Mac Gold Pool 4.5% 3/1/2050  | 21389 | 21157 |
| Freddie Mac Gold Pool 4.5% 4/1/2041  | 39426 | 39511 |
| Freddie Mac Gold Pool 4.5% 4/1/2041  | 10674 | 10687 |
| Freddie Mac Gold Pool 4.5% 4/1/2041  | 10421 | 10440 |
| Freddie Mac Gold Pool 4.5% 4/1/2044  | 16443 | 16427 |
| Freddie Mac Gold Pool 4.5% 4/1/2047  | 11118 | 11056 |
| Freddie Mac Gold Pool 4.5% 4/1/2048  | 33073 | 32898 |
| Freddie Mac Gold Pool 4.5% 4/1/2048  | 13457 | 13386 |
| Freddie Mac Gold Pool 4.5% 4/1/2048  | 13128 | 13062 |
| Freddie Mac Gold Pool 4.5% 4/1/2048  | 12842 | 12775 |
| Freddie Mac Gold Pool 4.5% 4/1/2048  | 3870 | 3849 |
| Freddie Mac Gold Pool 4.5% 4/1/2049  | 24728 | 24507 |
| Freddie Mac Gold Pool 4.5% 4/1/2049  | 14768 | 14636 |
| Freddie Mac Gold Pool 4.5% 4/1/2049  | 1851 | 1836 |
| Freddie Mac Gold Pool 4.5% 4/1/2050  | 44524 | 44014 |
| Freddie Mac Gold Pool 4.5% 5/1/2039  | 37576 | 37729 |
| Freddie Mac Gold Pool 4.5% 5/1/2041  | 11167 | 11180 |
| Freddie Mac Gold Pool 4.5% 5/1/2041  | 7471 | 7487 |
| Freddie Mac Gold Pool 4.5% 5/1/2044  | 6066 | 6065 |
| Freddie Mac Gold Pool 4.5% 5/1/2047  | 38855 | 38747 |
| Freddie Mac Gold Pool 4.5% 5/1/2047  | 29701 | 29619 |
| Freddie Mac Gold Pool 4.5% 5/1/2047  | 13391 | 13354 |
| Freddie Mac Gold Pool 4.5% 5/1/2048  | 112309 | 111646 |
| Freddie Mac Gold Pool 4.5% 5/1/2048  | 26108 | 25971 |
| Freddie Mac Gold Pool 4.5% 5/1/2049  | 46927 | 46506 |
| Freddie Mac Gold Pool 4.5% 6/1/2041  | 10426 | 10460 |
| Freddie Mac Gold Pool 4.5% 6/1/2041  | 8626 | 8640 |
| Freddie Mac Gold Pool 4.5% 6/1/2041  | 7291 | 7313 |
| Freddie Mac Gold Pool 4.5% 6/1/2041  | 3426 | 3441 |
| Freddie Mac Gold Pool 4.5% 6/1/2047  | 55676 | 55521 |
| Freddie Mac Gold Pool 4.5% 6/1/2047  | 16557 | 16558 |
| Freddie Mac Gold Pool 4.5% 6/1/2047  | 9207 | 9173 |
| Freddie Mac Gold Pool 4.5% 6/1/2048  | 19850 | 19739 |
| Freddie Mac Gold Pool 4.5% 6/1/2048  | 5560 | 5527 |
| Freddie Mac Gold Pool 4.5% 6/1/2049  | 9068 | 8979 |
| Freddie Mac Gold Pool 4.5% 6/1/2049  | 7846 | 7768 |
| Freddie Mac Gold Pool 4.5% 7/1/2030  | 517 | 520 |
| Freddie Mac Gold Pool 4.5% 7/1/2039  | 23591 | 23670 |
| Freddie Mac Gold Pool 4.5% 7/1/2041  | 139721 | 139814 |
| Freddie Mac Gold Pool 4.5% 7/1/2041  | 17295 | 17320 |
| Freddie Mac Gold Pool 4.5% 7/1/2047  | 37252 | 37114 |
| Freddie Mac Gold Pool 4.5% 7/1/2047  | 30492 | 30512 |
| Freddie Mac Gold Pool 4.5% 7/1/2047  | 23600 | 23534 |
| Freddie Mac Gold Pool 4.5% 7/1/2047  | 13103 | 13103 |
| Freddie Mac Gold Pool 4.5% 7/1/2047  | 11498 | 11402 |
| Freddie Mac Gold Pool 4.5% 7/1/2048  | 3705 | 3678 |
| Freddie Mac Gold Pool 4.5% 7/1/2049  | 5506 | 5452 |
| Freddie Mac Gold Pool 4.5% 7/1/2050  | 8750 | 8649 |
| Freddie Mac Gold Pool 4.5% 8/1/2039  | 4799 | 4816 |
| Freddie Mac Gold Pool 4.5% 8/1/2040  | 979 | 982 |
| Freddie Mac Gold Pool 4.5% 8/1/2041  | 11723 | 11748 |
| Freddie Mac Gold Pool 4.5% 8/1/2041  | 923 | 926 |
| Freddie Mac Gold Pool 4.5% 8/1/2047  | 102013 | 101635 |
| Freddie Mac Gold Pool 4.5% 8/1/2048  | 65410 | 65003 |
| Freddie Mac Gold Pool 4.5% 8/1/2049  | 4907 | 4858 |
| Freddie Mac Gold Pool 4.5% 8/1/2055  | 419210 | 411131 |
| Freddie Mac Gold Pool 4.5% 9/1/2041  | 92245 | 92434 |
| Freddie Mac Gold Pool 4.5% 9/1/2041  | 16343 | 16379 |
| Freddie Mac Gold Pool 4.5% 9/1/2046  | 3837 | 3834 |
| Freddie Mac Gold Pool 4.5% 9/1/2047  | 13442 | 13380 |
| Freddie Mac Gold Pool 4.5% 9/1/2047  | 9199 | 9165 |
| Freddie Mac Gold Pool 4.5% 9/1/2048  | 61338 | 60957 |
| Freddie Mac Gold Pool 4.5% 9/1/2048  | 35112 | 34894 |
| Freddie Mac Gold Pool 4.5% 9/1/2049  | 5922 | 5863 |
| Freddie Mac Gold Pool 4.5% 9/1/2050  | 10577 | 10452 |
| Freddie Mac Gold Pool 5% 1/1/2039  | 279 | 285 |
| Freddie Mac Gold Pool 5% 1/1/2040  | 13589 | 13875 |
| Freddie Mac Gold Pool 5% 1/1/2049  | 13106 | 13340 |
| Freddie Mac Gold Pool 5% 1/1/2049  | 3329 | 3389 |
| Freddie Mac Gold Pool 5% 1/1/2053  | 589555 | 595117 |
| Freddie Mac Gold Pool 5% 10/1/2038  | 526 | 537 |
| Freddie Mac Gold Pool 5% 10/1/2048  | 5812 | 5923 |
| Freddie Mac Gold Pool 5% 10/1/2048  | 3423 | 3489 |
| Freddie Mac Gold Pool 5% 11/1/2038  | 1256 | 1282 |
| Freddie Mac Gold Pool 5% 11/1/2038  | 1011 | 1032 |
| Freddie Mac Gold Pool 5% 11/1/2048  | 12795 | 13040 |
| Freddie Mac Gold Pool 5% 11/1/2052  | 1348160 | 1362563 |
| Freddie Mac Gold Pool 5% 11/1/2052  | 401022 | 406559 |
| Freddie Mac Gold Pool 5% 12/1/2036  | 1495 | 1526 |
| Freddie Mac Gold Pool 5% 12/1/2038  | 11847 | 12091 |
| Freddie Mac Gold Pool 5% 12/1/2038  | 365 | 373 |
| Freddie Mac Gold Pool 5% 12/1/2048  | 35714 | 36352 |
| Freddie Mac Gold Pool 5% 12/1/2048  | 19233 | 19577 |
| Freddie Mac Gold Pool 5% 12/1/2052  | 1755153 | 1773905 |
| Freddie Mac Gold Pool 5% 12/1/2052  | 1569458 | 1584264 |
| Freddie Mac Gold Pool 5% 12/1/2052  | 170289 | 171895 |
| Freddie Mac Gold Pool 5% 2/1/2037  | 803 | 820 |
| Freddie Mac Gold Pool 5% 2/1/2038  | 16268 | 16581 |
| Freddie Mac Gold Pool 5% 2/1/2038  | 3125 | 3190 |
| Freddie Mac Gold Pool 5% 2/1/2038  | 290 | 296 |
| Freddie Mac Gold Pool 5% 2/1/2039  | 11412 | 11651 |
| Freddie Mac Gold Pool 5% 2/1/2039  | 329 | 335 |
| Freddie Mac Gold Pool 5% 2/1/2049  | 61101 | 62266 |
| Freddie Mac Gold Pool 5% 2/1/2049  | 8604 | 8758 |
| Freddie Mac Gold Pool 5% 2/1/2049  | 6146 | 6256 |
| Freddie Mac Gold Pool 5% 2/1/2050  | 12777 | 12973 |
| Freddie Mac Gold Pool 5% 3/1/2038  | 1197 | 1222 |
| Freddie Mac Gold Pool 5% 3/1/2039  | 429 | 438 |
| Freddie Mac Gold Pool 5% 4/1/2038  | 6046 | 6170 |
| Freddie Mac Gold Pool 5% 4/1/2038  | 4971 | 5075 |
| Freddie Mac Gold Pool 5% 4/1/2038  | 401 | 410 |
| Freddie Mac Gold Pool 5% 4/1/2040  | 23125 | 23614 |
| Freddie Mac Gold Pool 5% 4/1/2049  | 9152 | 9316 |
| Freddie Mac Gold Pool 5% 5/1/2028  | 370 | 373 |
| Freddie Mac Gold Pool 5% 5/1/2035  | 13113 | 13374 |
| Freddie Mac Gold Pool 5% 5/1/2040  | 2210 | 2257 |
| Freddie Mac Gold Pool 5% 5/1/2050  | 55743 | 56531 |
| Freddie Mac Gold Pool 5% 6/1/2037  | 266 | 272 |
| Freddie Mac Gold Pool 5% 6/1/2038  | 8325 | 8498 |
| Freddie Mac Gold Pool 5% 6/1/2038  | 1252 | 1278 |
| Freddie Mac Gold Pool 5% 6/1/2038  | 649 | 663 |
| Freddie Mac Gold Pool 5% 6/1/2040  | 8011 | 8180 |
| Freddie Mac Gold Pool 5% 6/1/2041  | 37116 | 37901 |
| Freddie Mac Gold Pool 5% 6/1/2052  | 163504 | 165813 |
| Freddie Mac Gold Pool 5% 7/1/2040  | 5669 | 5787 |
| Freddie Mac Gold Pool 5% 7/1/2048  | 16466 | 16466 |
| Freddie Mac Gold Pool 5% 7/1/2048  | 14018 | 14019 |
| Freddie Mac Gold Pool 5% 8/1/2037  | 589 | 601 |
| Freddie Mac Gold Pool 5% 8/1/2038  | 1508 | 1540 |
| Freddie Mac Gold Pool 5% 8/1/2038  | 1089 | 1112 |
| Freddie Mac Gold Pool 5% 8/1/2040  | 1099960 | 1114336 |
| Freddie Mac Gold Pool 5% 8/1/2040  | 36705 | 37480 |
| Freddie Mac Gold Pool 5% 8/1/2040  | 24340 | 24849 |
| Freddie Mac Gold Pool 5% 8/1/2040  | 1328 | 1356 |
| Freddie Mac Gold Pool 5% 8/1/2048  | 27629 | 28157 |
| Freddie Mac Gold Pool 5% 8/1/2049  | 3409 | 3468 |
| Freddie Mac Gold Pool 5% 9/1/2038  | 24992 | 25509 |
| Freddie Mac Gold Pool 5% 9/1/2039  | 22175 | 22635 |
| Freddie Mac Gold Pool 5% 9/1/2039  | 16737 | 17086 |
| Freddie Mac Gold Pool 5% 9/1/2039  | 532 | 543 |
| Freddie Mac Gold Pool 5% 9/1/2049  | 11115 | 11306 |
| Freddie Mac Gold Pool 5.5% 1/1/2036  | 3978 | 4130 |
| Freddie Mac Gold Pool 5.5% 1/1/2037  | 540 | 561 |
| Freddie Mac Gold Pool 5.5% 1/1/2037  | 398 | 413 |
| Freddie Mac Gold Pool 5.5% 1/1/2038  | 1760 | 1829 |
| Freddie Mac Gold Pool 5.5% 1/1/2038  | 642 | 666 |
| Freddie Mac Gold Pool 5.5% 1/1/2039  | 8173 | 8481 |
| Freddie Mac Gold Pool 5.5% 1/1/2039  | 746 | 775 |
| Freddie Mac Gold Pool 5.5% 1/1/2041  | 1523 | 1583 |
| Freddie Mac Gold Pool 5.5% 10/1/2033  | 246 | 255 |
| Freddie Mac Gold Pool 5.5% 10/1/2035  | 1795 | 1863 |
| Freddie Mac Gold Pool 5.5% 10/1/2054  | 496841 | 509827 |
| Freddie Mac Gold Pool 5.5% 10/1/2054  | 90864 | 92501 |
| Freddie Mac Gold Pool 5.5% 11/1/2028  | 230 | 233 |
| Freddie Mac Gold Pool 5.5% 11/1/2037  | 1479 | 1535 |
| Freddie Mac Gold Pool 5.5% 11/1/2038  | 299 | 312 |
| Freddie Mac Gold Pool 5.5% 11/1/2054  | 462445 | 476700 |
| Freddie Mac Gold Pool 5.5% 12/1/2037  | 118 | 123 |
| Freddie Mac Gold Pool 5.5% 12/1/2039  | 3832 | 3985 |
| Freddie Mac Gold Pool 5.5% 12/1/2054  | 862395 | 883320 |
| Freddie Mac Gold Pool 5.5% 12/1/2054  | 53432 | 54211 |
| Freddie Mac Gold Pool 5.5% 2/1/2038  | 329 | 342 |
| Freddie Mac Gold Pool 5.5% 2/1/2039  | 418 | 435 |
| Freddie Mac Gold Pool 5.5% 2/1/2054  | 399426 | 406746 |
| Freddie Mac Gold Pool 5.5% 2/1/2055  | 9590204 | 9726990 |
| Freddie Mac Gold Pool 5.5% 3/1/2034  | 17256 | 17873 |
| Freddie Mac Gold Pool 5.5% 3/1/2037  | 142 | 148 |
| Freddie Mac Gold Pool 5.5% 3/1/2038  | 607 | 632 |
| Freddie Mac Gold Pool 5.5% 3/1/2039  | 37143 | 38613 |
| Freddie Mac Gold Pool 5.5% 3/1/2039  | 1061 | 1104 |
| Freddie Mac Gold Pool 5.5% 3/1/2053 (e)(f) | 1519860 | 1568610 |
| Freddie Mac Gold Pool 5.5% 4/1/2027  | 11 | 11 |
| Freddie Mac Gold Pool 5.5% 4/1/2038  | 3393 | 3529 |
| Freddie Mac Gold Pool 5.5% 4/1/2038  | 599 | 623 |
| Freddie Mac Gold Pool 5.5% 4/1/2038  | 285 | 296 |
| Freddie Mac Gold Pool 5.5% 4/1/2038  | 245 | 255 |
| Freddie Mac Gold Pool 5.5% 4/1/2039  | 2695 | 2802 |
| Freddie Mac Gold Pool 5.5% 4/1/2040  | 9323 | 9696 |
| Freddie Mac Gold Pool 5.5% 5/1/2028  | 116 | 118 |
| Freddie Mac Gold Pool 5.5% 5/1/2036  | 292 | 303 |
| Freddie Mac Gold Pool 5.5% 5/1/2037  | 10382 | 10793 |
| Freddie Mac Gold Pool 5.5% 5/1/2037  | 300 | 311 |
| Freddie Mac Gold Pool 5.5% 5/1/2037  | 89 | 92 |
| Freddie Mac Gold Pool 5.5% 5/1/2038  | 5744 | 5975 |
| Freddie Mac Gold Pool 5.5% 5/1/2038  | 259 | 269 |
| Freddie Mac Gold Pool 5.5% 5/1/2038  | 245 | 255 |
| Freddie Mac Gold Pool 5.5% 5/1/2038  | 230 | 239 |
| Freddie Mac Gold Pool 5.5% 5/1/2053  | 900176 | 923986 |
| Freddie Mac Gold Pool 5.5% 5/1/2055  | 304107 | 309053 |
| Freddie Mac Gold Pool 5.5% 6/1/2027  | 233 | 236 |
| Freddie Mac Gold Pool 5.5% 6/1/2038  | 2919 | 3035 |
| Freddie Mac Gold Pool 5.5% 6/1/2038  | 642 | 668 |
| Freddie Mac Gold Pool 5.5% 6/1/2038  | 448 | 466 |
| Freddie Mac Gold Pool 5.5% 6/1/2038  | 349 | 362 |
| Freddie Mac Gold Pool 5.5% 6/1/2041  | 18818 | 19511 |
| Freddie Mac Gold Pool 5.5% 6/1/2041  | 12584 | 13073 |
| Freddie Mac Gold Pool 5.5% 6/1/2041  | 5997 | 6221 |
| Freddie Mac Gold Pool 5.5% 6/1/2049  | 96533 | 100414 |
| Freddie Mac Gold Pool 5.5% 7/1/2028  | 131 | 133 |
| Freddie Mac Gold Pool 5.5% 7/1/2035  | 10933 | 11318 |
| Freddie Mac Gold Pool 5.5% 7/1/2036  | 5371 | 5581 |
| Freddie Mac Gold Pool 5.5% 7/1/2038  | 303 | 314 |
| Freddie Mac Gold Pool 5.5% 7/1/2038  | 184 | 192 |
| Freddie Mac Gold Pool 5.5% 8/1/2038  | 656 | 681 |
| Freddie Mac Gold Pool 5.5% 8/1/2038  | 441 | 459 |
| Freddie Mac Gold Pool 5.5% 8/1/2038  | 271 | 282 |
| Freddie Mac Gold Pool 5.5% 8/1/2039  | 4680 | 4873 |
| Freddie Mac Gold Pool 5.5% 8/1/2040  | 1137 | 1183 |
| Freddie Mac Gold Pool 5.5% 8/1/2055  | 548347 | 564394 |
| Freddie Mac Gold Pool 5.5% 9/1/2038  | 4028 | 4189 |
| Freddie Mac Gold Pool 5.5% 9/1/2038  | 557 | 580 |
| Freddie Mac Gold Pool 5.5% 9/1/2038  | 287 | 299 |
| Freddie Mac Gold Pool 5.5% 9/1/2040  | 18843 | 19629 |
| Freddie Mac Gold Pool 5.5% 9/1/2054  | 2709938 | 2754154 |
| Freddie Mac Gold Pool 5.5% 9/1/2055  | 76118 | 77204 |
| Freddie Mac Gold Pool 6% 11/1/2053  | 233986 | 242745 |
| Freddie Mac Gold Pool 6% 12/1/2052  | 161498 | 168554 |
| Freddie Mac Gold Pool 6% 2/1/2055  | 392350 | 409858 |
| Freddie Mac Gold Pool 6% 4/1/2032  | 17369 | 18044 |
| Freddie Mac Gold Pool 6% 4/1/2054  | 1138179 | 1187191 |
| Freddie Mac Gold Pool 6% 5/1/2033  | 3701 | 3831 |
| Freddie Mac Gold Pool 6% 5/1/2054  | 1140608 | 1191863 |
| Freddie Mac Gold Pool 6% 7/1/2037  | 653 | 690 |
| Freddie Mac Gold Pool 6% 7/1/2039  | 2341348 | 2434111 |
| Freddie Mac Gold Pool 6% 8/1/2037  | 7532 | 7943 |
| Freddie Mac Gold Pool 6% 8/1/2055  | 1811561 | 1893674 |
| Freddie Mac Gold Pool 6.5% 1/1/2054  | 1297965 | 1368550 |
| Freddie Mac Gold Pool 6.5% 1/1/2054  | 481923 | 508070 |
| Freddie Mac Gold Pool 6.5% 10/1/2037  | 348 | 372 |
| Freddie Mac Gold Pool 6.5% 10/1/2053  | 373578 | 393894 |
| Freddie Mac Gold Pool 6.5% 11/1/2036  | 177 | 189 |
| Freddie Mac Gold Pool 6.5% 12/1/2037  | 300 | 320 |
| Freddie Mac Gold Pool 6.5% 12/1/2053  | 184707 | 194988 |
| Freddie Mac Gold Pool 6.5% 6/1/2054  | 1290074 | 1362245 |
| Freddie Mac Gold Pool 6.5% 6/1/2054  | 244039 | 258530 |
| Freddie Mac Gold Pool 6.5% 9/1/2037  | 204 | 216 |
| Freddie Mac Gold Pool 6.5% 9/1/2053  | 299837 | 316611 |
| Freddie Mac Gold Pool 6.5% 9/1/2054  | 2382300 | 2527672 |
| Freddie Mac Gold Pool 6.5% 9/1/2054  | 293784 | 311412 |
| Freddie Mac Gold Pool 7% 1/1/2054  | 415716 | 441867 |
| Freddie Mac Gold Pool 7% 1/1/2054  | 378711 | 402268 |
| Freddie Mac Gold Pool 7% 1/1/2054  | 364976 | 388420 |
| Freddie Mac Gold Pool 7% 1/1/2054  | 282133 | 300256 |
| Freddie Mac Gold Pool 7% 1/1/2054  | 169851 | 180535 |
| Freddie Mac Gold Pool 7% 12/1/2053  | 43958 | 46426 |
| Freddie Mac Gold Pool 7% 12/1/2053  | 22111 | 23358 |
| Freddie Mac Gold Pool 7% 2/1/2054  | 196354 | 208568 |
| Freddie Mac Gold Pool 7% 6/1/2054  | 339277 | 361707 |
| Freddie Mac Gold Pool 7% 6/1/2054  | 338651 | 359954 |
| Freddie Mac Gold Pool 7% 8/1/2054  | 149341 | 159261 |
| Freddie Mac Gold Pool 7% 9/1/2054  | 201535 | 214071 |
| Freddie Mac Gold Pool 7.5% 1/1/2027  | 8 | 8 |
| Freddie Mac Gold Pool 7.5% 10/1/2027  | 2 | 2 |
| Freddie Mac Gold Pool 7.5% 11/1/2029  | 218 | 228 |
| Freddie Mac Gold Pool 7.5% 2/1/2028  | 10 | 10 |
| Freddie Mac Gold Pool 7.5% 9/1/2031  | 458 | 485 |
| Freddie Mac Gold Pool 8% 5/1/2027  | 5 | 5 |
| Freddie Mac Gold Pool 8.5% 1/1/2028  | 12 | 13 |
| Freddie Mac Gold Pool 8.5% 5/1/2027  | 1 | 0 |
| Freddie Mac Manufactured Housing participation certificates 6% 3/1/2055  | 501117 | 522383 |
| Freddie Mac Manufactured Housing participation certificates 6.5% 3/1/2055  | 249104 | 263662 |
| Freddie Mac Manufactured Housing participation certificates 6.5% 3/1/2055  | 221163 | 234296 |
| Freddie Mac Manufactured Housing participation certificates 6.5% 3/1/2055  | 70900 | 75469 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.375%, 5.884% 3/1/2036 (c)(d) | 3635 | 3706 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.88%, 6.63% 9/1/2041 (c)(d) | 1881 | 1965 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.88%, 6.88% 4/1/2041 (c)(d) | 348 | 363 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.91%, 6.535% 6/1/2041 (c)(d) | 382 | 399 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.91%, 6.672% 6/1/2041 (c)(d) | 4847 | 5060 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.91%, 6.778% 5/1/2041 (c)(d) | 3458 | 3610 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.91%, 6.863% 5/1/2041 (c)(d) | 4419 | 4613 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 2.031%, 6.658% 3/1/2033 (c)(d) | 47 | 47 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 2.0397%, 6.663% 9/1/2037 (c)(d) | 551 | 572 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 2.16%, 6.535% 11/1/2035 (c)(d) | 262 | 272 |
| Freddie Mac Non Gold Pool 1 year U.S. Treasury Index + 1.699%, 5.937% 3/1/2036 (c)(d) | 27746 | 28097 |
| Freddie Mac Non Gold Pool 1 year U.S. Treasury Index + 2.2316%, 6.082% 12/1/2035 (c)(d) | 10322 | 10555 |
| Freddie Mac Non Gold Pool 1 year U.S. Treasury Index + 2.2476%, 6.497% 1/1/2035 (c)(d) | 369 | 377 |
| Freddie Mac Non Gold Pool 1 year U.S. Treasury Index + 2.25%, 6.161% 3/1/2035 (c)(d) | 6065 | 6194 |
| Freddie Mac Non Gold Pool 4.5% 9/1/2040  | 23440 | 23484 |
| Freddie Mac Non Gold Pool 5% 8/1/2053  | 424351 | 427161 |
| Freddie Mac Non Gold Pool 5% 9/1/2040  | 3919 | 4002 |
| Freddie Mac Non Gold Pool 5.5% 8/1/2053  | 809106 | 832277 |
| Freddie Mac Non Gold Pool 5.5% 8/1/2053  | 502271 | 516655 |
| Freddie Mac Non Gold Pool 6 month FTSE USD IBOR Consumer Fallbacks + 1.655%, 6.255% 4/1/2035 (c)(d) | 2964 | 3020 |
| Freddie Mac Non Gold Pool 6% 6/1/2053  | 559576 | 583497 |
| Freddie Mac Non Gold Pool 6% 6/1/2053  | 534278 | 555281 |
| Freddie Mac Non Gold Pool 6% 7/1/2053  | 480037 | 500558 |
| Freddie Mac Non Gold Pool 6% 9/1/2053  | 437809 | 454610 |
| Freddie Mac Non Gold Pool 6.5% 1/1/2055  | 463709 | 488926 |
| Freddie Mac Non Gold Pool 6.5% 1/1/2055  | 300318 | 318738 |
| Freddie Mac Non Gold Pool 6.5% 11/1/2054  | 129068 | 136944 |
| Freddie Mac Non Gold Pool 6.5% 2/1/2055  | 335765 | 356359 |
| Ginnie Mae I Pool 2.5% 1/20/2052  | 650692 | 558228 |
| Ginnie Mae I Pool 2.5% 12/20/2051  | 1013278 | 869291 |
| Ginnie Mae I Pool 2.5% 12/20/2051  | 540011 | 463275 |
| Ginnie Mae I Pool 2.5% 8/20/2051  | 3786882 | 3246400 |
| Ginnie Mae I Pool 2.5% 8/20/2051  | 986119 | 845375 |
| Ginnie Mae I Pool 2.5% 9/20/2051  | 1189385 | 1019629 |
| Ginnie Mae I Pool 2.5% 9/20/2051  | 990585 | 849204 |
| Ginnie Mae I Pool 3% 1/15/2043  | 5814 | 5345 |
| Ginnie Mae I Pool 3% 10/20/2042  | 339888 | 314620 |
| Ginnie Mae I Pool 3% 12/20/2042  | 242615 | 223402 |
| Ginnie Mae I Pool 3% 2/15/2045  | 7839 | 7131 |
| Ginnie Mae I Pool 3% 2/15/2045  | 3591 | 3264 |
| Ginnie Mae I Pool 3% 2/20/2046  | 5794 | 5288 |
| Ginnie Mae I Pool 3% 3/15/2045  | 18600 | 16894 |
| Ginnie Mae I Pool 3% 3/15/2045  | 9561 | 8675 |
| Ginnie Mae I Pool 3% 3/15/2045  | 8689 | 7918 |
| Ginnie Mae I Pool 3% 3/15/2045  | 7404 | 6725 |
| Ginnie Mae I Pool 3% 3/15/2045  | 6739 | 6150 |
| Ginnie Mae I Pool 3% 3/15/2045  | 4544 | 4131 |
| Ginnie Mae I Pool 3% 3/15/2045  | 2892 | 2624 |
| Ginnie Mae I Pool 3% 3/15/2045  | 2499 | 2281 |
| Ginnie Mae I Pool 3% 3/15/2045  | 1635 | 1514 |
| Ginnie Mae I Pool 3% 3/20/2043  | 157786 | 145358 |
| Ginnie Mae I Pool 3% 3/20/2043  | 64893 | 59827 |
| Ginnie Mae I Pool 3% 5/15/2045  | 4950 | 4498 |
| Ginnie Mae I Pool 3% 6/15/2043  | 48351 | 44292 |
| Ginnie Mae I Pool 3% 6/15/2043  | 9145 | 8342 |
| Ginnie Mae I Pool 3% 6/15/2043  | 7973 | 7321 |
| Ginnie Mae I Pool 3% 6/15/2045  | 4977 | 4554 |
| Ginnie Mae I Pool 3% 7/15/2042  | 1587 | 1479 |
| Ginnie Mae I Pool 3% 7/15/2043  | 13395 | 12275 |
| Ginnie Mae I Pool 3% 7/15/2045  | 12108 | 10955 |
| Ginnie Mae I Pool 3% 7/15/2045  | 5895 | 5332 |
| Ginnie Mae I Pool 3% 7/15/2045  | 5540 | 5023 |
| Ginnie Mae I Pool 3% 7/15/2045  | 2465 | 2231 |
| Ginnie Mae I Pool 3% 7/15/2045  | 2137 | 1933 |
| Ginnie Mae I Pool 3.5% 1/15/2041  | 11224 | 10686 |
| Ginnie Mae I Pool 3.5% 1/15/2041  | 1949 | 1847 |
| Ginnie Mae I Pool 3.5% 1/15/2041  | 1518 | 1446 |
| Ginnie Mae I Pool 3.5% 1/15/2042  | 4866 | 4586 |
| Ginnie Mae I Pool 3.5% 1/20/2050  | 63941 | 58766 |
| Ginnie Mae I Pool 3.5% 1/20/2050  | 38735 | 35721 |
| Ginnie Mae I Pool 3.5% 1/20/2050  | 37724 | 34766 |
| Ginnie Mae I Pool 3.5% 1/20/2050  | 10821 | 9958 |
| Ginnie Mae I Pool 3.5% 11/15/2041  | 14161 | 13382 |
| Ginnie Mae I Pool 3.5% 11/15/2042  | 41375 | 39047 |
| Ginnie Mae I Pool 3.5% 12/15/2040  | 2013 | 1910 |
| Ginnie Mae I Pool 3.5% 12/20/2049  | 9584 | 8830 |
| Ginnie Mae I Pool 3.5% 12/20/2049  | 4374 | 4020 |
| Ginnie Mae I Pool 3.5% 12/20/2049  | 3400 | 3135 |
| Ginnie Mae I Pool 3.5% 12/20/2049  | 1017 | 936 |
| Ginnie Mae I Pool 3.5% 2/15/2041  | 20523 | 19485 |
| Ginnie Mae I Pool 3.5% 2/15/2042  | 18257 | 17243 |
| Ginnie Mae I Pool 3.5% 2/15/2042  | 10009 | 9474 |
| Ginnie Mae I Pool 3.5% 2/15/2042  | 4551 | 4311 |
| Ginnie Mae I Pool 3.5% 2/15/2042  | 2491 | 2357 |
| Ginnie Mae I Pool 3.5% 2/15/2043  | 6931 | 6529 |
| Ginnie Mae I Pool 3.5% 2/15/2043  | 4197 | 3944 |
| Ginnie Mae I Pool 3.5% 3/15/2042  | 3512 | 3333 |
| Ginnie Mae I Pool 3.5% 3/15/2042  | 1372 | 1297 |
| Ginnie Mae I Pool 3.5% 3/15/2043  | 20449 | 19197 |
| Ginnie Mae I Pool 3.5% 4/15/2042  | 2969 | 2806 |
| Ginnie Mae I Pool 3.5% 5/15/2042  | 46866 | 44475 |
| Ginnie Mae I Pool 3.5% 5/15/2042  | 32311 | 30655 |
| Ginnie Mae I Pool 3.5% 5/15/2042  | 12476 | 11765 |
| Ginnie Mae I Pool 3.5% 5/15/2042  | 7670 | 7246 |
| Ginnie Mae I Pool 3.5% 5/15/2042  | 1743 | 1647 |
| Ginnie Mae I Pool 3.5% 5/15/2043  | 10776 | 10172 |
| Ginnie Mae I Pool 3.5% 5/15/2043  | 7508 | 7056 |
| Ginnie Mae I Pool 3.5% 5/15/2043  | 3648 | 3432 |
| Ginnie Mae I Pool 3.5% 5/15/2043  | 2474 | 2328 |
| Ginnie Mae I Pool 3.5% 6/15/2042  | 11527 | 10901 |
| Ginnie Mae I Pool 3.5% 6/15/2043  | 12504 | 11762 |
| Ginnie Mae I Pool 3.5% 6/15/2043  | 3749 | 3538 |
| Ginnie Mae I Pool 3.5% 6/20/2042  | 60751 | 57604 |
| Ginnie Mae I Pool 3.5% 7/15/2042  | 25104 | 23698 |
| Ginnie Mae I Pool 3.5% 7/15/2043  | 30109 | 28238 |
| Ginnie Mae I Pool 3.5% 8/15/2042  | 80494 | 75945 |
| Ginnie Mae I Pool 3.5% 8/15/2042  | 22291 | 21065 |
| Ginnie Mae I Pool 3.5% 8/15/2042  | 1115 | 1051 |
| Ginnie Mae I Pool 3.5% 9/15/2041  | 3132 | 2970 |
| Ginnie Mae I Pool 3.5% 9/15/2043  | 752 | 717 |
| Ginnie Mae I Pool 3.5% 9/20/2052  | 2644706 | 2435205 |
| Ginnie Mae I Pool 4% 1/15/2041  | 27488 | 26705 |
| Ginnie Mae I Pool 4% 1/15/2041  | 14045 | 13645 |
| Ginnie Mae I Pool 4% 10/15/2040  | 19009 | 18480 |
| Ginnie Mae I Pool 4% 10/15/2040  | 4651 | 4524 |
| Ginnie Mae I Pool 4% 10/15/2041  | 49678 | 48224 |
| Ginnie Mae I Pool 4% 10/15/2041  | 40407 | 39178 |
| Ginnie Mae I Pool 4% 10/15/2041  | 31984 | 30996 |
| Ginnie Mae I Pool 4% 10/15/2041  | 27235 | 26447 |
| Ginnie Mae I Pool 4% 10/15/2041  | 9102 | 8853 |
| Ginnie Mae I Pool 4% 10/15/2041  | 5824 | 5650 |
| Ginnie Mae I Pool 4% 10/15/2041  | 4842 | 4703 |
| Ginnie Mae I Pool 4% 10/15/2041  | 4333 | 4208 |
| Ginnie Mae I Pool 4% 11/15/2040  | 11660 | 11311 |
| Ginnie Mae I Pool 4% 11/15/2040  | 6865 | 6669 |
| Ginnie Mae I Pool 4% 11/15/2040  | 2358 | 2290 |
| Ginnie Mae I Pool 4% 11/15/2041  | 12580 | 12210 |
| Ginnie Mae I Pool 4% 12/15/2040  | 1321 | 1284 |
| Ginnie Mae I Pool 4% 12/15/2040  | 969 | 943 |
| Ginnie Mae I Pool 4% 12/15/2041  | 27045 | 26227 |
| Ginnie Mae I Pool 4% 12/15/2041  | 15590 | 15119 |
| Ginnie Mae I Pool 4% 12/15/2041  | 5690 | 5526 |
| Ginnie Mae I Pool 4% 12/15/2041  | 4032 | 3909 |
| Ginnie Mae I Pool 4% 2/15/2041  | 5021 | 4881 |
| Ginnie Mae I Pool 4% 3/15/2040  | 15384 | 14998 |
| Ginnie Mae I Pool 4% 3/15/2041  | 5801 | 5640 |
| Ginnie Mae I Pool 4% 3/15/2042  | 6462 | 6262 |
| Ginnie Mae I Pool 4% 3/15/2044  | 1898 | 1840 |
| Ginnie Mae I Pool 4% 3/20/2047  | 221953 | 214416 |
| Ginnie Mae I Pool 4% 4/15/2040  | 7409 | 7199 |
| Ginnie Mae I Pool 4% 4/15/2045  | 4993 | 4817 |
| Ginnie Mae I Pool 4% 4/15/2046  | 167389 | 161289 |
| Ginnie Mae I Pool 4% 4/20/2047  | 63815 | 61149 |
| Ginnie Mae I Pool 4% 4/20/2047  | 57647 | 55239 |
| Ginnie Mae I Pool 4% 4/20/2048  | 51725 | 49532 |
| Ginnie Mae I Pool 4% 4/20/2048  | 45556 | 43625 |
| Ginnie Mae I Pool 4% 5/15/2040  | 9927 | 9644 |
| Ginnie Mae I Pool 4% 6/15/2039  | 21483 | 20933 |
| Ginnie Mae I Pool 4% 6/15/2045  | 39650 | 38240 |
| Ginnie Mae I Pool 4% 7/15/2040  | 5586 | 5441 |
| Ginnie Mae I Pool 4% 7/15/2041  | 17334 | 16793 |
| Ginnie Mae I Pool 4% 7/15/2041  | 3570 | 3464 |
| Ginnie Mae I Pool 4% 8/15/2041  | 53314 | 51736 |
| Ginnie Mae I Pool 4% 8/15/2041  | 5149 | 4999 |
| Ginnie Mae I Pool 4% 9/15/2040  | 2479 | 2410 |
| Ginnie Mae I Pool 4% 9/15/2041  | 5904 | 5728 |
| Ginnie Mae I Pool 4% 9/15/2041  | 5017 | 4871 |
| Ginnie Mae I Pool 4% 9/15/2041  | 4330 | 4208 |
| Ginnie Mae I Pool 4.5% 2/15/2039  | 2883 | 2890 |
| Ginnie Mae I Pool 4.5% 2/15/2040  | 4494 | 4501 |
| Ginnie Mae I Pool 4.5% 3/15/2041  | 89253 | 89282 |
| Ginnie Mae I Pool 4.5% 3/15/2041  | 67615 | 67702 |
| Ginnie Mae I Pool 4.5% 3/15/2041  | 45700 | 45764 |
| Ginnie Mae I Pool 4.5% 3/15/2041  | 1015 | 1016 |
| Ginnie Mae I Pool 4.5% 4/15/2041  | 9369 | 9376 |
| Ginnie Mae I Pool 4.5% 4/20/2053  | 676559 | 663236 |
| Ginnie Mae I Pool 4.5% 5/15/2039  | 1428 | 1431 |
| Ginnie Mae I Pool 4.5% 5/15/2040  | 8792 | 8791 |
| Ginnie Mae I Pool 4.5% 6/15/2040  | 28151 | 28189 |
| Ginnie Mae I Pool 4.5% 6/15/2040  | 12869 | 12888 |
| Ginnie Mae I Pool 4.5% 6/15/2040  | 8766 | 8780 |
| Ginnie Mae I Pool 4.5% 6/15/2040  | 2162 | 2167 |
| Ginnie Mae I Pool 4.5% 7/15/2040  | 19599 | 19629 |
| Ginnie Mae I Pool 4.5% 7/15/2040  | 10523 | 10538 |
| Ginnie Mae I Pool 4.5% 7/15/2040  | 7717 | 7726 |
| Ginnie Mae I Pool 4.5% 7/15/2040  | 2401 | 2404 |
| Ginnie Mae I Pool 4.5% 7/15/2040  | 728 | 729 |
| Ginnie Mae I Pool 4.5% 7/20/2041  | 104031 | 104043 |
| Ginnie Mae I Pool 4.5% 8/15/2039  | 14938 | 14967 |
| Ginnie Mae I Pool 4.5% 8/15/2040  | 5670 | 5678 |
| Ginnie Mae I Pool 4.5% 8/15/2040  | 1211 | 1215 |
| Ginnie Mae I Pool 4.5% 9/15/2040  | 1137 | 1138 |
| Ginnie Mae I Pool 5% 10/15/2039  | 4485 | 4575 |
| Ginnie Mae I Pool 5% 10/15/2039  | 1938 | 1976 |
| Ginnie Mae I Pool 5% 11/15/2039  | 8187 | 8353 |
| Ginnie Mae I Pool 5% 11/15/2040  | 4120 | 4203 |
| Ginnie Mae I Pool 5% 11/15/2040  | 1678 | 1712 |
| Ginnie Mae I Pool 5% 12/15/2039  | 5724 | 5839 |
| Ginnie Mae I Pool 5% 2/20/2041  | 2290 | 2334 |
| Ginnie Mae I Pool 5% 3/15/2039  | 2534 | 2584 |
| Ginnie Mae I Pool 5% 3/15/2044  | 12481 | 12732 |
| Ginnie Mae I Pool 5% 4/15/2039  | 8911 | 9089 |
| Ginnie Mae I Pool 5% 4/15/2039  | 2323 | 2369 |
| Ginnie Mae I Pool 5% 4/15/2040  | 3756 | 3832 |
| Ginnie Mae I Pool 5% 4/15/2041  | 803 | 819 |
| Ginnie Mae I Pool 5% 4/20/2048  | 136353 | 138914 |
| Ginnie Mae I Pool 5% 5/15/2039  | 10356 | 10566 |
| Ginnie Mae I Pool 5% 5/15/2039  | 4077 | 4159 |
| Ginnie Mae I Pool 5% 5/15/2040  | 4780 | 4877 |
| Ginnie Mae I Pool 5% 5/15/2040  | 2022 | 2063 |
| Ginnie Mae I Pool 5% 6/15/2040  | 5969 | 6089 |
| Ginnie Mae I Pool 5% 6/15/2040  | 3079 | 3141 |
| Ginnie Mae I Pool 5% 7/15/2040  | 21890 | 22332 |
| Ginnie Mae I Pool 5% 7/15/2040  | 21830 | 22274 |
| Ginnie Mae I Pool 5% 7/15/2040  | 16681 | 17018 |
| Ginnie Mae I Pool 5% 7/15/2040  | 12967 | 13229 |
| Ginnie Mae I Pool 5% 7/15/2040  | 12922 | 13183 |
| Ginnie Mae I Pool 5% 7/15/2040  | 11637 | 11873 |
| Ginnie Mae I Pool 5% 7/15/2040  | 10903 | 11122 |
| Ginnie Mae I Pool 5% 7/15/2040  | 5120 | 5225 |
| Ginnie Mae I Pool 5% 7/15/2040  | 5087 | 5190 |
| Ginnie Mae I Pool 5% 7/15/2040  | 3874 | 3952 |
| Ginnie Mae I Pool 5% 7/15/2040  | 3126 | 3190 |
| Ginnie Mae I Pool 5% 7/15/2040  | 2129 | 2172 |
| Ginnie Mae I Pool 5% 7/20/2041  | 1821 | 1856 |
| Ginnie Mae I Pool 5% 8/15/2039  | 11733 | 11968 |
| Ginnie Mae I Pool 5% 8/15/2039  | 7602 | 7754 |
| Ginnie Mae I Pool 5% 8/15/2039  | 4291 | 4377 |
| Ginnie Mae I Pool 5% 8/15/2039  | 4201 | 4286 |
| Ginnie Mae I Pool 5% 8/15/2039  | 1292 | 1318 |
| Ginnie Mae I Pool 5% 8/15/2040  | 9000 | 9182 |
| Ginnie Mae I Pool 5% 8/15/2040  | 7436 | 7586 |
| Ginnie Mae I Pool 5% 9/15/2039  | 15958 | 16277 |
| Ginnie Mae I Pool 5% 9/15/2039  | 14874 | 15171 |
| Ginnie Mae I Pool 5% 9/15/2039  | 6081 | 6204 |
| Ginnie Mae I Pool 5% 9/15/2039  | 6027 | 6150 |
| Ginnie Mae I Pool 5% 9/15/2039  | 3457 | 3527 |
| Ginnie Mae I Pool 5% 9/15/2040  | 4974 | 5074 |
| Ginnie Mae I Pool 5% 9/15/2040  | 3324 | 3391 |
| Ginnie Mae I Pool 5% 9/15/2041  | 65104 | 66412 |
| Ginnie Mae I Pool 5.5% 1/15/2038  | 891 | 917 |
| Ginnie Mae I Pool 5.5% 10/15/2035  | 10894 | 11188 |
| Ginnie Mae I Pool 5.5% 10/15/2038  | 381 | 392 |
| Ginnie Mae I Pool 5.5% 11/15/2038  | 3802 | 3918 |
| Ginnie Mae I Pool 5.5% 11/15/2038  | 1556 | 1603 |
| Ginnie Mae I Pool 5.5% 11/15/2038  | 212 | 218 |
| Ginnie Mae I Pool 5.5% 12/15/2038  | 9574 | 9858 |
| Ginnie Mae I Pool 5.5% 12/20/2041  | 3806 | 3942 |
| Ginnie Mae I Pool 5.5% 2/15/2038  | 848 | 873 |
| Ginnie Mae I Pool 5.5% 2/15/2039  | 7274 | 7499 |
| Ginnie Mae I Pool 5.5% 2/15/2039  | 1776 | 1831 |
| Ginnie Mae I Pool 5.5% 3/15/2039  | 19728 | 20325 |
| Ginnie Mae I Pool 5.5% 3/15/2039  | 5238 | 5397 |
| Ginnie Mae I Pool 5.5% 3/20/2054  | 979210 | 1003111 |
| Ginnie Mae I Pool 5.5% 4/15/2039  | 6905 | 7119 |
| Ginnie Mae I Pool 5.5% 4/15/2041  | 793 | 817 |
| Ginnie Mae I Pool 5.5% 5/15/2039  | 9450 | 9742 |
| Ginnie Mae I Pool 5.5% 5/15/2039  | 3929 | 4051 |
| Ginnie Mae I Pool 5.5% 5/20/2045  | 10156 | 10512 |
| Ginnie Mae I Pool 5.5% 6/15/2038  | 1246 | 1284 |
| Ginnie Mae I Pool 5.5% 6/15/2038  | 190 | 196 |
| Ginnie Mae I Pool 5.5% 8/15/2039  | 3346 | 3450 |
| Ginnie Mae I Pool 5.5% 9/15/2034  | 314 | 322 |
| Ginnie Mae I Pool 5.5% 9/15/2038  | 574 | 591 |
| Ginnie Mae I Pool 5.5% 9/15/2039  | 14762 | 15222 |
| Ginnie Mae I Pool 6% 1/15/2038  | 2054 | 2144 |
| Ginnie Mae I Pool 6% 1/15/2038  | 481 | 503 |
| Ginnie Mae I Pool 6% 10/15/2039  | 902 | 946 |
| Ginnie Mae I Pool 6% 11/15/2034  | 7431 | 7753 |
| Ginnie Mae I Pool 6% 11/15/2039  | 2579 | 2707 |
| Ginnie Mae I Pool 6% 11/15/2039  | 2395 | 2506 |
| Ginnie Mae I Pool 6% 11/15/2039  | 979 | 1026 |
| Ginnie Mae I Pool 6% 12/15/2040  | 2222 | 2325 |
| Ginnie Mae I Pool 6% 6/15/2036  | 15215 | 15883 |
| Ginnie Mae I Pool 6% 8/15/2037  | 501 | 524 |
| Ginnie Mae I Pool 6.5% 1/15/2039  | 6473 | 6837 |
| Ginnie Mae I Pool 6.5% 11/15/2035  | 969 | 1035 |
| Ginnie Mae I Pool 6.5% 2/15/2038  | 1446 | 1536 |
| Ginnie Mae I Pool 6.5% 4/15/2035  | 1249 | 1330 |
| Ginnie Mae I Pool 6.5% 9/15/2035  | 2806 | 2976 |
| Ginnie Mae I Pool 7% 1/15/2028  | 145 | 147 |
| Ginnie Mae I Pool 7% 10/15/2031  | 729 | 754 |
| Ginnie Mae I Pool 7% 12/15/2028  | 45 | 46 |
| Ginnie Mae I Pool 7% 12/15/2030  | 1147 | 1185 |
| Ginnie Mae I Pool 7% 2/15/2028  | 602 | 609 |
| Ginnie Mae I Pool 7% 2/15/2032  | 2475 | 2562 |
| Ginnie Mae I Pool 7% 2/15/2032  | 72 | 74 |
| Ginnie Mae I Pool 7% 3/15/2028  | 34 | 34 |
| Ginnie Mae I Pool 7% 3/15/2029  | 317 | 324 |
| Ginnie Mae I Pool 7% 3/15/2032  | 1287 | 1328 |
| Ginnie Mae I Pool 7% 3/15/2032  | 860 | 887 |
| Ginnie Mae I Pool 7% 4/15/2028  | 90 | 91 |
| Ginnie Mae I Pool 7% 4/15/2029  | 258 | 263 |
| Ginnie Mae I Pool 7% 4/15/2029  | 120 | 122 |
| Ginnie Mae I Pool 7% 4/15/2031  | 176 | 181 |
| Ginnie Mae I Pool 7% 4/15/2032  | 3475 | 3610 |
| Ginnie Mae I Pool 7% 4/15/2032  | 380 | 395 |
| Ginnie Mae I Pool 7% 4/15/2032  | 231 | 238 |
| Ginnie Mae I Pool 7% 5/15/2029  | 207 | 212 |
| Ginnie Mae I Pool 7% 6/15/2028  | 302 | 303 |
| Ginnie Mae I Pool 7% 6/15/2028  | 114 | 116 |
| Ginnie Mae I Pool 7% 6/15/2032  | 1015 | 1054 |
| Ginnie Mae I Pool 7% 6/15/2032  | 360 | 372 |
| Ginnie Mae I Pool 7% 6/15/2032  | 29 | 30 |
| Ginnie Mae I Pool 7% 6/15/2032  | 28 | 29 |
| Ginnie Mae I Pool 7% 7/15/2031  | 549 | 567 |
| Ginnie Mae I Pool 7% 7/15/2031  | 211 | 217 |
| Ginnie Mae I Pool 7% 7/15/2031  | 122 | 126 |
| Ginnie Mae I Pool 7% 7/15/2032  | 132 | 137 |
| Ginnie Mae I Pool 7% 8/15/2031  | 380 | 384 |
| Ginnie Mae I Pool 7% 8/15/2031  | 341 | 354 |
| Ginnie Mae I Pool 7% 8/15/2031  | 32 | 33 |
| Ginnie Mae I Pool 7% 9/15/2031  | 358 | 368 |
| Ginnie Mae I Pool 7.5% 10/15/2027  | 30 | 31 |
| Ginnie Mae I Pool 7.5% 10/15/2028  | 608 | 622 |
| Ginnie Mae I Pool 7.5% 12/15/2027  | 119 | 121 |
| Ginnie Mae I Pool 7.5% 2/15/2027  | 5 | 5 |
| Ginnie Mae I Pool 7.5% 3/15/2028  | 376 | 383 |
| Ginnie Mae I Pool 7.5% 4/15/2027  | 117 | 118 |
| Ginnie Mae I Pool 7.5% 4/15/2027  | 114 | 116 |
| Ginnie Mae I Pool 7.5% 4/15/2027  | 50 | 51 |
| Ginnie Mae I Pool 7.5% 4/15/2027  | 17 | 17 |
| Ginnie Mae I Pool 7.5% 4/15/2027  | 15 | 15 |
| Ginnie Mae I Pool 7.5% 4/15/2027  | 11 | 11 |
| Ginnie Mae I Pool 7.5% 6/15/2027  | 38 | 38 |
| Ginnie Mae I Pool 7.5% 8/15/2028  | 34 | 34 |
| Ginnie Mae I Pool 8% 3/15/2030  | 223 | 230 |
| Ginnie Mae I Pool 8% 5/15/2030  | 117 | 121 |
| Ginnie Mae I Pool 8% 9/15/2030  | 231 | 238 |
| Ginnie Mae II Pool 1.5% 12/20/2051  | 44097 | 35042 |
| Ginnie Mae II Pool 1.5% 3/20/2051  | 20547 | 16328 |
| Ginnie Mae II Pool 1.5% 4/20/2051  | 61970 | 49244 |
| Ginnie Mae II Pool 1.5% 5/20/2051  | 118355 | 94050 |
| Ginnie Mae II Pool 2% 1/1/2056 (b) | 23525000 | 19470417 |
| Ginnie Mae II Pool 2% 1/20/2052  | 5999403 | 4969881 |
| Ginnie Mae II Pool 2% 2/20/2052  | 4470767 | 3703565 |
| Ginnie Mae II Pool 2% 3/20/2052  | 14526081 | 12033346 |
| Ginnie Mae II Pool 2% 5/20/2052  | 119274 | 98843 |
| Ginnie Mae II Pool 2.5% 1/20/2047  | 30889 | 27085 |
| Ginnie Mae II Pool 2.5% 1/20/2051  | 606225 | 523301 |
| Ginnie Mae II Pool 2.5% 10/20/2043  | 5944 | 5324 |
| Ginnie Mae II Pool 2.5% 10/20/2050  | 1466049 | 1266886 |
| Ginnie Mae II Pool 2.5% 10/20/2051  | 1086035 | 937140 |
| Ginnie Mae II Pool 2.5% 11/20/2046  | 17954 | 15762 |
| Ginnie Mae II Pool 2.5% 11/20/2050  | 47794 | 41301 |
| Ginnie Mae II Pool 2.5% 11/20/2051  | 402074 | 346949 |
| Ginnie Mae II Pool 2.5% 12/20/2046  | 12954 | 11364 |
| Ginnie Mae II Pool 2.5% 12/20/2047  | 7974 | 6973 |
| Ginnie Mae II Pool 2.5% 12/20/2049  | 6198 | 5391 |
| Ginnie Mae II Pool 2.5% 12/20/2050  | 821252 | 709172 |
| Ginnie Mae II Pool 2.5% 12/20/2051  | 1410564 | 1217175 |
| Ginnie Mae II Pool 2.5% 2/20/2047  | 14439 | 12665 |
| Ginnie Mae II Pool 2.5% 2/20/2050  | 546041 | 472202 |
| Ginnie Mae II Pool 2.5% 2/20/2051  | 112789 | 97361 |
| Ginnie Mae II Pool 2.5% 3/20/2050  | 460072 | 397858 |
| Ginnie Mae II Pool 2.5% 3/20/2051  | 196138 | 169309 |
| Ginnie Mae II Pool 2.5% 4/20/2045  | 4545 | 4020 |
| Ginnie Mae II Pool 2.5% 4/20/2050  | 371136 | 320949 |
| Ginnie Mae II Pool 2.5% 5/20/2050  | 1984157 | 1715849 |
| Ginnie Mae II Pool 2.5% 6/20/2050  | 234295 | 202612 |
| Ginnie Mae II Pool 2.5% 6/20/2051  | 481260 | 415279 |
| Ginnie Mae II Pool 2.5% 7/20/2043  | 22089 | 19746 |
| Ginnie Mae II Pool 2.5% 7/20/2046  | 8802 | 7758 |
| Ginnie Mae II Pool 2.5% 7/20/2050  | 708828 | 612976 |
| Ginnie Mae II Pool 2.5% 8/20/2050  | 375087 | 323975 |
| Ginnie Mae II Pool 2.5% 8/20/2051  | 347646 | 299984 |
| Ginnie Mae II Pool 2.5% 9/20/2046  | 13203 | 11591 |
| Ginnie Mae II Pool 2.5% 9/20/2049  | 127312 | 110733 |
| Ginnie Mae II Pool 2.5% 9/20/2050  | 1328050 | 1147634 |
| Ginnie Mae II Pool 3% 1/20/2044  | 13672 | 12618 |
| Ginnie Mae II Pool 3% 1/20/2045  | 23196 | 21259 |
| Ginnie Mae II Pool 3% 1/20/2047  | 189387 | 172737 |
| Ginnie Mae II Pool 3% 1/20/2048  | 114823 | 104513 |
| Ginnie Mae II Pool 3% 1/20/2051  | 15208 | 13705 |
| Ginnie Mae II Pool 3% 10/20/2045  | 21476 | 19627 |
| Ginnie Mae II Pool 3% 10/20/2046  | 70274 | 64096 |
| Ginnie Mae II Pool 3% 10/20/2047  | 83052 | 75595 |
| Ginnie Mae II Pool 3% 10/20/2049  | 131916 | 118958 |
| Ginnie Mae II Pool 3% 11/20/2046  | 652455 | 595094 |
| Ginnie Mae II Pool 3% 11/20/2047  | 60239 | 54830 |
| Ginnie Mae II Pool 3% 12/20/2044  | 7316 | 6709 |
| Ginnie Mae II Pool 3% 12/20/2045  | 128134 | 117002 |
| Ginnie Mae II Pool 3% 12/20/2046  | 507335 | 462732 |
| Ginnie Mae II Pool 3% 12/20/2047  | 235488 | 214344 |
| Ginnie Mae II Pool 3% 2/20/2044  | 20713 | 19096 |
| Ginnie Mae II Pool 3% 2/20/2045  | 170938 | 156665 |
| Ginnie Mae II Pool 3% 2/20/2046  | 752620 | 686923 |
| Ginnie Mae II Pool 3% 2/20/2047  | 171689 | 156595 |
| Ginnie Mae II Pool 3% 2/20/2048  | 25131 | 22843 |
| Ginnie Mae II Pool 3% 2/20/2051  | 857139 | 772408 |
| Ginnie Mae II Pool 3% 3/20/2043  | 14126 | 13060 |
| Ginnie Mae II Pool 3% 3/20/2045  | 2562 | 2346 |
| Ginnie Mae II Pool 3% 3/20/2046  | 20548 | 18755 |
| Ginnie Mae II Pool 3% 3/20/2047  | 8829 | 8053 |
| Ginnie Mae II Pool 3% 3/20/2048  | 27759 | 25232 |
| Ginnie Mae II Pool 3% 3/20/2050  | 318824 | 287407 |
| Ginnie Mae II Pool 3% 3/20/2051  | 148247 | 133499 |
| Ginnie Mae II Pool 3% 4/20/2043  | 83350 | 77032 |
| Ginnie Mae II Pool 3% 4/20/2047  | 56083 | 51153 |
| Ginnie Mae II Pool 3% 4/20/2048  | 23161 | 21082 |
| Ginnie Mae II Pool 3% 4/20/2049  | 31054 | 28265 |
| Ginnie Mae II Pool 3% 4/20/2051  | 224704 | 202351 |
| Ginnie Mae II Pool 3% 4/20/2052  | 1342896 | 1207838 |
| Ginnie Mae II Pool 3% 5/20/2045  | 72213 | 66084 |
| Ginnie Mae II Pool 3% 5/20/2047  | 27613 | 25186 |
| Ginnie Mae II Pool 3% 5/20/2051  | 459201 | 413176 |
| Ginnie Mae II Pool 3% 6/20/2045  | 102848 | 94091 |
| Ginnie Mae II Pool 3% 6/20/2046  | 78080 | 71264 |
| Ginnie Mae II Pool 3% 6/20/2051  | 763981 | 687265 |
| Ginnie Mae II Pool 3% 7/20/2042  | 47316 | 43831 |
| Ginnie Mae II Pool 3% 7/20/2044  | 16843 | 15491 |
| Ginnie Mae II Pool 3% 7/20/2045  | 97523 | 89193 |
| Ginnie Mae II Pool 3% 7/20/2046  | 338021 | 308514 |
| Ginnie Mae II Pool 3% 7/20/2049  | 285404 | 257993 |
| Ginnie Mae II Pool 3% 7/20/2051  | 61984 | 55779 |
| Ginnie Mae II Pool 3% 8/20/2042  | 571898 | 529643 |
| Ginnie Mae II Pool 3% 8/20/2043  | 5031 | 4642 |
| Ginnie Mae II Pool 3% 8/20/2044  | 9951 | 9167 |
| Ginnie Mae II Pool 3% 8/20/2045  | 22192 | 20288 |
| Ginnie Mae II Pool 3% 8/20/2046  | 826407 | 754269 |
| Ginnie Mae II Pool 3% 8/20/2047  | 25775 | 23509 |
| Ginnie Mae II Pool 3% 8/20/2049  | 5625 | 5085 |
| Ginnie Mae II Pool 3% 8/20/2051  | 73297 | 65960 |
| Ginnie Mae II Pool 3% 9/20/2043  | 99290 | 91571 |
| Ginnie Mae II Pool 3% 9/20/2046  | 203507 | 185743 |
| Ginnie Mae II Pool 3% 9/20/2047  | 169941 | 154682 |
| Ginnie Mae II Pool 3% 9/20/2049  | 147965 | 133755 |
| Ginnie Mae II Pool 3.5% 1/20/2045  | 93842 | 88263 |
| Ginnie Mae II Pool 3.5% 1/20/2046  | 108916 | 102171 |
| Ginnie Mae II Pool 3.5% 1/20/2048  | 220053 | 204512 |
| Ginnie Mae II Pool 3.5% 1/20/2050  | 780111 | 720630 |
| Ginnie Mae II Pool 3.5% 10/20/2045  | 95273 | 89410 |
| Ginnie Mae II Pool 3.5% 10/20/2046  | 44175 | 41221 |
| Ginnie Mae II Pool 3.5% 10/20/2047  | 56886 | 52904 |
| Ginnie Mae II Pool 3.5% 10/20/2048  | 75928 | 70352 |
| Ginnie Mae II Pool 3.5% 11/20/2042  | 223563 | 211726 |
| Ginnie Mae II Pool 3.5% 11/20/2045  | 74619 | 70013 |
| Ginnie Mae II Pool 3.5% 11/20/2047  | 197084 | 183289 |
| Ginnie Mae II Pool 3.5% 12/20/2040  | 19592 | 18659 |
| Ginnie Mae II Pool 3.5% 12/20/2041  | 75698 | 71899 |
| Ginnie Mae II Pool 3.5% 12/20/2042  | 111047 | 105167 |
| Ginnie Mae II Pool 3.5% 12/20/2043  | 8937 | 8436 |
| Ginnie Mae II Pool 3.5% 12/20/2045  | 27886 | 26159 |
| Ginnie Mae II Pool 3.5% 12/20/2047  | 41114 | 38210 |
| Ginnie Mae II Pool 3.5% 12/20/2048  | 3189 | 2962 |
| Ginnie Mae II Pool 3.5% 12/20/2049  | 317885 | 293647 |
| Ginnie Mae II Pool 3.5% 12/20/2050  | 10011 | 9238 |
| Ginnie Mae II Pool 3.5% 2/20/2043  | 139976 | 132498 |
| Ginnie Mae II Pool 3.5% 2/20/2044  | 8628 | 8140 |
| Ginnie Mae II Pool 3.5% 2/20/2045  | 60791 | 57177 |
| Ginnie Mae II Pool 3.5% 2/20/2046  | 504455 | 470721 |
| Ginnie Mae II Pool 3.5% 2/20/2051  | 221425 | 204542 |
| Ginnie Mae II Pool 3.5% 3/20/2043  | 115315 | 109129 |
| Ginnie Mae II Pool 3.5% 3/20/2046  | 133750 | 124806 |
| Ginnie Mae II Pool 3.5% 3/20/2048  | 11967 | 11114 |
| Ginnie Mae II Pool 3.5% 3/20/2049  | 698995 | 646791 |
| Ginnie Mae II Pool 3.5% 3/20/2050  | 368193 | 340119 |
| Ginnie Mae II Pool 3.5% 4/20/2042  | 73803 | 70032 |
| Ginnie Mae II Pool 3.5% 4/20/2043  | 213103 | 201627 |
| Ginnie Mae II Pool 3.5% 4/20/2045  | 64462 | 60589 |
| Ginnie Mae II Pool 3.5% 4/20/2046  | 438492 | 409170 |
| Ginnie Mae II Pool 3.5% 4/20/2047  | 10081 | 9385 |
| Ginnie Mae II Pool 3.5% 4/20/2049  | 142041 | 131344 |
| Ginnie Mae II Pool 3.5% 5/20/2042  | 216152 | 205058 |
| Ginnie Mae II Pool 3.5% 5/20/2043  | 178508 | 168130 |
| Ginnie Mae II Pool 3.5% 5/20/2045  | 15399 | 14467 |
| Ginnie Mae II Pool 3.5% 5/20/2046  | 96295 | 89856 |
| Ginnie Mae II Pool 3.5% 5/20/2047  | 788435 | 733986 |
| Ginnie Mae II Pool 3.5% 5/20/2048  | 128171 | 119120 |
| Ginnie Mae II Pool 3.5% 5/20/2051  | 170282 | 156767 |
| Ginnie Mae II Pool 3.5% 6/20/2043  | 8731 | 8257 |
| Ginnie Mae II Pool 3.5% 6/20/2045  | 84771 | 79644 |
| Ginnie Mae II Pool 3.5% 6/20/2046  | 246593 | 230103 |
| Ginnie Mae II Pool 3.5% 6/20/2047  | 60731 | 56537 |
| Ginnie Mae II Pool 3.5% 6/20/2051  | 15100 | 13902 |
| Ginnie Mae II Pool 3.5% 7/20/2042  | 79256 | 75134 |
| Ginnie Mae II Pool 3.5% 7/20/2043  | 50522 | 47788 |
| Ginnie Mae II Pool 3.5% 7/20/2045  | 213022 | 200052 |
| Ginnie Mae II Pool 3.5% 7/20/2046  | 157928 | 147367 |
| Ginnie Mae II Pool 3.5% 7/20/2047  | 172359 | 160456 |
| Ginnie Mae II Pool 3.5% 8/20/2042  | 27348 | 25919 |
| Ginnie Mae II Pool 3.5% 8/20/2043  | 10819 | 10226 |
| Ginnie Mae II Pool 3.5% 8/20/2045  | 132413 | 124322 |
| Ginnie Mae II Pool 3.5% 8/20/2046  | 86983 | 81166 |
| Ginnie Mae II Pool 3.5% 8/20/2047  | 282864 | 263330 |
| Ginnie Mae II Pool 3.5% 8/20/2048  | 111603 | 103652 |
| Ginnie Mae II Pool 3.5% 8/20/2049  | 20338 | 18793 |
| Ginnie Mae II Pool 3.5% 9/20/2043  | 248486 | 234740 |
| Ginnie Mae II Pool 3.5% 9/20/2045  | 7419 | 6966 |
| Ginnie Mae II Pool 3.5% 9/20/2046  | 59871 | 55868 |
| Ginnie Mae II Pool 3.5% 9/20/2047  | 21856 | 20327 |
| Ginnie Mae II Pool 3.5% 9/20/2048  | 20250 | 18807 |
| Ginnie Mae II Pool 4% 1/20/2041  | 137478 | 134039 |
| Ginnie Mae II Pool 4% 1/20/2042  | 222764 | 216799 |
| Ginnie Mae II Pool 4% 1/20/2046  | 28560 | 27571 |
| Ginnie Mae II Pool 4% 10/20/2040  | 74603 | 72755 |
| Ginnie Mae II Pool 4% 10/20/2044  | 23793 | 23025 |
| Ginnie Mae II Pool 4% 10/20/2045  | 65610 | 63355 |
| Ginnie Mae II Pool 4% 10/20/2048  | 247872 | 238292 |
| Ginnie Mae II Pool 4% 11/20/2039  | 2848 | 2781 |
| Ginnie Mae II Pool 4% 11/20/2040  | 185913 | 181257 |
| Ginnie Mae II Pool 4% 11/20/2044  | 50108 | 48483 |
| Ginnie Mae II Pool 4% 11/20/2045  | 27700 | 26744 |
| Ginnie Mae II Pool 4% 12/20/2041  | 16799 | 16349 |
| Ginnie Mae II Pool 4% 12/20/2045  | 54657 | 52779 |
| Ginnie Mae II Pool 4% 2/20/2041  | 9979 | 9728 |
| Ginnie Mae II Pool 4% 2/20/2044  | 2477 | 2400 |
| Ginnie Mae II Pool 4% 2/20/2046  | 53207 | 51371 |
| Ginnie Mae II Pool 4% 3/20/2045  | 171250 | 165721 |
| Ginnie Mae II Pool 4% 3/20/2046  | 49464 | 47763 |
| Ginnie Mae II Pool 4% 3/20/2047  | 33756 | 32610 |
| Ginnie Mae II Pool 4% 4/20/2045  | 129951 | 125718 |
| Ginnie Mae II Pool 4% 4/20/2046  | 71716 | 69219 |
| Ginnie Mae II Pool 4% 4/20/2047  | 333352 | 322031 |
| Ginnie Mae II Pool 4% 5/20/2046  | 188410 | 182306 |
| Ginnie Mae II Pool 4% 6/20/2045  | 21420 | 20704 |
| Ginnie Mae II Pool 4% 7/20/2043  | 29766 | 28932 |
| Ginnie Mae II Pool 4% 7/20/2045  | 89792 | 86755 |
| Ginnie Mae II Pool 4% 8/20/2040  | 3235 | 3156 |
| Ginnie Mae II Pool 4% 8/20/2041  | 56319 | 54840 |
| Ginnie Mae II Pool 4% 8/20/2043  | 7960 | 7724 |
| Ginnie Mae II Pool 4% 8/20/2044  | 3228 | 3126 |
| Ginnie Mae II Pool 4% 8/20/2045  | 168357 | 162618 |
| Ginnie Mae II Pool 4% 9/20/2040  | 54142 | 52799 |
| Ginnie Mae II Pool 4% 9/20/2041  | 180609 | 175843 |
| Ginnie Mae II Pool 4% 9/20/2044  | 21092 | 20417 |
| Ginnie Mae II Pool 4% 9/20/2045  | 31813 | 30724 |
| Ginnie Mae II Pool 4% 9/20/2046  | 12879 | 12462 |
| Ginnie Mae II Pool 4.5% 1/20/2041  | 10056 | 10060 |
| Ginnie Mae II Pool 4.5% 1/20/2042  | 1953 | 1953 |
| Ginnie Mae II Pool 4.5% 1/20/2045  | 4917 | 4907 |
| Ginnie Mae II Pool 4.5% 1/20/2046  | 13005 | 12992 |
| Ginnie Mae II Pool 4.5% 1/20/2047  | 54991 | 54940 |
| Ginnie Mae II Pool 4.5% 1/20/2050  | 19484 | 19344 |
| Ginnie Mae II Pool 4.5% 10/20/2047  | 40201 | 40101 |
| Ginnie Mae II Pool 4.5% 10/20/2048  | 74082 | 73711 |
| Ginnie Mae II Pool 4.5% 10/20/2049  | 35671 | 35492 |
| Ginnie Mae II Pool 4.5% 11/20/2033  | 607 | 609 |
| Ginnie Mae II Pool 4.5% 11/20/2040  | 32166 | 32181 |
| Ginnie Mae II Pool 4.5% 11/20/2044  | 4998 | 4987 |
| Ginnie Mae II Pool 4.5% 11/20/2048  | 65272 | 64884 |
| Ginnie Mae II Pool 4.5% 11/20/2054  | 4084824 | 3986515 |
| Ginnie Mae II Pool 4.5% 12/20/2050  | 23725 | 23555 |
| Ginnie Mae II Pool 4.5% 2/20/2041  | 13086 | 13091 |
| Ginnie Mae II Pool 4.5% 2/20/2046  | 30722 | 30646 |
| Ginnie Mae II Pool 4.5% 2/20/2050  | 40330 | 40040 |
| Ginnie Mae II Pool 4.5% 3/20/2034  | 711 | 713 |
| Ginnie Mae II Pool 4.5% 3/20/2041  | 32743 | 32754 |
| Ginnie Mae II Pool 4.5% 3/20/2045  | 13733 | 13715 |
| Ginnie Mae II Pool 4.5% 3/20/2046  | 2661 | 2655 |
| Ginnie Mae II Pool 4.5% 3/20/2047  | 69821 | 69690 |
| Ginnie Mae II Pool 4.5% 3/20/2050  | 56831 | 56423 |
| Ginnie Mae II Pool 4.5% 4/20/2041  | 2841 | 2842 |
| Ginnie Mae II Pool 4.5% 4/20/2045  | 16999 | 16978 |
| Ginnie Mae II Pool 4.5% 4/20/2046  | 6365 | 6349 |
| Ginnie Mae II Pool 4.5% 4/20/2047  | 32119 | 32059 |
| Ginnie Mae II Pool 4.5% 4/20/2050  | 39709 | 39374 |
| Ginnie Mae II Pool 4.5% 5/20/2034  | 808 | 811 |
| Ginnie Mae II Pool 4.5% 5/20/2040  | 32951 | 32977 |
| Ginnie Mae II Pool 4.5% 5/20/2041  | 287994 | 288083 |
| Ginnie Mae II Pool 4.5% 5/20/2044  | 2621 | 2618 |
| Ginnie Mae II Pool 4.5% 5/20/2045  | 9086 | 9065 |
| Ginnie Mae II Pool 4.5% 5/20/2046  | 4598 | 4588 |
| Ginnie Mae II Pool 4.5% 5/20/2049  | 68329 | 67838 |
| Ginnie Mae II Pool 4.5% 5/20/2051  | 79630 | 79058 |
| Ginnie Mae II Pool 4.5% 6/20/2045  | 60831 | 60714 |
| Ginnie Mae II Pool 4.5% 6/20/2046  | 21230 | 21187 |
| Ginnie Mae II Pool 4.5% 7/20/2040  | 14714 | 14724 |
| Ginnie Mae II Pool 4.5% 7/20/2042  | 1599 | 1599 |
| Ginnie Mae II Pool 4.5% 7/20/2045  | 1988 | 1983 |
| Ginnie Mae II Pool 4.5% 7/20/2046  | 12624 | 12593 |
| Ginnie Mae II Pool 4.5% 7/20/2049  | 9592 | 9523 |
| Ginnie Mae II Pool 4.5% 8/20/2041  | 4542 | 4542 |
| Ginnie Mae II Pool 4.5% 8/20/2046  | 33171 | 33106 |
| Ginnie Mae II Pool 4.5% 8/20/2048  | 508222 | 505679 |
| Ginnie Mae II Pool 4.5% 9/20/2040  | 67173 | 67210 |
| Ginnie Mae II Pool 4.5% 9/20/2042  | 1817 | 1817 |
| Ginnie Mae II Pool 4.5% 9/20/2046  | 17677 | 17665 |
| Ginnie Mae II Pool 4.5% 9/20/2047  | 50719 | 50560 |
| Ginnie Mae II Pool 4.5% 9/20/2049  | 19294 | 19198 |
| Ginnie Mae II Pool 5% 1/1/2056 (b) | 10100000 | 10075510 |
| Ginnie Mae II Pool 5% 1/20/2039  | 929 | 947 |
| Ginnie Mae II Pool 5% 1/20/2047  | 10787 | 10997 |
| Ginnie Mae II Pool 5% 1/20/2049  | 14286 | 14507 |
| Ginnie Mae II Pool 5% 10/20/2039  | 21302 | 21716 |
| Ginnie Mae II Pool 5% 10/20/2046  | 2308 | 2353 |
| Ginnie Mae II Pool 5% 10/20/2047  | 3563 | 3646 |
| Ginnie Mae II Pool 5% 11/20/2044  | 8860 | 9033 |
| Ginnie Mae II Pool 5% 11/20/2047  | 12597 | 12890 |
| Ginnie Mae II Pool 5% 11/20/2048  | 22138 | 22493 |
| Ginnie Mae II Pool 5% 12/20/2044  | 3521 | 3590 |
| Ginnie Mae II Pool 5% 12/20/2047  | 13792 | 14112 |
| Ginnie Mae II Pool 5% 12/20/2054  | 900912 | 902993 |
| Ginnie Mae II Pool 5% 2/1/2056 (b) | 10100000 | 10064068 |
| Ginnie Mae II Pool 5% 2/20/2045  | 6508 | 6636 |
| Ginnie Mae II Pool 5% 2/20/2048  | 2953 | 3014 |
| Ginnie Mae II Pool 5% 2/20/2049  | 15087 | 15320 |
| Ginnie Mae II Pool 5% 3/20/2044  | 8384 | 8548 |
| Ginnie Mae II Pool 5% 3/20/2046  | 4220 | 4303 |
| Ginnie Mae II Pool 5% 3/20/2048  | 29025 | 29654 |
| Ginnie Mae II Pool 5% 3/20/2049  | 10432 | 10593 |
| Ginnie Mae II Pool 5% 4/20/2040  | 1940 | 1977 |
| Ginnie Mae II Pool 5% 4/20/2044  | 6685 | 6816 |
| Ginnie Mae II Pool 5% 4/20/2046  | 2317 | 2363 |
| Ginnie Mae II Pool 5% 4/20/2047  | 9010 | 9186 |
| Ginnie Mae II Pool 5% 4/20/2048  | 40503 | 41318 |
| Ginnie Mae II Pool 5% 4/20/2049  | 5339 | 5421 |
| Ginnie Mae II Pool 5% 5/20/2044  | 15726 | 16033 |
| Ginnie Mae II Pool 5% 5/20/2046  | 3520 | 3589 |
| Ginnie Mae II Pool 5% 5/20/2047  | 4874 | 4966 |
| Ginnie Mae II Pool 5% 5/20/2048  | 7836 | 7989 |
| Ginnie Mae II Pool 5% 6/20/2040  | 7175 | 7315 |
| Ginnie Mae II Pool 5% 6/20/2045  | 3284 | 3349 |
| Ginnie Mae II Pool 5% 6/20/2048  | 40992 | 41753 |
| Ginnie Mae II Pool 5% 7/20/2040  | 3792 | 3866 |
| Ginnie Mae II Pool 5% 7/20/2045  | 3921 | 3998 |
| Ginnie Mae II Pool 5% 7/20/2048  | 76980 | 78289 |
| Ginnie Mae II Pool 5% 8/20/2040  | 5935 | 6051 |
| Ginnie Mae II Pool 5% 8/20/2046  | 8984 | 9160 |
| Ginnie Mae II Pool 5% 9/20/2045  | 3114 | 3175 |
| Ginnie Mae II Pool 5% 9/20/2048  | 43243 | 43978 |
| Ginnie Mae II Pool 5.5% 1/1/2056 (b) | 26800000 | 27058682 |
| Ginnie Mae II Pool 5.5% 1/20/2033  | 5591 | 5738 |
| Ginnie Mae II Pool 5.5% 1/20/2055  | 845771 | 865357 |
| Ginnie Mae II Pool 5.5% 11/20/2033  | 585 | 601 |
| Ginnie Mae II Pool 5.5% 11/20/2046  | 4902 | 5072 |
| Ginnie Mae II Pool 5.5% 12/20/2032  | 749 | 769 |
| Ginnie Mae II Pool 5.5% 12/20/2043  | 1454 | 1502 |
| Ginnie Mae II Pool 5.5% 12/20/2048  | 4032 | 4174 |
| Ginnie Mae II Pool 5.5% 12/20/2054  | 1012427 | 1039036 |
| Ginnie Mae II Pool 5.5% 12/20/2054  | 260630 | 263469 |
| Ginnie Mae II Pool 5.5% 2/1/2056 (b) | 24825000 | 25045225 |
| Ginnie Mae II Pool 5.5% 2/20/2033  | 2895 | 2971 |
| Ginnie Mae II Pool 5.5% 3/1/2056 (b) | 4350000 | 4383152 |
| Ginnie Mae II Pool 5.5% 3/20/2045  | 1795 | 1858 |
| Ginnie Mae II Pool 5.5% 4/20/2045  | 7786 | 8055 |
| Ginnie Mae II Pool 5.5% 5/20/2044  | 1843 | 1906 |
| Ginnie Mae II Pool 5.5% 5/20/2046  | 2742 | 2841 |
| Ginnie Mae II Pool 5.5% 6/20/2033  | 655 | 673 |
| Ginnie Mae II Pool 5.5% 6/20/2045  | 3735 | 3867 |
| Ginnie Mae II Pool 5.5% 7/20/2038  | 4197 | 4350 |
| Ginnie Mae II Pool 5.5% 7/20/2048  | 8484 | 8805 |
| Ginnie Mae II Pool 5.5% 8/20/2044  | 2357 | 2440 |
| Ginnie Mae II Pool 5.5% 9/20/2048  | 8355 | 8671 |
| Ginnie Mae II Pool 6% 1/1/2056 (b) | 15000000 | 15285062 |
| Ginnie Mae II Pool 6% 1/20/2037  | 446 | 467 |
| Ginnie Mae II Pool 6% 10/20/2035  | 1846 | 1929 |
| Ginnie Mae II Pool 6% 10/20/2037  | 3298 | 3461 |
| Ginnie Mae II Pool 6% 11/20/2037  | 11457 | 12021 |
| Ginnie Mae II Pool 6% 12/20/2036  | 1451 | 1520 |
| Ginnie Mae II Pool 6% 12/20/2037  | 3863 | 4055 |
| Ginnie Mae II Pool 6% 2/1/2056 (b) | 12525000 | 12753730 |
| Ginnie Mae II Pool 6% 3/1/2056 (b) | 4000000 | 4068829 |
| Ginnie Mae II Pool 6% 4/20/2037  | 764 | 800 |
| Ginnie Mae II Pool 6% 5/20/2034  | 969 | 1009 |
| Ginnie Mae II Pool 6% 7/20/2036  | 2272 | 2381 |
| Ginnie Mae II Pool 6% 9/20/2037  | 3335 | 3499 |
| Ginnie Mae II Pool 6% 9/20/2038  | 539 | 566 |
| Ginnie Mae II Pool 6.5% 2/1/2056 (b) | 3400000 | 3510221 |
| Ginnie Mae II Pool 6.5% 3/1/2056 (b) | 3400000 | 3505971 |
| Ginnie Mae II Pool 6.5% 3/20/2038  | 3620 | 3837 |
| Ginnie Mae II Pool 6.5% 8/20/2036  | 1394 | 1478 |
| Uniform Mortgage Backed Securities 2% 1/1/2056 (b) | 57550000 | 46494104 |
| Uniform Mortgage Backed Securities 2% 2/1/2056 (b) | 27825000 | 22476295 |
| Uniform Mortgage Backed Securities 2.5% 1/1/2056 (b) | 3950000 | 3338213 |
| Uniform Mortgage Backed Securities 3% 1/1/2056 (b) | 1200000 | 1060594 |
| Uniform Mortgage Backed Securities 3% 2/1/2056 (b) | 1200000 | 1059843 |
| Uniform Mortgage Backed Securities 4.5% 1/1/2056 (b) | 7000000 | 6831836 |
| Uniform Mortgage Backed Securities 5% 1/1/2041 (b) | 15500000 | 15699804 |
| Uniform Mortgage Backed Securities 5% 1/1/2056 (b) | 2200000 | 2194500 |
| Uniform Mortgage Backed Securities 5% 2/1/2041 (b) | 15400000 | 15593101 |
| Uniform Mortgage Backed Securities 5.5% 1/1/2056 (b) | 10350000 | 10494334 |
| Uniform Mortgage Backed Securities 6% 1/1/2056 (b) | 42450000 | 43579238 |
| Uniform Mortgage Backed Securities 6% 2/1/2056 (b) | 32575000 | 33423732 |
| Uniform Mortgage Backed Securities 6.5% 1/1/2056 (b) | 6775000 | 7039384 |
| TOTAL UNITED STATES |  | 719908265 |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES**<br> (Cost $724,707,279) |  | <br> **719908265** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 48.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 48.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 48.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 48.1%** |
|  | Yield (%) (m) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bonds 1.875% 11/15/2051  | 3.02 | 14846000 | 8205895 |
| US Treasury Bonds 2% 8/15/2051  | 3.03 | 2427600 | 1390653 |
| US Treasury Bonds 2.25% 2/15/2052  | 3.00 | 11359700 | 6892143 |
| US Treasury Bonds 2.875% 5/15/2052  | 2.95 to 3.37 | 15000000 | 10481250 |
| US Treasury Bonds 3% 8/15/2052  | 3.23 | 57000000 | 40824024 |
| US Treasury Bonds 3.375% 8/15/2042  | 3.49 to 4.52 | 78200000 | 66079000 |
| US Treasury Bonds 3.625% 2/15/2053  | 3.72 to 3.88 | 31000000 | 25097891 |
| US Treasury Bonds 3.625% 5/15/2053  | 3.90 to 4.31 | 7500000 | 6067090 |
| US Treasury Bonds 4% 11/15/2042  | 3.77 | 14000000 | 12831875 |
| US Treasury Bonds 4% 11/15/2052  | 4.95 to 5.00 | 5817000 | 5044202 |
| US Treasury Bonds 4.125% 8/15/2053  | 4.18 to 5.00 | 41293000 | 36553983 |
| US Treasury Bonds 4.25% 2/15/2054  | 4.37 to 4.78 | 78700000 | 71149719 |
| US Treasury Bonds 4.25% 8/15/2054  | 4.65 | 4977000 | 4499908 |
| US Treasury Bonds 4.5% 11/15/2054  | 4.69 to 4.91 | 16200000 | 15279891 |
| US Treasury Bonds 4.625% 11/15/2044  | 4.52 to 5.12 | 11110000 | 10886932 |
| US Treasury Bonds 4.625% 2/15/2055  | 4.52 to 4.88 | 15100000 | 14575470 |
| US Treasury Bonds 4.625% 5/15/2054  | 4.64 to 4.65 | 7200000 | 6934219 |
| US Treasury Bonds 4.75% 5/15/2055  | 4.82 to 4.91 | 16342000 | 16058568 |
| US Treasury Bonds 4.75% 8/15/2055  | 4.57 to 4.91 | 46600000 | 45813625 |
| US Treasury Bonds 4.875% 8/15/2045  | 4.53 to 4.75 | 27245000 | 27508936 |
| US Treasury Bonds Inflation-Indexed 2.375% 2/15/2055  | 2.47 to 2.66 | 2631269 | 2498562 |
| US Treasury Notes 2.625% 7/31/2029  | 2.69 | 30000000 | 29013281 |
| US Treasury Notes 3.375% 5/15/2033  | 3.64 to 4.04 | 39286000 | 37768271 |
| US Treasury Notes 3.5% 2/15/2033  | 3.49 to 3.92 | 73600000 | 71527125 |
| US Treasury Notes 3.625% 8/31/2030  | 3.59 to 3.61 | 49200000 | 49025109 |
| US Treasury Notes 3.75% 5/31/2030  | 3.98 to 3.99 | 29800000 | 29873336 |
| US Treasury Notes 3.75% 8/31/2031  | 3.63 | 10600000 | 10564805 |
| US Treasury Notes 3.875% 11/30/2029  | 3.65 to 3.73 | 55000000 | 55459766 |
| US Treasury Notes 3.875% 8/15/2034  | 4.07 to 4.27 | 145800000 | 143635790 |
| US Treasury Notes 3.875% 8/31/2032  | 3.93 | 34300000 | 34210230 |
| US Treasury Notes 4% 1/31/2031  | 4.01 | 30000000 | 30345703 |
| US Treasury Notes 4% 10/31/2029  | 4.14 to 4.26 | 53000000 | 53693555 |
| US Treasury Notes 4% 2/15/2034  | 4.28 to 4.46 | 37100000 | 36984063 |
| US Treasury Notes 4% 2/28/2030  | 4.07 to 4.18 | 52000000 | 52662188 |
| US Treasury Notes 4% 4/30/2032  | 3.92 to 4.17 | 31800000 | 32006203 |
| US Treasury Notes 4% 6/30/2032  | 3.98 | 44500000 | 44755527 |
| US Treasury Notes 4% 7/31/2030  | 4.07 | 25000000 | 25317383 |
| US Treasury Notes 4% 7/31/2032  | 3.92 to 4.14 | 82800000 | 83233408 |
| US Treasury Notes 4.125% 11/30/2029  | 4.08 | 45000000 | 45776953 |
| US Treasury Notes 4.125% 5/31/2032  | 4.05 to 4.17 | 31335000 | 31757061 |
| US Treasury Notes 4.125% 8/31/2030  | 4.61 | 14100000 | 14347851 |
| US Treasury Notes 4.25% 1/31/2030  | 4.34 | 46000000 | 47022422 |
| US Treasury Notes 4.25% 5/15/2035  | 4.38 to 4.49 | 81000000 | 81670781 |
| US Treasury Notes 4.25% 8/15/2035  | 4.04 to 4.08 | 53500000 | 53884531 |
| US Treasury Notes 4.375% 11/30/2030  | 4.35 | 24600000 | 25308211 |
| US Treasury Notes 4.5% 12/31/2031  | 4.43 to 4.44 | 57000000 | 58986094 |
| US Treasury Notes 4.625% 2/15/2035  | 4.24 | 48598100 | 50473685 |
| US Treasury Notes 4.625% 4/30/2031  | 4.46 to 4.49 | 45200000 | 47048609 |
| US Treasury Notes 4.75% 2/15/2045  | 4.42 to 4.97 | 4130000 | 4109027 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $1,753,024,083) |  |  | **1715134804** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (n)<br>(Cost $74,596,391)<br>| 3.79 | 74581475 | **74596391** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchased Swaptions - 0.1%** | &nbsp;&nbsp;**Purchased Swaptions - 0.1%** | &nbsp;&nbsp;**Purchased Swaptions - 0.1%** | &nbsp;&nbsp;**Purchased Swaptions - 0.1%** |
|  | Expiration<br> Date | Notional<br> Amount  | Value ($) |
| Put Swaptions - 0.1% |  |  |  |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 4.07% and receive annually a floating rate based on US SOFR Index, expiring December 2034 | 12/2029 | 3310000 | 101922 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 4.025% and receive annually a floating rate based on US SOFR Index, expiring April 2035 | 4/2030 | 980000 | 33055 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 3.95% and receive annually a floating rate based on US SOFR Index, expiring May 2035 | 4/2030 | 2290000 | 80583 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 4.065% and receive annually a floating rate based on US SOFR Index, expiring May 2035 | 5/2030 | 5870000 | 194751 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 3.585% and receive annually a floating rate based on US SOFR Index, expiring May 2036 | 4/2026 | 1860000 | 48354 |
| Option on an interest rate swap with Citibank NA to pay annually a fixed rate of 3.795% and receive annually a floating rate based on US SOFR Index, expiring November 2034 | 10/2029 | 3200000 | 112628 |
| Option on an interest rate swap with Citibank NA to pay annually a fixed rate of 4.01% and receive annually a floating rate based on US SOFR Index, expiring December 2034 | 12/2029 | 2000000 | 63853 |
| Option on an interest rate swap with Citibank NA to pay annually a fixed rate of 4.108% and receive annually a floating rate based on US SOFR Index, expiring January 2036 | 1/2026 | 2890000 | 1140 |
| Option on an interest rate swap with Citibank NA to pay annually a fixed rate of 4.03% and receive annually a floating rate based on US SOFR Index, expiring April 2035 | 4/2030 | 3400000 | 114275 |
| Option on an interest rate swap with JPMorgan Chase Bank NA to pay annually a fixed rate of 3.953% and receive annually a floating rate based on US SOFR Index, expiring October 2035 | 10/2030 | 1000000 | 36789 |
| Option on an interest rate swap with Goldman Sachs Bank USA to pay annually a fixed rate of 3.9025% and receive annually a floating rate based on US SOFR Index, expiring April 2036 | 4/2026 | 8960000 | 85743 |
| Option on an interest rate swap with Goldman Sachs Bank USA to pay annually a fixed rate of 3.853% and receive annually a floating rate based on US SOFR Index, expiring September 2035 | 9/2030 | 4020000 | 154135 |
| Option on an interest rate swap with Goldman Sachs Bank USA to pay annually a fixed rate of 3.887% and receive annually a floating rate based on US SOFR Index, expiring September 2035 | 9/2030 | 1670000 | 62890 |
| Option on an interest rate swap with Morgan Stanley Capital Services LLC to pay annually a fixed rate of 4.075% and receive annually a floating rate based on US SOFR Index, expiring April 2035 | 4/2030 | 980000 | 32167 |
| Option on an interest rate swap with Morgan Stanley Capital Services LLC to pay annually a fixed rate of 3.853% and receive annually a floating rate based on US SOFR Index, expiring September 2035 | 9/2030 | 100000 | 3838 |
| TOTAL PUT SWAPTIONS |  |  | 1126123 |
| Call Swaptions - 0.0% |  |  |  |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 4.07% and pay annually a floating rate based on US SOFR Index, expiring December 2034 | 12/2029 | 3310000 | 103691 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 4.025% and pay annually a floating rate based on US SOFR Index, expiring April 2035 | 4/2030 | 980000 | 29904 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 3.95% and pay annually a floating rate based on US SOFR Index, expiring May 2035 | 4/2030 | 2290000 | 66323 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 4.065% and pay annually a floating rate based on US SOFR Index, expiring May 2035 | 5/2030 | 5870000 | 183977 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 3.585% and pay annually a floating rate based on US SOFR Index, expiring May 2036 | 4/2026 | 1860000 | 11187 |
| Option on an interest rate swap with Citibank NA to receive annually a fixed rate of 3.795% and pay annually a floating rate based on US SOFR Index, expiring November 2034 | 10/2029 | 3200000 | 82015 |
| Option on an interest rate swap with Citibank NA to receive annually a fixed rate of 4.01% and pay annually a floating rate based on the US SOFR Index, expiring December 2034 | 12/2029 | 2000000 | 60045 |
| Option on an interest rate swap with Citibank NA to receive annually a fixed rate of 4.108% and pay annually a floating rate based on US SOFR Index, expiring January 2036 | 1/2026 | 2890000 | 73847 |
| Option on an interest rate swap with Citibank NA to receive annually a fixed rate of 4.03% and pay annually a floating rate based on US SOFR Index, expiring April 2035 | 4/2030 | 3400000 | 103766 |
| Option on an interest rate swap with JPMorgan Chase Bank NA to receive annually a fixed rate of 3.953% and pay annually a floating rate based on US SOFR Index, expiring October 2035 | 10/2030 | 1000000 | 28425 |
| Option on an interest rate swap with Goldman Sachs Bank USA to receive annually a fixed rate of 3.9025% and pay annually a floating rate based on US SOFR Index, expiring April 2036 | 4/2026 | 8960000 | 144662 |
| Option on an interest rate swap with Goldman Sachs Bank USA to receive annually a fixed rate of 3.853% and pay annually a floating rate based on US SOFR Index, expiring September 2035 | 9/2030 | 4020000 | 105953 |
| Option on an interest rate swap with Goldman Sachs Bank USA to receive annually a fixed rate of 3.887% and pay annually a floating rate based on US SOFR Index, expiring September 2035 | 9/2030 | 1670000 | 45028 |
| Option on an interest rate swap with Morgan Stanley Capital Services LLC to receive annually a fixed rate of 4.075% and pay annually a floating rate based on US SOFR Index, expiring April 2035 | 4/2030 | 980000 | 30912 |
| Option on an interest rate swap with Morgan Stanley Capital Services LLC to receive annually a fixed rate of 3.853% and pay annually a floating rate based on US SOFR Index, expiring September 2035 | 9/2030 | 100000 | 2639 |
| TOTAL CALL SWAPTIONS |  |  | 1072374 |
| **TOTAL PURCHASED SWAPTIONS**<br> (Cost $3,091,502) |  |  | <br> **2198497** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 108.7%**<br> (Cost $3,917,256,235)<br>| <br>**3882162089** |
| **NET OTHER ASSETS (LIABILITIES) - (8.7)%**  | **(308150390)** |
| **NET ASSETS - 100.0%** | **3574011699** |

---

---

| | | |
|:---|:---|:---|
| **TBA Sale Commitments**  | **TBA Sale Commitments**  | **TBA Sale Commitments**  |
|  | Principal<br> Amount (a) | Value ($) |
| U.S. Government Agency - Mortgage Securities |  |  |
| Ginnie Mae II Pool 5% 1/1/2056 | (10100000) | (10075510) |
| Ginnie Mae II Pool 5.5% 1/1/2056 | (24825000) | (25064618) |
| Ginnie Mae II Pool 5.5% 2/1/2056 | (4350000) | (4388589) |
| Ginnie Mae II Pool 6% 1/1/2056 | (15000000) | (15285062) |
| Ginnie Mae II Pool 6% 2/1/2056 | (4000000) | (4073048) |
| Ginnie Mae II Pool 6.5% 2/1/2056 | (3400000) | (3510220) |
| Uniform Mortgage Backed Securities 2% 1/1/2056 | (50025000) | (40414728) |
| Uniform Mortgage Backed Securities 2.5% 1/1/2056 | (1900000) | (1605723) |
| Uniform Mortgage Backed Securities 3% 1/1/2056 | (1200000) | (1060594) |
| Uniform Mortgage Backed Securities 4.5% 1/1/2056 | (7050000) | (6880635) |
| Uniform Mortgage Backed Securities 5% 1/1/2041 | (13150000) | (13319511) |
| Uniform Mortgage Backed Securities 5% 1/1/2056 | (2200000) | (2194500) |
| Uniform Mortgage Backed Securities 5% 2/1/2056 | (2000000) | (1993203) |
| Uniform Mortgage Backed Securities 5.5% 1/1/2056 | (10350000) | (10494334) |
| Uniform Mortgage Backed Securities 6% 1/1/2056 | (36275000) | (37239973) |
| Uniform Mortgage Backed Securities 6.5% 1/1/2056 | (3325000) | (3454753) |
| TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES  |  | (181055001) |
| **TOTAL TBA SALE COMMITMENTS**<br> (Proceeds $181,049,409) |  | <br> **(181055001)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |
| CBOT 10Y US Treasury Notes Contracts (United States) | 15 | 3/2026 | 1684219 | (741) |
| CBOT 2Y US Treasury Notes Contracts (United States) | 286 | 3/2026 | 59706969 | 10372 |
| CBOT 5Y US Treasury Notes Contracts (United States) | 10 | 3/2026 | 1092031 | (1732) |
| CBOT US Treasury Long Bond Contracts (United States) | 9 | 3/2026 | 1036969 | (295) |
| CBOT US Treasury Ultra Bond Contracts (United States) | 2 | 3/2026 | 234938 | (1370) |
| **TOTAL FUTURES CONTRACTS** |  |  |  | **6234** |
| The notional amount of long futures as a percentage of Net Assets is 1.7%. | The notional amount of long futures as a percentage of Net Assets is 1.7%. | The notional amount of long futures as a percentage of Net Assets is 1.7%. | The notional amount of long futures as a percentage of Net Assets is 1.7%. | The notional amount of long futures as a percentage of Net Assets is 1.7%. |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** |
| Underlying Reference | Rating(2) | Maturity <br> Date | Clearinghouse / <br> Counterparty | Fixed<br> Payment<br> Received/<br> (Paid) | Payment<br> Frequency | Notional<br> Amount(3)(1) | Value ($)(2) | Upfront<br> Premium<br> Received/<br> (Paid) ($) | Unrealized <br> Appreciation/<br> (Depreciation) ($) |
| Buy Protection |  |  |  |  |  |  |  |  |  |
| CMBX BBB- Series 16 Index |  | 4/2065 | Goldman Sachs & Co LLC | (3%) | Monthly | 10000 | 1670 | (2308) | (638) |
| CMBX BBB- Series 16 Index |  | 4/2065 | Goldman Sachs & Co LLC | (3%) | Monthly | 50000 | 8350 | (11217) | (2867) |
| CMBX BBB- Series 16 Index |  | 4/2065 | Goldman Sachs & Co LLC | (3%) | Monthly | 40000 | 6680 | (9849) | (3169) |
| CMBX BBB- Series 18 Index |  | 12/2057 | Goldman Sachs & Co LLC | (3%) | Monthly | 300000 | 23833 | (11286) | 12547 |
| CMBX BBB- Series 18 Index |  | 12/2057 | Goldman Sachs & Co LLC | (3%) | Monthly | 200000 | 15889 | (7626) | 8263 |
| CMBX BB Series 18 Index |  | 12/2057 | Goldman Sachs & Co LLC | (5%) | Monthly | 100000 | 15440 | (14681) | 759 |
| CMBX BBB- Series 18 Index |  | 12/2057 | Goldman Sachs & Co LLC | (3%) | Monthly | 100000 | 7944 | (9678) | (1734) |
| CMBX BBB- Series 18 Index |  | 12/2057 | Goldman Sachs & Co LLC | (3%) | Monthly | 100000 | 7944 | (7116) | 828 |
| CMBX BBB- Series 16 Index |  | 4/2065 | JPMorgan Securities LLC | (3%) | Monthly | 30000 | 5010 | (7623) | (2613) |
| CMBX AAA Series 13 Index |  | 12/2072 | Morgan Stanley Capital Services LLC | (0.5%) | Monthly | 990000 | (5233) | (15317) | (20550) |
| CMBX AAA Series 13 Index |  | 12/2072 | Morgan Stanley Capital Services LLC | (0.5%) | Monthly | 620000 | (3277) | (3999) | (7276) |
| CMBX BBB- Series 16 Index |  | 4/2065 | Morgan Stanley Capital Services LLC | (3%) | Monthly | 20000 | 3340 | (4865) | (1525) |
| CMBX BBB- Series 16 Index |  | 4/2065 | Morgan Stanley Capital Services LLC | (3%) | Monthly | 80000 | 13359 | (18437) | (5078) |
| CMBX BB Series 18 Index |  | 12/2057 | Morgan Stanley Capital Services LLC | (5%) | Monthly | 100000 | 15440 | (14496) | 944 |
| CMBX AAA Series 16 Index |  | 4/2065 | Morgan Stanley Capital Services LLC | (0.5%) | Monthly | 799796 | 3557 | (6607) | (3050) |
| CMBX AAA Series 18 Index |  | 12/2057 | Morgan Stanley Capital Services LLC | (0.5%) | Monthly | 800000 | (1410) | 136 | (1274) |
| CMBX AAA Series 13 Index |  | 12/2072 | Citigroup Global Markets Ltd | (0.5%) | Monthly | 760000 | (4017) | (7895) | (11912) |
| CMBX BBB- Series 16 Index |  | 4/2065 | Citigroup Global Markets Ltd | (3%) | Monthly | 90000 | 15029 | (19316) | (4287) |
| CMBX BBB- Series 18 Index |  | 12/2057 | Citigroup Global Markets Ltd | (3%) | Monthly | 100000 | 7944 | (3582) | 4362 |
| CMBX BBB Series 15 Index |  | 11/2064 | Citigroup Global Markets Ltd | (3%) | Monthly | 200000 | 28883 | (31611) | (2728) |
| CMBX BBB- Series 16 Index |  | 4/2065 | Citigroup Global Markets Ltd | (3%) | Monthly | 100000 | 16699 | (17026) | (327) |
| CMBX BBB- Series 17 Index |  | 12/2056 | Citigroup Global Markets Ltd | (3%) | Monthly | 100000 | 12977 | (14158) | (1181) |
| **TOTAL BUY PROTECTION** |  |  |  |  |  |  | 196051 | (238557) | (42506) |
| Sell Protection |  |  |  |  |  |  |  |  |  |
| CMBX AAA Series 17 Index | NR | 12/2056 | Goldman Sachs & Co LLC | 0.5% | Monthly | 1300000 | (14917) | 16803 | 1886 |
| CMBX AAA Series 17 Index | NR | 12/2056 | JPMorgan Securities LLC | 0.5% | Monthly | 1000000 | (10911) | 10994 | 83 |
| CMBX AAA Series 13 Index | NR | 12/2072 | Morgan Stanley Capital Services LLC | 0.5% | Monthly | 1490000 | 7876 | 32663 | 40539 |
| CMBX AAA Series 13 Index | NR | 12/2072 | Morgan Stanley Capital Services LLC | 0.5% | Monthly | 880000 | 4651 | 19840 | 24491 |
| CMBX AAA Series 17 Index | NR | 12/2056 | Morgan Stanley Capital Services LLC | 0.5% | Monthly | 200000 | (2295) | 3155 | 860 |
| CMBX AAA Series 17 Index | NR | 12/2056 | Morgan Stanley Capital Services LLC | 0.5% | Monthly | 700000 | (8032) | 10380 | 2348 |
| CMBX AAA Series 17 Index | NR | 12/2056 | Morgan Stanley Capital Services LLC | 0.5% | Monthly | 700000 | (8032) | 9154 | 1122 |
| CMBX AAA Series 17 Index | NR | 12/2056 | Citigroup Global Markets Ltd | 0.5% | Monthly | 700000 | (8032) | 16859 | 8827 |
| CMBX AAA Series 17 Index | NR | 12/2056 | Citigroup Global Markets Ltd | 0.5% | Monthly | 200000 | (2295) | 3095 | 800 |
| CMBX AAA Series 17 Index | NR | 12/2056 | Citigroup Global Markets Ltd | 0.5% | Monthly | 500000 | (5737) | 6549 | 812 |
| CMBX AAA Series 17 Index | NR | 12/2056 | Citigroup Global Markets Ltd | 0.5% | Monthly | 500000 | (5737) | 5632 | (105) |
| **TOTAL SELL PROTECTION** |  |  |  |  |  |  | (53461) | 135124 | 81663 |
| **TOTAL CREDIT DEFAULT SWAPS** |  |  |  |  |  |  | **142590** | **(103433)** | **39157** |

---

(1)Notional amount is stated in U.S. Dollars unless otherwise noted.

(2)Ratings are presented for credit default swaps in which the Fund has sold protection on the underlying referenced debt. Ratings for an underlying index represent a weighted average of the ratings of all securities included in the index. The credit rating or value can be measures of the current payment/performance risk. Ratings are from Moody's Investors Service, Inc. Where Moody's® ratings are not available, S&P® ratings are disclosed and are indicated as such. All ratings are as of the report date and do not reflect subsequent changes.

(3)The notional amount of each credit default swap where the Fund has sold protection approximates the maximum potential amount of future payments that the Fund could be required to make if a credit event were to occur.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** |
| Payment Received | Payment<br> Frequency | Payment Paid | Payment<br> Frequency | Clearinghouse /<br> Counterparty(1) | Maturity<br> Date | Notional<br> Amount(3) | Value ($)<br>| Upfront<br> Premium<br> Received/<br> (Paid) ($)(2) | Unrealized <br> Appreciation/<br> (Depreciation) ($)<br>|
| U.S. SOFR Index(4) | Annual | 3.5% | Annual | LCH | 3/2028 | 75547000 | (57009) | 0 | (57009) |
| 4% | Annual | U.S. SOFR Index(4) | Annual | LCH | 3/2056 | 1530000 | (7643) | 0 | (7643) |
| 4% | Annual | U.S. SOFR Index(4) | Annual | LCH | 3/2036 | 528000 | (1940) | 0 | (1940) |
| 3.5% | Annual | U.S. SOFR Index(4) | Annual | LCH | 3/2031 | 417000 | (17) | 0 | (17) |
| U.S. SOFR Index(4) | Annual | 3.5% | Annual | LCH | 3/2030 | 18680000 | (20881) | 0 | (20881) |
| U.S. SOFR Index(4) | Annual | 3.5% | Annual | LCH | 3/2029 | 45793000 | (69781) | 0 | (69781) |
| **TOTAL INTEREST RATE SWAPS** |  |  |  |  |  |  | **(157271)** | **0** | **(157271)** |

---

(1)Swaps with LCH Clearnet Group (LCH) are centrally cleared swaps.

(2)Any premiums for centrally cleared swaps are recorded periodically throughout the term of the swap to variation margin and included in unrealized appreciation (depreciation).

(3)Notional amount is stated in U.S. Dollars unless otherwise noted.

(4)Represents floating rate.

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(d) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(e) Security or a portion of the security was pledged to cover margin requirements for centrally cleared swaps. At period end, the value of securities pledged amounted to $2,753,358.

(f) Security or a portion of the security has been segregated as collateral for over the counter (OTC) derivatives. At period end, the value of securities pledged amounts to $476,589.

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $551,889.

(h) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $505,799,118 or 14.2% of net assets.

(i) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(j) Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

(k) Level 3 security.

(l) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. 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.

(m) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(n) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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 ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 53378703 | 792196012 | 770979434 | 3001263 | 1110 | - | 74596391 | 74581475 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | - | 332199362 | 332199362 | 11773 | - | - | - | - | 0.0% |
| Fidelity Specialized High Income Central Fund | 16667551 | 1066819 | - | 1066878 | - | 574522 | 18308892 | 203410 | 6.9% |
| Total | 70046254 | 1125462193 | 1103178796 | 4079914 | 1110 | 574522 | 92905283 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Asset-Backed Securities** | 328725995 | - | 328725995 | - |
|  **Bank Notes** |  |  |  |  |
| Financials | 1757186 | - | 1757186 | - |
|  **Collateralized Mortgage Obligations** | 60564150 | - | 60564150 | - |
|  **Commercial Mortgage Securities** | 164866606 | - | 164776471 | 90135 |
|  **Fixed-Income Funds** | 18308892 | 18308892 | - | - |
|  **Foreign Government and Government Agency Obligations** | 6977935 | - | 6977935 | - |
|  **Municipal Securities** |  |  |  |  |
| Transportation | 472988 | - | 472988 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 53637399 | - | 53637399 | - |
| Consumer Discretionary | 11690702 | - | 11690702 | - |
| Consumer Staples | 15203379 | - | 15203379 | - |
| Energy | 77442926 | - | 77442926 | - |
| Financials | 398961512 | - | 398961512 | - |
| Health Care | 32399279 | - | 32399279 | - |
| Industrials | 29360284 | - | 29360284 | - |
| Information Technology | 31782517 | - | 31782517 | - |
| Materials | 5861866 | - | 5861866 | - |
| Real Estate | 88067924 | - | 88067924 | - |
| Utilities | 44242592 | - | 44242592 | - |
|  **U.S. Government Agency - Mortgage Securities** | 719908265 | - | 719908265 | - |
|  **U.S. Treasury Obligations** | 1715134804 | - | 1715134804 | - |
|  **Money Market Funds** | 74596391 | 74596391 | - | - |
|  **Purchased Swaptions** | 2198497 | - | 2198497 | - |
| **Total Investments in Securities:** | 3882162089 | 92905283 | 3789166671 | 90135 |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 10372 | 10372 | - | - |
| Swaps | 222515 | - | 222515 | - |
| Total Assets | 232887 | 10372 | 222515 | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (4138) | (4138) | - | - |
| Swaps | (237196) | - | (237196) | - |
| Total Liabilities | (241334) | (4138) | (237196) | - |
| **Total Derivative Instruments:** | (8447) | 6234 | (14681) | - |
| **<u>Other Financial Instruments:</u>** |  |  |  |  |
|  **TBA Sale Commitments** | (181055001) | - | (181055001) | - |
| **Total Other Financial Instruments:** | (181055001) | - | (181055001) | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Credit Risk** |  |  |
| Swaps (a)  | 222515 | (79925) |
| **Total Credit Risk**  | 222515 | (79925) |
| **Interest Rate Risk** |  |  |
| Futures Contracts (b)  | 10372 | (4138) |
| Purchased Swaptions (c)  | 2198497 | - |
| Swaps (d)  | - | (157271) |
| **Total Interest Rate Risk**  | 2208869 | (161409) |
| **Total Value of Derivatives** | 2431384 | (241334) |

---

(a)For bi-lateral over-the-counter (OTC) swaps, reflects gross value which is presented in the Statement of Assets and Liabilities in the bi-lateral OTC swaps, at value line-item(s).

(b)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).

(c)Gross value is included in the Statement of Assets and Liabilities in the investments in securities, at value line-item.

(d)For centrally cleared swaps, reflects gross cumulative appreciation (depreciation) as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin for centrally cleared swaps is included in receivable or payable for daily variation margin on centrally cleared swaps, and the net cumulative appreciation (depreciation) for centrally cleared swaps is included in Total accumulated earnings (loss).

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,824,840,397) | $3789256806 |  |
| Fidelity Central Funds (cost $92,415,838) | 92905283 |  |
| Total Investment in Securities (cost $3,917,256,235) |  | $3882162089 |
| Cash |  | 1989 |
| Receivable for investments sold |  | 39289 |
| Receivable for TBA sale commitments |  | 181049409 |
| Receivable for swaps |  | 10994 |
| Receivable for fund shares sold |  | 10314171 |
| Interest receivable |  | 34201861 |
| Distributions receivable from Fidelity Central Funds |  | 243228 |
| Receivable for daily variation margin on centrally cleared swaps |  | 121023 |
| Bi-lateral OTC swaps, at value |  | 222515 |
| Prepaid expenses |  | 2381 |
| **Total assets** |  | 4108368949 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $4635307 |  |
| Delayed delivery | 344228075 |  |
| TBA sale commitments, at value | 181055001 |  |
| Payable for fund shares redeemed | 3011481 |  |
| Bi-lateral OTC swaps, at value | 79925 |  |
| Accrued management fee | 1164202 |  |
| Payable for daily variation margin on futures contracts | 75678 |  |
| Other payables and accrued expenses | 107581 |  |
| **Total liabilities** |  | 534357250 |
| **Net Assets**  |  | $3574011699 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3714392601 |
| Total accumulated earnings (loss) |  | (140380902) |
| **Net Assets** |  | $3574011699 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,030,510,624 ÷ 108,873,831 shares) |  | $9.47 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,543,501,075 ÷ 268,584,968 shares) |  | $9.47 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $152581995 |
| Income from Fidelity Central Funds (including $11,773 from security lending)  |  | 4079914 |
| **Total income** |  | 156661909 |
| **Expenses** |  |  |
| Management fee | $13194261 |  |
| Custodian fees and expenses | 176337 |  |
| Independent trustees' fees and expenses | 8066 |  |
| Audit fees | 55586 |  |
| Legal | 3601 |  |
| Miscellaneous | 37515 |  |
| Total expenses before reductions | 13475366 |  |
| Expense reductions | (10333) |  |
| Total expenses after reductions |  | 13465033 |
| **Net Investment income (loss)** |  | 143196876 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (15975280) |  |
| Fidelity Central Funds | 1110 |  |
| Futures contracts | (119214) |  |
| Swaps | (127279) |  |
| Written options | 58382 |  |
| Total net realized gain (loss) |  | (16162281) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 101521452 |  |
| Fidelity Central Funds  | 574522 |  |
| Futures contracts | 202121 |  |
| Swaps | (498287) |  |
| TBA sale commitments | (537243) |  |
| Total change in net unrealized appreciation (depreciation) |  | 101262565 |
| **Net gain (loss)** |  | 85100284 |
| **Net increase (decrease) in net assets resulting from operations** |  | $228297160 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $143196876 | $133992510 |
| &nbsp;&nbsp;Net realized gain (loss) | (16162281)<br>| (13175051)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 101262565 | (70170059)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 228297160<br>| 50647400<br>|
| Distributions to shareholders | (143442174)<br>| (136335721)<br>|
| Share transactions - net increase (decrease) | 239487445<br>| 213328559<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 324342431<br>| 127640238<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3249669268 | 3122029030<br>|
| &nbsp;&nbsp;End of period | $3574011699 | $3249669268 |

---

**Financial Highlights** 

**VIP Investment Grade Bond II Portfolio Initial Class**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.21 | $9.46 | $9.29 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .412  | .402  | .370  | .191  |
| Net realized and unrealized gain (loss)  | .246  | (.245)  | .167  | (.721)  |
| Total from investment operations  | .658  | .157  | .537  | (.530)  |
| Distributions from net investment income  | (.398)  | (.407)  | (.367)  | (.180)  |
| Total distributions  | (.398)  | (.407)  | (.367)  | (.180)  |
| Net asset value, end of period  | $9.47 | $9.21 | $9.46 | $9.29 |
| **Total Return** D,E,F | 7.15% <br>| 1.59%  | 5.91%  | (5.31)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | .38%  | .40%  | .41%  | .40% I |
| Expenses net of fee waivers, if any  | .38% <br>| .40%  | .40%  | .40% I |
| Expenses net of all reductions, if any  | .38%  | .39%  | .40%  | .40% I |
| Net investment income (loss)  | 4.32%  | 4.22%  | 3.93%  | 3.32% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $1030511 | $851074 | $647893 | $528508 |
| Portfolio turnover rate J | 182% <br>| 217%  | 190%  | 225% I,K |

---

A*For the period May 27, 2022 (commencement of operations) through December 31, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP Investment Grade Bond II Portfolio Investor Class**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.21 | $9.46 | $9.29 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .409  | .399  | .367  | .189  |
| Net realized and unrealized gain (loss)  | .246  | (.249)  | .167  | (.721)  |
| Total from investment operations  | .655  | .150  | .534  | (.532)  |
| Distributions from net investment income  | (.395)  | (.400)  | (.364)  | (.178)  |
| Total distributions  | (.395)  | (.400)  | (.364)  | (.178)  |
| Net asset value, end of period  | $9.47 | $9.21 | $9.46 | $9.29 |
| **Total Return** D,E,F | 7.12% <br>| 1.52%  | 5.88%  | (5.33)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | .41%  | .42%  | .44%  | .44% I |
| Expenses net of fee waivers, if any  | .41% <br>| .42%  | .44%  | .43% I |
| Expenses net of all reductions, if any  | .41%  | .42%  | .44%  | .43% I |
| Net investment income (loss)  | 4.29%  | 4.20%  | 3.89%  | 3.29% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $2543501 | $2398595 | $2474136 | $2279803 |
| Portfolio turnover rate J | 182% <br>| 217%  | 190%  | 225% I,K |

---

A*For the period May 27, 2022 (commencement of operations) through December 31, 2022.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

VIP Investment Grade Bond II Portfolio (the Fund) is a fund of Variable Insurance Products Fund V (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 and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Specialized High Income Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of current income by normally investing in income-producing debt securities, with an emphasis on lower-quality debt securities. | Foreign Securities<br> Restricted Securities<br> Swaps | Less than .005% |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

An unaudited holdings listing for the investing fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank notes, foreign government and government agency obligations, municipal securities and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Brokers which make markets in asset backed securities, collateralized mortgage obligations and commercial mortgage securities may also consider such factors as the structure of the issue, cash flow assumptions, the value of underlying assets as well as any guarantees. Swaps are marked-to-market daily based on valuations from third party pricing services, registered derivatives clearing organizations (clearinghouses) or broker-supplied valuations. These pricing sources may utilize inputs such as interest rate curves, credit spread curves, default possibilities and recovery rates. When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities and swaps 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. Options traded over-the-counter are valued using service or broker-supplied valuations and are categorized as Level 2 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025 is included at the end of the Fund's Schedule of Investments.

**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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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, swaps, capital loss carryforwards and losses deferred due to wash sales and futures transactions.

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**  | $39509782 |
| **Gross unrealized depreciation**  | <u>(76044815)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(36535033)</u> |
| **Tax Cost**  | <u>$3918677508</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$725558</u> |
| **Capital loss carryforward**  | <u>$(103980206)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(37126254)</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 | $(45757157) |
| Long-term | <u>(58223049)</u> |
| **Total capital loss carryforward** | <u>$(103980206)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $143442174 | $136335721 |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**To-Be-Announced (TBA) Securities and Mortgage Dollar Rolls.** TBA securities involve buying or selling mortgage-backed securities (MBS) on a forward commitment basis. A TBA transaction typically does not designate the actual security to be delivered and only includes an approximate principal amount; however delivered securities must meet specified terms defined by industry guidelines, including issuer, rate and current principal amount outstanding on underlying mortgage pools. Funds may enter into a TBA transaction with the intent to take possession of or deliver the underlying MBS, or a fund may elect to extend the settlement by entering into either a mortgage or reverse mortgage dollar roll. Mortgage dollar rolls are transactions where a fund sells TBA securities and simultaneously agrees to repurchase MBS on a later date at a lower price and with the same counterparty. Reverse mortgage dollar rolls involve the purchase and simultaneous agreement to sell TBA securities on a later date at a lower price. Transactions in mortgage dollar rolls and reverse mortgage dollar rolls are accounted for as purchases and sales and may result in an increase to a fund's portfolio turnover rate.

Purchases and sales of TBA securities involve risks similar to those discussed above for delayed delivery and when-issued securities. Also, if the counterparty in a mortgage dollar roll or a reverse mortgage dollar roll transaction files for bankruptcy or becomes insolvent, a fund's right to repurchase or sell securities may be limited. Additionally, when a fund sells TBA securities without already owning or having the right to obtain the deliverable securities (an uncovered forward commitment to sell), it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold them. A fund may be unable to purchase the deliverable securities if the corresponding market is illiquid.

TBA securities subject to a forward commitment to sell at period end are included at the end of the Schedule of Investments under the caption "TBA Sale Commitments." The value of these commitments and proceeds to be received at contractual settlement date are reflected in the Statement of Assets and Liabilities as "TBA sale commitments, at value" and "Receivable for TBA sale commitments," respectively. A fund realizes a gain or loss on settlement, either through the acquisition of an offsetting TBA purchase commitment on or before the sale commitment date, or by delivery of the securities under the commitment.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts, swaps and options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns, to gain exposure to certain types of assets 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):

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| | |
|:---|:---|
| Credit Risk | Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to a fund.<br>|
| Interest Rate Risk  | Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates. |

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as options and bi-lateral swaps, a fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives a fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, a fund receives collateral in the form of cash or securities once net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the custodian bank in accordance with the collateral agreements entered into between a fund, the counterparty and the custodian bank. A fund could experience delays and costs in gaining access to the collateral even though it is held by the custodian bank. The maximum risk of loss to a fund from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to a fund. For OTC written options with upfront premiums received, a fund is obligated to perform and therefore does not have counterparty risk. For OTC written options with premiums to be received at a future date, the maximum risk of loss from counterparty credit risk is the amount of the premium in excess of any collateral pledged by the counterparty. A fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Exchange-traded contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to these contracts may be mitigated by the protection provided by the exchange on which they trade. Counterparty credit risk related to centrally cleared swaps may be mitigated by the protection provided by the clearinghouse.

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.

**Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives.** The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

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| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **VIP Investment Grade Bond II Portfolio** |  |  |
| **Credit Risk** |  |  |
| Swaps | <u>(371457)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>357234</u> |
| **Total Credit Risk** | <u>(371457)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>357234</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | (119214) | 202121 |
| Purchased Options | (666184) | (443975) |
| Written Options | 58382 | - |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; <u>244178</u> | <u>(855521)</u> |
| **Total Interest Rate Risk** | <u>(482838)</u> | <u>(1097375)</u> |
| Totals | <u>(854295)</u> | <u>(740141)</u> |

---

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the bond market and fluctuations in interest rates.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date. OTC options, such as swaptions, which are options where the underlying instrument is a swap, were used to manage exposure to fluctuations in interest rates.

Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable, and are representative of volume of activity during the period.

Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.

**Swaps.** A swap is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount. A bi-lateral OTC swap is a transaction between a fund and a dealer counterparty where cash flows are exchanged between the two parties for the life of the swap. A centrally cleared swap is a transaction executed between a fund and a dealer counterparty, then cleared by a futures commission merchant (FCM) through a clearinghouse. Once cleared, the clearinghouse serves as a central counterparty, with whom a fund exchanges cash flows for the life of the transaction, similar to transactions in futures contracts.

Bi-lateral OTC swaps are marked-to-market daily and changes in value are reflected in the Statement of Assets and Liabilities in the bi-lateral OTC swaps at value line items. Any upfront premiums paid or received upon entering a bi-lateral OTC swap to compensate for differences between stated terms of the swap and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded in total accumulated earnings (loss) in the Statement of Assets and Liabilities and amortized to realized gain or (loss) ratably over the term of the swap. Any unamortized upfront premiums are presented in the Schedule of Investments.

Centrally cleared swaps require a fund to deposit either cash or securities (initial margin) with the FCM, at the instruction of and for the benefit of the clearinghouse. 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 in segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities. Centrally cleared swaps are marked-to-market daily and subsequent payments (variation margin) are made or received depending on the daily fluctuations in the value of the swaps and are recorded as unrealized appreciation or (depreciation). These daily payments, if any, are included in receivable or payable for daily variation margin on centrally cleared swaps in the Statement of Assets and Liabilities. Any premiums for centrally cleared swaps are recorded periodically throughout the term of the swap to variation margin and included in total accumulated earnings (loss) in the Statement of Assets and Liabilities. Any premiums are recognized as realized gain (loss) upon termination or maturity of the swap.

For both bi-lateral and centrally cleared swaps, payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Some swaps may be terminated prior to the effective date and realize a gain or loss upon termination. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on swaps during the period is presented in the Statement of Operations.

Any open swaps at period end are included in the Schedule of Investments under the caption "Swaps", and are representative of volume of activity during the period.

**Credit Default Swaps.** Credit default swaps enable a fund to buy or sell protection against specified credit events on a single-name issuer or a traded credit index. Under the terms of a credit default swap the buyer of protection (buyer) receives credit protection in exchange for making periodic payments to the seller of protection (seller) based on a fixed percentage applied to a notional principal amount. In return for these payments, the seller will be required to make a payment upon the occurrence of one or more specified credit events. A fund enters into credit default swaps as a seller to gain credit exposure to an issuer and/or as a buyer to obtain a measure of protection against defaults of an issuer. Periodic payments are made over the life of the contract by the buyer provided that no credit event occurs.

For credit default swaps on most corporate and sovereign issuers, credit events include bankruptcy, failure to pay or repudiation/moratorium. For credit default swaps on corporate or sovereign issuers, the obligation that may be put to the seller is not limited to the specific reference obligation described in the Schedule of Investments. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down. For credit default swaps on asset-backed securities, the reference obligation described represents the security that may be put to the seller. For credit default swaps on a traded credit index, a specified credit event may affect all or individual underlying securities included in the index.

As a seller, if an underlying credit event occurs, a fund will pay a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising an index. Only in the event of the industry's inability to value the underlying asset will a fund be required to take delivery of the reference obligation or underlying securities comprising an index and pay an amount equal to the notional amount of the swap.

As a buyer, if an underlying credit event occurs, a fund will receive a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising an index. Only in the event of the industry's inability to value the underlying asset will a fund be required to deliver the reference obligation or underlying securities comprising an index in exchange for payment of an amount equal to the notional amount of the swap.

Typically, the value of each credit default swap and credit rating disclosed for each reference obligation in the Schedule of Investments, where a fund is the seller, can be used as measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. In addition to these measures, the investment adviser monitors a variety of factors including cash flow assumptions, market activity and market sentiment as part of its ongoing process of assessing payment/performance risk.

**Interest Rate Swaps.** Interest rate swaps are agreements between counterparties to exchange cash flows, one based on a fixed rate, and the other on a floating rate. A fund enters into interest rate swaps to manage its exposure to interest rate changes. Changes in interest rates can have an effect on both the value of bond holdings as well as the amount of interest income earned. In general, the value of bonds can fall when interest rates rise and can rise when interest rates fall.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Investment Grade Bond II Portfolio** | 3516829119 | 3479277746 |

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**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .38 |
| **Investor Class** | .41 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .38 |
| **Investor Class** | .40 |

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**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. ny interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

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| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Investment Grade Bond II Portfolio** | 4445 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of interest. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Investment Grade Bond II Portfolio** | 1280 | - | - |

---

**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 $10,333.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Investment Grade Bond II Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $41420132 | $35926042 |
| Investor Class | <u>102022042</u> | <u>100409679</u> |
| Total  | <u>$143442174</u> | <u>$136335721</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** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Investment Grade Bond II Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 34588640 | 46148217 | $329300559 | $442561844 |
| Reinvestment of distributions  | 4377531 | 3839335 | 41408515 | 35926042 |
| Shares redeemed | <u>(22507477)</u> | <u>(26043642)</u> | <u>(215249471)</u> | <u>(251204675)</u> |
| Net increase (decrease) | <u>16458694</u> | <u>23943910</u> | <u>$155459603</u> | <u>$227283211</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 51405391 | 36918102 | $493634279 | $358152134 |
| Reinvestment of distributions  | 10786588 | 10728024 | 102022042 | 100402433 |
| Shares redeemed | <u>(53951003)</u> | <u>(48772088)</u> | <u>(511628479)</u> | <u>(472509219)</u> |
| Net increase (decrease) | <u>8240976</u> | <u>(1125962)</u> | <u>$84027842</u> | <u>$(13954652)</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 following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | | |
|:---|:---|:---|
|  | **VIP FundsManager 50% Portfolio** | **VIP FundsManager 60% Portfolio** |
| VIP Investment Grade Bond II Portfolio  | 19% | 31% |

---

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 Investment Grade Bond II Portfolio | 91 |

---

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund V and the Shareholders of VIP Investment Grade Bond II Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of VIP Investment Grade Bond II Portfolio (the "Fund"), a fund of Variable Insurance Products Fund V, including the schedule of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the three years in the period then ended and for the period from May 27, 2022 (commencement of operations) through December 31, 2022, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from May 27, 2022 (commencement of operations) through December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

A total of 41.13% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $142,230,718 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**VIP Investment Grade Bond II Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity and derivatives risk management. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Investor Class of the fund, the Board considered the effective management fee rate for Investor Class from March 2024 to December 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) for Investor Class of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of Investor Class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Investor Class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Investor Class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that the management fee rate of Investor Class of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of Investor Class of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability**. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img123209_4.jpg)<br>

1.9905666.103 VIGBI-ANN-0226

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](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 V

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Laura M. Del Prato, certify that:

1. I have reviewed this report on Form N-CSR of Variable Insurance Products Fund V;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

February 20, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp;Laura M. Del Prato |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Variable Insurance Products Fund V;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

February 20, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Variable Insurance Products Fund V (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: February 20, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp;Laura M. Del Prato |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: February 20, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>