# EDGAR Filing Document

**Accession Number:** 0000823535
**File Stem:** 0000823535-23-000023
**Filing Date:** 2023-2
**Character Count:** 2615385
**Document Hash:** 585ec317024ab2091476a3b1dc5602f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000823535-23-000023.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0000823535-23-000023

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 146

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**EFFECTIVENESS DATE**: 20230221

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Variable Insurance Products Fund V
- **CENTRAL INDEX KEY:** 0000823535
- **IRS NUMBER:** 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:** 23646579

**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 |  |

### Investor Freedom 2005 Portfolio (Series ID: S000017658)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000048798 | Investor Class |  |

### Asset Manager 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 Growth 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 2005 Portfolio (Series ID: S000017669)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000048821 | Initial Class   |  |
| C000048822 | Service Class   |  |
| C000048823 | 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 |  |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

---

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

---

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

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

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

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

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

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

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

**Fidelity® Variable Insurance Products:**

**Strategic Income Portfolio**

**Annual Report**

**December 31, 2022**

![](img88139_1.jpg)

![](img88139_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary1326)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments1326)** |
| **[Financial Statements](#Sec_FinancialStatements1326)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |
| **[Board Approval of Investment Advisory Contracts and Management Fees](#Sec_Board Approval of Investment Advisory Contracts and Management Fees)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2023 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Initial Class  | &nbsp;&nbsp; -11.26%  | &nbsp;&nbsp; 1.35%  | &nbsp;&nbsp; 2.46%  |
| Service Class  | &nbsp;&nbsp; -11.38%  | &nbsp;&nbsp; 1.26%  | &nbsp;&nbsp; 2.37%  |
| Service Class 2  | &nbsp;&nbsp; -11.52%  | &nbsp;&nbsp; 1.09%  | &nbsp;&nbsp; 2.20%  |
| Investor Class  | &nbsp;&nbsp; -11.33%  | &nbsp;&nbsp; 1.32%  | &nbsp;&nbsp; 2.43%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Strategic Income Portfolio - Initial Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Universal Bond Index performed over the same period.  |
| ![](img88139_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

Asset prices around the world experienced a synchronous downturn for most of 2022, as crosscurrents challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy. This led to a broad retreat from risk and declining prices for stocks and bonds through September. In Q4, markets experienced a sharp reversal amid optimism on inflation and policy easing, and riskier assets rallied to cap a tumultuous year. Against this backdrop, the Fidelity Strategic Income Composite Index <sup>SM</sup> returned -11.68%. Within the index, floating-rate debt fared best, with the S&P LSTA <sup>®</sup> Leveraged Performing Loan Index, a proxy for the floating-rate loan market, returning -0.61%. This fixed-income asset class benefited from its lack of sensitivity to rising interest rates. U.S. government debt, as reflected in the Bloomberg U.S. Government Bond Index, returned -12.32%, while non-U.S. developed-markets debt, as measured by the Bloomberg Global Aggregate Developed Markets Ex USD GDP Weighted Index (Hedged), had a return of -12.60%. High-yield bonds struggled as credit spreads widened, with this asset class returning -11.21%, according to the ICE BofA <sup>®</sup> U.S. High Yield Constrained Index. Of final note, emerging-markets debt returned -15.24%, per the Bloomberg Emerging Markets Aggregate USD Bond Index.

**Comments from Co-Lead Portfolio Manager Adam Kramer:**

For the fiscal year, the fund's share classes returned about -12% to -11%, roughly in line with the Fidelity Strategic Income Composite Index, performing roughly in line with the Fidelity Strategic Income Composite Index <sup>SM</sup> . Favorable security selection in the fund's high-yield bond subportfolio boosted the fund's relative performance most in 2022. Picks within the energy and banking industries contributed notably, as did the subportfolio's average 8% cash stake in a steeply declining high-yield-bond market. High-yield bond investment choices in the technology & electronics industry, however, along with the subportfolio's exposure to equities, hurt. Security selection in the emerging-markets debt subportfolio added relative value the past year. Specifically, picks in Russia, where the subportfolio had a minimal stake, was a notable positive, as was its 11% average cash position, which buffered the subportfolio's decline as the market sharply fell. The subportfolio's slight overweighting in Ukrainian bonds and a large underweight in China proved beneficial. Other positive factors included an overweight and security selection in floating-rate debt, as well as bond picking and a large underweight in the developed international debt subportfolio. Exposure to U.S. government bonds, especially an allocation to U.S. Treasury futures, detracted, as these securities generally struggled amid sharply rising interest rates.

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

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

The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Fixed-Income Central Funds.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Bond Issuers (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Bond Issuers (% of Fund's net assets)**  |
| (with maturities greater than one year)  | (with maturities greater than one year)  |
| U.S. Treasury Obligations  | 26.6  |
| CCO Holdings LLC/CCO Holdings Capital Corp.  | 1.1  |
| JPMorgan Chase & Co.  | 1.1  |
| Fannie Mae  | 1.0  |
| TransDigm, Inc.  | 1.2  |
| Freddie Mac  | 1.0  |
| Bank of America Corp.  | 0.9  |
| German Federal Republic  | 0.8  |
| Citigroup, Inc.  | 0.7  |
| United Kingdom, Great Britain and Northern Ireland  | 0.8  |
|  | 35.2  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Financials  | 8.7  |
| Energy  | 8.3  |
| Consumer Discretionary  | 7.7  |
| Communication Services  | 6.8  |
| Industrials  | 5.8  |
| Materials  | 4.5  |
| Information Technology  | 3.4  |
| Health Care  | 3.0  |
| Utilities  | 2.6  |
| Consumer Staples  | 2.1  |
| Real Estate  | 1.2  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Quality Diversification (% of Fund's net assets)**  |
| ![](img88139_6.jpg) <br>|
| 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.  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88139_7.jpg) <br>|
| *Foreign investments - 24.2%*  |
| *Futures - 9.1%*  |
| *Currency Contracts - (5.0)%*  |
| *Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.*  |

---

*An unaudited holdings listing for the 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.*

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img88139_8.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.*  |

---

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Corporate Bonds - 37.8%**  | &nbsp;&nbsp; **Corporate Bonds - 37.8%**  | &nbsp;&nbsp; **Corporate Bonds - 37.8%**  | &nbsp;&nbsp; **Corporate Bonds - 37.8%**  |
|  |  | Principal <br> Amount (a) <br>| Value ($) <br>|
| Convertible Bonds - 0.2%  |  |  |  |
| ENERGY - 0.2%  |  |  |  |
| Oil, Gas & Consumable Fuels - 0.2%  |  |  |  |
|  Mesquite Energy, Inc. 15% 7/15/23 (b)(c)  |  | 119924  | 764228  |
|  Mesquite Energy, Inc. 15% 7/15/23 (b)(c)  |  | 208674  | 1329796  |
|  |  |  | 2094024  |
| FINANCIALS - 0.0%  |  |  |  |
| Diversified Financial Services - 0.0%  |  |  |  |
|  New Cotai LLC 5% 2/24/27 (c)  |  | 287602  | 462723  |
| TOTAL CONVERTIBLE BONDS  |  |  | 2556747  |
| Nonconvertible Bonds - 37.6%  |  |  |  |
| COMMUNICATION SERVICES - 5.7%  |  |  |  |
| Diversified Telecommunication Services - 2.2%  |  |  |  |
|  Altice France SA:  |  |  |  |
|  5.125% 7/15/29(d)  |  | 3835000  | 2875265  |
|  5.5% 1/15/28(d)  |  | 1190000  | 931913  |
|  5.5% 10/15/29(d)  |  | 2810000  | 2142709  |
|  8.125% 2/1/27(d)  |  | 370000  | 337026  |
|  Axtel S.A.B. de CV 6.375% 11/14/24 (d)  |  | 100000  | 81550  |
|  C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (d)  |  | 2745000  | 2542213  |
|  Cablevision Lightpath LLC:  |  |  |  |
|  3.875% 9/15/27(d)  |  | 325000  | 267847  |
|  5.625% 9/15/28(d)  |  | 260000  | 193161  |
|  Cogent Communications Group, Inc. 7% 6/15/27 (d)  |  | 280000  | 274380  |
|  Colombia Telecomunicaciones SA 4.95% 7/17/30 (d)  |  | 210000  | 167646  |
|  Frontier Communications Holdings LLC:  |  |  |  |
|  5% 5/1/28(d)  |  | 1165000  | 1015903  |
|  5.875% 10/15/27(d)  |  | 620000  | 575713  |
|  8.75% 5/15/30(d)  |  | 280000  | 284690  |
|  IHS Holding Ltd. 5.625% 11/29/26 (d)  |  | 415000  | 344398  |
|  Level 3 Financing, Inc. 3.75% 7/15/29 (d)  |  | 1140000  | 820082  |
|  Liquid Telecommunications Financing PLC 5.5% 9/4/26 (d)  |  | 605000  | 433256  |
|  Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.:  |  |  |  |
|  4.75% 4/30/27(d)  |  | 280000  | 246362  |
|  6% 2/15/28(d)  |  | 235000  | 181957  |
|  Qtel International Finance Ltd.:  |  |  |  |
|  2.625% 4/8/31(d)  |  | 460000  | 394450  |
|  5% 10/19/25(d)  |  | 230000  | 230115  |
|  Qwest Corp. 7.25% 9/15/25  |  | 35000  | 35217  |
|  Sable International Finance Ltd. 5.75% 9/7/27 (d)  |  | 1467000  | 1355141  |
|  Sprint Capital Corp.:  |  |  |  |
|  6.875% 11/15/28  |  | 5882000  | 6105163  |
|  8.75% 3/15/32  |  | 1346000  | 1601875  |
|  Telefonica Celular del Paraguay SA 5.875% 4/15/27 (d)  |  | 570000  | 549801  |
|  Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (d)  |  | 600000  | 540000  |
|  Turk Telekomunikasyon A/S 6.875% 2/28/25 (d)  |  | 790000  | 741761  |
|  Verizon Communications, Inc. 4.75% 10/31/34  | EUR  | 1205000  | 1330601  |
|  Virgin Media Finance PLC 5% 7/15/30 (d)  |  | 1385000  | 1109631  |
|  Windstream Escrow LLC 7.75% 8/15/28 (d)  |  | 2470000  | 2012618  |
|  Zayo Group Holdings, Inc. 4% 3/1/27 (d)  |  | 900000  | 664713  |
|  |  |  | 30387157  |
| Entertainment - 0.0%  |  |  |  |
|  Roblox Corp. 3.875% 5/1/30 (d)  |  | 1160000  | 914312  |
| Interactive Media & Services - 0.1%  |  |  |  |
|  Baidu, Inc.:  |  |  |  |
|  1.72% 4/9/26  |  | 460000  | 406212  |
|  2.375% 10/9/30  |  | 270000  | 213902  |
|  Tencent Holdings Ltd.:  |  |  |  |
|  1.81% 1/26/26(d)  |  | 240000  | 215700  |
|  2.39% 6/3/30(d)  |  | 295000  | 240906  |
|  2.88% 4/22/31(d)  |  | 200000  | 166000  |
|  3.975% 4/11/29(d)  |  | 180000  | 165296  |
|  |  |  | 1408016  |
| Media - 3.0%  |  |  |  |
|  Altice Financing SA:  |  |  |  |
|  5% 1/15/28(d)  |  | 2415000  | 1944075  |
|  5.75% 8/15/29(d)  |  | 1190000  | 936010  |
|  Block Communications, Inc. 4.875% 3/1/28 (d)  |  | 410000  | 357725  |
|  Cable Onda SA 4.5% 1/30/30 (d)  |  | 1020000  | 908438  |
|  CCO Holdings LLC/CCO Holdings Capital Corp.:  |  |  |  |
|  4.25% 2/1/31(d)  |  | 1005000  | 806126  |
|  4.5% 8/15/30(d)  |  | 4690000  | 3874667  |
|  4.5% 5/1/32  |  | 665000  | 529340  |
|  4.75% 3/1/30(d)  |  | 4810000  | 4148216  |
|  5% 2/1/28(d)  |  | 335000  | 304177  |
|  5.375% 6/1/29(d)  |  | 4800000  | 4340496  |
|  5.5% 5/1/26(d)  |  | 1225000  | 1185923  |
|  6.375% 9/1/29(d)  |  | 595000  | 559145  |
|  Clear Channel International BV 6.625% 8/1/25 (d)  |  | 965000  | 920807  |
|  Clear Channel Outdoor Holdings, Inc. 7.5% 6/1/29 (d)  |  | 570000  | 418534  |
|  CSC Holdings LLC:  |  |  |  |
|  3.375% 2/15/31(d)  |  | 860000  | 560836  |
|  4.5% 11/15/31(d)  |  | 1435000  | 995623  |
|  5.375% 2/1/28(d)  |  | 1190000  | 959438  |
|  6.5% 2/1/29(d)  |  | 1320000  | 1079100  |
|  Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d)  |  | 2455000  | 288463  |
|  DISH DBS Corp.:  |  |  |  |
|  5.25% 12/1/26(d)  |  | 685000  | 576999  |
|  5.75% 12/1/28(d)  |  | 685000  | 546716  |
|  DISH Network Corp. 11.75% 11/15/27 (d)  |  | 590000  | 607641  |
|  Gannett Holdings LLC 6% 11/1/26 (d)  |  | 400000  | 326000  |
|  Gray Escrow II, Inc. 5.375% 11/15/31 (d)  |  | 805000  | 580123  |
|  LCPR Senior Secured Financing DAC:  |  |  |  |
|  5.125% 7/15/29(d)  |  | 1370000  | 1134919  |
|  6.75% 10/15/27(d)  |  | 544000  | 508640  |
|  Nexstar Broadcasting, Inc.:  |  |  |  |
|  4.75% 11/1/28(d)  |  | 1335000  | 1154775  |
|  5.625% 7/15/27(d)  |  | 1275000  | 1169631  |
|  Quebecor Media, Inc. 5.75% 1/15/23  |  | 790000  | 788112  |
|  Radiate Holdco LLC/Radiate Financial Service Ltd. 4.5% 9/15/26 (d)  |  | 945000  | 694292  |
|  Scripps Escrow II, Inc. 3.875% 1/15/29 (d)  |  | 165000  | 132413  |
|  Sirius XM Radio, Inc.:  |  |  |  |
|  3.125% 9/1/26(d)  |  | 425000  | 377375  |
|  3.875% 9/1/31(d)  |  | 570000  | 444696  |
|  4% 7/15/28(d)  |  | 1125000  | 979088  |
|  5% 8/1/27(d)  |  | 800000  | 739489  |
|  Townsquare Media, Inc. 6.875% 2/1/26 (d)  |  | 325000  | 288438  |
|  TV Azteca SA de CV 8.25% 8/9/24 (Reg. S) (e)  |  | 1500000  | 688125  |
|  Univision Communications, Inc.:  |  |  |  |
|  4.5% 5/1/29(d)  |  | 570000  | 476668  |
|  7.375% 6/30/30(d)  |  | 830000  | 793231  |
|  Videotron Ltd. 5.125% 4/15/27 (d)  |  | 615000  | 580886  |
|  VTR Finance BV 6.375% 7/15/28 (d)  |  | 320000  | 117360  |
|  VZ Secured Financing BV 5% 1/15/32 (d)  |  | 1105000  | 897947  |
|  Ziggo Bond Co. BV:  |  |  |  |
|  5.125% 2/28/30(d)  |  | 315000  | 254363  |
|  6% 1/15/27(d)  |  | 635000  | 590817  |
|  Ziggo BV 4.875% 1/15/30 (d)  |  | 430000  | 359811  |
|  |  |  | 40925694  |
| Wireless Telecommunication Services - 0.4%  |  |  |  |
|  AXIAN Telecom 7.375% 2/16/27 (d)  |  | 525000  | 455044  |
|  Bharti Airtel International BV 5.35% 5/20/24 (d)  |  | 594000  | 590282  |
|  CT Trust 5.125% 2/3/32 (d)  |  | 625000  | 548750  |
|  Digicel Group Ltd. 6.75% 3/1/23 (d)  |  | 270000  | 102600  |
|  Intelsat Jackson Holdings SA 6.5% 3/15/30 (d)  |  | 1160000  | 1037028  |
|  Millicom International Cellular SA 4.5% 4/27/31 (d)  |  | 645000  | 541518  |
|  MTN (Mauritius) Investments Ltd.:  |  |  |  |
|  4.755% 11/11/24(d)  |  | 170000  | 164666  |
|  6.5% 10/13/26(d)  |  | 315000  | 313583  |
|  Sprint Corp. 7.625% 3/1/26  |  | 540000  | 568245  |
|  T-Mobile U.S.A., Inc. 3.5% 4/15/31  |  | 220000  | 190036  |
|  VimpelCom Holdings BV 7.25% 4/26/23 (d)  |  | 445000  | 389375  |
|  VTR Comunicaciones SpA:  |  |  |  |
|  4.375% 4/15/29(d)  |  | 210000  | 121774  |
|  5.125% 1/15/28(d)  |  | 620000  | 381804  |
|  |  |  | 5404705  |
|  TOTAL COMMUNICATION SERVICES  |  |  | 79039884  |
| CONSUMER DISCRETIONARY - 5.2%  |  |  |  |
| Auto Components - 0.2%  |  |  |  |
|  Allison Transmission, Inc. 5.875% 6/1/29 (d)  |  | 420000  | 394422  |
|  Dana, Inc. 4.5% 2/15/32  |  | 410000  | 327854  |
|  Exide Technologies:  |  |  |  |
|  11% 10/31/24 pay-in-kind(c)(d)(e)(f)  |  | 384000  | 0  |
|  11% 10/31/24 pay-in-kind(c)(d)(e)(f)  |  | 185848  | 83632  |
|  Metalsa SA de CV 3.75% 5/4/31 (d)  |  | 455000  | 355128  |
|  Nesco Holdings II, Inc. 5.5% 4/15/29 (d)  |  | 715000  | 625625  |
|  PECF USS Intermediate Holding III Corp. 8% 11/15/29 (d)  |  | 250000  | 162423  |
|  Tupy Overseas SA 4.5% 2/16/31 (d)  |  | 445000  | 369433  |
|  |  |  | 2318517  |
| Automobiles - 0.2%  |  |  |  |
|  Ford Motor Co.:  |  |  |  |
|  3.25% 2/12/32  |  | 1255000  | 941313  |
|  6.1% 8/19/32  |  | 595000  | 550449  |
|  McLaren Finance PLC 7.5% 8/1/26 (d)  |  | 390000  | 286650  |
|  Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 10.1636% 10/15/26 (d)(f)(g)  |  | 1395000  | 1346175  |
|  |  |  | 3124587  |
| Diversified Consumer Services - 0.2%  |  |  |  |
|  Adtalem Global Education, Inc. 5.5% 3/1/28 (d)  |  | 420000  | 381150  |
|  GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d)  |  | 1130000  | 1080068  |
|  Service Corp. International 4% 5/15/31  |  | 570000  | 480332  |
|  Sotheby's 7.375% 10/15/27 (d)  |  | 295000  | 276601  |
|  Sotheby's/Bidfair Holdings, Inc. 5.875% 6/1/29 (d)  |  | 430000  | 361071  |
|  TKC Holdings, Inc. 6.875% 5/15/28 (d)  |  | 635000  | 496160  |
|  WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d)  |  | 475000  | 447688  |
|  |  |  | 3523070  |
| Hotels, Restaurants & Leisure - 2.7%  |  |  |  |
|  1011778 BC Unlimited Liability Co./New Red Finance, Inc.:  |  |  |  |
|  3.875% 1/15/28(d)  |  | 570000  | 509891  |
|  4% 10/15/30(d)  |  | 2320000  | 1878759  |
|  4.375% 1/15/28(d)  |  | 560000  | 501427  |
|  Affinity Gaming LLC 6.875% 12/15/27 (d)  |  | 250000  | 211960  |
|  Bloomin Brands, Inc. / OSI Restaurant Partners LLC 5.125% 4/15/29 (d)  |  | 270000  | 227097  |
|  Booking Holdings, Inc. 4.75% 11/15/34  | EUR  | 1009000  | 1097895  |
|  Boyd Gaming Corp. 4.75% 6/15/31 (d)  |  | 715000  | 622050  |
|  Caesars Entertainment, Inc.:  |  |  |  |
|  4.625% 10/15/29(d)  |  | 835000  | 679531  |
|  6.25% 7/1/25(d)  |  | 2520000  | 2448622  |
|  8.125% 7/1/27(d)  |  | 3360000  | 3301368  |
|  Caesars Resort Collection LLC 5.75% 7/1/25 (d)  |  | 840000  | 822281  |
|  Carnival Corp.:  |  |  |  |
|  4% 8/1/28(d)  |  | 1455000  | 1186422  |
|  7.625% 3/1/26(d)  |  | 1070000  | 848076  |
|  9.875% 8/1/27(d)  |  | 1000000  | 945000  |
|  10.5% 2/1/26(d)  |  | 730000  | 729029  |
|  Carnival Holdings (Bermuda) Ltd. 10.375% 5/1/28 (d)  |  | 885000  | 908550  |
|  CDI Escrow Issuer, Inc. 5.75% 4/1/30 (d)  |  | 280000  | 251000  |
|  Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.:  |  |  |  |
|  4.625% 1/15/29(d)  |  | 1175000  | 994326  |
|  6.75% 1/15/30(d)  |  | 1600000  | 1290560  |
|  Garden SpinCo Corp. 8.625% 7/20/30 (d)  |  | 260000  | 275600  |
|  GENM Capital Labuan Ltd. 3.882% 4/19/31 (d)  |  | 595000  | 449225  |
|  Hilton Domestic Operating Co., Inc.:  |  |  |  |
|  3.75% 5/1/29(d)  |  | 330000  | 285450  |
|  4% 5/1/31(d)  |  | 500000  | 418315  |
|  4.875% 1/15/30  |  | 975000  | 883555  |
|  Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27  |  | 435000  | 414045  |
|  Jacobs Entertainment, Inc. 6.75% 2/15/29 (d)  |  | 395000  | 356539  |
|  Melco Resorts Finance Ltd.:  |  |  |  |
|  5.25% 4/26/26(d)  |  | 475000  | 417920  |
|  5.75% 7/21/28(d)  |  | 270000  | 224834  |
|  Merlin Entertainments PLC 5.75% 6/15/26 (d)  |  | 395000  | 369814  |
|  MGM Resorts International:  |  |  |  |
|  4.75% 10/15/28  |  | 665000  | 580448  |
|  6.75% 5/1/25  |  | 1485000  | 1492738  |
|  NagaCorp Ltd. 7.95% 7/6/24 (Reg. S)  |  | 1000000  | 899250  |
|  NCL Corp. Ltd. 5.875% 2/15/27 (d)  |  | 550000  | 476465  |
|  Papa John's International, Inc. 3.875% 9/15/29 (d)  |  | 255000  | 212925  |
|  Premier Entertainment Sub LLC:  |  |  |  |
|  5.625% 9/1/29(d)  |  | 1020000  | 752148  |
|  5.875% 9/1/31(d)  |  | 575000  | 406755  |
|  Royal Caribbean Cruises Ltd.:  |  |  |  |
|  5.375% 7/15/27(d)  |  | 415000  | 336026  |
|  8.25% 1/15/29(d)  |  | 1295000  | 1301313  |
|  9.25% 1/15/29(d)  |  | 1725000  | 1772610  |
|  11.5% 6/1/25(d)  |  | 1329000  | 1425353  |
|  11.625% 8/15/27(d)  |  | 595000  | 596488  |
|  SeaWorld Parks & Entertainment, Inc. 5.25% 8/15/29 (d)  |  | 560000  | 487591  |
|  Station Casinos LLC 4.625% 12/1/31 (d)  |  | 410000  | 328891  |
|  Studio City Finance Ltd. 5% 1/15/29 (d)  |  | 320000  | 236400  |
|  Vail Resorts, Inc. 6.25% 5/15/25 (d)  |  | 380000  | 380000  |
|  Viking Cruises Ltd. 13% 5/15/25 (d)  |  | 570000  | 601382  |
|  Voc Escrow Ltd. 5% 2/15/28 (d)  |  | 545000  | 468755  |
|  Yum! Brands, Inc. 4.625% 1/31/32  |  | 590000  | 521517  |
|  |  |  | 36826196  |
| Household Durables - 0.3%  |  |  |  |
|  Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 4/1/30 (d)  |  | 410000  | 329070  |
|  Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 4.875% 2/15/30 (d)  |  | 405000  | 315765  |
|  Century Communities, Inc. 3.875% 8/15/29 (d)  |  | 420000  | 330225  |
|  Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.625% 3/1/24 (d)  |  | 65000  | 64513  |
|  Tempur Sealy International, Inc.:  |  |  |  |
|  3.875% 10/15/31(d)  |  | 735000  | 576993  |
|  4% 4/15/29(d)  |  | 790000  | 663726  |
|  TopBuild Corp. 3.625% 3/15/29 (d)  |  | 305000  | 250071  |
|  TRI Pointe Group, Inc./TRI Pointe Holdings, Inc. 5.875% 6/15/24  |  | 780000  | 776186  |
|  TRI Pointe Homes, Inc. 5.7% 6/15/28  |  | 865000  | 783557  |
|  |  |  | 4090106  |
| Internet & Direct Marketing Retail - 1.0%  |  |  |  |
|  Alibaba Group Holding Ltd. 2.125% 2/9/31  |  | 300000  | 236628  |
|  Angi Group LLC 3.875% 8/15/28 (d)  |  | 335000  | 248598  |
|  B2W Digital Lux SARL 4.375% 12/20/30 (d)  |  | 850000  | 536988  |
|  JD.com, Inc. 3.375% 1/14/30  |  | 850000  | 744660  |
|  Meituan:  |  |  |  |
|  2.125% 10/28/25(d)  |  | 510000  | 449374  |
|  3.05% 10/28/30(d)  |  | 335000  | 255500  |
|  Millennium Escrow Corp. 6.625% 8/1/26 (d)  |  | 570000  | 364829  |
|  Prosus NV:  |  |  |  |
|  2.031% 8/3/32 (Reg. S)  | EUR  | 210000  | 159042  |
|  3.68% 1/21/30(d)  |  | 370000  | 306707  |
|  4.027% 8/3/50(d)  |  | 595000  | 377379  |
|  4.193% 1/19/32(d)  |  | 205000  | 169868  |
|  Terrier Media Buyer, Inc. 8.875% 12/15/27 (d)  |  | 2160000  | 1625832  |
|  Uber Technologies, Inc.:  |  |  |  |
|  4.5% 8/15/29(d)  |  | 1260000  | 1097781  |
|  6.25% 1/15/28(d)  |  | 545000  | 523200  |
|  7.5% 9/15/27(d)  |  | 2950000  | 2952065  |
|  8% 11/1/26(d)  |  | 4260000  | 4274662  |
|  |  |  | 14323113  |
| Multiline Retail - 0.1%  |  |  |  |
|  Macy's Retail Holdings LLC:  |  |  |  |
|  5.875% 3/15/30(d)  |  | 290000  | 251642  |
|  6.125% 3/15/32(d)  |  | 280000  | 235348  |
|  Nordstrom, Inc.:  |  |  |  |
|  4.25% 8/1/31  |  | 1160000  | 829516  |
|  4.375% 4/1/30  |  | 175000  | 131562  |
|  5% 1/15/44  |  | 80000  | 48600  |
|  6.95% 3/15/28  |  | 25000  | 23050  |
|  |  |  | 1519718  |
| Specialty Retail - 0.4%  |  |  |  |
|  Arko Corp. 5.125% 11/15/29 (d)  |  | 415000  | 325858  |
|  Asbury Automotive Group, Inc.:  |  |  |  |
|  4.5% 3/1/28  |  | 184000  | 161994  |
|  4.625% 11/15/29(d)  |  | 450000  | 379188  |
|  4.75% 3/1/30  |  | 184000  | 153889  |
|  5% 2/15/32(d)  |  | 485000  | 399010  |
|  Bath & Body Works, Inc.:  |  |  |  |
|  6.625% 10/1/30(d)  |  | 330000  | 309673  |
|  6.75% 7/1/36  |  | 870000  | 764643  |
|  7.5% 6/15/29  |  | 500000  | 493600  |
|  Carvana Co.:  |  |  |  |
|  4.875% 9/1/29(d)  |  | 1085000  | 418008  |
|  5.875% 10/1/28(d)  |  | 70000  | 27320  |
|  Foot Locker, Inc. 4% 10/1/29 (d)  |  | 280000  | 218128  |
|  LCM Investments Holdings 4.875% 5/1/29 (d)  |  | 310000  | 248244  |
|  Michaels Companies, Inc. 5.25% 5/1/28 (d)  |  | 685000  | 551104  |
|  Victoria's Secret & Co. 4.625% 7/15/29 (d)  |  | 1065000  | 836132  |
|  |  |  | 5286791  |
| Textiles, Apparel & Luxury Goods - 0.1%  |  |  |  |
|  Crocs, Inc.:  |  |  |  |
|  4.125% 8/15/31(d)  |  | 280000  | 228186  |
|  4.25% 3/15/29(d)  |  | 435000  | 368489  |
|  Kontoor Brands, Inc. 4.125% 11/15/29 (d)  |  | 240000  | 195866  |
|  |  |  | 792541  |
|  TOTAL CONSUMER DISCRETIONARY  |  |  | 71804639  |
| CONSUMER STAPLES - 1.7%  |  |  |  |
| Beverages - 0.1%  |  |  |  |
|  Central American Bottling Corp. 5.25% 4/27/29 (d)  |  | 465000  | 434426  |
|  Triton Water Holdings, Inc. 6.25% 4/1/29 (d)  |  | 315000  | 252674  |
|  |  |  | 687100  |
| Food & Staples Retailing - 0.7%  |  |  |  |
|  Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:  |  |  |  |
|  3.5% 3/15/29(d)  |  | 525000  | 440470  |
|  4.625% 1/15/27(d)  |  | 1310000  | 1216820  |
|  4.875% 2/15/30(d)  |  | 5365000  | 4788048  |
|  C&S Group Enterprises LLC 5% 12/15/28 (d)  |  | 510000  | 385050  |
|  KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (d)  |  | 420000  | 410550  |
|  NBM U.S. Holdings, Inc. 6.625% 8/6/29 (d)  |  | 900000  | 868388  |
|  Performance Food Group, Inc.:  |  |  |  |
|  4.25% 8/1/29(d)  |  | 400000  | 346648  |
|  5.5% 10/15/27(d)  |  | 475000  | 448003  |
|  SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (d)  |  | 665000  | 625100  |
|  United Natural Foods, Inc. 6.75% 10/15/28 (d)  |  | 465000  | 446784  |
|  |  |  | 9975861  |
| Food Products - 0.8%  |  |  |  |
|  Adecoagro SA 6% 9/21/27 (d)  |  | 785000  | 737557  |
|  BRF SA 4.875% 1/24/30 (d)  |  | 345000  | 290954  |
|  Camposol SA 6% 2/3/27 (d)  |  | 225000  | 134409  |
|  Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (d)  |  | 375000  | 326479  |
|  Darling Ingredients, Inc. 6% 6/15/30 (d)  |  | 675000  | 659813  |
|  JBS U.S.A. Lux SA / JBS Food Co.:  |  |  |  |
|  2.5% 1/15/27(d)  |  | 250000  | 218680  |
|  5.5% 1/15/30(d)  |  | 1085000  | 1032399  |
|  Lamb Weston Holdings, Inc.:  |  |  |  |
|  4.125% 1/31/30(d)  |  | 555000  | 490176  |
|  4.375% 1/31/32(d)  |  | 275000  | 240268  |
|  Pilgrim's Pride Corp. 4.25% 4/15/31 (d)  |  | 1020000  | 867566  |
|  Post Holdings, Inc.:  |  |  |  |
|  4.5% 9/15/31(d)  |  | 1215000  | 1021403  |
|  4.625% 4/15/30(d)  |  | 3850000  | 3321549  |
|  5.5% 12/15/29(d)  |  | 1085000  | 981833  |
|  5.75% 3/1/27(d)  |  | 143000  | 138292  |
|  Simmons Foods, Inc. 4.625% 3/1/29 (d)  |  | 430000  | 350043  |
|  TreeHouse Foods, Inc. 4% 9/1/28  |  | 220000  | 187000  |
|  |  |  | 10998421  |
| Household Products - 0.0%  |  |  |  |
|  Diamond BC BV 4.625% 10/1/29 (d)  |  | 335000  | 268838  |
|  Spectrum Brands Holdings, Inc. 3.875% 3/15/31 (d)  |  | 430000  | 334437  |
|  |  |  | 603275  |
| Personal Products - 0.1%  |  |  |  |
|  BellRing Brands, Inc. 7% 3/15/30 (d)  |  | 685000  | 659141  |
|  Natura Cosmeticos SA 4.125% 5/3/28 (d)  |  | 650000  | 529669  |
|  |  |  | 1188810  |
|  TOTAL CONSUMER STAPLES  |  |  | 23453467  |
| ENERGY - 6.7%  |  |  |  |
| Energy Equipment & Services - 0.6%  |  |  |  |
|  CGG SA 8.75% 4/1/27 (d)  |  | 590000  | 476536  |
|  Guara Norte SARL 5.198% 6/15/34 (d)  |  | 455285  | 384090  |
|  Nabors Industries Ltd.:  |  |  |  |
|  7.25% 1/15/26(d)  |  | 595000  | 560727  |
|  7.5% 1/15/28(d)  |  | 510000  | 466597  |
|  Nine Energy Service, Inc. 8.75% 11/1/23 (d)  |  | 300000  | 294000  |
|  NuStar Logistics LP 6% 6/1/26  |  | 640000  | 616261  |
|  Oleoducto Central SA 4% 7/14/27 (d)  |  | 900000  | 790200  |
|  Southern Gas Corridor CJSC 6.875% 3/24/26 (d)  |  | 1185000  | 1210774  |
|  State Oil Co. of Azerbaijan Republic:  |  |  |  |
|  4.75% 3/13/23 (Reg. S)  |  | 200000  | 198725  |
|  6.95% 3/18/30 (Reg. S)  |  | 400000  | 411325  |
|  Summit Midstream Holdings LLC:  |  |  |  |
|  5.75% 4/15/25  |  | 285000  | 241250  |
|  8.5%(d)(h)  |  | 415000  | 395254  |
|  The Oil and Gas Holding Co.:  |  |  |  |
|  7.5% 10/25/27(d)  |  | 665000  | 678425  |
|  7.625% 11/7/24(d)  |  | 855000  | 869054  |
|  8.375% 11/7/28(d)  |  | 180000  | 188640  |
|  Vier Gas Transport GmbH 4.625% 9/26/32 (Reg. S)  | EUR  | 400000  | 430197  |
|  |  |  | 8212055  |
| Multi Industry Energy - 0.1%  |  |  |  |
|  Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d)  |  | 595000  | 560395  |
| Oil, Gas & Consumable Fuels - 6.0%  |  |  |  |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp.:  |  |  |  |
|  5.375% 6/15/29(d)  |  | 430000  | 393123  |
|  5.75% 1/15/28(d)  |  | 955000  | 885868  |
|  Canacol Energy Ltd. 5.75% 11/24/28 (d)  |  | 380000  | 333165  |
|  Cheniere Energy Partners LP:  |  |  |  |
|  3.25% 1/31/32  |  | 420000  | 333777  |
|  4% 3/1/31  |  | 910000  | 774738  |
|  Cheniere Energy, Inc. 4.625% 10/15/28  |  | 925000  | 836077  |
|  Chesapeake Energy Corp.:  |  |  |  |
|  5.875% 2/1/29(d)  |  | 310000  | 293720  |
|  6.75% 4/15/29(d)  |  | 440000  | 428384  |
|  7% 10/1/24(c)(e)  |  | 360000  | 0  |
|  8% 1/15/25(c)(e)  |  | 180000  | 0  |
|  8% 6/15/27(c)(e)  |  | 115000  | 0  |
|  Citgo Holding, Inc. 9.25% 8/1/24 (d)  |  | 2195000  | 2189890  |
|  Citgo Petroleum Corp.:  |  |  |  |
|  6.375% 6/15/26(d)  |  | 470000  | 453021  |
|  7% 6/15/25(d)  |  | 1340000  | 1306982  |
|  CNX Midstream Partners LP 4.75% 4/15/30 (d)  |  | 295000  | 242096  |
|  CNX Resources Corp.:  |  |  |  |
|  6% 1/15/29(d)  |  | 315000  | 289845  |
|  7.375% 1/15/31(d)  |  | 295000  | 282755  |
|  Colgate Energy Partners III LLC 5.875% 7/1/29 (d)  |  | 405000  | 347288  |
|  Comstock Resources, Inc.:  |  |  |  |
|  5.875% 1/15/30(d)  |  | 1525000  | 1311043  |
|  6.75% 3/1/29(d)  |  | 1030000  | 929575  |
|  CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (d)  |  | 1265000  | 1104990  |
|  Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:  |  |  |  |
|  5.625% 5/1/27(d)  |  | 2960000  | 2752800  |
|  5.75% 4/1/25  |  | 250000  | 243200  |
|  6% 2/1/29(d)  |  | 2415000  | 2215788  |
|  CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (d)  |  | 245000  | 220136  |
|  CVR Energy, Inc.:  |  |  |  |
|  5.25% 2/15/25(d)  |  | 895000  | 823400  |
|  5.75% 2/15/28(d)  |  | 2320000  | 2019560  |
|  DCP Midstream Operating LP 5.85% 5/21/43 (d)(f)  |  | 885000  | 863335  |
|  Delek Overriding Royalty Levia 7.494% 12/30/23 (Reg. S) (d)  |  | 1079000  | 1075224  |
|  DT Midstream, Inc.:  |  |  |  |
|  4.125% 6/15/29(d)  |  | 430000  | 369417  |
|  4.375% 6/15/31(d)  |  | 430000  | 360727  |
|  EG Global Finance PLC 8.5% 10/30/25 (d)  |  | 855000  | 796538  |
|  EIG Pearl Holdings SARL 3.545% 8/31/36 (d)  |  | 1345000  | 1127951  |
|  Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (d)  |  | 880000  | 842618  |
|  Energean Israel Finance Ltd. 4.875% 3/30/26 (Reg. S) (d)  |  | 570000  | 526053  |
|  Energean PLC 6.5% 4/30/27 (d)  |  | 550000  | 506000  |
|  Energy Transfer LP 5.5% 6/1/27  |  | 860000  | 837125  |
|  EnLink Midstream LLC 6.5% 9/1/30 (d)  |  | 595000  | 588872  |
|  FEL Energy VI SARL 5.75% 12/1/40 (d)  |  | 263326  | 224370  |
|  Galaxy Pipeline Assets BidCo Ltd.:  |  |  |  |
|  2.16% 3/31/34(d)  |  | 360617  | 306074  |
|  2.625% 3/31/36(d)  |  | 1080000  | 865553  |
|  GeoPark Ltd. 5.5% 1/17/27 (d)  |  | 375000  | 323039  |
|  Hess Midstream Partners LP:  |  |  |  |
|  4.25% 2/15/30(d)  |  | 460000  | 393264  |
|  5.125% 6/15/28(d)  |  | 595000  | 550194  |
|  5.5% 10/15/30(d)  |  | 275000  | 251585  |
|  5.625% 2/15/26(d)  |  | 795000  | 774398  |
|  Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (d)  |  | 590000  | 533950  |
|  Holly Energy Partners LP/Holly Energy Finance Corp.:  |  |  |  |
|  5% 2/1/28(d)  |  | 400000  | 364203  |
|  6.375% 4/15/27(d)  |  | 280000  | 275098  |
|  Indika Energy Capital IV Pte Ltd. 8.25% 10/22/25 (d)  |  | 345000  | 339825  |
|  KazMunaiGaz National Co.:  |  |  |  |
|  3.5% 4/14/33(d)  |  | 335000  | 246602  |
|  4.75% 4/24/25(d)  |  | 105000  | 101082  |
|  5.75% 4/19/47(d)  |  | 170000  | 129763  |
|  Kosmos Energy Ltd. 7.125% 4/4/26 (d)  |  | 1610000  | 1366789  |
|  Leviathan Bond Ltd.:  |  |  |  |
|  5.75% 6/30/23 (Reg. S)(d)  |  | 215000  | 214100  |
|  6.125% 6/30/25 (Reg. S)(d)  |  | 605000  | 591388  |
|  6.5% 6/30/27 (Reg. S)(d)  |  | 90000  | 87084  |
|  MC Brazil Downstream Trading SARL 7.25% 6/30/31 (d)  |  | 625000  | 512891  |
|  Medco Laurel Tree PTE Ltd. 6.95% 11/12/28 (d)  |  | 640000  | 566120  |
|  Medco Oak Tree Pte Ltd. 7.375% 5/14/26 (d)  |  | 210000  | 199238  |
|  Medco Platinum Road Pte Ltd. 6.75% 1/30/25 (d)  |  | 485000  | 469328  |
|  MEG Energy Corp. 7.125% 2/1/27 (d)  |  | 595000  | 606836  |
|  Mesquite Energy, Inc. 7.25% 2/15/23 (c)(d)(e)  |  | 1063000  | 0  |
|  Murphy Oil U.S.A., Inc.:  |  |  |  |
|  4.75% 9/15/29  |  | 370000  | 338561  |
|  5.625% 5/1/27  |  | 305000  | 296158  |
|  NAK Naftogaz Ukraine:  |  |  |  |
|  7.375% 7/19/24 (Reg. S)(e)  |  | 655000  | 124450  |
|  7.625% 11/8/26(d)  |  | 230000  | 36800  |
|  New Fortress Energy, Inc.:  |  |  |  |
|  6.5% 9/30/26(d)  |  | 1185000  | 1100510  |
|  6.75% 9/15/25(d)  |  | 1365000  | 1291017  |
|  NGPL PipeCo LLC 4.875% 8/15/27 (d)  |  | 150000  | 142463  |
|  Nostrum Oil & Gas Finance BV 8% 12/31/49 (d)(e)  |  | 2620000  | 681174  |
|  Occidental Petroleum Corp.:  |  |  |  |
|  3.5% 8/15/29  |  | 370000  | 331265  |
|  5.875% 9/1/25  |  | 670000  | 667488  |
|  6.2% 3/15/40  |  | 350000  | 342509  |
|  6.375% 9/1/28  |  | 670000  | 676514  |
|  6.45% 9/15/36  |  | 1171000  | 1194420  |
|  6.6% 3/15/46  |  | 705000  | 725438  |
|  6.625% 9/1/30  |  | 1340000  | 1384729  |
|  7.2% 3/15/29  |  | 240000  | 248400  |
|  7.5% 5/1/31  |  | 65000  | 69451  |
|  Parkland Corp.:  |  |  |  |
|  4.5% 10/1/29(d)  |  | 440000  | 366637  |
|  4.625% 5/1/30(d)  |  | 550000  | 455125  |
|  PBF Holding Co. LLC/PBF Finance Corp.:  |  |  |  |
|  6% 2/15/28  |  | 1445000  | 1289663  |
|  7.25% 6/15/25  |  | 1145000  | 1131397  |
|  PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23  |  | 435000  | 434456  |
|  PDC Energy, Inc. 6.125% 9/15/24  |  | 100000  | 99430  |
|  Petrobras Global Finance BV:  |  |  |  |
|  6.75% 6/3/50  |  | 430000  | 373912  |
|  6.875% 1/20/40  |  | 309000  | 292835  |
|  Petroleos de Venezuela SA:  |  |  |  |
|  5.375% 4/12/27(e)  |  | 480000  | 21600  |
|  6% 5/16/24(d)(e)  |  | 585000  | 27788  |
|  6% 11/15/26(d)(e)  |  | 930000  | 41850  |
|  12.75% 12/31/49(d)(e)  |  | 110000  | 4951  |
|  Petroleos Mexicanos:  |  |  |  |
|  4.875% 1/18/24  |  | 1290000  | 1262910  |
|  5.95% 1/28/31  |  | 305000  | 230580  |
|  6.5% 6/2/41  |  | 170000  | 109990  |
|  6.625% 6/15/35  |  | 1965000  | 1418141  |
|  6.7% 2/16/32  |  | 821000  | 643459  |
|  6.75% 9/21/47  |  | 798000  | 508230  |
|  6.875% 10/16/25  |  | 520000  | 505798  |
|  6.875% 8/4/26  |  | 555000  | 527528  |
|  6.95% 1/28/60  |  | 780000  | 493545  |
|  7.69% 1/23/50  |  | 4073000  | 2815461  |
|  8.625% 12/1/23(f)  |  | 250000  | 253594  |
|  Petronas Capital Ltd.:  |  |  |  |
|  3.404% 4/28/61(d)  |  | 295000  | 201529  |
|  3.5% 4/21/30(d)  |  | 230000  | 209746  |
|  PT Adaro Indonesia 4.25% 10/31/24 (d)  |  | 930000  | 890649  |
|  PT Pertamina Persero 4.175% 1/21/50 (d)  |  | 240000  | 181770  |
|  Qatar Petroleum:  |  |  |  |
|  1.375% 9/12/26(d)  |  | 1260000  | 1116723  |
|  2.25% 7/12/31(d)  |  | 1135000  | 936588  |
|  3.125% 7/12/41(d)  |  | 905000  | 691929  |
|  3.3% 7/12/51(d)  |  | 930000  | 680818  |
|  SA Global Sukuk Ltd. 1.602% 6/17/26 (d)  |  | 1365000  | 1215959  |
|  Saudi Arabian Oil Co.:  |  |  |  |
|  1.625% 11/24/25(d)  |  | 940000  | 853814  |
|  3.5% 4/16/29(d)  |  | 1905000  | 1739265  |
|  3.5% 11/24/70(d)  |  | 460000  | 309868  |
|  4.25% 4/16/39(d)  |  | 1705000  | 1513507  |
|  4.375% 4/16/49(d)  |  | 355000  | 300707  |
|  Sibur Securities DAC 2.95% 7/8/25 (d)(e)  |  | 225000  | 151875  |
|  Sinopec Group Overseas Development Ltd.:  |  |  |  |
|  1.45% 1/8/26(d)  |  | 355000  | 322532  |
|  2.7% 5/13/30(d)  |  | 220000  | 193156  |
|  SM Energy Co.:  |  |  |  |
|  5.625% 6/1/25  |  | 330000  | 316797  |
|  6.625% 1/15/27  |  | 1125000  | 1083623  |
|  6.75% 9/15/26  |  | 250000  | 242713  |
|  Southwestern Energy Co.:  |  |  |  |
|  5.375% 3/15/30  |  | 560000  | 510731  |
|  5.7% 1/23/25(i)  |  | 14000  | 13755  |
|  7.75% 10/1/27  |  | 680000  | 693002  |
|  Sunoco LP/Sunoco Finance Corp.:  |  |  |  |
|  4.5% 5/15/29  |  | 605000  | 529194  |
|  4.5% 4/30/30  |  | 555000  | 481768  |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.:  |  |  |  |
|  6% 9/1/31(d)  |  | 420000  | 361109  |
|  7.5% 10/1/25(d)  |  | 495000  | 499455  |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31  |  | 625000  | 564344  |
|  Teine Energy Ltd. 6.875% 4/15/29 (d)  |  | 445000  | 399388  |
|  Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (d)  |  | 650000  | 461013  |
|  Tennessee Gas Pipeline Co. 7.625% 4/1/37  |  | 50000  | 54380  |
|  Tullow Oil PLC:  |  |  |  |
|  7% 3/1/25(d)  |  | 180000  | 108900  |
|  10.25% 5/15/26(d)  |  | 991000  | 787845  |
|  Unit Corp. 0% 12/1/29 (c)  |  | 120000  | 0  |
|  Uzbekneftegaz JSC 4.75% 11/16/28 (d)  |  | 200000  | 160500  |
|  Venture Global Calcasieu Pass LLC:  |  |  |  |
|  3.875% 8/15/29(d)  |  | 355000  | 310625  |
|  4.125% 8/15/31(d)  |  | 355000  | 302458  |
|  YPF SA:  |  |  |  |
|  8.5% 3/23/25(d)  |  | 391250  | 355255  |
|  8.75% 4/4/24(d)  |  | 1102500  | 1041725  |
|  |  |  | 82947097  |
|  TOTAL ENERGY  |  |  | 91719547  |
| FINANCIALS - 4.0%  |  |  |  |
| Banks - 0.5%  |  |  |  |
|  ABN AMRO Bank NV 4.5% 11/21/34 (Reg. S)  | EUR  | 700000  | 740262  |
|  Access Bank PLC 6.125% 9/21/26 (d)  |  | 630000  | 484431  |
|  AIB Group PLC 2.875% 5/30/31 (Reg. S) (f)  | EUR  | 619000  | 594492  |
|  Barclays PLC 5.262% 1/29/34 (Reg. S) (f)  | EUR  | 1286000  | 1359179  |
|  CaixaBank SA 6.25% 2/23/33 (Reg. S) (f)  | EUR  | 1000000  | 1071362  |
|  Development Bank of Mongolia 7.25% 10/23/23 (d)  |  | 60000  | 53336  |
|  HSBC Holdings PLC Eur Swap Annual 5Y Index + 3.300% 6.364% 11/16/32 (Reg. S) (f)(g)  | EUR  | 1025000  | 1113055  |
|  National Bank of Uzbekistan 4.85% 10/21/25 (Reg. S)  |  | 225000  | 202823  |
|  Oschadbank Via SSB #1 PLC 9.375% 3/10/23 (d)  |  | 40000  | 28095  |
|  Svenska Handelsbanken AB 3.25% 6/1/33 (Reg. S) (f)  | EUR  | 945000  | 932443  |
|  |  |  | 6579478  |
| Capital Markets - 0.3%  |  |  |  |
|  AssuredPartners, Inc.:  |  |  |  |
|  5.625% 1/15/29(d)  |  | 390000  | 320983  |
|  7% 8/15/25(d)  |  | 245000  | 236935  |
|  Broadstreet Partners, Inc. 5.875% 4/15/29 (d)  |  | 725000  | 617034  |
|  Coinbase Global, Inc.:  |  |  |  |
|  3.375% 10/1/28(d)  |  | 405000  | 214083  |
|  3.625% 10/1/31(d)  |  | 420000  | 202277  |
|  Deutsche Bank AG 4% 6/24/32 (Reg. S) (f)  | EUR  | 1700000  | 1610029  |
|  Hightower Holding LLC 6.75% 4/15/29 (d)  |  | 285000  | 238006  |
|  Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (d)  |  | 395000  | 339700  |
|  Lions Gate Capital Holdings LLC 5.5% 4/15/29 (d)  |  | 445000  | 258010  |
|  MSCI, Inc.:  |  |  |  |
|  3.25% 8/15/33(d)  |  | 420000  | 324349  |
|  4% 11/15/29(d)  |  | 340000  | 296152  |
|  |  |  | 4657558  |
| Consumer Finance - 1.3%  |  |  |  |
|  Ally Financial, Inc.:  |  |  |  |
|  8% 11/1/31  |  | 823000  | 855654  |
|  8% 11/1/31  |  | 5273000  | 5443562  |
|  Ford Motor Credit Co. LLC:  |  |  |  |
|  3.375% 11/13/25  |  | 1155000  | 1044135  |
|  3.625% 6/17/31  |  | 740000  | 581853  |
|  4% 11/13/30  |  | 2525000  | 2072621  |
|  5.113% 5/3/29  |  | 610000  | 552382  |
|  7.35% 11/4/27  |  | 595000  | 609697  |
|  OneMain Finance Corp.:  |  |  |  |
|  4% 9/15/30  |  | 330000  | 246226  |
|  5.375% 11/15/29  |  | 500000  | 408950  |
|  6.625% 1/15/28  |  | 385000  | 354520  |
|  6.875% 3/15/25  |  | 2580000  | 2478542  |
|  7.125% 3/15/26  |  | 3405000  | 3237746  |
|  Shriram Transport Finance Co. Ltd.:  |  |  |  |
|  4.15% 7/18/25(d)  |  | 500000  | 457125  |
|  5.1% 7/16/23(d)  |  | 120000  | 118500  |
|  |  |  | 18461513  |
| Diversified Financial Services - 0.9%  |  |  |  |
|  1MDB Global Investments Ltd. 4.4% 3/9/23  |  | 3000000  | 2931188  |
|  Altus Midstream LP 5.875% 6/15/30 (d)  |  | 425000  | 398558  |
|  Compass Group Diversified Holdings LLC 5% 1/15/32 (d)  |  | 275000  | 217267  |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp.:  |  |  |  |
|  4.375% 2/1/29  |  | 630000  | 532760  |
|  5.25% 5/15/27  |  | 2150000  | 1969938  |
|  6.25% 5/15/26  |  | 1305000  | 1253969  |
|  6.375% 12/15/25  |  | 2785000  | 2700893  |
|  James Hardie International Finance Ltd. 5% 1/15/28 (d)  |  | 455000  | 417463  |
|  MDGH GMTN RSC Ltd.:  |  |  |  |
|  2.875% 11/7/29(d)  |  | 530000  | 476603  |
|  5.5% 4/28/33(d)  |  | 300000  | 316556  |
|  OEC Finance Ltd.:  |  |  |  |
|  4.375% 10/25/29 pay-in-kind(d)  |  | 379070  | 8719  |
|  5.25% 12/27/33 pay-in-kind(d)  |  | 183628  | 4150  |
|  PTT Treasury Center Co. Ltd. 3.7% 7/16/70 (d)  |  | 230000  | 142715  |
|  Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. 4.625% 11/1/26 (d)  |  | 225000  | 212578  |
|  VMED O2 UK Financing I PLC 4.75% 7/15/31 (d)  |  | 995000  | 808288  |
|  |  |  | 12391645  |
| Insurance - 1.0%  |  |  |  |
|  Acrisure LLC / Acrisure Finance, Inc.:  |  |  |  |
|  6% 8/1/29(d)  |  | 425000  | 347323  |
|  7% 11/15/25(d)  |  | 1805000  | 1658457  |
|  10.125% 8/1/26(d)  |  | 605000  | 588430  |
|  Alliant Holdings Intermediate LLC:  |  |  |  |
|  4.25% 10/15/27(d)  |  | 665000  | 595592  |
|  5.875% 11/1/29(d)  |  | 415000  | 341296  |
|  6.75% 10/15/27(d)  |  | 965000  | 867400  |
|  Allianz SE 4.252% 7/5/52 (Reg. S) (f)  | EUR  | 1800000  | 1768341  |
|  AmWINS Group, Inc. 4.875% 6/30/29 (d)  |  | 415000  | 351981  |
|  ASR Nederland NV 7% 12/7/43 (Reg. S) (f)  | EUR  | 1628000  | 1743215  |
|  AXA SA 4.25% 3/10/43 (Reg. S) (f)  | EUR  | 1492000  | 1454330  |
|  Berkshire Hathaway Finance Corp. 2% 3/18/34  | EUR  | 1272000  | 1093609  |
|  Hannover Reuck SE 5.875% 8/26/43 (Reg. S) (f)  | EUR  | 700000  | 765193  |
|  HUB International Ltd.:  |  |  |  |
|  5.625% 12/1/29(d)  |  | 595000  | 519663  |
|  7% 5/1/26(d)  |  | 595000  | 582499  |
|  MAPFRE SA 2.875% 4/13/30 (Reg. S)  | EUR  | 200000  | 176355  |
|  Sagicor Financial Co. Ltd. 5.3% 5/13/28 (d)  |  | 345000  | 323206  |
|  Sampo Oyj 2.5% 9/3/52 (Reg. S) (f)  | EUR  | 222000  | 177781  |
|  |  |  | 13354671  |
| Thrifts & Mortgage Finance - 0.0%  |  |  |  |
|  MGIC Investment Corp. 5.25% 8/15/28  |  | 465000  | 428770  |
|  TOTAL FINANCIALS  |  |  | 55873635  |
| HEALTH CARE - 2.0%  |  |  |  |
| Biotechnology - 0.0%  |  |  |  |
|  Grifols Escrow Issuer SA 4.75% 10/15/28 (d)  |  | 280000  | 241772  |
| Health Care Equipment & Supplies - 0.0%  |  |  |  |
|  Avantor Funding, Inc. 3.875% 11/1/29 (d)  |  | 275000  | 230931  |
|  Hologic, Inc. 4.625% 2/1/28 (d)  |  | 215000  | 202593  |
|  |  |  | 433524  |
| Health Care Providers & Services - 1.5%  |  |  |  |
|  180 Medical, Inc. 3.875% 10/15/29 (d)  |  | 300000  | 257910  |
|  Cano Health, Inc. 6.25% 10/1/28 (d)  |  | 185000  | 111925  |
|  Centene Corp.:  |  |  |  |
|  4.25% 12/15/27  |  | 615000  | 576786  |
|  4.625% 12/15/29  |  | 2150000  | 1964747  |
|  Community Health Systems, Inc.:  |  |  |  |
|  4.75% 2/15/31(d)  |  | 1150000  | 834923  |
|  5.25% 5/15/30(d)  |  | 825000  | 622081  |
|  5.625% 3/15/27(d)  |  | 400000  | 342984  |
|  6% 1/15/29(d)  |  | 485000  | 405693  |
|  6.125% 4/1/30(d)  |  | 1035000  | 512509  |
|  8% 3/15/26(d)  |  | 3270000  | 2977057  |
|  DaVita HealthCare Partners, Inc.:  |  |  |  |
|  3.75% 2/15/31(d)  |  | 210000  | 156734  |
|  4.625% 6/1/30(d)  |  | 1590000  | 1279038  |
|  HealthEquity, Inc. 4.5% 10/1/29 (d)  |  | 295000  | 257801  |
|  Horizon Pharma U.S.A., Inc. 5.5% 8/1/27 (d)  |  | 650000  | 667225  |
|  ModivCare Escrow Issuer, Inc. 5% 10/1/29 (d)  |  | 325000  | 274073  |
|  Modivcare, Inc. 5.875% 11/15/25 (d)  |  | 485000  | 455573  |
|  Molina Healthcare, Inc.:  |  |  |  |
|  3.875% 11/15/30(d)  |  | 640000  | 542361  |
|  3.875% 5/15/32(d)  |  | 550000  | 456742  |
|  4.375% 6/15/28(d)  |  | 465000  | 424354  |
|  Option Care Health, Inc. 4.375% 10/31/29 (d)  |  | 300000  | 262413  |
|  Radiology Partners, Inc. 9.25% 2/1/28 (d)  |  | 965000  | 541707  |
|  RP Escrow Issuer LLC 5.25% 12/15/25 (d)  |  | 615000  | 469645  |
|  Tenet Healthcare Corp.:  |  |  |  |
|  4.625% 7/15/24  |  | 126000  | 122882  |
|  4.625% 9/1/24(d)  |  | 650000  | 631317  |
|  4.875% 1/1/26(d)  |  | 1625000  | 1536669  |
|  5.125% 11/1/27(d)  |  | 975000  | 906984  |
|  6.125% 10/1/28(d)  |  | 645000  | 577481  |
|  6.125% 6/15/30(d)  |  | 1140000  | 1086192  |
|  6.25% 2/1/27(d)  |  | 1850000  | 1776944  |
|  |  |  | 21032750  |
| Health Care Technology - 0.1%  |  |  |  |
|  IQVIA, Inc. 5% 5/15/27 (d)  |  | 640000  | 610112  |
| Life Sciences Tools & Services - 0.1%  |  |  |  |
|  Charles River Laboratories International, Inc.:  |  |  |  |
|  3.75% 3/15/29(d)  |  | 525000  | 464310  |
|  4% 3/15/31(d)  |  | 605000  | 523325  |
|  4.25% 5/1/28(d)  |  | 185000  | 170379  |
|  Syneos Health, Inc. 3.625% 1/15/29 (d)  |  | 500000  | 398173  |
|  |  |  | 1556187  |
| Pharmaceuticals - 0.3%  |  |  |  |
|  Bayer AG 5.375% 3/25/82 (Reg. S) (f)  | EUR  | 900000  | 842979  |
|  Catalent Pharma Solutions:  |  |  |  |
|  3.5% 4/1/30(d)  |  | 280000  | 221085  |
|  5% 7/15/27(d)  |  | 205000  | 190756  |
|  Organon & Co. / Organon Foreign Debt Co-Issuer BV:  |  |  |  |
|  4.125% 4/30/28(d)  |  | 1015000  | 898681  |
|  5.125% 4/30/31(d)  |  | 885000  | 766304  |
|  Teva Pharmaceutical Finance Netherlands III BV:  |  |  |  |
|  4.75% 5/9/27  |  | 555000  | 501664  |
|  5.125% 5/9/29  |  | 275000  | 244900  |
|  |  |  | 3666369  |
|  TOTAL HEALTH CARE  |  |  | 27540714  |
| INDUSTRIALS - 4.1%  |  |  |  |
| Aerospace & Defense - 1.5%  |  |  |  |
|  Bombardier, Inc.:  |  |  |  |
|  6% 2/15/28(d)  |  | 280000  | 258922  |
|  7.125% 6/15/26(d)  |  | 570000  | 552997  |
|  7.5% 3/15/25(d)  |  | 508000  | 503080  |
|  7.875% 4/15/27(d)  |  | 1330000  | 1290094  |
|  BWX Technologies, Inc. 4.125% 6/30/28 (d)  |  | 630000  | 566213  |
|  DAE Funding LLC 1.55% 8/1/24 (d)  |  | 650000  | 605638  |
|  Embraer Netherlands Finance BV 5.05% 6/15/25  |  | 715000  | 693684  |
|  Moog, Inc. 4.25% 12/15/27 (d)  |  | 185000  | 171125  |
|  Rolls-Royce PLC 5.75% 10/15/27 (d)  |  | 650000  | 619125  |
|  Spirit Aerosystems, Inc. 7.5% 4/15/25 (d)  |  | 905000  | 894285  |
|  TransDigm UK Holdings PLC 6.875% 5/15/26  |  | 1805000  | 1762607  |
|  TransDigm, Inc.:  |  |  |  |
|  4.625% 1/15/29  |  | 930000  | 817721  |
|  5.5% 11/15/27  |  | 7825000  | 7277250  |
|  6.25% 3/15/26(d)  |  | 955000  | 941811  |
|  6.375% 6/15/26  |  | 2060000  | 2004287  |
|  7.5% 3/15/27  |  | 960000  | 949831  |
|  |  |  | 19908670  |
| Air Freight & Logistics - 0.1%  |  |  |  |
|  Aeropuerto Internacional de Tocumen SA:  |  |  |  |
|  4% 8/11/41(d)  |  | 280000  | 230528  |
|  5.125% 8/11/61(d)  |  | 205000  | 167754  |
|  Cargo Aircraft Management, Inc. 4.75% 2/1/28 (d)  |  | 365000  | 328500  |
|  |  |  | 726782  |
| Airlines - 0.6%  |  |  |  |
|  Air Canada 3.875% 8/15/26 (d)  |  | 425000  | 376436  |
|  Allegiant Travel Co. 7.25% 8/15/27 (d)  |  | 445000  | 423267  |
|  Azul Investments LLP:  |  |  |  |
|  5.875% 10/26/24(d)  |  | 765000  | 612383  |
|  7.25% 6/15/26(d)  |  | 265000  | 162362  |
|  Delta Air Lines, Inc. 7% 5/1/25 (d)  |  | 164000  | 167598  |
|  Delta Air Lines, Inc. / SkyMiles IP Ltd. 4.75% 10/20/28 (d)  |  | 2365000  | 2220499  |
|  Mileage Plus Holdings LLC 6.5% 6/20/27 (d)  |  | 1840619  | 1829946  |
|  Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.:  |  |  |  |
|  8% 9/20/25(d)  |  | 150000  | 150770  |
|  8% 9/20/25(d)  |  | 462000  | 463488  |
|  United Airlines, Inc.:  |  |  |  |
|  4.375% 4/15/26(d)  |  | 1450000  | 1344043  |
|  4.625% 4/15/29(d)  |  | 870000  | 757505  |
|  |  |  | 8508297  |
| Building Products - 0.1%  |  |  |  |
|  Advanced Drain Systems, Inc.:  |  |  |  |
|  5% 9/30/27(d)  |  | 125000  | 116563  |
|  6.375% 6/15/30(d)  |  | 280000  | 272065  |
|  CP Atlas Buyer, Inc. 7% 12/1/28 (d)  |  | 325000  | 241366  |
|  MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (d)  |  | 185000  | 147288  |
|  Oscar Acquisition Co. LLC / Oscar Finance, Inc. 9.5% 4/15/30 (d)  |  | 420000  | 376908  |
|  Shea Homes Ltd. Partnership/Corp. 4.75% 4/1/29  |  | 475000  | 399000  |
|  |  |  | 1553190  |
| Commercial Services & Supplies - 0.8%  |  |  |  |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (d)  |  | 365000  | 264902  |
|  Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp.:  |  |  |  |
|  4.625% 6/1/28(d)  |  | 1032000  | 852360  |
|  4.625% 6/1/28(d)  |  | 683000  | 553738  |
|  CoreCivic, Inc. 8.25% 4/15/26  |  | 1495000  | 1533123  |
|  Covanta Holding Corp.:  |  |  |  |
|  4.875% 12/1/29(d)  |  | 425000  | 348190  |
|  5% 9/1/30  |  | 670000  | 541050  |
|  GFL Environmental, Inc.:  |  |  |  |
|  4% 8/1/28(d)  |  | 420000  | 359100  |
|  4.75% 6/15/29(d)  |  | 575000  | 503269  |
|  IAA, Inc. 5.5% 6/15/27 (d)  |  | 250000  | 243903  |
|  KAR Auction Services, Inc. 5.125% 6/1/25 (d)  |  | 525000  | 512893  |
|  Madison IAQ LLC:  |  |  |  |
|  4.125% 6/30/28(d)  |  | 535000  | 447383  |
|  5.875% 6/30/29(d)  |  | 425000  | 291295  |
|  Neptune BidCo U.S., Inc. 9.29% 4/15/29 (d)  |  | 1480000  | 1394900  |
|  Pitney Bowes, Inc. 7.25% 3/15/29 (d)  |  | 90000  | 70381  |
|  The Bidvest Group UK PLC 3.625% 9/23/26 (d)  |  | 335000  | 299993  |
|  The Brink's Co. 4.625% 10/15/27 (d)  |  | 620000  | 567300  |
|  The GEO Group, Inc.:  |  |  |  |
|  9.5% 12/31/28(d)  |  | 521000  | 495960  |
|  10.5% 6/30/28  |  | 1563000  | 1578317  |
|  |  |  | 10858057  |
| Construction & Engineering - 0.3%  |  |  |  |
|  AECOM 5.125% 3/15/27  |  | 625000  | 601563  |
|  Arcosa, Inc. 4.375% 4/15/29 (d)  |  | 415000  | 359880  |
|  Bouygues SA 5.375% 6/30/42 (Reg. S)  | EUR  | 1400000  | 1541029  |
|  Pike Corp. 5.5% 9/1/28 (d)  |  | 1415000  | 1237050  |
|  SRS Distribution, Inc.:  |  |  |  |
|  4.625% 7/1/28(d)  |  | 550000  | 487559  |
|  6.125% 7/1/29(d)  |  | 230000  | 185960  |
|  |  |  | 4413041  |
| Electrical Equipment - 0.0%  |  |  |  |
|  Sensata Technologies BV 4% 4/15/29 (d)  |  | 590000  | 508875  |
| Industrial Conglomerates - 0.1%  |  |  |  |
|  Honeywell International, Inc. 4.125% 11/2/34  | EUR  | 1262000  | 1333508  |
|  Turkiye Sise ve Cam Fabrikalari A/S 6.95% 3/14/26 (d)  |  | 445000  | 430482  |
|  |  |  | 1763990  |
| Machinery - 0.1%  |  |  |  |
|  ATS Automation Tooling System, Inc. 4.125% 12/15/28 (d)  |  | 460000  | 396870  |
|  Chart Industries, Inc. 7.5% 1/1/30 (d)  |  | 790000  | 794179  |
|  Stevens Holding Co., Inc. 6.125% 10/1/26 (d)  |  | 155000  | 155388  |
|  |  |  | 1346437  |
| Marine - 0.1%  |  |  |  |
|  MISC Capital Two (Labuan) Ltd.:  |  |  |  |
|  3.625% 4/6/25(d)  |  | 360000  | 342293  |
|  3.75% 4/6/27(d)  |  | 570000  | 519341  |
|  Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 10.75% 7/1/25 (d)  |  | 215000  | 202772  |
|  Seaspan Corp. 5.5% 8/1/29 (d)  |  | 425000  | 322065  |
|  |  |  | 1386471  |
| Professional Services - 0.1%  |  |  |  |
|  ASGN, Inc. 4.625% 5/15/28 (d)  |  | 510000  | 461652  |
|  Booz Allen Hamilton, Inc.:  |  |  |  |
|  3.875% 9/1/28(d)  |  | 620000  | 549297  |
|  4% 7/1/29(d)  |  | 280000  | 246440  |
|  TriNet Group, Inc. 3.5% 3/1/29 (d)  |  | 455000  | 374101  |
|  |  |  | 1631490  |
| Road & Rail - 0.1%  |  |  |  |
|  Hertz Corp.:  |  |  |  |
|  4.625% 12/1/26(d)  |  | 230000  | 192625  |
|  5% 12/1/29(d)  |  | 450000  | 341370  |
|  5.5% 10/15/24(c)(d)(e)  |  | 650000  | 14625  |
|  6% 1/15/28(c)(d)(e)  |  | 575000  | 33781  |
|  6.25% 12/31/49(c)(e)  |  | 670000  | 838  |
|  7.125% 8/1/26(c)(d)(e)  |  | 620000  | 49600  |
|  JSC Georgian Railway 4% 6/17/28 (d)  |  | 191000  | 166027  |
|  XPO, Inc. 6.25% 5/1/25 (d)  |  | 515000  | 519848  |
|  |  |  | 1318714  |
| Trading Companies & Distributors - 0.1%  |  |  |  |
|  Foundation Building Materials, Inc. 6% 3/1/29 (d)  |  | 310000  | 232098  |
|  H&E Equipment Services, Inc. 3.875% 12/15/28 (d)  |  | 995000  | 847531  |
|  |  |  | 1079629  |
| Transportation Infrastructure - 0.1%  |  |  |  |
|  DP World Crescent Ltd.:  |  |  |  |
|  3.7495% 1/30/30(d)  |  | 765000  | 703465  |
|  3.875% 7/18/29 (Reg. S)  |  | 600000  | 559800  |
|  DP World Ltd. 5.625% 9/25/48 (d)  |  | 400000  | 373450  |
|  First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (d)  |  | 425000  | 351529  |
|  |  |  | 1988244  |
|  TOTAL INDUSTRIALS  |  |  | 56991887  |
| INFORMATION TECHNOLOGY - 1.2%  |  |  |  |
| Communications Equipment - 0.0%  |  |  |  |
|  HTA Group Ltd. 7% 12/18/25 (d)  |  | 585000  | 537030  |
| Electronic Equipment & Components - 0.1%  |  |  |  |
|  Coherent Corp. 5% 12/15/29 (d)  |  | 435000  | 375157  |
|  TTM Technologies, Inc. 4% 3/1/29 (d)  |  | 455000  | 390183  |
|  |  |  | 765340  |
| IT Services - 0.3%  |  |  |  |
|  Acuris Finance U.S. 5% 5/1/28 (d)  |  | 430000  | 342925  |
|  Block, Inc. 3.5% 6/1/31  |  | 570000  | 454817  |
|  CA Magnum Holdings 5.375% (d)(h)  |  | 955000  | 864399  |
|  Camelot Finance SA 4.5% 11/1/26 (d)  |  | 570000  | 534233  |
|  Gartner, Inc.:  |  |  |  |
|  3.625% 6/15/29(d)  |  | 405000  | 355882  |
|  3.75% 10/1/30(d)  |  | 685000  | 590448  |
|  Go Daddy Operating Co. LLC / GD Finance Co., Inc.:  |  |  |  |
|  3.5% 3/1/29(d)  |  | 610000  | 510687  |
|  5.25% 12/1/27(d)  |  | 500000  | 473230  |
|  Rackspace Hosting, Inc. 5.375% 12/1/28 (d)  |  | 380000  | 165627  |
|  Unisys Corp. 6.875% 11/1/27 (d)  |  | 365000  | 280156  |
|  |  |  | 4572404  |
| Semiconductors & Semiconductor Equipment - 0.1%  |  |  |  |
|  onsemi 3.875% 9/1/28 (d)  |  | 690000  | 602088  |
|  Synaptics, Inc. 4% 6/15/29 (d)  |  | 350000  | 294892  |
|  |  |  | 896980  |
| Software - 0.6%  |  |  |  |
|  Black Knight InfoServ LLC 3.625% 9/1/28 (d)  |  | 690000  | 598575  |
|  Central Parent, Inc./Central Merger Sub, Inc. 7.25% 6/15/29 (d)  |  | 425000  | 415702  |
|  Clarivate Science Holdings Corp.:  |  |  |  |
|  3.875% 7/1/28(d)  |  | 500000  | 433198  |
|  4.875% 7/1/29(d)  |  | 475000  | 403916  |
|  Elastic NV 4.125% 7/15/29 (d)  |  | 810000  | 654237  |
|  Fair Isaac Corp. 4% 6/15/28 (d)  |  | 580000  | 526353  |
|  Gen Digital, Inc. 5% 4/15/25 (d)  |  | 530000  | 515518  |
|  ION Trading Technologies Ltd. 5.75% 5/15/28 (d)  |  | 575000  | 479406  |
|  MicroStrategy, Inc. 6.125% 6/15/28 (d)  |  | 995000  | 711475  |
|  NCR Corp.:  |  |  |  |
|  5% 10/1/28(d)  |  | 335000  | 285599  |
|  5.25% 10/1/30(d)  |  | 335000  | 276375  |
|  5.75% 9/1/27(d)  |  | 485000  | 464108  |
|  6.125% 9/1/29(d)  |  | 485000  | 453502  |
|  Open Text Corp.:  |  |  |  |
|  3.875% 2/15/28(d)  |  | 300000  | 257439  |
|  3.875% 12/1/29(d)  |  | 300000  | 241256  |
|  6.9% 12/1/27(d)  |  | 530000  | 530000  |
|  Open Text Holdings, Inc.:  |  |  |  |
|  4.125% 2/15/30(d)  |  | 300000  | 240650  |
|  4.125% 12/1/31(d)  |  | 245000  | 190437  |
|  PTC, Inc.:  |  |  |  |
|  3.625% 2/15/25(d)  |  | 350000  | 333351  |
|  4% 2/15/28(d)  |  | 345000  | 310511  |
|  Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (d)  |  | 700000  | 483143  |
|  |  |  | 8804751  |
| Technology Hardware, Storage & Peripherals - 0.1%  |  |  |  |
|  Lenovo Group Ltd.:  |  |  |  |
|  3.421% 11/2/30(d)  |  | 485000  | 381574  |
|  5.875% 4/24/25 (Reg. S)  |  | 200000  | 195782  |
|  |  |  | 577356  |
|  TOTAL INFORMATION TECHNOLOGY  |  |  | 16153861  |
| MATERIALS - 3.5%  |  |  |  |
| Chemicals - 1.2%  |  |  |  |
|  BASF AG 3.75% 6/29/32 (Reg. S)  | EUR  | 600000  | 632577  |
|  Braskem Idesa SAPI 7.45% 11/15/29 (d)  |  | 125000  | 98656  |
|  ENN Clean Energy International Investment Ltd. 3.375% 5/12/26 (d)  |  | 620000  | 527775  |
|  Equate Petrochemical BV:  |  |  |  |
|  2.625% 4/28/28(d)  |  | 275000  | 238700  |
|  4.25% 11/3/26(d)  |  | 235000  | 224249  |
|  Gpd Companies, Inc. 10.125% 4/1/26 (d)  |  | 790000  | 673475  |
|  Ingevity Corp. 3.875% 11/1/28 (d)  |  | 665000  | 571810  |
|  Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5% 12/31/26 (d)  |  | 205000  | 177325  |
|  Lanxess AG 1.75% 3/22/28 (Reg. S)  | EUR  | 1200000  | 1127723  |
|  Linde PLC 1.625% 3/31/35 (Reg. S)  | EUR  | 1100000  | 948443  |
|  LSB Industries, Inc. 6.25% 10/15/28 (d)  |  | 960000  | 878352  |
|  MEGlobal Canada, Inc. 5% 5/18/25 (d)  |  | 445000  | 435905  |
|  OCP SA:  |  |  |  |
|  3.75% 6/23/31(d)  |  | 525000  | 437489  |
|  4.5% 10/22/25(d)  |  | 115000  | 111787  |
|  5.625% 4/25/24(d)  |  | 670000  | 665310  |
|  6.875% 4/25/44(d)  |  | 95000  | 89674  |
|  Olympus Water U.S. Holding Corp.:  |  |  |  |
|  4.25% 10/1/28(d)  |  | 560000  | 454638  |
|  7.125% 10/1/27(d)  |  | 300000  | 285750  |
|  Orbia Advance Corp. S.A.B. de CV:  |  |  |  |
|  1.875% 5/11/26(d)  |  | 630000  | 548612  |
|  2.875% 5/11/31(d)  |  | 340000  | 265476  |
|  Sabic Capital I BV 2.15% 9/14/30 (Reg. S)  |  | 400000  | 335450  |
|  SABIC Capital II BV 4% 10/10/23 (d)  |  | 560000  | 554120  |
|  Sasol Financing U.S.A. LLC:  |  |  |  |
|  4.375% 9/18/26  |  | 635000  | 561102  |
|  5.875% 3/27/24  |  | 690000  | 672750  |
|  SCIH Salt Holdings, Inc. 4.875% 5/1/28 (d)  |  | 375000  | 321778  |
|  SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (d)  |  | 640000  | 542400  |
|  The Chemours Co. LLC:  |  |  |  |
|  5.375% 5/15/27  |  | 1700000  | 1569848  |
|  5.75% 11/15/28(d)  |  | 995000  | 893739  |
|  The Scotts Miracle-Gro Co. 4% 4/1/31  |  | 595000  | 454545  |
|  Valvoline, Inc. 4.25% 2/15/30 (d)  |  | 435000  | 422003  |
|  W.R. Grace Holding LLC 5.625% 8/15/29 (d)  |  | 1300000  | 1049451  |
|  |  |  | 16770912  |
| Construction Materials - 0.1%  |  |  |  |
|  Summit Materials LLC/Summit Materials Finance Corp. 5.25% 1/15/29 (d)  |  | 645000  | 600511  |
| Containers & Packaging - 0.4%  |  |  |  |
|  Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC:  |  |  |  |
|  3.25% 9/1/28(d)  |  | 300000  | 254946  |
|  4% 9/1/29(d)  |  | 605000  | 479492  |
|  6% 6/15/27(d)  |  | 280000  | 274151  |
|  Cascades, Inc.:  |  |  |  |
|  5.125% 1/15/26(d)  |  | 300000  | 272928  |
|  5.375% 1/15/28(d)  |  | 300000  | 262637  |
|  Clydesdale Acquisition Holdings, Inc.:  |  |  |  |
|  6.625% 4/15/29(d)  |  | 330000  | 313748  |
|  8.75% 4/15/30(d)  |  | 1945000  | 1664865  |
|  Crown Cork & Seal, Inc.:  |  |  |  |
|  7.375% 12/15/26  |  | 1210000  | 1245707  |
|  7.5% 12/15/96  |  | 160000  | 161922  |
|  Graham Packaging Co., Inc. 7.125% 8/15/28 (d)  |  | 365000  | 304537  |
|  Graphic Packaging International, Inc. 3.75% 2/1/30 (d)  |  | 355000  | 301989  |
|  Intelligent Packaging Ltd. Finco, Inc. 6% 9/15/28 (d)  |  | 255000  | 205522  |
|  Trivium Packaging Finance BV 5.5% 8/15/26 (d)  |  | 375000  | 343683  |
|  |  |  | 6086127  |
| Metals & Mining - 1.7%  |  |  |  |
|  Alcoa Nederland Holding BV:  |  |  |  |
|  4.125% 3/31/29(d)  |  | 775000  | 687548  |
|  6.125% 5/15/28(d)  |  | 200000  | 197024  |
|  Algoma Steel SCA 0% 12/31/23 (c)  |  | 102200  | 0  |
|  Antofagasta PLC:  |  |  |  |
|  2.375% 10/14/30(d)  |  | 685000  | 546630  |
|  5.625% 5/13/32(d)  |  | 260000  | 255450  |
|  Arconic Corp.:  |  |  |  |
|  6% 5/15/25(d)  |  | 400000  | 393239  |
|  6.125% 2/15/28(d)  |  | 875000  | 820982  |
|  ATI, Inc.:  |  |  |  |
|  4.875% 10/1/29  |  | 280000  | 247444  |
|  5.125% 10/1/31  |  | 245000  | 215747  |
|  Celtic Resources Holdings DAC 4.125% 10/9/24 (c)(d)(e)  |  | 445000  | 59936  |
|  Cleveland-Cliffs, Inc.:  |  |  |  |
|  4.625% 3/1/29(d)  |  | 465000  | 412688  |
|  4.875% 3/1/31(d)  |  | 465000  | 410591  |
|  5.875% 6/1/27  |  | 960000  | 917112  |
|  Compania de Minas Buenaventura SAA 5.5% 7/23/26 (d)  |  | 245000  | 209598  |
|  Compass Minerals International, Inc. 6.75% 12/1/27 (d)  |  | 1305000  | 1252800  |
|  Corporacion Nacional del Cobre de Chile (Codelco):  |  |  |  |
|  3% 9/30/29(d)  |  | 105000  | 91534  |
|  3.15% 1/14/30(d)  |  | 280000  | 246103  |
|  3.7% 1/30/50(d)  |  | 650000  | 488475  |
|  CSN Resources SA 5.875% 4/8/32 (d)  |  | 420000  | 350700  |
|  Eldorado Gold Corp. 6.25% 9/1/29 (d)  |  | 420000  | 368681  |
|  Endeavour Mining PLC 5% 10/14/26 (d)  |  | 350000  | 294394  |
|  ERO Copper Corp. 6.5% 2/15/30 (d)  |  | 415000  | 334334  |
|  First Quantum Minerals Ltd.:  |  |  |  |
|  6.5% 3/1/24(d)  |  | 610000  | 598026  |
|  6.875% 3/1/26(d)  |  | 1265000  | 1196058  |
|  6.875% 10/15/27(d)  |  | 3000000  | 2798063  |
|  7.5% 4/1/25(d)  |  | 1330000  | 1294090  |
|  FMG Resources Pty Ltd.:  |  |  |  |
|  4.375% 4/1/31(d)  |  | 445000  | 370099  |
|  4.5% 9/15/27(d)  |  | 485000  | 447413  |
|  5.125% 5/15/24(d)  |  | 495000  | 486497  |
|  Fresnillo PLC 4.25% 10/2/50 (d)  |  | 360000  | 282780  |
|  Gcm Mining Corp. 6.875% 8/9/26 (d)  |  | 715000  | 555607  |
|  Gold Fields Orogen Holding BVI Ltd. 5.125% 5/15/24 (d)  |  | 160000  | 157880  |
|  HudBay Minerals, Inc. 4.5% 4/1/26 (d)  |  | 360000  | 327002  |
|  Infrabuild Australia Pty Ltd. 12% 10/1/24 (d)  |  | 570000  | 552900  |
|  JSW Steel Ltd. 3.95% 4/5/27 (d)  |  | 460000  | 393300  |
|  Kaiser Aluminum Corp. 4.625% 3/1/28 (d)  |  | 595000  | 519212  |
|  Metinvest BV 8.5% 4/23/26 (Reg. S)  |  | 200000  | 103600  |
|  Mineral Resources Ltd.:  |  |  |  |
|  8% 11/1/27(d)  |  | 280000  | 286306  |
|  8.125% 5/1/27(d)  |  | 960000  | 966656  |
|  8.5% 5/1/30(d)  |  | 210000  | 212841  |
|  Murray Energy Corp.:  |  |  |  |
|  11.25% 12/31/49(c)(d)(e)  |  | 490000  | 0  |
|  12% 4/15/24 pay-in-kind(c)(d)(e)(f)  |  | 548100  | 0  |
|  PT Freeport Indonesia:  |  |  |  |
|  4.763% 4/14/27(d)  |  | 225000  | 215744  |
|  5.315% 4/14/32(d)  |  | 385000  | 353280  |
|  6.2% 4/14/52(d)  |  | 265000  | 229917  |
|  PT Indonesia Asahan Aluminium Tbk 5.45% 5/15/30 (d)  |  | 610000  | 581902  |
|  Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (d)  |  | 200000  | 172940  |
|  Stillwater Mining Co. 4% 11/16/26 (d)  |  | 820000  | 720729  |
|  TMK Capital SA 4.3% 2/12/27 (Reg. S) (c)(e)  |  | 400000  | 148125  |
|  VM Holding SA 6.5% 1/18/28 (d)  |  | 525000  | 508036  |
|  Volcan Compania Minera SAA 4.375% 2/11/26 (d)  |  | 185000  | 159077  |
|  |  |  | 23439090  |
| Paper & Forest Products - 0.1%  |  |  |  |
|  Glatfelter Corp. 4.75% 11/15/29 (d)  |  | 415000  | 249540  |
|  LABL, Inc. 5.875% 11/1/28 (d)  |  | 665000  | 579395  |
|  |  |  | 828935  |
|  TOTAL MATERIALS  |  |  | 47725575  |
| REAL ESTATE - 1.2%  |  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 0.9%  |  |  |  |
|  Iron Mountain Information Management Services, Inc. 5% 7/15/32 (d)  |  | 415000  | 344741  |
|  Iron Mountain, Inc.:  |  |  |  |
|  4.875% 9/15/29(d)  |  | 1300000  | 1133860  |
|  5% 7/15/28(d)  |  | 630000  | 565854  |
|  5.25% 7/15/30(d)  |  | 585000  | 508365  |
|  5.625% 7/15/32(d)  |  | 585000  | 506970  |
|  MPT Operating Partnership LP/MPT Finance Corp.:  |  |  |  |
|  3.5% 3/15/31  |  | 665000  | 455847  |
|  4.625% 8/1/29  |  | 970000  | 739707  |
|  5% 10/15/27  |  | 1860000  | 1563386  |
|  SBA Communications Corp. 3.875% 2/15/27  |  | 890000  | 804127  |
|  Uniti Group LP / Uniti Group Finance, Inc.:  |  |  |  |
|  4.75% 4/15/28(d)  |  | 940000  | 752000  |
|  6.5% 2/15/29(d)  |  | 1965000  | 1301813  |
|  Uniti Group, Inc.:  |  |  |  |
|  6% 1/15/30(d)  |  | 695000  | 439782  |
|  7.875% 2/15/25(d)  |  | 920000  | 890462  |
|  VICI Properties LP / VICI Note Co.:  |  |  |  |
|  3.875% 2/15/29(d)  |  | 665000  | 582829  |
|  4.25% 12/1/26(d)  |  | 1140000  | 1063533  |
|  4.625% 12/1/29(d)  |  | 650000  | 591500  |
|  |  |  | 12244776  |
| Real Estate Management & Development - 0.3%  |  |  |  |
|  DTZ U.S. Borrower LLC 6.75% 5/15/28 (d)  |  | 650000  | 620334  |
|  Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (d)  |  | 850000  | 641750  |
|  Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (d)  |  | 550000  | 401231  |
|  Segro Capital SARL 1.875% 3/23/30 (Reg. S)  | EUR  | 1246000  | 1132006  |
|  Taylor Morrison Communities, Inc./Monarch Communities, Inc.:  |  |  |  |
|  5.125% 8/1/30(d)  |  | 635000  | 550059  |
|  5.875% 6/15/27(d)  |  | 495000  | 475260  |
|  Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (d)  |  | 300000  | 252072  |
|  |  |  | 4072712  |
|  TOTAL REAL ESTATE  |  |  | 16317488  |
| UTILITIES - 2.3%  |  |  |  |
| Electric Utilities - 1.7%  |  |  |  |
|  Adani Electricity Mumbai Ltd. 3.867% 7/22/31 (d)  |  | 325000  | 231163  |
|  Clearway Energy Operating LLC:  |  |  |  |
|  3.75% 1/15/32(d)  |  | 280000  | 225071  |
|  4.75% 3/15/28(d)  |  | 365000  | 336875  |
|  Comision Federal de Electricid:  |  |  |  |
|  3.348% 2/9/31(d)  |  | 130000  | 101262  |
|  4.688% 5/15/29(d)  |  | 565000  | 497129  |
|  EnBW International Finance BV 4.049% 11/22/29 (Reg. S)  | EUR  | 587000  | 625363  |
|  Eskom Holdings SOC Ltd.:  |  |  |  |
|  6.35% 8/10/28(d)  |  | 590000  | 544275  |
|  6.75% 8/6/23(d)  |  | 520000  | 498973  |
|  7.125% 2/11/25(d)  |  | 420000  | 381098  |
|  8.45% 8/10/28(d)  |  | 240000  | 210600  |
|  Israel Electric Corp. Ltd. 3.75% 2/22/32 (Reg. S) (d)  |  | 605000  | 529157  |
|  Lamar Funding Ltd. 3.958% 5/7/25 (d)  |  | 600000  | 566175  |
|  Mong Duong Finance Holdings BV 5.125% 5/7/29 (d)  |  | 655000  | 543568  |
|  NRG Energy, Inc.:  |  |  |  |
|  3.375% 2/15/29(d)  |  | 305000  | 246019  |
|  3.625% 2/15/31(d)  |  | 605000  | 459920  |
|  3.875% 2/15/32(d)  |  | 645000  | 484427  |
|  5.75% 1/15/28  |  | 1665000  | 1562886  |
|  6.625% 1/15/27  |  | 315000  | 312338  |
|  ORSTED A/S 2.875% 6/14/33 (Reg. S)  | EUR  | 988000  | 966765  |
|  Pacific Gas & Electric Co.:  |  |  |  |
|  3.75% 8/15/42  |  | 555000  | 372072  |
|  3.95% 12/1/47  |  | 2880000  | 1952674  |
|  4% 12/1/46  |  | 1315000  | 880370  |
|  4.25% 3/15/46  |  | 125000  | 86937  |
|  4.3% 3/15/45  |  | 315000  | 223331  |
|  4.55% 7/1/30  |  | 3929000  | 3561240  |
|  PG&E Corp.:  |  |  |  |
|  5% 7/1/28  |  | 1345000  | 1227773  |
|  5.25% 7/1/30  |  | 510000  | 464100  |
|  TenneT Holding BV:  |  |  |  |
|  2.375% 5/17/33 (Reg. S)  | EUR  | 640000  | 590877  |
|  2.75% 5/17/42 (Reg. S)  | EUR  | 1135000  | 986619  |
|  Vistra Operations Co. LLC:  |  |  |  |
|  4.375% 5/1/29(d)  |  | 1105000  | 953372  |
|  5% 7/31/27(d)  |  | 1220000  | 1132274  |
|  5.5% 9/1/26(d)  |  | 820000  | 790002  |
|  5.625% 2/15/27(d)  |  | 1495000  | 1418250  |
|  |  |  | 23962955  |
| Gas Utilities - 0.1%  |  |  |  |
|  ENN Energy Holdings Ltd. 4.625% 5/17/27 (d)  |  | 640000  | 617920  |
|  Promigas SA ESP/Gases del Pacifico SAC 3.75% 10/16/29 (d)  |  | 335000  | 272606  |
|  Southern Natural Gas Co. LLC:  |  |  |  |
|  7.35% 2/15/31  |  | 175000  | 183429  |
|  8% 3/1/32  |  | 335000  | 367461  |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp. 5% 6/1/31 (d)  |  | 570000  | 484490  |
|  |  |  | 1925906  |
| Independent Power and Renewable Electricity Producers - 0.3%  |  |  |  |
|  Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d)  |  | 370000  | 327999  |
|  Aydem Yenilenebilir Enerji A/S 7.75% 2/2/27 (d)  |  | 245000  | 199032  |
|  Energo-Pro A/S 8.5% 2/4/27 (d)  |  | 245000  | 223149  |
|  EnfraGen Energia Sur SA 5.375% 12/30/30 (d)  |  | 1020000  | 711363  |
|  Investment Energy Resources Ltd. 6.25% 4/26/29 (d)  |  | 485000  | 453869  |
|  RWE AG:  |  |  |  |
|  1% 11/26/33 (Reg. S)  | EUR  | 700000  | 535690  |
|  2.75% 5/24/30 (Reg. S)  | EUR  | 551000  | 537087  |
|  Termocandelaria Power Ltd. 7.875% 1/30/29 (d)  |  | 488750  | 446840  |
|  |  |  | 3435029  |
| Multi-Utilities - 0.0%  |  |  |  |
|  Abu Dhabi National Energy Co. PJSC:  |  |  |  |
|  4% 10/3/49(d)  |  | 448000  | 386204  |
|  4.875% 4/23/30(d)  |  | 195000  | 200399  |
|  |  |  | 586603  |
| Water Utilities - 0.2%  |  |  |  |
|  Suez SACA 2.375% 5/24/30 (Reg. S)  | EUR  | 800000  | 749914  |
|  Thames Water Utility Finance PLC 1.25% 1/31/32 (Reg. S)  | EUR  | 1477000  | 1230110  |
|  |  |  | 1980024  |
|  TOTAL UTILITIES  |  |  | 31890517  |
| TOTAL NONCONVERTIBLE BONDS  |  |  | 518511214  |
| <br> **TOTAL CORPORATE BONDS** <br> (Cost $586,889,053)  |  |  | <br> **521067961**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government and Government Agency Obligations - 27.1%**  | &nbsp;&nbsp; **U.S. Government and Government Agency Obligations - 27.1%**  | &nbsp;&nbsp; **U.S. Government and Government Agency Obligations - 27.1%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
| U.S. Government Agency Obligations - 0.2%  |  |  |
|  Fannie Mae 0.625% 4/22/25  | 210000  | 192936  |
|  Freddie Mac 4% 11/25/24  | 2200000  | 2167428  |
|  Tennessee Valley Authority:  |  |  |
|  5.25% 9/15/39  | 126000  | 131096  |
|  5.375% 4/1/56  | 302000  | 319646  |
|  TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS  |  | 2811106  |
| U.S. Treasury Obligations - 26.8%  |  |  |
|  U.S. Treasury Bills, yield at date of purchase 3.33% to 4.17% 1/5/23 to 2/23/23 (j)  | 2010000  | 2006345  |
|  U.S. Treasury Bonds:  |  |  |
|  2% 11/15/41  | 5645000  | 4030662  |
|  2% 8/15/51  | 16756000  | 10971253  |
|  2.25% 2/15/52  | 12700000  | 8831461  |
|  2.5% 2/15/45 (j)(k)  | 17524000  | 13192971  |
|  2.875% 5/15/52  | 7014000  | 5645172  |
|  3% 5/15/45  | 1800000  | 1482891  |
|  3% 2/15/49  | 13991000  | 11579811  |
|  3.25% 5/15/42  | 2902000  | 2544238  |
|  3.375% 8/15/42  | 3750000  | 3351563  |
|  4% 11/15/42 (l)  | 8350000  | 8175172  |
|  4.75% 2/15/37 (j)  | 8126000  | 8877020  |
|  6.25% 8/15/23 (j)  | 2249000  | 2268327  |
|  U.S. Treasury Notes:  |  |  |
|  0.125% 3/31/23  | 3000000  | 2969276  |
|  0.125% 5/31/23  | 3800000  | 3732164  |
|  0.125% 8/15/23  | 374000  | 363642  |
|  0.125% 10/15/23  | 280000  | 270123  |
|  0.25% 5/15/24  | 73000  | 68708  |
|  0.25% 7/31/25  | 1221000  | 1101809  |
|  0.25% 9/30/25  | 1207000  | 1083754  |
|  0.25% 10/31/25  | 1700000  | 1520105  |
|  0.375% 10/31/23  | 2000000  | 1928672  |
|  0.375% 12/31/25  | 8019000  | 7166668  |
|  0.375% 1/31/26  | 2100000  | 1868426  |
|  0.5% 11/30/23  | 11500000  | 11064258  |
|  0.625% 7/31/26  | 2400000  | 2120719  |
|  0.75% 3/31/26  | 4704000  | 4216144  |
|  0.75% 8/31/26  | 3400000  | 3010461  |
|  0.875% 9/30/26  | 16300000  | 14473254  |
|  1% 7/31/28  | 4418000  | 3755473  |
|  1.125% 10/31/26  | 1700000  | 1520504  |
|  1.125% 8/31/28 (j)  | 54982000  | 46945126  |
|  1.25% 12/31/26  | 2667000  | 2388319  |
|  1.25% 9/30/28  | 2930000  | 2516366  |
|  1.375% 8/31/23  | 500000  | 488809  |
|  1.375% 10/31/28  | 3514000  | 3033159  |
|  1.5% 2/29/24  | 29600000  | 28531625  |
|  1.5% 9/30/24  | 1995000  | 1894393  |
|  1.5% 10/31/24  | 280000  | 265289  |
|  1.5% 1/31/27  | 4595000  | 4148603  |
|  1.5% 11/30/28  | 860000  | 746823  |
|  1.625% 5/31/23  | 760000  | 751064  |
|  1.625% 9/30/26  | 4153000  | 3799671  |
|  1.75% 1/31/29  | 2583000  | 2268802  |
|  1.875% 2/28/27  | 27200000  | 24911375  |
|  2.125% 7/31/24  | 9671000  | 9301915  |
|  2.25% 4/30/24  | 9144000  | 8853964  |
|  2.25% 3/31/26  | 3329000  | 3137192  |
|  2.5% 1/31/24  | 630000  | 615111  |
|  2.5% 2/28/26  | 7215000  | 6852841  |
|  2.5% 3/31/27  | 900000  | 844559  |
|  2.625% 7/31/29  | 1400000  | 1289148  |
|  2.75% 2/15/24  | 25768000  | 25210365  |
|  2.75% 7/31/27  | 2800000  | 2649172  |
|  2.75% 5/31/29  | 155000  | 144005  |
|  2.75% 8/15/32  | 9455000  | 8609959  |
|  2.875% 11/30/25  | 3162000  | 3042437  |
|  2.875% 4/30/29  | 3300000  | 3090656  |
|  2.875% 5/15/32  | 4651000  | 4286187  |
|  3.125% 11/15/28  | 1580000  | 1506987  |
|  3.875% 11/30/27  | 850000  | 845352  |
|  3.875% 12/31/27  | 1700000  | 1689831  |
|  3.875% 11/30/29  | 4290000  | 4261177  |
|  4% 10/31/29  | 2000000  | 2000625  |
|  4.125% 10/31/27  | 900000  | 903305  |
|  4.375% 10/31/24  | 1650000  | 1645295  |
|  4.5% 11/30/24  | 11000000  | 11000430  |
|  TOTAL U.S. TREASURY OBLIGATIONS  |  | 369660983  |
| Other Government Related - 0.1%  |  |  |
|  Private Export Funding Corp. Secured 1.75% 11/15/24  | 1030000  | 969354  |
| <br> **TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS** <br> (Cost $417,633,710)  |  | <br> **373441443**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government Agency - Mortgage Securities - 2.6%**  | &nbsp;&nbsp; **U.S. Government Agency - Mortgage Securities - 2.6%**  | &nbsp;&nbsp; **U.S. Government Agency - Mortgage Securities - 2.6%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
| Fannie Mae - 1.0%  |  |  |
|  1.5% 11/1/40 to 11/1/41  | 4152725  | 3382515  |
|  2.5% 11/1/36 to 12/1/51  | 2874406  | 2488913  |
|  3% 11/1/34 to 2/1/52  | 1243545  | 1152605  |
|  3.5% 11/1/51 to 5/1/52  | 5795950  | 5286335  |
|  4% 9/1/52  | 198004  | 186806  |
|  5% 10/1/52 to 1/1/53  | 1794042  | 1790585  |
|  TOTAL FANNIE MAE  |  | 14287759  |
| Freddie Mac - 0.7%  |  |  |
|  1.5% 12/1/40 to 4/1/41  | 1162851  | 950918  |
|  2.5% 5/1/41 to 12/1/51  | 1990956  | 1737976  |
|  3% 9/1/34  | 396186  | 374741  |
|  3.5% 3/1/50 to 3/1/52  | 2899958  | 2658913  |
|  4.5% 10/1/52  | 2249999  | 2169497  |
|  5% 10/1/52 to 12/1/52  | 1444527  | 1445172  |
|  TOTAL FREDDIE MAC  |  | 9337217  |
| Ginnie Mae - 0.6%  |  |  |
|  2% 1/1/53 (m)  | 1300000  | 1090661  |
|  2% 1/1/53 (m)  | 450000  | 377537  |
|  2% 1/1/53 (m)  | 425000  | 356562  |
|  2% 1/1/53 (m)  | 50000  | 41949  |
|  2% 1/1/53 (m)  | 600000  | 503382  |
|  2% 1/1/53 (m)  | 400000  | 335588  |
|  2% 1/1/53 (m)  | 350000  | 293640  |
|  2% 1/1/53 (m)  | 175000  | 146820  |
|  2% 1/1/53 (m)  | 450000  | 377537  |
|  2% 1/1/53 (m)  | 975000  | 817996  |
|  2% 1/1/53 (m)  | 1050000  | 880919  |
|  2% 2/1/53 (m)  | 1200000  | 1007842  |
|  2% 2/1/53 (m)  | 1500000  | 1259803  |
|  2% 3/1/53 (m)  | 300000  | 252160  |
|  TOTAL GINNIE MAE  |  | 7742396  |
| Uniform Mortgage Backed Securities - 0.3%  |  |  |
|  2.5% 1/1/53 (m)  | 600000  | 508688  |
|  2.5% 1/1/53 (m)  | 150000  | 127172  |
|  2.5% 1/1/53 (m)  | 200000  | 169563  |
|  2.5% 2/1/53 (m)  | 200000  | 169719  |
|  2.5% 2/1/53 (m)  | 150000  | 127289  |
|  2.5% 2/1/53 (m)  | 150000  | 127289  |
|  3.5% 1/1/53 (m)  | 200000  | 181891  |
|  4% 1/1/53 (m)  | 250000  | 234687  |
|  4.5% 1/1/53 (m)  | 1850000  | 1783226  |
|  5% 1/1/53 (m)  | 300000  | 295828  |
|  TOTAL UNIFORM MORTGAGE BACKED SECURITIES  |  | 3725352  |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES** <br> (Cost $37,337,926)  |  | <br> **35092724**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Commercial Mortgage Securities - 0.1%**  | &nbsp;&nbsp; **Commercial Mortgage Securities - 0.1%**  | &nbsp;&nbsp; **Commercial Mortgage Securities - 0.1%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  Freddie Mac:  |  |  |
|  sequential payer:  |  |  |
|  Series 2021-K136 Class A2, 2.127% 11/25/31 <br>| 500000  | 414908  |
|  Series 2022-K142 Class A2, 2.4% 3/25/32 <br>| 800000  | 676280  |
|  Series 2022-K150 Class A2, 3.71% 11/25/32  | 300000  | 282131  |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES** <br> (Cost $1,470,554)  |  | **1373319**  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Foreign Government and Government Agency Obligations - 9.5%**  | &nbsp;&nbsp; **Foreign Government and Government Agency Obligations - 9.5%**  | &nbsp;&nbsp; **Foreign Government and Government Agency Obligations - 9.5%**  | &nbsp;&nbsp; **Foreign Government and Government Agency Obligations - 9.5%**  |
|  |  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  Angola Republic:  |  |  |  |
|  8.25% 5/9/28 (d)  |  | 610000  | 552050  |
|  8.75% 4/14/32 (d)  |  | 310000  | 268150  |
|  9.375% 5/8/48 (d)  |  | 175000  | 137845  |
|  9.5% 11/12/25 (d)  |  | 910000  | 937300  |
|  Arab Republic of Egypt:  |  |  |  |
|  7.0529% 1/15/32 (d)  |  | 280000  | 203665  |
|  7.5% 1/31/27 (d)  |  | 2240000  | 2004800  |
|  7.5% 2/16/61 (d)  |  | 245000  | 149450  |
|  7.6003% 3/1/29 (d)  |  | 370000  | 301550  |
|  7.903% 2/21/48 (d)  |  | 385000  | 239663  |
|  8.5% 1/31/47 (d)  |  | 580000  | 382800  |
|  8.7002% 3/1/49 (d)  |  | 340000  | 223550  |
|  Argentine Republic:  |  |  |  |
|  0.5% 7/9/30 (i)  |  | 7000308  | 1893583  |
|  1% 7/9/29  |  | 738798  | 195781  |
|  1.5% 7/9/35 (i)  |  | 3177241  | 800665  |
|  3.5% 7/9/41 (i)  |  | 1140000  | 322620  |
|  3.875% 1/9/38 (i)  |  | 2032304  | 639922  |
|  Australian Commonwealth:  |  |  |  |
|  1.75% 11/21/32 (Reg. S)  | AUD  | 1600000  | 886772  |
|  1.75% 6/21/51 (Reg. S)  | AUD  | 6045000  | 2385111  |
|  Bahamian Republic 6% 11/21/28 (d)  |  | 310000  | 235368  |
|  Bahrain Kingdom 5.625% 5/18/34 (d)  |  | 155000  | 133426  |
|  Barbados Government 6.5% 10/1/29 (d)  |  | 594000  | 547148  |
|  Bermuda Government:  |  |  |  |
|  2.375% 8/20/30 (d)  |  | 55000  | 46193  |
|  3.375% 8/20/50 (d)  |  | 165000  | 115840  |
|  3.717% 1/25/27 (d)  |  | 645000  | 617708  |
|  4.75% 2/15/29 (d)  |  | 360000  | 357368  |
|  5% 7/15/32 (d)  |  | 260000  | 257936  |
|  Brazilian Federative Republic:  |  |  |  |
|  3.875% 6/12/30  |  | 830000  | 718365  |
|  7.125% 1/20/37  |  | 565000  | 586470  |
|  8.25% 1/20/34  |  | 1045000  | 1169616  |
|  Buenos Aires Province 5.25% 9/1/37 (d)(i)  |  | 550000  | 189750  |
|  Cameroon Republic 5.95% 7/7/32 (d)  | EUR  | 585000  | 461363  |
|  Canadian Government:  |  |  |  |
|  0.25% 2/1/23  | CAD  | 5320000  | 3916054  |
|  0.75% 2/1/24  | CAD  | 2980000  | 2117121  |
|  1.25% 3/1/27  | CAD  | 3000000  | 2026064  |
|  Chilean Republic:  |  |  |  |
|  2.45% 1/31/31  |  | 1355000  | 1121940  |
|  2.75% 1/31/27  |  | 310000  | 284386  |
|  3.5% 1/31/34  |  | 200000  | 170100  |
|  4% 1/31/52  |  | 200000  | 153975  |
|  4.34% 3/7/42  |  | 260000  | 219018  |
|  Colombian Republic:  |  |  |  |
|  3% 1/30/30  |  | 1025000  | 783100  |
|  3.125% 4/15/31  |  | 535000  | 396502  |
|  3.25% 4/22/32  |  | 290000  | 210395  |
|  4.125% 5/15/51  |  | 220000  | 131904  |
|  5% 6/15/45  |  | 855000  | 586637  |
|  5.2% 5/15/49  |  | 650000  | 443950  |
|  6.125% 1/18/41  |  | 40000  | 31820  |
|  7.375% 9/18/37  |  | 140000  | 131276  |
|  8% 4/20/33  |  | 630000  | 628740  |
|  Costa Rican Republic:  |  |  |  |
|  5.625% 4/30/43 (d)  |  | 285000  | 231527  |
|  6.125% 2/19/31 (d)  |  | 150000  | 145153  |
|  7% 4/4/44 (d)  |  | 60000  | 56318  |
|  Democratic Socialist Republic of Sri Lanka:  |  |  |  |
|  6.2% 5/11/27 (d)(e)  |  | 300000  | 86588  |
|  6.825% 7/18/26 (d)(e)  |  | 80000  | 24921  |
|  7.55% 3/28/30 (d)(e)  |  | 235000  | 68414  |
|  7.85% 3/14/29 (d)(e)  |  | 505000  | 145440  |
|  Dominican Republic:  |  |  |  |
|  4.5% 1/30/30 (d)  |  | 735000  | 623510  |
|  4.875% 9/23/32 (d)  |  | 860000  | 711005  |
|  5.875% 1/30/60 (d)  |  | 270000  | 197319  |
|  5.95% 1/25/27 (d)  |  | 445000  | 434237  |
|  6% 7/19/28 (d)  |  | 360000  | 345105  |
|  6.4% 6/5/49 (d)  |  | 340000  | 273764  |
|  6.5% 2/15/48 (d)  |  | 65000  | 53393  |
|  6.5% 2/15/48 (Reg. S)  |  | 150000  | 123216  |
|  6.85% 1/27/45 (d)  |  | 300000  | 259275  |
|  6.875% 1/29/26 (d)  |  | 790000  | 796073  |
|  7.45% 4/30/44 (d)  |  | 335000  | 310985  |
|  Ecuador Republic:  |  |  |  |
|  2.5% 7/31/35 (d)(i)  |  | 705000  | 322449  |
|  5.5% 7/31/30 (d)(i)  |  | 1320000  | 839685  |
|  El Salvador Republic:  |  |  |  |
|  6.375% 1/18/27 (d)  |  | 75000  | 32475  |
|  7.1246% 1/20/50 (d)  |  | 290000  | 110164  |
|  7.625% 2/1/41 (d)  |  | 90000  | 34470  |
|  Emirate of Abu Dhabi:  |  |  |  |
|  1.7% 3/2/31 (d)  |  | 570000  | 469110  |
|  3% 9/15/51 (d)  |  | 645000  | 461094  |
|  3.125% 9/30/49 (d)  |  | 1915000  | 1409679  |
|  3.875% 4/16/50 (d)  |  | 620000  | 522466  |
|  Emirate of Dubai:  |  |  |  |
|  3.9% 9/9/50 (Reg. S)  |  | 920000  | 653660  |
|  5.25% 1/30/43 (Reg. S)  |  | 330000  | 297371  |
|  Gabonese Republic 7% 11/24/31 (d)  |  | 455000  | 372332  |
|  Georgia Republic 2.75% 4/22/26 (d)  |  | 480000  | 432240  |
|  German Federal Republic:  |  |  |  |
|  0% 3/10/23 (Reg. S)  | EUR  | 2915000  | 3111456  |
|  0% 12/15/23 (Reg. S)  | EUR  | 2205000  | 2309359  |
|  1.7% 8/15/32 (Reg. S)  | EUR  | 5384000  | 5372551  |
|  Ghana Republic:  |  |  |  |
|  7.75% 4/7/29 (d)  |  | 560000  | 203000  |
|  8.627% 6/16/49 (d)  |  | 255000  | 87338  |
|  10.75% 10/14/30 (d)  |  | 360000  | 252000  |
|  Guatemalan Republic:  |  |  |  |
|  4.9% 6/1/30 (d)  |  | 230000  | 216962  |
|  5.375% 4/24/32 (d)  |  | 380000  | 370334  |
|  6.125% 6/1/50 (d)  |  | 225000  | 210909  |
|  Hungarian Republic:  |  |  |  |
|  2.125% 9/22/31 (d)  |  | 205000  | 150649  |
|  5.25% 6/16/29 (d)  |  | 295000  | 280490  |
|  5.5% 6/16/34 (d)  |  | 305000  | 284088  |
|  Indonesian Republic:  |  |  |  |
|  3.85% 10/15/30  |  | 330000  | 309437  |
|  4.1% 4/24/28  |  | 490000  | 479526  |
|  4.35% 1/11/48  |  | 300000  | 258033  |
|  4.4% 6/6/27 (d)  |  | 345000  | 341157  |
|  5.125% 1/15/45 (d)  |  | 1160000  | 1118078  |
|  5.25% 1/17/42 (d)  |  | 305000  | 296765  |
|  5.95% 1/8/46 (d)  |  | 350000  | 365050  |
|  6.625% 2/17/37 (d)  |  | 220000  | 248624  |
|  6.75% 1/15/44 (d)  |  | 330000  | 370049  |
|  7.75% 1/17/38 (d)  |  | 930000  | 1113559  |
|  8.5% 10/12/35 (Reg. S)  |  | 875000  | 1104031  |
|  Islamic Republic of Pakistan:  |  |  |  |
|  6% 4/8/26 (d)  |  | 730000  | 292080  |
|  6.875% 12/5/27 (d)  |  | 130000  | 50064  |
|  8.25% 4/15/24 (d)  |  | 95000  | 50360  |
|  Israeli State:  |  |  |  |
|  (guaranteed by U.S. Government through Agency for International Development):  |  |  |  |
|  5.5% 9/18/23 <br>|  | 5395000  | 5418699  |
|  5.5% 12/4/23 <br>|  | 1628000  | 1637069  |
|  3.375% 1/15/50  |  | 595000  | 456942  |
|  3.8% 5/13/60 (Reg. S)  |  | 340000  | 265761  |
|  Ivory Coast:  |  |  |  |
|  5.875% 10/17/31 (d)  | EUR  | 500000  | 447348  |
|  6.125% 6/15/33 (d)  |  | 400000  | 356000  |
|  6.375% 3/3/28 (d)  |  | 490000  | 474075  |
|  Jamaican Government:  |  |  |  |
|  6.75% 4/28/28  |  | 255000  | 269153  |
|  7.875% 7/28/45  |  | 160000  | 179330  |
|  Japan Government:  |  |  |  |
|  0.1% 12/20/30  | JPY  | 230600000  | 1701826  |
|  0.4% 3/20/56  | JPY  | 230150000  | 1207744  |
|  Jordanian Kingdom:  |  |  |  |
|  4.95% 7/7/25 (d)  |  | 575000  | 548694  |
|  7.375% 10/10/47 (d)  |  | 110000  | 93899  |
|  7.75% 1/15/28 (d)  |  | 320000  | 322460  |
|  Kingdom of Saudi Arabia:  |  |  |  |
|  2.25% 2/2/33 (d)  |  | 665000  | 537112  |
|  3.45% 2/2/61 (d)  |  | 620000  | 441091  |
|  3.625% 3/4/28 (d)  |  | 315000  | 300416  |
|  3.75% 1/21/55 (d)  |  | 655000  | 513070  |
|  4.5% 10/26/46 (d)  |  | 640000  | 564120  |
|  4.5% 4/22/60 (d)  |  | 225000  | 198745  |
|  4.625% 10/4/47 (d)  |  | 330000  | 293659  |
|  Korean Republic 1% 9/16/30  |  | 590000  | 464592  |
|  Lebanese Republic:  |  |  |  |
|  5.8% 12/31/49 (e)  |  | 625000  | 35800  |
|  6.375% 12/31/49 (e)  |  | 810000  | 47093  |
|  Ministry of Finance of the Russian Federation:  |  |  |  |
|  4.375% 3/21/29(Reg. S) (c)(e)  |  | 200000  | 52000  |
|  5.1% 3/28/35(Reg. S) (c)(e)  |  | 600000  | 174000  |
|  Moroccan Kingdom:  |  |  |  |
|  2.375% 12/15/27 (d)  |  | 520000  | 450385  |
|  4% 12/15/50 (d)  |  | 200000  | 135725  |
|  5.5% 12/11/42 (d)  |  | 70000  | 59623  |
|  Panamanian Republic:  |  |  |  |
|  2.252% 9/29/32  |  | 400000  | 296200  |
|  3.298% 1/19/33  |  | 445000  | 360116  |
|  3.87% 7/23/60  |  | 715000  | 460639  |
|  4.5% 5/15/47  |  | 250000  | 191688  |
|  4.5% 4/16/50  |  | 780000  | 588315  |
|  6.4% 2/14/35  |  | 500000  | 507125  |
|  Peruvian Republic:  |  |  |  |
|  2.783% 1/23/31  |  | 1775000  | 1467481  |
|  3% 1/15/34  |  | 440000  | 346445  |
|  3.3% 3/11/41  |  | 360000  | 262305  |
|  Philippine Republic:  |  |  |  |
|  2.65% 12/10/45  |  | 390000  | 261343  |
|  2.95% 5/5/45  |  | 160000  | 114818  |
|  5.609% 4/13/33  |  | 305000  | 321809  |
|  5.95% 10/13/47  |  | 490000  | 526804  |
|  Polish Government 5.75% 11/16/32  |  | 425000  | 450411  |
|  Province of Santa Fe 7% 3/23/23 (d)  |  | 367500  | 355327  |
|  Provincia de Cordoba:  |  |  |  |
|  6.875% 12/10/25 (d)  |  | 1051837  | 841470  |
|  6.99% 6/1/27 (d)  |  | 515562  | 341012  |
|  Republic of Armenia 3.6% 2/2/31 (d)  |  | 330000  | 262103  |
|  Republic of Benin 4.875% 1/19/32 (d)  | EUR  | 275000  | 226668  |
|  Republic of Iraq 5.8% 1/15/28 (Reg. S)  |  | 206250  | 189466  |
|  Republic of Kenya:  |  |  |  |
|  6.3% 1/23/34 (d)  |  | 165000  | 127463  |
|  6.875% 6/24/24 (d)  |  | 305000  | 281744  |
|  7% 5/22/27 (d)  |  | 355000  | 318169  |
|  Republic of Nigeria:  |  |  |  |
|  6.125% 9/28/28 (d)  |  | 795000  | 612150  |
|  6.375% 7/12/23 (d)  |  | 385000  | 382594  |
|  6.5% 11/28/27 (d)  |  | 410000  | 329538  |
|  7.143% 2/23/30 (d)  |  | 360000  | 274950  |
|  7.625% 11/21/25 (d)  |  | 395000  | 361919  |
|  7.696% 2/23/38 (d)  |  | 280000  | 189315  |
|  Republic of Paraguay:  |  |  |  |
|  2.739% 1/29/33 (d)  |  | 225000  | 179620  |
|  4.95% 4/28/31 (d)  |  | 480000  | 463290  |
|  5.4% 3/30/50 (d)  |  | 265000  | 227536  |
|  Republic of Senegal 6.25% 5/23/33 (d)  |  | 335000  | 275077  |
|  Republic of Serbia 2.125% 12/1/30 (d)  |  | 525000  | 375309  |
|  Republic of Uzbekistan:  |  |  |  |
|  3.7% 11/25/30 (d)  |  | 270000  | 224235  |
|  3.9% 10/19/31 (d)  |  | 395000  | 322369  |
|  4.75% 2/20/24 (d)  |  | 215000  | 209531  |
|  Republic of Zambia 8.97% 7/30/27 (d)  |  | 335000  | 147400  |
|  Romanian Republic:  |  |  |  |
|  3% 2/27/27 (d)  |  | 470000  | 415010  |
|  3% 2/14/31 (d)  |  | 600000  | 470175  |
|  3.375% 1/28/50 (Reg. S)  | EUR  | 170000  | 104329  |
|  3.625% 3/27/32 (d)  |  | 470000  | 372710  |
|  Rwanda Republic 5.5% 8/9/31 (d)  |  | 595000  | 450080  |
|  South African Republic:  |  |  |  |
|  4.85% 9/27/27  |  | 285000  | 269646  |
|  4.85% 9/30/29  |  | 235000  | 208533  |
|  5% 10/12/46  |  | 395000  | 275216  |
|  5.65% 9/27/47  |  | 190000  | 139650  |
|  5.75% 9/30/49  |  | 450000  | 329625  |
|  5.875% 4/20/32  |  | 280000  | 251650  |
|  State of Qatar:  |  |  |  |
|  3.75% 4/16/30 (d)  |  | 1875000  | 1809141  |
|  4% 3/14/29 (d)  |  | 580000  | 568690  |
|  4.4% 4/16/50 (d)  |  | 950000  | 864678  |
|  4.625% 6/2/46 (d)  |  | 575000  | 540608  |
|  4.817% 3/14/49 (d)  |  | 1060000  | 1025418  |
|  5.103% 4/23/48 (d)  |  | 620000  | 619923  |
|  9.75% 6/15/30 (d)  |  | 295000  | 392682  |
|  Sultanate of Oman:  |  |  |  |
|  4.75% 6/15/26 (d)  |  | 230000  | 221346  |
|  5.375% 3/8/27 (d)  |  | 120000  | 117023  |
|  5.625% 1/17/28 (d)  |  | 1465000  | 1441468  |
|  6% 8/1/29 (d)  |  | 450000  | 449241  |
|  6.25% 1/25/31 (d)  |  | 425000  | 426009  |
|  6.5% 3/8/47 (d)  |  | 195000  | 176963  |
|  6.75% 1/17/48 (d)  |  | 920000  | 856348  |
|  Turkish Republic:  |  |  |  |
|  4.25% 3/13/25  |  | 590000  | 551650  |
|  4.25% 4/14/26  |  | 830000  | 738700  |
|  4.75% 1/26/26  |  | 980000  | 891800  |
|  4.875% 10/9/26  |  | 650000  | 580125  |
|  4.875% 4/16/43  |  | 715000  | 463543  |
|  5.125% 2/17/28  |  | 520000  | 448500  |
|  5.25% 3/13/30  |  | 185000  | 148925  |
|  5.75% 5/11/47  |  | 375000  | 254367  |
|  6% 3/25/27  |  | 170000  | 155338  |
|  6% 1/14/41  |  | 165000  | 119213  |
|  6.125% 10/24/28  |  | 365000  | 324918  |
|  6.375% 10/14/25  |  | 130000  | 124800  |
|  9.875% 1/15/28  |  | 1165000  | 1205488  |
|  Ukraine Government:  |  |  |  |
|  0% 8/1/41 (d)(f)  |  | 370000  | 105404  |
|  6.876% 5/21/31 (d)  |  | 170000  | 32173  |
|  7.253% 3/15/35 (d)  |  | 585000  | 109066  |
|  7.375% 9/25/34 (d)  |  | 285000  | 52778  |
|  7.75% 9/1/24 (d)  |  | 566000  | 137538  |
|  7.75% 9/1/25 (d)  |  | 1345000  | 301616  |
|  7.75% 9/1/26 (d)  |  | 1505000  | 316332  |
|  7.75% 9/1/28 (d)  |  | 200000  | 42700  |
|  7.75% 9/1/29 (d)  |  | 110000  | 23361  |
|  United Arab Emirates 4.05% 7/7/32 (d)  |  | 440000  | 432795  |
|  United Kingdom, Great Britain and Northern Ireland:  |  |  |  |
|  0.375% 10/22/26 (Reg. S)  | GBP  | 8580000  | 9177223  |
|  3.75% 7/22/52  | GBP  | 800000  | 931531  |
|  United Mexican States:  |  |  |  |
|  2.659% 5/24/31  |  | 510000  | 412080  |
|  3.25% 4/16/30  |  | 620000  | 538935  |
|  3.5% 2/12/34  |  | 610000  | 489525  |
|  3.75% 1/11/28  |  | 590000  | 555780  |
|  3.75% 4/19/71  |  | 1000000  | 623000  |
|  4.5% 4/22/29  |  | 345000  | 329475  |
|  4.875% 5/19/33  |  | 345000  | 317745  |
|  5.75% 10/12/2110  |  | 840000  | 706545  |
|  6.05% 1/11/40  |  | 670000  | 650235  |
|  Uruguay Republic 5.1% 6/18/50  |  | 675000  | 665550  |
|  Venezuelan Republic:  |  |  |  |
|  9.25% 9/15/27 (e)  |  | 2395000  | 209563  |
|  11.95% 8/5/31 (Reg. S) (e)  |  | 1090000  | 95375  |
|  12.75% 12/31/49 (e)  |  | 190000  | 14725  |
|  Vietnamese Socialist Republic 5.5% 3/12/28  |  | 1720000  | 1674635  |
| <br> **TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS** <br> (Cost $154,344,591)  |  |  | **130473596**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 2.6%**  | &nbsp;&nbsp; **Common Stocks - 2.6%**  | &nbsp;&nbsp; **Common Stocks - 2.6%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 0.1%  |  |  |
| Entertainment - 0.0%  |  |  |
|  New Cotai LLC/New Cotai Capital Corp. (b)(c)(n)  | 247076  | 133421  |
| Interactive Media & Services - 0.1%  |  |  |
|  Alphabet, Inc. Class A (n)  | 6000  | 529380  |
|  Meta Platforms, Inc. Class A (n)  | 3100  | 373054  |
|  |  | 902434  |
| Media - 0.0%  |  |  |
|  iHeartMedia, Inc. (n)  | 5655  | 34665  |
|  Nexstar Broadcasting Group, Inc. Class A  | 1000  | 175030  |
|  |  | 209695  |
|  TOTAL COMMUNICATION SERVICES  |  | 1245550  |
| CONSUMER DISCRETIONARY - 0.4%  |  |  |
| Auto Components - 0.0%  |  |  |
|  Exide Technologies (c)(n)  | 84  | 54600  |
|  Exide Technologies (c)(n)  | 2115  | 2115  |
|  Exide Technologies (c)(n)  | 124905  | 1  |
|  UC Holdings, Inc. (c)(n)  | 33750  | 217350  |
|  |  | 274066  |
| Hotels, Restaurants & Leisure - 0.2%  |  |  |
|  Boyd Gaming Corp.  | 12300  | 670719  |
|  Caesars Entertainment, Inc. (n)  | 32600  | 1356160  |
|  Studio City International Holdings Ltd.:  |  |  |
|  ADR (d)  | 10083  | 60095  |
| (NYSE) ADR (n)  | 11100  | 66156  |
|  |  | 2153130  |
| Household Durables - 0.1%  |  |  |
|  Tempur Sealy International, Inc.  | 31900  | 1095127  |
| Specialty Retail - 0.1%  |  |  |
|  Dick's Sporting Goods, Inc.  | 5900  | 709711  |
|  Lowe's Companies, Inc.  | 4300  | 856732  |
|  Williams-Sonoma, Inc.  | 2300  | 264316  |
|  |  | 1830759  |
| Textiles, Apparel & Luxury Goods - 0.0%  |  |  |
|  Tapestry, Inc.  | 9300  | 354144  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 5707226  |
| CONSUMER STAPLES - 0.1%  |  |  |
| Food & Staples Retailing - 0.1%  |  |  |
|  Southeastern Grocers, Inc. (b)(c)(n)  | 40826  | 948388  |
| Food Products - 0.0%  |  |  |
|  Darling Ingredients, Inc. (n)  | 4500  | 281655  |
|  JBS SA  | 109400  | 455648  |
|  Reddy Ice Holdings, Inc. (c)(n)  | 2286  | 126  |
|  |  | 737429  |
|  TOTAL CONSUMER STAPLES  |  | 1685817  |
| ENERGY - 0.6%  |  |  |
| Energy Equipment & Services - 0.1%  |  |  |
|  Diamond Offshore Drilling, Inc. (n)  | 5989  | 62286  |
|  Forbes Energy Services Ltd. (c)(n)  | 6562  | 0  |
|  Halliburton Co.  | 900  | 35415  |
|  Jonah Energy Parent LLC (c)(n)  | 15708  | 884832  |
|  Superior Energy Services, Inc. Class A (c)(n)  | 5560  | 409605  |
|  |  | 1392138  |
| Oil, Gas & Consumable Fuels - 0.5%  |  |  |
|  Antero Resources Corp. (n)  | 12900  | 399771  |
|  California Resources Corp.  | 63752  | 2773850  |
|  California Resources Corp. warrants 10/27/24 (n)  | 3099  | 39047  |
|  Chaparral Energy, Inc.:  |  |  |
|  Series A warrants 10/1/24 (c)(n)  | 13  | 22  |
|  Series B warrants 10/1/25 (c)(n)  | 13  | 22  |
|  Cheniere Energy, Inc.  | 6100  | 914756  |
|  Chesapeake Energy Corp.  | 11474  | 1082801  |
|  Chesapeake Energy Corp. (b)(n)  | 1691  | 159580  |
|  Civitas Resources, Inc.  | 3070  | 177845  |
|  Diamondback Energy, Inc.  | 2000  | 273560  |
|  EP Energy Corp. (c)(n)  | 52316  | 347378  |
|  Mesquite Energy, Inc. (c)(n)  | 15322  | 912859  |
|  Unit Corp.  | 2069  | 119712  |
|  |  | 7201203  |
|  TOTAL ENERGY  |  | 8593341  |
| FINANCIALS - 0.1%  |  |  |
| Capital Markets - 0.0%  |  |  |
|  Penson Worldwide, Inc. Class A (c)(n)  | 314563  | 3  |
| Consumer Finance - 0.1%  |  |  |
|  OneMain Holdings, Inc.  | 29400  | 979314  |
|  TOTAL FINANCIALS  |  | 979317  |
| HEALTH CARE - 0.2%  |  |  |
| Health Care Providers & Services - 0.1%  |  |  |
|  Humana, Inc.  | 600  | 307314  |
|  Tenet Healthcare Corp. (n)  | 3700  | 180523  |
|  UnitedHealth Group, Inc.  | 1100  | 583198  |
|  |  | 1071035  |
| Life Sciences Tools & Services - 0.1%  |  |  |
|  Charles River Laboratories International, Inc. (n)  | 2300  | 501170  |
|  IQVIA Holdings, Inc. (n)  | 4300  | 881027  |
|  |  | 1382197  |
|  TOTAL HEALTH CARE  |  | 2453232  |
| INDUSTRIALS - 0.1%  |  |  |
| Building Products - 0.0%  |  |  |
|  Builders FirstSource, Inc. (n)  | 5100  | 330888  |
| Electrical Equipment - 0.0%  |  |  |
|  Regal Rexnord Corp.  | 2400  | 287952  |
| Professional Services - 0.1%  |  |  |
|  ASGN, Inc. (n)  | 9200  | 749616  |
| Trading Companies & Distributors - 0.0%  |  |  |
|  Penhall Acquisition Co.:  |  |  |
|  Class A (c)(n)  | 321  | 38366  |
|  Class B (c)(n)  | 107  | 12789  |
|  |  | 51155  |
| Transportation Infrastructure - 0.0%  |  |  |
|  Tricer Holdco SCA:  |  |  |
|  Class A1 (b)(c)(n)  | 16755  | 0  |
|  Class A2 (b)(c)(n)  | 16755  | 0  |
|  Class A3 (b)(c)(n)  | 16755  | 0  |
|  Class A4 (b)(c)(n)  | 16755  | 0  |
|  Class A5 (b)(c)(n)  | 16755  | 0  |
|  Class A6 (b)(c)(n)  | 16755  | 0  |
|  Class A7 (b)(c)(n)  | 16755  | 0  |
|  Class A8 (b)(c)(n)  | 16755  | 0  |
|  Class A9 (b)(c)(n)  | 16755  | 0  |
|  |  | 0  |
|  TOTAL INDUSTRIALS  |  | 1419611  |
| INFORMATION TECHNOLOGY - 0.6%  |  |  |
| Electronic Equipment & Components - 0.0%  |  |  |
|  CDW Corp.  | 3800  | 678604  |
| IT Services - 0.2%  |  |  |
|  Fiserv, Inc. (n)  | 6800  | 687276  |
|  Global Payments, Inc.  | 6400  | 635648  |
|  GTT Communications, Inc. rights (c)(n)  | 27222  | 27222  |
|  MasterCard, Inc. Class A  | 1200  | 417276  |
|  SS&C Technologies Holdings, Inc.  | 5908  | 307570  |
|  Visa, Inc. Class A  | 2800  | 581728  |
|  |  | 2656720  |
| Semiconductors & Semiconductor Equipment - 0.3%  |  |  |
|  Advanced Micro Devices, Inc. (n)  | 3700  | 239649  |
|  ASML Holding NV  | 500  | 273200  |
|  Lam Research Corp.  | 800  | 336240  |
|  Marvell Technology, Inc.  | 15400  | 570416  |
|  Microchip Technology, Inc.  | 11800  | 828950  |
|  NVIDIA Corp.  | 2000  | 292280  |
|  NXP Semiconductors NV  | 1800  | 284454  |
|  onsemi (n)  | 17765  | 1108003  |
|  |  | 3933192  |
| Software - 0.1%  |  |  |
|  Adobe, Inc. (n)  | 1500  | 504795  |
|  Microsoft Corp.  | 1600  | 383712  |
|  Palo Alto Networks, Inc. (n)  | 2000  | 279080  |
|  |  | 1167587  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 8436103  |
| MATERIALS - 0.3%  |  |  |
| Chemicals - 0.1%  |  |  |
|  CF Industries Holdings, Inc.  | 6700  | 570840  |
|  The Chemours Co. LLC  | 22445  | 687266  |
|  |  | 1258106  |
| Containers & Packaging - 0.1%  |  |  |
|  Berry Global Group, Inc.  | 9407  | 568465  |
|  Graphic Packaging Holding Co.  | 34200  | 760950  |
|  WestRock Co.  | 11400  | 400824  |
|  |  | 1730239  |
| Metals & Mining - 0.1%  |  |  |
|  Algoma Steel Group, Inc.  | 32940  | 208840  |
|  Algoma Steel SCA (c)(n)  | 10220  | 0  |
|  Elah Holdings, Inc. (n)  | 14  | 826  |
|  First Quantum Minerals Ltd.  | 21800  | 455482  |
|  Freeport-McMoRan, Inc.  | 5000  | 190000  |
|  |  | 855148  |
|  TOTAL MATERIALS  |  | 3843493  |
| UTILITIES - 0.1%  |  |  |
| Electric Utilities - 0.1%  |  |  |
|  NRG Energy, Inc.  | 5596  | 178065  |
|  PG&E Corp. (n)  | 56566  | 919763  |
|  Portland General Electric Co.  | 140  | 6860  |
|  |  | 1104688  |
| Independent Power and Renewable Electricity Producers - 0.0%  |  |  |
|  PureWest Energy (c)  | 901  | 0  |
|  PureWest Energy rights (c)(n)  | 543  | 0  |
|  |  | 0  |
|  TOTAL UTILITIES  |  | 1104688  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $29,500,581)  |  | <br> **35468378**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Nonconvertible Preferred Stocks - 0.0%**  | &nbsp;&nbsp; **Nonconvertible Preferred Stocks - 0.0%**  | &nbsp;&nbsp; **Nonconvertible Preferred Stocks - 0.0%**  |
|  | Shares  | Value ($) <br>|
| CONSUMER DISCRETIONARY - 0.0%  |  |  |
| Auto Components - 0.0%  |  |  |
|  Exide Technologies (c)(n)  | 187  | 174050  |
| INDUSTRIALS - 0.0%  |  |  |
| Transportation Infrastructure - 0.0%  |  |  |
|  Tricer Holdco SCA (b)(c)(n)  | 8042141  | 80  |
| <br> **TOTAL NONCONVERTIBLE PREFERRED STOCKS** <br> (Cost $460,804)  |  | <br> **174130**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bank Loan Obligations - 1.5%**  | &nbsp;&nbsp; **Bank Loan Obligations - 1.5%**  | &nbsp;&nbsp; **Bank Loan Obligations - 1.5%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
| COMMUNICATION SERVICES - 0.2%  |  |  |
| Diversified Telecommunication Services - 0.1%  |  |  |
|  Connect U.S. Finco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.89% 12/12/26 (f)(g)(o)  | 471663  | 465569  |
|  Frontier Communications Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.5% 5/1/28 (f)(g)(o)  | 260884  | 248307  |
|  Securus Technologies Holdings Tranche B, term loan 3 month U.S. LIBOR + 4.500% 9.2299% 11/1/24 (f)(g)(o)  | 410283  | 305341  |
|  Zayo Group Holdings, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.000% 7.3836% 3/9/27 (f)(g)(o)  | 409763  | 330765  |
|  |  | 1349982  |
| Media - 0.1%  |  |  |
|  Diamond Sports Group LLC 1LN, term loan CME Term SOFR 1 Month Index + 8.000% 12.3171% 5/25/26 (f)(g)(o)  | 356478  | 336576  |
|  Nexstar Broadcasting, Inc. Tranche B, term loan 1 month U.S. LIBOR + 2.500% 6.8836% 9/19/26 (f)(g)(o)  | 122255  | 121124  |
|  Univision Communications, Inc.:  |  |  |
|  1LN, term loan CME Term SOFR 1 Month Index + 4.250% 8.8302% 6/10/29 (f)(g)(o)  | 34825  | 34320  |
|  Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.6336% 1/31/29 (f)(g)(o)  | 352338  | 341035  |
|  |  | 833055  |
|  TOTAL COMMUNICATION SERVICES  |  | 2183037  |
| CONSUMER DISCRETIONARY - 0.2%  |  |  |
| Auto Components - 0.0%  |  |  |
|  PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 8.6336% 12/17/28 (f)(g)(o)  | 103950  | 86379  |
| Diversified Consumer Services - 0.1%  |  |  |
|  KUEHG Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 12.9799% 8/22/25 (f)(g)(o)  | 305000  | 290818  |
|  Sotheby's Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 8.5791% 1/15/27 (f)(g)(o)  | 588255  | 572519  |
|  Spin Holdco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 8.765% 3/4/28 (f)(g)(o)  | 833636  | 700046  |
|  |  | 1563383  |
| Hotels, Restaurants & Leisure - 0.0%  |  |  |
|  Delta 2 SARL Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 7.573% 1/15/30 (f)(g)(o)  | 170000  | 169788  |
|  Fertitta Entertainment LLC NV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 8.323% 1/27/29 (f)(g)(o)  | 173688  | 164809  |
|  Scientific Games Corp. 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 7.4171% 4/7/29 (f)(g)(o)  | 109450  | 107691  |
|  |  | 442288  |
| Specialty Retail - 0.1%  |  |  |
|  Michaels Companies, Inc. 1LN, term loan 1 month U.S. LIBOR + 4.250% 8.9799% 4/15/28 (f)(g)(o)  | 265950  | 228866  |
|  New SK Holdco Sub LLC 1LN, term loan CME Term SOFR 1 Month Index + 8.350% 12.6746% 6/30/27 (f)(g)(o)  | 50979  | 43893  |
|  Wand NewCo 3, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 7.3836% 2/5/26 (f)(g)(o)  | 950818  | 899541  |
|  |  | 1172300  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 3264350  |
| CONSUMER STAPLES - 0.0%  |  |  |
| Beverages - 0.0%  |  |  |
|  Bengal Debt Merger Sub LLC 1LN, term loan CME TERM SOFR 3 MONTH INDEX + 3.250% 7.9302% 1/24/29 (f)(g)(o)  | 104475  | 93185  |
| ENERGY - 0.0%  |  |  |
| Energy Equipment & Services - 0.0%  |  |  |
|  Forbes Energy Services LLC Tranche B, term loan 0% (c)(e)(f)(o)  | 61482  | 0  |
| Oil, Gas & Consumable Fuels - 0.0%  |  |  |
|  Mesquite Energy, Inc.:  |  |  |
|  1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (c)(e)(g)(o)  | 283417  | 0  |
|  term loan 3 month U.S. LIBOR + 0.000% 0% (c)(e)(g)(o)  | 122000  | 0  |
|  |  | 0  |
|  TOTAL ENERGY  |  | 0  |
| FINANCIALS - 0.1%  |  |  |
| Capital Markets - 0.0%  |  |  |
|  Citadel Securities LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 6.9375% 2/27/28 (f)(g)(o)  | 530550  | 519541  |
| Insurance - 0.1%  |  |  |
|  Acrisure LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 8.6336% 2/15/27 (f)(g)(o)  | 64350  | 62151  |
|  Alliant Holdings Intermediate LLC Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.8539% 11/12/27 (f)(g)(o)  | 634963  | 619768  |
|  HUB International Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 8.2202% 11/10/29 (f)(g)(o)  | 45000  | 44463  |
|  |  | 726382  |
|  TOTAL FINANCIALS  |  | 1245923  |
| HEALTH CARE - 0.2%  |  |  |
| Health Care Providers & Services - 0.1%  |  |  |
|  Gainwell Acquisition Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 8.7299% 10/1/27 (f)(g)(o)  | 966811  | 905176  |
|  Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.6336% 11/15/28 (f)(g)(o)  | 327525  | 314879  |
|  |  | 1220055  |
| Health Care Technology - 0.1%  |  |  |
|  Athenahealth Group, Inc.:  |  |  |
|  Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 7.8211% 2/15/29 (f)(g)(o)  | 1301720  | 1172016  |
|  Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 3.5% 2/15/29 (f)(g)(o)(p)  | 221739  | 199645  |
|  |  | 1371661  |
|  TOTAL HEALTH CARE  |  | 2591716  |
| INDUSTRIALS - 0.3%  |  |  |
| Air Freight & Logistics - 0.0%  |  |  |
|  Dynasty Acquisition Co., Inc.:  |  |  |
|  Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.923% 4/8/26 (f)(g)(o)  | 135462  | 128872  |
|  Tranche B2 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.923% 4/4/26 (f)(g)(o)  | 72829  | 69286  |
|  |  | 198158  |
| Airlines - 0.1%  |  |  |
|  Air Canada Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.13% 8/11/28 (f)(g)(o)  | 423938  | 418108  |
|  SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 7.9926% 10/20/27 (f)(g)(o)  | 205000  | 208690  |
|  |  | 626798  |
| Building Products - 0.1%  |  |  |
|  Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 8.9799% 5/17/28 (f)(g)(o)  | 1122900  | 835920  |
|  Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 7.8588% 2/25/29 (f)(g)(o)  | 1039775  | 910729  |
|  |  | 1746649  |
| Commercial Services & Supplies - 0.1%  |  |  |
|  ABG Intermediate Holdings 2 LLC:  |  |  |
|  Tranche B 2LN, term loan CME Term SOFR 1 Month Index + 6.000% 10.423% 12/20/29 (f)(g)(o)  | 50000  | 45500  |
|  Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 7.923% 12/21/28 (f)(g)(o)  | 248750  | 240355  |
|  Madison IAQ LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.9883% 6/21/28 (f)(g)(o)  | 137900  | 127989  |
|  Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 8.8219% 4/11/29 (f)(g)(o)  | 790000  | 703598  |
|  Sabert Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 8.9375% 12/10/26 (c)(f)(g)(o)  | 354058  | 350518  |
|  |  | 1467960  |
| Construction & Engineering - 0.0%  |  |  |
|  SRS Distribution, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.8836% 6/4/28 (f)(g)(o)  | 301188  | 287366  |
| Machinery - 0.0%  |  |  |
|  Chart Industries, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 12/8/29 (g)(o)(q)  | 85000  | 83991  |
|  TOTAL INDUSTRIALS  |  | 4410922  |
| INFORMATION TECHNOLOGY - 0.3%  |  |  |
| Electronic Equipment & Components - 0.0%  |  |  |
|  DG Investment Intermediate Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.1336% 3/31/28 (f)(g)(o)  | 98503  | 94071  |
| IT Services - 0.1%  |  |  |
|  Acuris Finance U.S., Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 8.7302% 2/16/28 (f)(g)(o)  | 60938  | 59795  |
|  Camelot Finance SA Tranche B, term loan 1 month U.S. LIBOR + 3.000% 7.3836% 10/31/26 (f)(g)(o)  | 52093  | 51194  |
|  GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 10.75% 5/31/25 (f)(g)(o)  | 745026  | 335262  |
|  Hunter U.S. Bidco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 8.9799% 8/19/28 (f)(g)(o)  | 530775  | 519496  |
|  |  | 965747  |
| Software - 0.2%  |  |  |
|  Boxer Parent Co., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.1336% 10/2/25 (f)(g)(o)  | 1605406  | 1534447  |
|  Polaris Newco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 8.7299% 6/2/28 (f)(g)(o)  | 316000  | 287674  |
|  Proofpoint, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.9849% 8/31/28 (f)(g)(o)  | 306900  | 294452  |
|  RealPage, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 7.3836% 4/22/28 (f)(g)(o)  | 306125  | 290513  |
|  Ultimate Software Group, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.9983% 5/3/26 (f)(g)(o)  | 656679  | 623845  |
|  VS Buyer LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 7.3836% 2/28/27 (f)(g)(o)  | 121563  | 117764  |
|  |  | 3148695  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 4208513  |
| MATERIALS - 0.1%  |  |  |
| Chemicals - 0.1%  |  |  |
|  Avient Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 7.3442% 8/29/29 (f)(g)(o)  | 28152  | 28102  |
|  Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 1 Month Index + 4.370% 7.9683% 10/4/29 (f)(g)(o)  | 910000  | 827418  |
|  Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.5% 11/9/28 (f)(g)(o)  | 168300  | 161194  |
|  W.R. Grace Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.5% 9/22/28 (f)(g)(o)  | 128700  | 126046  |
|  |  | 1142760  |
| Containers & Packaging - 0.0%  |  |  |
|  Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 8.598% 4/13/29 (f)(g)(o)  | 417900  | 397181  |
|  Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 8.2592% 2/9/26 (f)(g)(o)  | 78600  | 69487  |
|  |  | 466668  |
|  TOTAL MATERIALS  |  | 1609428  |
| UTILITIES - 0.1%  |  |  |
| Electric Utilities - 0.1%  |  |  |
|  PG&E Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 7.4375% 6/23/25 (f)(g)(o)  | 1638000  | 1623160  |
| <br> **TOTAL BANK LOAN OBLIGATIONS** <br> (Cost $23,199,504)  |  | <br> **21230234**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Fixed-Income Funds - 7.8%**  | &nbsp;&nbsp; **Fixed-Income Funds - 7.8%**  | &nbsp;&nbsp; **Fixed-Income Funds - 7.8%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Floating Rate Central Fund (r) <br>(Cost $114,936,415) <br>| 1133767  | **107855301**  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Preferred Securities - 4.8%**  | &nbsp;&nbsp; **Preferred Securities - 4.8%**  | &nbsp;&nbsp; **Preferred Securities - 4.8%**  | &nbsp;&nbsp; **Preferred Securities - 4.8%**  |
|  |  | Principal <br> Amount (a) <br>| Value ($) <br>|
| COMMUNICATION SERVICES - 0.0%  |  |  |  |
| Diversified Telecommunication Services - 0.0%  |  |  |  |
|  CAS Capital No 1 Ltd. 4% (Reg. S) (f)(h)  |  | 800000  | 634915  |
| CONSUMER DISCRETIONARY - 0.1%  |  |  |  |
| Automobiles - 0.1%  |  |  |  |
|  Volkswagen International Finance NV 4.375% (Reg. S) (f)(h)  | EUR  | 1800000  | 1632320  |
| CONSUMER STAPLES - 0.1%  |  |  |  |
| Food Products - 0.1%  |  |  |  |
|  Cosan Overseas Ltd. 8.25% (h)  |  | 885000  | 890641  |
|  Grupo Bimbo S.A.B. de CV 5.95% (d)(f)(h)  |  | 495000  | 503816  |
|  |  |  | 1394457  |
| ENERGY - 0.6%  |  |  |  |
| Oil, Gas & Consumable Fuels - 0.6%  |  |  |  |
|  Energy Transfer LP:  |  |  |  |
|  6.25% (f)(h)  |  | 4050000  | 3538110  |
|  6.625% (f)(h)  |  | 1515000  | 1162799  |
|  7.125% (f)(h)  |  | 1660000  | 1401456  |
|  Gazprom PJSC Via Gaz Finance PLC 4.5985% (Reg. S) (e)(f)(h)  |  | 550000  | 295797  |
|  MPLX LP 6.875% (f)(h)  |  | 1550000  | 1567001  |
|  Summit Midstream Partners LP 3 month U.S. LIBOR + 7.430% 12.1759% (e)(f)(g)(h)  |  | 148000  | 109354  |
|  |  |  | 8074517  |
| FINANCIALS - 3.8%  |  |  |  |
| Banks - 3.5%  |  |  |  |
|  Banco Do Brasil SA 6.25% (d)(f)(h)  |  | 560000  | 508980  |
|  Banco Mercantil del Norte SA:  |  |  |  |
|  6.75% (d)(f)(h)  |  | 590000  | 575176  |
|  7.625% (d)(f)(h)  |  | 210000  | 198928  |
|  Bank of America Corp.:  |  |  |  |
|  5.2% (f)(h)  |  | 5217000  | 5078385  |
|  5.875% (f)(h)  |  | 5125000  | 4603212  |
|  6.25% (f)(h)  |  | 2910000  | 2853433  |
|  BBVA Bancomer SA Texas Branch:  |  |  |  |
|  5.125% 1/18/33 (d)(f)  |  | 340000  | 312908  |
|  5.35% 11/12/29 (d)(f)  |  | 180000  | 176414  |
|  Citigroup, Inc.:  |  |  |  |
|  4.7% (f)(h)  |  | 3805000  | 3237472  |
|  5% (f)(h)  |  | 3245000  | 2937842  |
|  5.9% (f)(h)  |  | 1455000  | 1472265  |
|  5.95% (f)(h)  |  | 2675000  | 2715448  |
|  6.3% (f)(h)  |  | 270000  | 256886  |
|  Emirates NBD Bank PJSC 6.125% (Reg. S) (f)(h)  |  | 625000  | 625658  |
|  Georgia Bank Joint Stock Co. 11.125% (Reg. S) (f)(h)  |  | 200000  | 193245  |
|  Huntington Bancshares, Inc. 5.7% (f)(h)  |  | 650000  | 609318  |
|  Itau Unibanco Holding SA U.S. TREASURY 5 YEAR INDEX + 3.980% 7.721% (d)(f)(g)(h)  |  | 785000  | 767871  |
|  JPMorgan Chase & Co.:  |  |  |  |
|  4% (f)(h)  |  | 4805000  | 4162859  |
|  4.6% (f)(h)  |  | 1225000  | 1102959  |
|  5% (f)(h)  |  | 1660000  | 1553293  |
|  6% (f)(h)  |  | 6524000  | 6543870  |
|  6.125% (f)(h)  |  | 850000  | 835036  |
|  6.75% (f)(h)  |  | 400000  | 409682  |
|  NBK Tier 1 Financing 2 Ltd. 4.5% (d)(f)(h)  |  | 455000  | 419385  |
|  NBK Tier 1 Ltd. 3.625% (d)(f)(h)  |  | 230000  | 203160  |
|  Tinkoff Credit Systems 6% (d)(f)(h)  |  | 275000  | 106253  |
|  Wells Fargo & Co.:  |  |  |  |
|  5.875% (f)(h)  |  | 2600000  | 2516134  |
|  5.9% (f)(h)  |  | 3065000  | 2753490  |
|  |  |  | 47729562  |
| Capital Markets - 0.3%  |  |  |  |
|  Goldman Sachs Group, Inc.:  |  |  |  |
|  3 month U.S. LIBOR + 2.870% 7.466% (f)(g)(h)  |  | 2951000  | 2901583  |
|  4.4% (f)(h)  |  | 420000  | 358151  |
|  4.95% (f)(h)  |  | 710000  | 659842  |
|  |  |  | 3919576  |
| Diversified Financial Services - 0.0%  |  |  |  |
|  OEC Finance Ltd. 7.5% pay-in-kind (d)(h)  |  | 1925  | 91  |
|  TOTAL FINANCIALS  |  |  | 51649229  |
| INDUSTRIALS - 0.0%  |  |  |  |
| Marine - 0.0%  |  |  |  |
|  DP World Salaam 6% (Reg. S) (f)(h)  |  | 600000  | 610500  |
| INFORMATION TECHNOLOGY - 0.1%  |  |  |  |
| IT Services - 0.1%  |  |  |  |
|  Network i2i Ltd.:  |  |  |  |
|  3.975% (d)(f)(h)  |  | 315000  | 273335  |
|  5.65% (d)(f)(h)  |  | 570000  | 547974  |
|  |  |  | 821309  |
| MATERIALS - 0.1%  |  |  |  |
| Construction Materials - 0.1%  |  |  |  |
|  CEMEX S.A.B. de CV 5.125% (d)(f)(h)  |  | 845000  | 795383  |
| <br> **TOTAL PREFERRED SECURITIES** <br> (Cost $71,082,835)  |  |  | <br> **65612630**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 6.4%**  | &nbsp;&nbsp; **Money Market Funds - 6.4%**  | &nbsp;&nbsp; **Money Market Funds - 6.4%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (s)  | 81283018  | 81299275  |
|  Fidelity Securities Lending Cash Central Fund 4.37% (s)(t)  | 7086791  | 7087500  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $88,378,221)  |  | **88386775**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.2%** <br> (Cost $1,525,234,194) <br>| <br>**1380176491**  |
| **NET OTHER ASSETS (LIABILITIES) - (0.2)%**  | **(2799966)**  |
| **NET ASSETS - 100.0%**  | **1377376525**  |

---

---

| | | |
|:---|:---|:---|
| **TBA Sale Commitments**  | **TBA Sale Commitments**  | **TBA Sale Commitments**  |
|  | Principal <br> Amount (a)  | Value ($)  |
| Ginnie Mae  |  |  |
|  2% 1/1/53  | (1200000)  | (1006764)  |
|  2% 1/1/53  | (1500000)  | (1258455)  |
|  2% 1/1/53  | (975000)  | (817996)  |
|  2% 1/1/53  | (450000)  | (377537)  |
|  2% 1/1/53  | (1050000)  | (880919)  |
|  2% 2/1/53  | (300000)  | (251961)  |
| TOTAL GINNIE MAE  |  | (4593632)  |
| Uniform Mortgage Backed Securities  |  |  |
|  2.5% 1/1/53  | (200000)  | (169563)  |
|  2.5% 1/1/53  | (150000)  | (127172)  |
|  2.5% 1/1/53  | (150000)  | (127172)  |
|  2.5% 1/1/53  | (200000)  | (169563)  |
|  2.5% 1/1/53  | (150000)  | (127172)  |
|  3.5% 1/1/53  | (200000)  | (181891)  |
|  4% 1/1/53  | (250000)  | (234687)  |
|  4.5% 1/1/53  | (1850000)  | (1783226)  |
|  4.5% 1/1/53  | (800000)  | (771125)  |
|  5% 1/1/53  | (300000)  | (295828)  |
| TOTAL UNIFORM MORTGAGE BACKED SECURITIES  |  | (3987399)  |
| **TOTAL TBA SALE COMMITMENTS** <br> (Proceeds $8,699,477)  |  | <br> **(8581031)**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  |
|  | Number <br> of contracts  | Expiration <br> Date  | Notional <br> Amount ($) <br>| Value ($) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| Purchased  |  |  |  |  |  |
| Treasury Contracts  |  |  |  |  |  |
| CBOT 10-Year U.S. Treasury Note Contracts (United States)  | 520  | Mar 2023  | 58394375  | (177995)  | (177995)  |
| CBOT 2-Year U.S. Treasury Note Contracts (United States)  | 287  | Mar 2023  | 58857422  | 50320  | 50320  |
| CBOT 5-Year U.S. Treasury Note Contracts (United States)  | 19  | Mar 2023  | 2050664  | 1447  | 1447  |
| CBOT Long Term U.S. Treasury Bond Contracts (United States)  | 28  | Mar 2023  | 3509625  | (60)  | (60)  |
| CBOT Ultra Long Term U.S. Treasury Bond Contracts (United States)  | 15  | Mar 2023  | 2014688  | 4068  | 4068  |
| **TOTAL FUTURES CONTRACTS**  |  |  |  |  | **(122220)**  |
| The notional amount of futures purchased as a percentage of Net Assets is 9.0%  | The notional amount of futures purchased as a percentage of Net Assets is 9.0%  | The notional amount of futures purchased as a percentage of Net Assets is 9.0%  | The notional amount of futures purchased as a percentage of Net Assets is 9.0%  | The notional amount of futures purchased as a percentage of Net Assets is 9.0%  | The notional amount of futures purchased as a percentage of Net Assets is 9.0%  |

---

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $151,851,307.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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  | 3386000  | USD  | 2267822  | Canadian Imperial Bk. of Comm.  | 1/13/23  | 38449  |
| AUD  | 264000  | USD  | 176681  | HSBC Bank  | 1/13/23  | 3135  |
| EUR  | 399000  | USD  | 425569  | Bank of America, N.A.  | 1/13/23  | 1820  |
| EUR  | 1291000  | USD  | 1378292  | Bank of America, N.A.  | 1/13/23  | 4563  |
| EUR  | 270000  | USD  | 287767  | Barclays Bank PLC  | 1/13/23  | 1443  |
| EUR  | 466000  | USD  | 496187  | Brown Brothers Harriman & Co  | 1/13/23  | 2969  |
| EUR  | 197000  | USD  | 210364  | Brown Brothers Harriman & Co  | 1/13/23  | 652  |
| EUR  | 248000  | USD  | 262528  | HSBC Bank  | 1/13/23  | 3118  |
| EUR  | 1580000  | USD  | 1687985  | Royal Bank of Canada  | 1/13/23  | 4433  |
| EUR  | 246000  | USD  | 262759  | State Street Bank and Trust Co  | 1/13/23  | 744  |
| EUR  | 369000  | USD  | 392518  | State Street Bank and Trust Co  | 1/13/23  | 2736  |
| EUR  | 269000  | USD  | 286508  | State Street Bank and Trust Co  | 1/13/23  | 1631  |
| USD  | 1158391  | AUD  | 1713000  | Bank of America, N.A.  | 1/13/23  | (8367)  |
| USD  | 4462373  | AUD  | 6589000  | State Street Bank and Trust Co  | 1/13/23  | (25524)  |
| USD  | 195667  | AUD  | 288000  | State Street Bank and Trust Co  | 1/13/23  | (495)  |
| USD  | 7976303  | CAD  | 10868000  | Royal Bank of Canada  | 1/13/23  | (50642)  |
| USD  | 457016  | EUR  | 432000  | Bank of America, N.A.  | 1/13/23  | (5721)  |
| USD  | 2311022  | EUR  | 2175000  | Brown Brothers Harriman & Co  | 1/13/23  | (18731)  |
| USD  | 46535082  | EUR  | 43970000  | State Street Bank and Trust Co  | 1/13/23  | (563418)  |
| USD  | 1070871  | GBP  | 875000  | Royal Bank of Canada  | 1/13/23  | 12765  |
| USD  | 9335107  | GBP  | 7615000  | State Street Bank and Trust Co  | 1/13/23  | 126566  |
| USD  | 2918697  | JPY  | 395512000  | State Street Bank and Trust Co  | 1/13/23  | (98743)  |
| **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**  |  | **(566617)**  |
| Unrealized Appreciation  | Unrealized Appreciation  | Unrealized Appreciation  |  |  |  | 205024  |
| Unrealized Depreciation  | Unrealized Depreciation  | Unrealized Depreciation  |  |  |  | (771641)  |

---

For the period, the average contract value for forward foreign currency contracts was $137,048,143. Contract value represents contract amount in United States dollars plus or minus unrealized appreciation or depreciation, respectively.

**Currency Abbreviations**

---

| | | |
|:---|:---|:---|
| AUD  | -  | Australian dollar  |
| CAD  | -  | Canadian dollar  |
| EUR  | -  | European Monetary Unit  |
| GBP  | -  | British pound sterling  |
| JPY  | -  | Japanese yen  |
| USD  | -  | U.S. dollar  |

---

**Legend**

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

(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,335,493 or 0.2% of net assets.

(c) Level 3 security

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $419,407,851 or 30.4% of net assets.

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

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

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

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

(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) 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 $1,756,152.

(k) Security or a portion of the security has been segregated as collateral for mortgage-backed or asset-backed securities purchased on a delayed delivery or when-issued basis. At period end, the value of securities pledged amounted to $127,315.

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

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

(n) Non-income producing

(o) 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.

(p) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $166,304 and $149,734, respectively.

(q) The coupon rate will be determined upon settlement of the loan after period end.

(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) 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.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows:  | Additional information on each restricted holding is as follows:  | Additional information on each restricted holding is as follows:  |
| Security  | Acquisition Date  | Acquisition Cost ($) <br>|
| Chesapeake Energy Corp.  | 2/10/21  | 16014  |
| Mesquite Energy, Inc. 15% 7/15/23  | 7/10/20 - 1/18/22  | 119924  |
| Mesquite Energy, Inc. 15% 7/15/23  | 11/05/20 - 1/18/22  | 208674  |
| New Cotai LLC/New Cotai Capital Corp.  | 9/11/20  | 1223948  |
| Southeastern Grocers, Inc.  | 6/01/18  | 287174  |
| Tricer Holdco SCA  | 10/16/09 - 12/30/17  | 286754  |
| Tricer Holdco SCA Class A1  | 10/16/09 - 10/29/09  | 45666  |
| Tricer Holdco SCA Class A2  | 10/16/09 - 10/29/09  | 45666  |
| Tricer Holdco SCA Class A3  | 10/16/09 - 10/29/09  | 45666  |
| Tricer Holdco SCA Class A4  | 10/16/09 - 10/29/09  | 45666  |
| Tricer Holdco SCA Class A5  | 10/16/09 - 10/29/09  | 45666  |
| Tricer Holdco SCA Class A6  | 10/16/09 - 10/29/09  | 45666  |
| Tricer Holdco SCA Class A7  | 10/16/09 - 10/29/09  | 45666  |
| Tricer Holdco SCA Class A8  | 10/16/09 - 10/29/09  | 45666  |
| Tricer Holdco SCA Class A9  | 10/16/09 - 10/29/09  | 45706  |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 122864292  | 454060111  | 495625128  | 1635211  | -  | -  | 81299275  | 0.2%  |
|  Fidelity Floating Rate Central Fund  | 148227047  | 10317497  | 43244746  | 7318110  | (2823643)  | (4620854)  | 107855301  | 4.6%  |
|  Fidelity Mortgage Backed Securities Central Fund  | 1965  | 3  | 1936  | 4  | (53)  | 21  | -  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 4.37%  | -  | 40345489  | 33257989  | 27152  | -  | -  | 7087500  | 0.0%  |
| Total  | 271093304  | 504723100  | 572129799  | 8980477  | (2823696)  | (4620833)  | 196242076  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 1245550  | 1112129  | -  | 133421  |
| Consumer Discretionary  | 5881276  | 5433160  | -  | 448116  |
| Consumer Staples  | 1685817  | 737303  | -  | 948514  |
| Energy  | 8593341  | 6038623  | -  | 2554718  |
| Financials  | 979317  | 979314  | -  | 3  |
| Health Care  | 2453232  | 2453232  | -  | -  |
| Industrials  | 1419691  | 1368456  | -  | 51235  |
| Information Technology  | 8436103  | 8408881  | -  | 27222  |
| Materials  | 3843493  | 3843493  | -  | -  |
| Utilities  | 1104688  | 1104688  | -  | -  |
|  Corporate Bonds  | 521067961  | -  | 518120677  | 2947284  |
|  U.S. Government and Government Agency Obligations  | 373441443  | -  | 373441443  | -  |
|  U.S. Government Agency - Mortgage Securities  | 35092724  | -  | 35092724  | -  |
|  Commercial Mortgage Securities  | 1373319  | -  | 1373319  | -  |
|  Foreign Government and Government Agency Obligations  | 130473596  | -  | 130247596  | 226000  |
|  Bank Loan Obligations  | 21230234  | -  | 20879716  | 350518  |
|  Fixed-Income Funds  | 107855301  | 107855301  | -  | -  |
|  Preferred Securities  | 65612630  | -  | 65612630  | -  |
|  Money Market Funds  | 88386775  | 88386775  | -  | -  |
| **Total Investments in Securities:**  | 1380176491  | 227721355  | 1144768105  | 7687031  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Futures Contracts  | 55835  | 55835  | -  | -  |
| Forward Foreign Currency Contracts  | 205024  | -  | 205024  | -  |
| Total Assets  | 260859  | 55835  | 205024  | -  |
|  **Liabilities**  |  |  |  |  |
| Futures Contracts  | (178055)  | (178055)  | -  | -  |
| Forward Foreign Currency Contracts  | (771641)  | -  | (771641)  | -  |
| Total Liabilities  | (949696)  | (178055)  | (771641)  | -  |
| **Total Derivative Instruments:**  | (688837)  | (122220)  | (566617)  | -  |
| **<u>Other Financial Instruments:</u>**  |  |  |  |  |
|  TBA Sale Commitments  | (8581031)  | -  | (8581031)  | -  |
| **Total Other Financial Instruments:**  | (8581031)  | -  | (8581031)  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value**  | **Value**  |
|  | **Asset ($)**  | **Liability ($)**  |
| **Foreign Exchange Risk**  |  |  |
| Forward Foreign Currency Contracts (a)  | 205024  | (771641)  |
| **Total Foreign Exchange Risk**  | 205024  | (771641)  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts (b)  | 55835  | (178055)  |
| **Total Interest Rate Risk**  | 55835  | (178055)  |
| **Total Value of Derivatives**  | 260859  | (949696)  |

---

(a)Gross value is presented in the Statement of Assets and Liabilities in the unrealized appreciation/depreciation on forward foreign currency contracts line-items.

(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).

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $6,853,420) - See accompanying schedule:  | $— |  |
|  Unaffiliated issuers (cost $1,321,919,558)  | 1183934415  |  |
|  Fidelity Central Funds (cost $203,314,636)  | 196242076  |  |
|  Total Investment in Securities (cost $1,525,234,194)  |  | $1380176491  |
|  Cash  |  | 1274103  |
|  Foreign currency held at value (cost $3,289)  |  | 3037  |
| Receivable for investments sold  |  | 3613362  |
|  Receivable for TBA sale commitments  |  | 8699477  |
|  Unrealized appreciation on forward foreign currency contracts  |  | 205024  |
|  Receivable for fund shares sold  |  | 1713638  |
|  Dividends receivable  |  | 83225  |
|  Interest receivable  |  | 13708573  |
|  Distributions receivable from Fidelity Central Funds  |  | 291659  |
|  Prepaid expenses  |  | 1442  |
| **Total assets**  |  | 1409770031  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  |  |  |
|  Regular delivery  | $3214427  |  |
|  Delayed delivery  | 11489204  |  |
|  TBA sale commitments, at value  | 8581031  |  |
|  Unrealized depreciation on forward foreign currency contracts  | 771641  |  |
|  Payable for fund shares redeemed  | 137576  |  |
|  Accrued management fee  | 628620  |  |
|  Distribution and service plan fees payable  | 105533  |  |
|  Payable for daily variation margin on futures contracts  | 127329  |  |
|  Other affiliated payables  | 139782  |  |
|  Other payables and accrued expenses  | 110863  |  |
|  Collateral on securities loaned  | 7087500  |  |
| **Total Liabilities**  |  | 32393506  |
| **Net Assets**  |  | $1377376525  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $1545296147  |
|  Total accumulated earnings (loss)  |  | (167919622)  |
|  **Net Assets**  |  | $1377376525  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($71,243,921 ÷ 7,110,423 shares)  |  | $10.02  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($1,445,888 ÷ 144,529 shares)  |  | $10.00  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($507,410,240 ÷ 51,250,314 shares)  |  | $9.90  |
| **Investor Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($797,276,476 ÷ 79,893,702 shares)  |  | $9.98  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $5264244  |
| Interest  |  | 47784367  |
| Income from Fidelity Central Funds (including $27,152 from security lending)  |  | 8980477  |
| **Total Income**  |  | 62029088  |
|  **Expenses**  |  |  |
| Management fee  | $8113713  |  |
| Transfer agent fees  | 1298763  |  |
| Distribution and service plan fees  | 1368160  |  |
| Accounting fees  | 502766  |  |
| Custodian fees and expenses  | 39246  |  |
| Independent trustees' fees and expenses  | 4825  |  |
| Registration fees  | 65  |  |
| Audit  | 113819  |  |
| Legal  | 80892  |  |
| Miscellaneous  | 6700  |  |
| Total expenses before reductions  | 11528949  |  |
| Expense reductions  | (37412)  |  |
| Total expenses after reductions  |  | 11491537  |
| **Net Investment income (loss)**  |  | 50537551  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (13957973)  |  |
| Fidelity Central Funds  | (2823696)  |  |
| Forward foreign currency contracts  | 11004306  |  |
| Foreign currency transactions  | (607439)  |  |
| Futures contracts  | (22847242)  |  |
| Total net realized gain (loss)  |  | (29232044)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (203487774)  |  |
| Fidelity Central Funds  | (4620833)  |  |
| Forward foreign currency contracts  | (2454896)  |  |
| Assets and liabilities in foreign currencies  | 25126  |  |
| Futures contracts  | (352509)  |  |
| TBA Sale commitments  | 119205  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (210771681)  |
| **Net gain (loss)**  |  | (240003725)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(189466174)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $50537551  | $42613129  |
| &nbsp;&nbsp; Net realized gain (loss)  | (29232044) <br>| 27637272 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (210771681)  | (12779803) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (189466174) <br>| 57470598 <br>|
| Distributions to shareholders  | (50844461) <br>| (68953706) <br>|
| Distributions to shareholders from tax return of capital  | (2030056) <br>| - <br>|
| **Total Distributions**  | (52874517) <br>| (68953706) <br>|
| Share transactions - net increase (decrease)  | (71296973) <br>| 144097619 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (313637664) <br>| 132614511 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 1691014189  | 1558399678 <br>|
| &nbsp;&nbsp; End of period  | $1377376525  | $1691014189  |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.74  | $11.81  | $11.45  | $10.75  | $11.50  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .377  | .327  | .380  | .421  | .418 <sup>C</sup>  |
| Net realized and unrealized gain (loss)  | (1.690)  | .113  | .477  | .749  | (.716) <sup>C</sup>  |
| Total from investment operations  | (1.313)  | .440  | .857  | 1.170  | (.298)  |
| Distributions from net investment income  | (.380)  | (.320)  | (.385)  | (.385)  | (.444)  |
| Distributions from net realized gain  | (.011)  | (.190)  | (.112)  | (.085)  | (.008)  |
| Tax return of capital  | (.016)  | -  | -  | -  | -  |
| Total distributions  | (.407)  | (.510)  | (.497)  | (.470)  | (.452)  |
| Net asset value, end of period  | $10.02  | $11.74  | $11.81  | $11.45  | $10.75  |
| **Total Return** <sup>D,E</sup>  | (11.26)%  | 3.74%  | 7.52%  | 10.89%  | (2.57)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .67%  | .66%  | .67%  | .67%  | .66%  |
| Expenses net of fee waivers, if any  | .66%  | .66%  | .67%  | .67%  | .66%  |
| Expenses net of all reductions  | .66%  | .66%  | .66%  | .66%  | .66%  |
| Net investment income (loss)  | 3.52%  | 2.72%  | 3.32%  | 3.67%  | 3.66%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $71244  | $84605  | $79320  | $83769  | $82529  |
| Portfolio turnover rate <sup>H</sup>  | 75%  | 103%  | 116%  | 144%  | 118%  |

---

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

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

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.73  | $11.81  | $11.42  | $10.72  | $11.47  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .356  | .315  | .371  | .409  | .406 <sup>C</sup>  |
| Net realized and unrealized gain (loss)  | (1.682)  | .105  | .489  | .750  | (.715) <sup>C</sup>  |
| Total from investment operations  | (1.326)  | .420  | .860  | 1.159  | (.309)  |
| Distributions from net investment income  | (.377)  | (.310)  | (.358)  | (.374)  | (.433)  |
| Distributions from net realized gain  | (.011)  | (.190)  | (.112)  | (.085)  | (.008)  |
| Tax return of capital  | (.016)  | -  | -  | -  | -  |
| Total distributions  | (.404)  | (.500)  | (.470)  | (.459)  | (.441)  |
| Net asset value, end of period  | $10.00  | $11.73  | $11.81  | $11.42  | $10.72  |
| **Total Return** <sup>D,E</sup>  | (11.38)%  | 3.57%  | 7.56%  | 10.82%  | (2.68)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .77%  | .76%  | .77%  | .77%  | .76%  |
| Expenses net of fee waivers, if any  | .76%  | .76%  | .77%  | .77%  | .76%  |
| Expenses net of all reductions  | .76%  | .76%  | .77%  | .76%  | .76%  |
| Net investment income (loss)  | 3.42%  | 2.62%  | 3.21%  | 3.57%  | 3.56%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $1446  | $502  | $426  | $1945  | $1745  |
| Portfolio turnover rate <sup>H</sup>  | 75%  | 103%  | 116%  | 144%  | 118%  |

---

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

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

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.61  | $11.69  | $11.34  | $10.65  | $11.40  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .346  | .293  | .348  | .389  | .385 <sup>C</sup>  |
| Net realized and unrealized gain (loss)  | (1.675)  | .108  | .471  | .745  | (.709) <sup>C</sup>  |
| Total from investment operations  | (1.329)  | .401  | .819  | 1.134  | (.324)  |
| Distributions from net investment income  | (.355)  | (.292)  | (.357)  | (.359)  | (.418)  |
| Distributions from net realized gain  | (.011)  | (.189)  | (.112)  | (.085)  | (.008)  |
| Tax return of capital  | (.015)  | -  | -  | -  | -  |
| Total distributions  | (.381)  | (.481)  | (.469)  | (.444)  | (.426)  |
| Net asset value, end of period  | $9.90  | $11.61  | $11.69  | $11.34  | $10.65  |
| **Total Return** <sup>D,E</sup>  | (11.52)%  | 3.44%  | 7.25%  | 10.66%  | (2.82)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .92%  | .91%  | .92%  | .92%  | .91%  |
| Expenses net of fee waivers, if any  | .91%  | .91%  | .92%  | .92%  | .91%  |
| Expenses net of all reductions  | .91%  | .91%  | .91%  | .91%  | .91%  |
| Net investment income (loss)  | 3.27%  | 2.47%  | 3.07%  | 3.42%  | 3.41%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $507410  | $619208  | $534029  | $502859  | $397785  |
| Portfolio turnover rate <sup>H</sup>  | 75%  | 103%  | 116%  | 144%  | 118%  |

---

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

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

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.70  | $11.77  | $11.41  | $10.71  | $11.46  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .372  | .322  | .375  | .416  | .413 <sup>C</sup>  |
| Net realized and unrealized gain (loss)  | (1.689)  | .114  | .478  | .750  | (.715) <sup>C</sup>  |
| Total from investment operations  | (1.317)  | .436  | .853  | 1.166  | (.302)  |
| Distributions from net investment income  | (.376)  | (.316)  | (.381)  | (.381)  | (.440)  |
| Distributions from net realized gain  | (.011)  | (.190)  | (.112)  | (.085)  | (.008)  |
| Tax return of capital  | (.016)  | -  | -  | -  | -  |
| Total distributions  | (.403)  | (.506)  | (.493)  | (.466)  | (.448)  |
| Net asset value, end of period  | $9.98  | $11.70  | $11.77  | $11.41  | $10.71  |
| **Total Return** <sup>D,E</sup>  | (11.33)%  | 3.72%  | 7.51%  | 10.89%  | (2.62)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .70%  | .69%  | .70%  | .70%  | .70%  |
| Expenses net of fee waivers, if any  | .70%  | .69%  | .70%  | .70%  | .70%  |
| Expenses net of all reductions  | .70%  | .69%  | .70%  | .70%  | .70%  |
| Net investment income (loss)  | 3.49%  | 2.69%  | 3.28%  | 3.63%  | 3.63%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $797276  | $986699  | $944625  | $969943  | $907456  |
| Portfolio turnover rate <sup>H</sup>  | 75%  | 103%  | 116%  | 144%  | 118%  |

---

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

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

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended December 31, 2022

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

---

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

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. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

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

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

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

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

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. 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. 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 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.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2022 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** 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. 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 interest. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in interest receivable.

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

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

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

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, defaulted bonds, market discount, partnerships, tax return of capital distribution, capital loss carryforwards and losses deferred due to wash sales and futures transactions.

For the period ended December 31, 2022, the Fund's distributions exceeded the aggregate amount of taxable income and net realized gains resulting in a return of capital for tax purposes. This was due to reductions in taxable income available for distribution after certain distributions had been made.

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**  | $25686566  |
| **Gross unrealized depreciation**  | <u>(164059208)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$(138372642)</u>  |
| **Tax Cost**  | <u>$1520137844</u>  |

---

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

---

| | |
|:---|:---|
| **Capital loss carryforward**  | <u>$(29553939)</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(138365683)</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  | $(25758195)  |
| Long-term  | <u>(3795744)</u>  |
| **Total capital loss carryforward**  | <u>$(29553939)</u>  |

---

At period end, the Fund was required to defer approximately $16,183 of losses on futures contracts.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022**  | **December 31, 2021**  |
| **Ordinary Income**  | $49257947  | $52461963  |
| **Long-term Capital Gains**  | 1586514  | 16491743  |
| **Tax Return of Capital**  | <u>2030056</u>  | <u>-</u>  |
| **Total**  | <u>$52874517</u>  | <u>$68953706</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 proceeds and value of these commitments are reflected in the Statement of Assets and Liabilities as "Receivable for TBA sale commitments" and "TBA sale commitments, at value," respectively.

**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 and forward foreign currency 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, 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):

---

| | |
|:---|:---|
| 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, 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. 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.

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**  |  |  |
| **Foreign Exchange Risk**  |  |  |
| Forward Foreign Currency Contracts  | <u>11004306</u>  | <u>(2454896)</u>  |
| **Total Foreign Exchange Risk**  | <u>11004306</u>  | <u>(2454896)</u>  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts  | (22847242)  | (352509)  |
| **Total Interest Rate Risk**  | <u>(22847242)</u>  | <u>(352509)</u>  |
| Totals  | <u>$(11842936)</u>  | <u>$(2807405)</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 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.

**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. 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 Strategic Income Portfolio**  | 573528526  | 703444219  |

---

**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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .55% of the Fund's average net assets.

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

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

---

| | |
|:---|:---|
| **Service Class**  | $942  |
| **Service Class 2**  | <u>1367218</u>  |
|  | <u>$1368160</u>  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets**  |
| **Initial Class**  | $51087  | .07  |
| **Service Class**  | 641  | .07  |
| **Service Class 2**  | 371883  | .07  |
| **Investor Class**  | <u>875152</u>  | .10  |
|  | <u>$1298763</u>  |  |

---

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

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **VIP Strategic Income Portfolio**  | .03  |

---

**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**  | $386  |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  | **Realized Gain (Loss) ($)**  |
| **VIP Strategic Income Portfolio**  | 1374557  | 1857302  | 494783  |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

---

| | |
|:---|:---|
|  | **Amount**  |
| **VIP Strategic Income Portfolio**  | $2645  |

---

**8. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS**  | **Security Lending Income From Securities Loaned to NFS**  | **Value of Securities Loaned to NFS at Period End**  |
| **VIP Strategic Income Portfolio**  | $3056  | $-  | $-  |

---

**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 $10,611.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $26,801.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2022**  | **Year ended** **December 31, 2021**  |
| **VIP Strategic Income Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $2803277  | $3507252  |
| Service Class  | 55406  | 20980  |
| Service Class 2  | 18909278  | 24471364  |
| Investor Class  | <u>31106556</u>  | <u>40954110</u>  |
| Total  | <u>$52874517</u>  | <u>$68953706</u>  |

---

**11. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares**  | **Shares**  | **Dollars**  | **Dollars**  |
|  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  |
| **VIP Strategic Income Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 841064  | 886557  | $9090677  | $10638576  |
| Reinvestment of distributions  | 273477  | 299350  | 2803277  | 3507252  |
| Shares redeemed  | <u>(1209024)</u>  | <u>(695312)</u>  | <u>(13041616)</u>  | <u>(8347425)</u>  |
| Net increase (decrease)  | <u>(94483)</u>  | <u>490595</u>  | <u>$(1147662)</u>  | <u>$5798403</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 128171  | 6908  | $1341550  | $83589  |
| Reinvestment of distributions  | 4346  | 628  | 44389  | 7345  |
| Shares redeemed  | <u>(30817)</u>  | <u>(815)</u>  | <u>(320481)</u>  | <u>(9769)</u>  |
| Net increase (decrease)  | <u>101700</u>  | <u>6721</u>  | <u>$1065458</u>  | <u>$81165</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 6071749  | 9835013  | $64807255  | $116858955  |
| Reinvestment of distributions  | 1866053  | 2112196  | 18909278  | 24471364  |
| Shares redeemed  | <u>(10027902)</u>  | <u>(4306582)</u>  | <u>(105870834)</u>  | <u>(51228532)</u>  |
| Net increase (decrease)  | <u>(2090100)</u>  | <u>7640627</u>  | <u>$(22154301)</u>  | <u>$90101787</u>  |
| **Investor Class**  |  |  |  |  |
| Shares sold  | 3624468  | 4444658  | $38688016  | $53219559  |
| Reinvestment of distributions  | 3046031  | 3510351  | 31106556  | 40954110  |
| Shares redeemed  | <u>(11134435)</u>  | <u>(3858381)</u>  | <u>(118855040)</u>  | <u>(46057405)</u>  |
| Net increase (decrease)  | <u>(4463936)</u>  | <u>4096628</u>  | <u>$(49060468)</u>  | <u>$48116264</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: Strategic Income Portfolio  | 61%  | 2  | 22%  |

---

**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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund 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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, issuers of privately offered securities, agent banks 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 15, 2023

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

**Trustees and Officers**

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

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 295 funds.

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

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

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

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

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

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

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

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

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

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

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity <sup>®</sup> funds (2001-2005), and managed a number of Fidelity <sup>®</sup> funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity <sup>®</sup> funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

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

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

<u>Independent Trustees:</u>

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

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

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2013-2016).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity <sup>®</sup> funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Mr. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity <sup>®</sup> funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity <sup>®</sup> funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016).

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

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

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

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

Laura M. Bishop (1961)

Year of Election or Appointment: 2022

Member of the Advisory Board

Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

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

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

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

Christopher M. Gouveia (1973)

Year of Election or Appointment: 2023

Chief Compliance Officer

Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia serves as Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

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

William Irving (1964)

Year of Election or Appointment: 2023

Vice President

Mr. Irving also serves as Vice President of other funds. Mr. Irving serves as Head of Fidelity Asset Management Solutions (2022-present) and is an employee of Fidelity Investments. Mr. Irving serves as President and Director of Fidelity Diversifying Solutions LLC (investment adviser firm, 2023-present) and President, Director, or Vice President of certain other Fidelity entities. Previously, Mr. Irving served as Chief Investment Officer (CIO) in the Global Asset Allocation division (2020-2022). Prior to that, he was Managing Director of Research in the Global Asset Allocation division (2018-2020) and portfolio manager of certain Fidelity <sup>®</sup> funds (2004-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

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

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

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

**Shareholder Expense Example**

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

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

***Actual Expenses***

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

***Hypothetical Example for Comparison Purposes***

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **VIP Strategic Income Portfolio**  |  |  |  |  |
| **Initial Class**  | .66%  |  |  |  |
| **Actual**  |  | $1000  | $1006.60  | $3.34  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.88  | $3.36  |
| **Service Class**  | .76%  |  |  |  |
| **Actual**  |  | $1000  | $1005.30  | $3.84  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.37  | $3.87  |
| **Service Class 2**  | .91%  |  |  |  |
| **Actual**  |  | $1000  | $1005.20  | $4.60  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.62  | $4.63  |
| **Investor Class**  | .69%  |  |  |  |
| **Actual**  |  | $1000  | $1006.20  | $3.49  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.73  | $3.52  |

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

*B 5% return per year before expenses*

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

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

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

A total of 11.00% 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 $34,044,766 of distributions paid in the calendar year 2021 as qualifying to be taxed as section 163(j) interest dividends.

Initial Class, Service Class, Service Class 2, and Investor Class designate 3% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

**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), votes on the renewal of the 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 has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The 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 funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class); (iii) the total costs of the services provided by and the profits realized by 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.

In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

**Nature, Extent, and Quality of Services Provided.** The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. 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. The Board also considered the steps Fidelity had taken to ensure the continued provision of high-quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

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

<u>Shareholder and Administrative Services.</u> The Board considered (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, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. 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 noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual 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, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

<u>Investment Performance.</u> The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about 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 considers annualized return information for the fund for different time periods, measured against one or more appropriate securities market 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 receives and considers 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 for specific 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 fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to appropriate peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; and fund cash flows and other factors. 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.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the representative class (Initial Class) and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year 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 considered the fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar Lipper investment objective categories aids the Board's comparison of management fees and total expense ratios by broadening the competitive group used for such comparison.

<u>Management Fee.</u> The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

![](img88139_9.jpg)

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2021.

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.

<u>Total Expense Ratio.</u> In its review of the total expense ratio of the representative class (Initial Class) of the fund, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. 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 the fund. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the total net expense ratio of the Initial Class ranked below the similar sales load structure group competitive median for 2021 and above the ASPG competitive median for 2021. The Board considered that when compared to an ASPG of classes with a multi-sector income objective, Initial Class was below median. The Board noted that the fund offers multiple classes, each of which has a different 12b-1 fee structure that 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 vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

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

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and 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 and the full Board approves such changes.

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 mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. 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 "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, 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 Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board also considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale 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) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) 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. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.

![](img88139_2.jpg) <br>

1.796350.120 VIPSI-ANN-0323

**Fidelity® Variable Insurance Products:**

**Freedom Income Portfolio**

**Freedom 2005 Portfolio**

**Freedom 2010 Portfolio**

**Freedom 2015 Portfolio**

**Freedom 2020 Portfolio**

**Freedom 2025 Portfolio**

**Freedom 2030 Portfolio**

**Freedom 2035 Portfolio**

**Freedom 2040 Portfolio**

**Freedom 2045 Portfolio**

**Freedom 2050 Portfolio**

**Freedom 2055 Portfolio**

**Freedom 2060 Portfolio**

**Freedom 2065 Portfolio**

**Annual Report**

**December 31, 2022**

![](img88158_1.jpg)

![](img88158_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[VIP Freedom Income Portfolio℠](#Sec_FundName1417)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1417)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1417)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1417)** |
| **[VIP Freedom 2005 Portfolio℠](#Sec_FundName1420)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1420)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1420)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1420)** |
| **[VIP Freedom 2010 Portfolio℠](#Sec_FundName1423)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1423)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1423)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1423)** |
| **[VIP Freedom 2015 Portfolio℠](#Sec_FundName1426)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1426)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1426)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1426)** |
| **[VIP Freedom 2020 Portfolio℠](#Sec_FundName1429)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1429)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1429)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1429)** |
| **[VIP Freedom 2025 Portfolio℠](#Sec_FundName1432)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1432)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1432)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1432)** |
| **[VIP Freedom 2030 Portfolio℠](#Sec_FundName1435)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1435)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1435)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1435)** |
| **[VIP Freedom 2035 Portfolio℠](#Sec_FundName2159)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary2159)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments2159)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements2159)** |
| **[VIP Freedom 2040 Portfolio℠](#Sec_FundName2162)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary2162)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments2162)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements2162)** |
| **[VIP Freedom 2045 Portfolio℠](#Sec_FundName2165)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary2165)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments2165)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements2165)** |
| **[VIP Freedom 2050 Portfolio℠](#Sec_FundName2168)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary2168)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments2168)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements2168)** |
| **[VIP Freedom 2055 Portfolio℠](#Sec_FundName3360)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary3360)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments3360)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements3360)** |
| **[VIP Freedom 2060 Portfolio℠](#Sec_FundName3361)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary3361)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments3361)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements3361)** |
| **[VIP Freedom 2065 Portfolio℠](#Sec_FundName3362)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary3362)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments3362)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements3362)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |
| **[Board Approval of Investment Advisory Contracts and Management Fees](#Sec_Board Approval of Investment Advisory Contracts and Management Fees)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2023 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Funds nor Fidelity Distributors Corporation is a bank.*

**VIP Freedom Income Portfolio℠**

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Initial Class  | &nbsp;&nbsp; -12.05%  | &nbsp;&nbsp; 1.96%  | &nbsp;&nbsp; 3.15%  |
| Service Class  | &nbsp;&nbsp; -12.06%  | &nbsp;&nbsp; 1.86%  | &nbsp;&nbsp; 3.05%  |
| Service Class 2  | &nbsp;&nbsp; -12.26%  | &nbsp;&nbsp; 1.69%  | &nbsp;&nbsp; 2.89%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Freedom Income Portfolio - Initial Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Aggregate Bond Index performed over the same period.  |
| ![](img88158_5.jpg)  |

---

**VIP Freedom 2005 Portfolio℠**

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Initial Class  | &nbsp;&nbsp; -12.37%  | &nbsp;&nbsp; 2.31%  | &nbsp;&nbsp; 4.08%  |
| Service Class  | &nbsp;&nbsp; -12.46%  | &nbsp;&nbsp; 2.21%  | &nbsp;&nbsp; 3.97%  |
| Service Class 2  | &nbsp;&nbsp; -12.56%  | &nbsp;&nbsp; 2.05%  | &nbsp;&nbsp; 3.83%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Freedom 2005 Portfolio - Initial Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Aggregate Bond Index performed over the same period.  |
| ![](img88158_6.jpg)  |

---

**VIP Freedom 2010 Portfolio℠**

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Initial Class  | &nbsp;&nbsp; -13.53%  | &nbsp;&nbsp; 2.80%  | &nbsp;&nbsp; 4.94%  |
| Service Class  | &nbsp;&nbsp; -13.57%  | &nbsp;&nbsp; 2.71%  | &nbsp;&nbsp; 4.84%  |
| Service Class 2  | &nbsp;&nbsp; -13.66%  | &nbsp;&nbsp; 2.55%  | &nbsp;&nbsp; 4.68%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Freedom 2010 Portfolio - Initial Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Aggregate Bond Index performed over the same period.  |
| ![](img88158_7.jpg)  |

---

**VIP Freedom 2015 Portfolio℠**

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Initial Class  | &nbsp;&nbsp; -14.60%  | &nbsp;&nbsp; 3.29%  | &nbsp;&nbsp; 5.52%  |
| Service Class  | &nbsp;&nbsp; -14.66%  | &nbsp;&nbsp; 3.19%  | &nbsp;&nbsp; 5.41%  |
| Service Class 2  | &nbsp;&nbsp; -14.79%  | &nbsp;&nbsp; 3.04%  | &nbsp;&nbsp; 5.26%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Freedom 2015 Portfolio - Initial Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Aggregate Bond Index performed over the same period.  |
| ![](img88158_8.jpg)  |

---

**VIP Freedom 2020 Portfolio℠**

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Initial Class  | &nbsp;&nbsp; -15.69%  | &nbsp;&nbsp; 3.73%  | &nbsp;&nbsp; 6.07%  |
| Service Class  | &nbsp;&nbsp; -15.83%  | &nbsp;&nbsp; 3.62%  | &nbsp;&nbsp; 5.96%  |
| Service Class 2  | &nbsp;&nbsp; -15.97%  | &nbsp;&nbsp; 3.47%  | &nbsp;&nbsp; 5.79%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Freedom 2020 Portfolio - Initial Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Aggregate Bond Index performed over the same period.  |
| ![](img88158_9.jpg)  |

---

**VIP Freedom 2025 Portfolio℠**

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Initial Class  | &nbsp;&nbsp; -16.43%  | &nbsp;&nbsp; 4.12%  | &nbsp;&nbsp; 6.78%  |
| Service Class  | &nbsp;&nbsp; -16.51%  | &nbsp;&nbsp; 4.00%  | &nbsp;&nbsp; 6.67%  |
| Service Class 2  | &nbsp;&nbsp; -16.64%  | &nbsp;&nbsp; 3.84%  | &nbsp;&nbsp; 6.51%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Freedom 2025 Portfolio - Initial Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img88158_10.jpg)  |

---

**VIP Freedom 2030 Portfolio℠**

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Initial Class  | &nbsp;&nbsp; -16.87%  | &nbsp;&nbsp; 4.61%  | &nbsp;&nbsp; 7.49%  |
| Service Class  | &nbsp;&nbsp; -16.94%  | &nbsp;&nbsp; 4.51%  | &nbsp;&nbsp; 7.38%  |
| Service Class 2  | &nbsp;&nbsp; -17.09%  | &nbsp;&nbsp; 4.34%  | &nbsp;&nbsp; 7.22%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Freedom 2030 Portfolio - Initial Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img88158_11.jpg)  |

---

**VIP Freedom 2035 Portfolio℠**

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Initial Class  | &nbsp;&nbsp; -17.69%  | &nbsp;&nbsp; 5.38%  | &nbsp;&nbsp; 8.39%  |
| Service Class  | &nbsp;&nbsp; -17.75%  | &nbsp;&nbsp; 5.28%  | &nbsp;&nbsp; 8.28%  |
| Service Class 2  | &nbsp;&nbsp; -17.89%  | &nbsp;&nbsp; 5.12%  | &nbsp;&nbsp; 8.11%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Freedom 2035 Portfolio - Initial Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img88158_12.jpg)  |

---

**VIP Freedom 2040 Portfolio℠**

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Initial Class  | &nbsp;&nbsp; -18.22%  | &nbsp;&nbsp; 5.89%  | &nbsp;&nbsp; 8.71%  |
| Service Class  | &nbsp;&nbsp; -18.30%  | &nbsp;&nbsp; 5.79%  | &nbsp;&nbsp; 8.60%  |
| Service Class 2  | &nbsp;&nbsp; -18.41%  | &nbsp;&nbsp; 5.62%  | &nbsp;&nbsp; 8.44%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Freedom 2040 Portfolio - Initial Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img88158_13.jpg)  |

---

**VIP Freedom 2045 Portfolio℠**

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Initial Class  | &nbsp;&nbsp; -18.21%  | &nbsp;&nbsp; 5.89%  | &nbsp;&nbsp; 8.78%  |
| Service Class  | &nbsp;&nbsp; -18.30%  | &nbsp;&nbsp; 5.78%  | &nbsp;&nbsp; 8.67%  |
| Service Class 2  | &nbsp;&nbsp; -18.42%  | &nbsp;&nbsp; 5.63%  | &nbsp;&nbsp; 8.51%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Freedom 2045 Portfolio - Initial Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img88158_14.jpg)  |

---

**VIP Freedom 2050 Portfolio℠**

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Initial Class  | &nbsp;&nbsp; -18.22%  | &nbsp;&nbsp; 5.89%  | &nbsp;&nbsp; 8.80%  |
| Service Class  | &nbsp;&nbsp; -18.31%  | &nbsp;&nbsp; 5.77%  | &nbsp;&nbsp; 8.69%  |
| Service Class 2  | &nbsp;&nbsp; -18.47%  | &nbsp;&nbsp; 5.61%  | &nbsp;&nbsp; 8.53%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Freedom 2050 Portfolio - Initial Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img88158_15.jpg)  |

---

**VIP Freedom 2055 Portfolio℠**

**Performance: The Bottom Line**

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

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

---

| | | |
|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Life of** <br> **Fund** <sup>A</sup>  |
| Initial Class  | &nbsp;&nbsp; -18.26%  | &nbsp;&nbsp; 6.95%  |
| Service Class  | &nbsp;&nbsp; -18.36%  | &nbsp;&nbsp; 6.84%  |
| Service Class 2  | &nbsp;&nbsp; -18.46%  | &nbsp;&nbsp; 6.69%  |

---

<sup>A</sup> From April 11, 2019

---

| |
|:---|
| **$10,000 Over Life of Fund**  |
| Let's say hypothetically that $10,000 was invested in VIP Freedom 2055 Portfolio - Initial Class, a class of the fund, on April 11, 2019, when the fund started. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img88158_16.jpg)  |

---

**VIP Freedom 2060 Portfolio℠**

**Performance: The Bottom Line**

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

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

---

| | | |
|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Life of** <br> **Fund** <sup>A</sup>  |
| Initial Class  | &nbsp;&nbsp; -18.19%  | &nbsp;&nbsp; 6.98%  |
| Service Class  | &nbsp;&nbsp; -18.27%  | &nbsp;&nbsp; 6.88%  |
| Service Class 2  | &nbsp;&nbsp; -18.38%  | &nbsp;&nbsp; 6.72%  |

---

<sup>A</sup> From April 11, 2019

---

| |
|:---|
| **$10,000 Over Life of Fund**  |
| Let's say hypothetically that $10,000 was invested in VIP Freedom 2060 Portfolio - Initial Class, a class of the fund, on April 11, 2019, when the fund started. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img88158_17.jpg)  |

---

**VIP Freedom 2065 Portfolio℠**

**Performance: The Bottom Line**

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

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

---

| | | |
|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Life of** <br> **Fund** <sup>A</sup>  |
| Initial Class  | &nbsp;&nbsp; -18.22%  | &nbsp;&nbsp; 6.97%  |
| Service Class  | &nbsp;&nbsp; -18.32%  | &nbsp;&nbsp; 6.86%  |
| Service Class 2  | &nbsp;&nbsp; -18.44%  | &nbsp;&nbsp; 6.69%  |

---

<sup>A</sup> From April 11, 2019

---

| |
|:---|
| **$10,000 Over Life of Fund**  |
| Let's say hypothetically that $10,000 was invested in VIP Freedom 2065 Portfolio - Initial Class, a class of the fund, on April 11, 2019, when the fund started. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img88158_18.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:**

Asset prices around the world experienced a synchronous downturn for most of 2022, as a multitude of crosscurrents challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy. This led to a broad retreat from risk and declining prices for stocks and bonds through September. In Q4, markets experienced a sharp reversal amid optimism on inflation and policy easing, and riskier assets rallied to cap a tumultuous year.

International equities returned -15.86% in 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. By region, emerging markets (-20%) and Europe ex U.K. (-17%) notably lagged. Conversely, the U.K. (-4%) held up best, followed by Asia Pacific ex Japan (-8%). Among the 11 sectors, information technology (-34%) fared worst. Communication services and consumer discretionary (-21% each) also trailed the broader market. In contrast, energy gained 9% amid elevated prices for oil and natural gas.

U.S. stocks returned -19.53% for the year, as measured by the Dow Jones U.S. Total Stock Market Index. Among sectors, communication services (-41%) lagged most, followed by consumer discretionary (-37%). Conversely, energy (+63%) led by a wide margin. The defensive utilities (+1%) sector also notably outperformed. Value stocks handily outpaced growth among all market capitalizations. Commodities gained 16.09%, according to the Bloomberg Commodity Index Total Return.

U.S. taxable investment-grade bonds returned -13.01% in 2022, per the Bloomberg U.S. Aggregate Bond Index, amid soaring inflation and rising interest rates. The Fed raised its benchmark rate seven times, by 4.25 percentage points, while allowing up to billions in U.S. Treasuries and mortgage bonds to mature monthly without investing the proceeds. U.S. investment-grade corporate bonds (-15.26%) trailed U.S. Treasuries (-12.46%), while commercial mortgage-backed securities (-10.91%) and agencies (-7.87%) also lost ground. Outside the index, leveraged loans (-0.61%) bested the returns for Treasury Inflation-Protected Securities (-11.85%), U.S. high-yield bonds (-11.21%) and emerging-markets debt (-16.45%).

**Comments from Co-Portfolio Managers Andrew Dierdorf and Brett Sumsion:**

For the year, the share classes of each VIP Freedom Fund posted a return ranging from about -12% for VIP Freedom Income Portfolio to roughly -18% for VIP Freedom 2065 Portfolio. Each Portfolio trailed its Composite index in 2022. Versus Composites, performance among the underlying investment funds caused the Portfolios' underperformance for the year. In particular, active security selection among non-U.S. equities detracted the most value, particularly among developed-markets equities. In this category, Fidelity <sup>®</sup> VIP Overseas Portfolio (-24.48%) underperformed its benchmark, the MSCI EAFE Index (-14.27%). Portfolio managers among underlying U.S. investment-grade bond funds also detracted from relative results, as did an underweighting in the asset class. An allocation to Fidelity <sup>®</sup> VIP Investment Grade Bond Portfolio notably hurt, as it lagged its benchmark, the Bloomberg U.S. Aggregate Bond Index. Conversely, top-down, active asset allocation decisions modestly contributed to the Portfolios' relative performance overall. Underweighting U.S. equities contributed the most, as this was one of the weaker-performing asset classes in 2022. A non-Composite allocation to high-yield bonds also added relative value, along with an overweighting in developed-markets equities. Elsewhere, outperformance among the underlying U.S. equity funds contributed to relative performance, especially investments in VIP Growth & Income Fund (-4.95%) and VIP Growth Portfolio (-24.46%), each of which outperformed its benchmark the past 12 months.

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

**VIP Freedom Income Portfolio℠** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Investment Grade Bond II Portfolio - Initial Class  | 36.8  |
| VIP Government Money Market Portfolio Initial Class 4.01%  | 19.8  |
| Fidelity Inflation-Protected Bond Index Fund  | 17.1  |
| VIP Overseas Portfolio Initial Class  | 6.6  |
| VIP Emerging Markets Portfolio Initial Class  | 6.0  |
| Fidelity Long-Term Treasury Bond Index Fund  | 3.6  |
| Fidelity International Bond Index Fund  | 2.6  |
| VIP High Income Portfolio Initial Class  | 1.7  |
| VIP Growth Portfolio Initial Class  | 1.6  |
| VIP Growth & Income Portfolio Initial Class  | 1.1  |
|  | 96.9  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88158_19.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP Freedom Income Portfolio℠**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 5.8%**  | &nbsp;&nbsp; **Domestic Equity Funds - 5.8%**  | &nbsp;&nbsp; **Domestic Equity Funds - 5.8%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Initial Class (a)  | 16793  | 636118  |
|  VIP Equity-Income Portfolio Initial Class (a)  | 24193  | 569993  |
|  VIP Growth & Income Portfolio Initial Class (a)  | 30707  | 737590  |
|  VIP Growth Portfolio Initial Class (a)  | 13971  | 999040  |
|  VIP Mid Cap Portfolio Initial Class (a)  | 5437  | 177905  |
|  VIP Value Portfolio Initial Class (a)  | 24568  | 411018  |
|  VIP Value Strategies Portfolio Initial Class (a)  | 14168  | 203736  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $2,780,882)  |  | **3735400**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 12.6%**  | &nbsp;&nbsp; **International Equity Funds - 12.6%**  | &nbsp;&nbsp; **International Equity Funds - 12.6%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Initial Class (a)  | 384623  | 3796226  |
|  VIP Overseas Portfolio Initial Class (a)  | 195323  | 4238514  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $7,353,326)  |  | **8034740**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 61.8%**  | &nbsp;&nbsp; **Bond Funds - 61.8%**  | &nbsp;&nbsp; **Bond Funds - 61.8%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 1213349  | 10944412  |
|  Fidelity International Bond Index Fund (a)  | 185020  | 1630025  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 229350  | 2325613  |
|  VIP High Income Portfolio Initial Class (a)  | 239433  | 1055901  |
|  VIP Investment Grade Bond II Portfolio - Initial Class (a)  | 2526759  | 23473593  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $43,197,095)  |  | **39429544**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 19.8%**  | &nbsp;&nbsp; **Short-Term Funds - 19.8%**  | &nbsp;&nbsp; **Short-Term Funds - 19.8%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Initial Class 4.01% (a)(b) <br>(Cost $12,614,424) <br>| 12614424  | **12614424**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $65,945,727) <br>| <br>**63814108**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(6287)**  |
| **NET ASSETS - 100.0%**  | **63807821**  |

---

**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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 11367795  | 6685846  | 4837061  | 890761  | (79158)  | (2193010)  | 10944412  |
|  Fidelity International Bond Index Fund  | 1170859  | 1312403  | 667280  | 15739  | (15700)  | (170257)  | 1630025  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 2168551  | 2000413  | 1085514  | 56134  | (61174)  | (696663)  | 2325613  |
|  VIP Contrafund Portfolio Initial Class  | 934738  | 677665  | 698028  | 37021  | (13566)  | (264691)  | 636118  |
|  VIP Emerging Markets Portfolio Initial Class  | 5301766  | 2859014  | 3274987  | 73745  | (191912)  | (897655)  | 3796226  |
|  VIP Equity-Income Portfolio Initial Class  | 988776  | 569326  | 904032  | 30991  | 39152  | (123229)  | 569993  |
|  VIP Government Money Market Portfolio Initial Class 4.01%  | 15989051  | 5514916  | 8889543  | 178679  | -  | -  | 12614424  |
|  VIP Growth & Income Portfolio Initial Class  | 1125586  | 724777  | 1034940  | 27325  | 90260  | (168093)  | 737590  |
|  VIP Growth Portfolio Initial Class  | 955875  | 1196049  | 838385  | 70055  | (33785)  | (280714)  | 999040  |
|  VIP High Income Portfolio Initial Class  | 1559293  | 505291  | 801263  | 56171  | (58061)  | (149359)  | 1055901  |
|  VIP Investment Grade Bond II Portfolio - Initial Class  | -  | 30204126  | 4976302  | 442931  | (86782)  | (1667449)  | 23473593  |
|  VIP Investment Grade Bond Portfolio Initial Class  | 29871096  | 5274183  | 31513290  | 1300586  | (2846561)  | (785428)  | -  |
|  VIP Mid Cap Portfolio Initial Class  | 274233  | 157245  | 201081  | 14615  | (2397)  | (50095)  | 177905  |
|  VIP Overseas Portfolio Initial Class  | 5390772  | 3217056  | 2925022  | 87710  | (224584)  | (1219708)  | 4238514  |
|  VIP Value Portfolio Initial Class  | 724943  | 377522  | 639642  | 22812  | 68049  | (119854)  | 411018  |
|  VIP Value Strategies Portfolio Initial Class  | 355161  | 169631  | 284962  | 13235  | 29501  | (65595)  | 203736  |
|  | 78178495  | 61445463  | 63571332  | 3318510  | (3386718)  | (8851800)  | 63814108  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 3735400  | 3735400  | -  | -  |
|  International Equity Funds  | 8034740  | 8034740  | -  | -  |
|  Bond Funds  | 39429544  | 39429544  | -  | -  |
|  Short-Term Funds  | 12614424  | 12614424  | -  | -  |
| **Total Investments in Securities:**  | 63814108  | 63814108  | -  | -  |

---

**VIP Freedom Income Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $65,945,727)  | 63814108  |  |
|  Total Investment in Securities (cost $65,945,727)  |  | $63814108  |
| Receivable for investments sold  |  | 424818  |
|  Receivable for fund shares sold  |  | 424352  |
| **Total assets**  |  | 64663278  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $572966  |  |
|  Payable for fund shares redeemed  | 276226  |  |
|  Distribution and service plan fees payable  | 6265  |  |
| **Total Liabilities**  |  | 855457  |
| **Net Assets**  |  | $63807821  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $67258383  |
|  Total accumulated earnings (loss)  |  | (3450562)  |
|  **Net Assets**  |  | $63807821  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($15,085,179 ÷ 1,421,340 shares)  |  | $10.61  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($31,739,018 ÷ 2,994,250 shares)  |  | $10.60  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($16,983,624 ÷ 1,607,694 shares)  |  | $10.56  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 1803516  |
|  **Expenses**  |  |  |
| Distribution and service plan fees  | 86850  |  |
| Independent trustees' fees and expenses  | 217  |  |
| **Total Expenses**  |  | 87067  |
| **Net Investment income (loss)**  |  | 1716449  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (3386718)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 1514994  |  |
| Total net realized gain (loss)  |  | (1871724)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (8851800)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (8851800)  |
| **Net gain (loss)**  |  | (10723524)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(9007075)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $1716449  | $1363822  |
| &nbsp;&nbsp; Net realized gain (loss)  | (1871724) <br>| 2945032 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (8851800)  | (1855194) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (9007075) <br>| 2453660 <br>|
| Distributions to shareholders  | (3781431) <br>| (2360060) <br>|
| Share transactions - net increase (decrease)  | (1573541) <br>| 893465 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (14362047) <br>| 987065 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 78169868  | 77182803 <br>|
| &nbsp;&nbsp; End of period  | $63807821  | $78169868  |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.76  | $12.74  | $11.89  | $11.08  | $11.63  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .30  | .24  | .17  | .27  | .22  |
| Net realized and unrealized gain (loss)  | (1.79)  | .18  | 1.06  | 1.03  | (.45)  |
| Total from investment operations  | (1.49)  | .42  | 1.23  | 1.30  | (.23)  |
| Distributions from net investment income  | (.26)  | (.13)  | (.16)  | (.25)  | (.20)  |
| Distributions from net realized gain  | (.40)  | (.27)  | (.22)  | (.25)  | (.13)  |
| Total distributions  | (.66)  | (.40)  | (.38)  | (.49) <sup>C</sup>  | (.32) <sup>C</sup>  |
| Net asset value, end of period  | $10.61  | $12.76  | $12.74  | $11.89  | $11.08  |
| **Total Return** <sup>D,E</sup>  | (12.05)%  | 3.35%  | 10.47%  | 11.94%  | (1.96)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.71%  | 1.85%  | 1.40%  | 2.31%  | 1.90%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $15085  | $17011  | $16854  | $14870  | $14582  |
| Portfolio turnover rate <sup>I</sup>  | 91%  | 52%  | 66%  | 40%  | 48%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.74  | $12.73  | $11.88  | $11.07  | $11.63  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .29  | .22  | .16  | .26  | .21  |
| Net realized and unrealized gain (loss)  | (1.77)  | .18  | 1.06  | 1.03  | (.46)  |
| Total from investment operations  | (1.48)  | .40  | 1.22  | 1.29  | (.25)  |
| Distributions from net investment income  | (.25)  | (.12)  | (.15)  | (.24)  | (.19)  |
| Distributions from net realized gain  | (.40)  | (.27)  | (.22)  | (.25)  | (.13)  |
| Total distributions  | (.66) <sup>C</sup>  | (.39)  | (.37)  | (.48) <sup>C</sup>  | (.31) <sup>C</sup>  |
| Net asset value, end of period  | $10.60  | $12.74  | $12.73  | $11.88  | $11.07  |
| **Total Return** <sup>D,E</sup>  | (12.06)%  | 3.17%  | 10.38%  | 11.87%  | (2.12)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 2.61%  | 1.75%  | 1.30%  | 2.21%  | 1.80%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $31739  | $32637  | $32810  | $24831  | $14591  |
| Portfolio turnover rate <sup>H</sup>  | 91%  | 52%  | 66%  | 40%  | 48%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.69  | $12.68  | $11.83  | $11.03  | $11.59  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .27  | .20  | .14  | .24  | .19  |
| Net realized and unrealized gain (loss)  | (1.77)  | .18  | 1.06  | 1.02  | (.45)  |
| Total from investment operations  | (1.50)  | .38  | 1.20  | 1.26  | (.26)  |
| Distributions from net investment income  | (.22)  | (.10)  | (.13)  | (.22)  | (.17)  |
| Distributions from net realized gain  | (.40)  | (.27)  | (.22)  | (.25)  | (.13)  |
| Total distributions  | (.63) <sup>C</sup>  | (.37)  | (.35)  | (.46) <sup>C</sup>  | (.30)  |
| Net asset value, end of period  | $10.56  | $12.69  | $12.68  | $11.83  | $11.03  |
| **Total Return** <sup>D,E</sup>  | (12.26)%  | 3.03%  | 10.29%  | 11.63%  | (2.27)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 2.46%  | 1.60%  | 1.15%  | 2.06%  | 1.65%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $16984  | $28521  | $27518  | $18333  | $15459  |
| Portfolio turnover rate <sup>H</sup>  | 91%  | 52%  | 66%  | 40%  | 48%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

**VIP Freedom 2005 Portfolio℠** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Investment Grade Bond II Portfolio - Initial Class  | 36.4  |
| VIP Government Money Market Portfolio Initial Class 4.01%  | 19.0  |
| Fidelity Inflation-Protected Bond Index Fund  | 17.0  |
| VIP Overseas Portfolio Initial Class  | 7.0  |
| VIP Emerging Markets Portfolio Initial Class  | 6.1  |
| Fidelity Long-Term Treasury Bond Index Fund  | 3.7  |
| Fidelity International Bond Index Fund  | 2.6  |
| VIP Growth Portfolio Initial Class  | 1.8  |
| VIP High Income Portfolio Initial Class  | 1.6  |
| VIP Growth & Income Portfolio Initial Class  | 1.3  |
|  | 96.5  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88158_20.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP Freedom 2005 Portfolio℠**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 6.6%**  | &nbsp;&nbsp; **Domestic Equity Funds - 6.6%**  | &nbsp;&nbsp; **Domestic Equity Funds - 6.6%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Initial Class (a)  | 3086  | 116910  |
|  VIP Equity-Income Portfolio Initial Class (a)  | 4446  | 104759  |
|  VIP Growth & Income Portfolio Initial Class (a)  | 5644  | 135561  |
|  VIP Growth Portfolio Initial Class (a)  | 2568  | 183611  |
|  VIP Mid Cap Portfolio Initial Class (a)  | 999  | 32695  |
|  VIP Value Portfolio Initial Class (a)  | 4515  | 75539  |
|  VIP Value Strategies Portfolio Initial Class (a)  | 2604  | 37443  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $449,312)  |  | **686518**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 13.1%**  | &nbsp;&nbsp; **International Equity Funds - 13.1%**  | &nbsp;&nbsp; **International Equity Funds - 13.1%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Initial Class (a)  | 64019  | 631871  |
|  VIP Overseas Portfolio Initial Class (a)  | 33524  | 727465  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $1,182,432)  |  | **1359336**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 61.3%**  | &nbsp;&nbsp; **Bond Funds - 61.3%**  | &nbsp;&nbsp; **Bond Funds - 61.3%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 195525  | 1763637  |
|  Fidelity International Bond Index Fund (a)  | 30568  | 269304  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 38019  | 385513  |
|  VIP High Income Portfolio Initial Class (a)  | 38947  | 171757  |
|  VIP Investment Grade Bond II Portfolio - Initial Class (a)  | 406543  | 3776786  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $6,963,280)  |  | **6366997**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 19.0%**  | &nbsp;&nbsp; **Short-Term Funds - 19.0%**  | &nbsp;&nbsp; **Short-Term Funds - 19.0%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Initial Class 4.01% (a)(b) <br>(Cost $1,966,265) <br>| 1966265  | **1966265**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $10,561,289) <br>| <br>**10379116**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **3686**  |
| **NET ASSETS - 100.0%**  | **10382802**  |

---

**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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 1992125  | 824307  | 673784  | 147645  | (17087)  | (361924)  | 1763637  |
|  Fidelity International Bond Index Fund  | 218817  | 184741  | 101108  | 2734  | (4060)  | (29086)  | 269304  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 402147  | 275806  | 155642  | 9873  | (7865)  | (128933)  | 385513  |
|  VIP Contrafund Portfolio Initial Class  | 213143  | 94667  | 130534  | 7150  | 7170  | (67536)  | 116910  |
|  VIP Emerging Markets Portfolio Initial Class  | 1007343  | 352997  | 518569  | 12247  | (37016)  | (172884)  | 631871  |
|  VIP Equity-Income Portfolio Initial Class  | 225474  | 73869  | 176702  | 5775  | 14194  | (32076)  | 104759  |
|  VIP Government Money Market Portfolio Initial Class 4.01%  | 2654771  | 550950  | 1239450  | 27948  | (6)  | -  | 1966265  |
|  VIP Growth & Income Portfolio Initial Class  | 256664  | 99557  | 204054  | 5130  | 49504  | (66110)  | 135561  |
|  VIP Growth Portfolio Initial Class  | 217982  | 187392  | 154686  | 14523  | (6325)  | (60752)  | 183611  |
|  VIP High Income Portfolio Initial Class  | 282012  | 49130  | 123521  | 9103  | (8858)  | (27006)  | 171757  |
|  VIP Investment Grade Bond II Portfolio - Initial Class  | -  | 4750831  | 685122  | 70904  | (13670)  | (275253)  | 3776786  |
|  VIP Investment Grade Bond Portfolio Initial Class  | 5262425  | 655288  | 5275252  | 227666  | (386707)  | (255754)  | -  |
|  VIP Mid Cap Portfolio Initial Class  | 62536  | 21009  | 39313  | 2926  | 489  | (12026)  | 32695  |
|  VIP Overseas Portfolio Initial Class  | 1096126  | 432011  | 510499  | 16181  | (44517)  | (245656)  | 727465  |
|  VIP Value Portfolio Initial Class  | 165310  | 49249  | 128499  | 4557  | 22234  | (32755)  | 75539  |
|  VIP Value Strategies Portfolio Initial Class  | 80987  | 20853  | 56903  | 2554  | 8834  | (16328)  | 37443  |
|  | 14137862  | 8622657  | 10173638  | 566916  | (423686)  | (1784079)  | 10379116  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 686518  | 686518  | -  | -  |
|  International Equity Funds  | 1359336  | 1359336  | -  | -  |
|  Bond Funds  | 6366997  | 6366997  | -  | -  |
|  Short-Term Funds  | 1966265  | 1966265  | -  | -  |
| **Total Investments in Securities:**  | 10379116  | 10379116  | -  | -  |

---

**VIP Freedom 2005 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $10,561,289)  | 10379116  |  |
|  Total Investment in Securities (cost $10,561,289)  |  | $10379116  |
|  Cash  |  | 14  |
| Receivable for investments sold  |  | 63375  |
|  Receivable for fund shares sold  |  | 50  |
| **Total assets**  |  | 10442555  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 56984  |  |
|  Payable for fund shares redeemed  | 2518  |  |
|  Distribution and service plan fees payable  | 251  |  |
| **Total Liabilities**  |  | 59753  |
| **Net Assets**  |  | $10382802  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $10607770  |
|  Total accumulated earnings (loss)  |  | (224968)  |
|  **Net Assets**  |  | $10382802  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($7,541,183 ÷ 683,573 shares)  |  | $11.03  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($2,681,735 ÷ 241,312 shares)  |  | $11.11  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($159,884 ÷ 14,524 shares)  |  | $11.01  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 296445  |
|  **Expenses**  |  |  |
| Distribution and service plan fees  | 3486  |  |
| Independent trustees' fees and expenses  | 38  |  |
| **Total Expenses**  |  | 3524  |
| **Net Investment income (loss)**  |  | 292921  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (423686)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 270471  |  |
| Total net realized gain (loss)  |  | (153215)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (1784079)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (1784079)  |
| **Net gain (loss)**  |  | (1937294)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(1644373)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $292921  | $260834  |
| &nbsp;&nbsp; Net realized gain (loss)  | (153215) <br>| 884110 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (1784079)  | (552765) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (1644373) <br>| 592179 <br>|
| Distributions to shareholders  | (995952) <br>| (542304) <br>|
| Share transactions - net increase (decrease)  | (1114383) <br>| (1953374) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (3754708) <br>| (1903499) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 14137510  | 16041009 <br>|
| &nbsp;&nbsp; End of period  | $10382802  | $14137510  |

---

**Financial Highlights** 

 **VIP Freedom 2005 Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.67  | $13.63  | $12.75  | $11.65  | $12.39  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .30  | .25  | .17  | .27  | .22  |
| Net realized and unrealized gain (loss)  | (1.90)  | .30  | 1.23  | 1.32  | (.58)  |
| Total from investment operations  | (1.60)  | .55  | 1.40  | 1.59  | (.36)  |
| Distributions from net investment income  | (.27)  | (.15)  | (.17)  | (.27)  | (.20)  |
| Distributions from net realized gain  | (.77)  | (.36)  | (.35)  | (.22)  | (.17)  |
| Total distributions  | (1.04)  | (.51)  | (.52)  | (.49)  | (.38) <sup>C</sup>  |
| Net asset value, end of period  | $11.03  | $13.67  | $13.63  | $12.75  | $11.65  |
| **Total Return** <sup>D,E</sup>  | (12.37)%  | 4.09%  | 11.25%  | 13.81%  | (2.95)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.57%  | 1.82%  | 1.31%  | 2.18%  | 1.80%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $7541  | $9853  | $10082  | $9364  | $8191  |
| Portfolio turnover rate <sup>I</sup>  | 74%  | 31%  | 54%  | 24%  | 32%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

 **VIP Freedom 2005 Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.76  | $13.71  | $12.83  | $11.72  | $12.46  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .29  | .24  | .16  | .26  | .21  |
| Net realized and unrealized gain (loss)  | (1.91)  | .30  | 1.23  | 1.33  | (.58)  |
| Total from investment operations  | (1.62)  | .54  | 1.39  | 1.59  | (.37)  |
| Distributions from net investment income  | (.26)  | (.14)  | (.16)  | (.26)  | (.20)  |
| Distributions from net realized gain  | (.77)  | (.36)  | (.35)  | (.22)  | (.17)  |
| Total distributions  | (1.03)  | (.49) <sup>C</sup>  | (.51)  | (.48)  | (.37)  |
| Net asset value, end of period  | $11.11  | $13.76  | $13.71  | $12.83  | $11.72  |
| **Total Return** <sup>D,E</sup>  | (12.46)%  | 4.02%  | 11.07%  | 13.71%  | (3.01)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 2.47%  | 1.72%  | 1.21%  | 2.08%  | 1.70%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $2682  | $4080  | $5673  | $4248  | $2279  |
| Portfolio turnover rate <sup>H</sup>  | 74%  | 31%  | 54%  | 24%  | 32%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

 **VIP Freedom 2005 Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.64  | $13.59  | $12.72  | $11.62  | $12.37  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .27  | .21  | .14  | .24  | .19  |
| Net realized and unrealized gain (loss)  | (1.89)  | .30  | 1.22  | 1.32  | (.59)  |
| Total from investment operations  | (1.62)  | .51  | 1.36  | 1.56  | (.40)  |
| Distributions from net investment income  | (.24)  | (.10)  | (.14)  | (.24)  | (.18)  |
| Distributions from net realized gain  | (.77)  | (.36)  | (.35)  | (.22)  | (.17)  |
| Total distributions  | (1.01)  | (.46)  | (.49)  | (.46)  | (.35)  |
| Net asset value, end of period  | $11.01  | $13.64  | $13.59  | $12.72  | $11.62  |
| **Total Return** <sup>C</sup>  | (12.56)%  | 3.82%  | 10.93%  | 13.60%  | (3.24)%  |
| **Ratios to Average Net Assets** <sup>B,D,E</sup>  |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 2.32%  | 1.57%  | 1.06%  | 1.93%  | 1.55%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $160  | $204  | $286  | $178  | $121  |
| Portfolio turnover rate <sup>F</sup>  | 74%  | 31%  | 54%  | 24%  | 32%  |

---

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

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

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

<sup>D</sup> *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.*

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

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

**VIP Freedom 2010 Portfolio℠** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Investment Grade Bond II Portfolio - Initial Class  | 33.6  |
| Fidelity Inflation-Protected Bond Index Fund  | 15.9  |
| VIP Government Money Market Portfolio Initial Class 4.01%  | 13.4  |
| VIP Overseas Portfolio Initial Class  | 9.5  |
| VIP Emerging Markets Portfolio Initial Class  | 7.1  |
| Fidelity Long-Term Treasury Bond Index Fund  | 3.9  |
| VIP Growth Portfolio Initial Class  | 3.2  |
| Fidelity International Bond Index Fund  | 2.9  |
| VIP Growth & Income Portfolio Initial Class  | 2.4  |
| VIP Contrafund Portfolio Initial Class  | 2.0  |
|  | 93.9  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88158_21.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP Freedom 2010 Portfolio℠**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 12.0%**  | &nbsp;&nbsp; **Domestic Equity Funds - 12.0%**  | &nbsp;&nbsp; **Domestic Equity Funds - 12.0%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Initial Class (a)  | 153384  | 5810168  |
|  VIP Equity-Income Portfolio Initial Class (a)  | 220980  | 5206288  |
|  VIP Growth & Income Portfolio Initial Class (a)  | 280477  | 6737047  |
|  VIP Growth Portfolio Initial Class (a)  | 127603  | 9124888  |
|  VIP Mid Cap Portfolio Initial Class (a)  | 49658  | 1624817  |
|  VIP Value Portfolio Initial Class (a)  | 224390  | 3754040  |
|  VIP Value Strategies Portfolio Initial Class (a)  | 129400  | 1860776  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $32,601,496)  |  | **34118024**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 16.6%**  | &nbsp;&nbsp; **International Equity Funds - 16.6%**  | &nbsp;&nbsp; **International Equity Funds - 16.6%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Initial Class (a)  | 2049455  | 20228126  |
|  VIP Overseas Portfolio Initial Class (a)  | 1253959  | 27210917  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $47,218,148)  |  | **47439043**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 58.0%**  | &nbsp;&nbsp; **Bond Funds - 58.0%**  | &nbsp;&nbsp; **Bond Funds - 58.0%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 5026870  | 45342367  |
|  Fidelity International Bond Index Fund (a)  | 931186  | 8203752  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 1106821  | 11223163  |
|  VIP High Income Portfolio Initial Class (a)  | 1070684  | 4721716  |
|  VIP Investment Grade Bond II Portfolio - Initial Class (a)  | 10310154  | 95781331  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $180,873,659)  |  | **165272329**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 13.4%**  | &nbsp;&nbsp; **Short-Term Funds - 13.4%**  | &nbsp;&nbsp; **Short-Term Funds - 13.4%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Initial Class 4.01% (a)(b) <br>(Cost $38,322,895) <br>| 38322895  | **38322895**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $299,016,198) <br>| <br>**285152291**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(53534)**  |
| **NET ASSETS - 100.0%**  | **285098757**  |

---

**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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 47495943  | 94687166  | 87252332  | 3701114  | 408363  | (9996773)  | 45342367  |
|  Fidelity International Bond Index Fund  | 6273471  | 18515299  | 15593554  | 81916  | (586214)  | (405250)  | 8203752  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 10872986  | 22411220  | 18193428  | 283263  | (1081708)  | (2785907)  | 11223163  |
|  VIP Contrafund Portfolio Initial Class  | 9089903  | 15241260  | 15824400  | 346937  | 2566309  | (5262904)  | 5810168  |
|  VIP Emerging Markets Portfolio Initial Class  | 30346002  | 50464654  | 54082031  | 393404  | 1352794  | (7853293)  | 20228126  |
|  VIP Equity-Income Portfolio Initial Class  | 9615670  | 14729091  | 18329263  | 285728  | 1956977  | (2766187)  | 5206288  |
|  VIP Government Money Market Portfolio Initial Class 4.01%  | 51966048  | 79295469  | 92938622  | 535863  | -  | -  | 38322895  |
|  VIP Growth & Income Portfolio Initial Class  | 10945941  | 17370670  | 20823269  | 252982  | 4532201  | (5288496)  | 6737047  |
|  VIP Growth Portfolio Initial Class  | 9296427  | 19918161  | 17077465  | 679014  | 3093025  | (6105260)  | 9124888  |
|  VIP High Income Portfolio Initial Class  | 7415524  | 9465944  | 11182127  | 252142  | (540889)  | (436736)  | 4721716  |
|  VIP Investment Grade Bond II Portfolio - Initial Class  | -  | 117132077  | 14121223  | 1801048  | (454517)  | (6775006)  | 95781331  |
|  VIP Investment Grade Bond Portfolio Initial Class  | 126808735  | 184553108  | 295357839  | 5783782  | (11465649)  | (4538355)  | -  |
|  VIP Mid Cap Portfolio Initial Class  | 2666893  | 4219945  | 4750151  | 138399  | 345200  | (857070)  | 1624817  |
|  VIP Overseas Portfolio Initial Class  | 38344118  | 68367153  | 69131144  | 602702  | 5506090  | (15875300)  | 27210917  |
|  VIP Value Portfolio Initial Class  | 7049870  | 10661671  | 13483330  | 217034  | 2161942  | (2636113)  | 3754040  |
|  VIP Value Strategies Portfolio Initial Class  | 3453793  | 5100844  | 6354325  | 123418  | 1194558  | (1534094)  | 1860776  |
|  | 371641324  | 732133732  | 754494503  | 15478746  | 8988482  | (73116744)  | 285152291  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 34118024  | 34118024  | -  | -  |
|  International Equity Funds  | 47439043  | 47439043  | -  | -  |
|  Bond Funds  | 165272329  | 165272329  | -  | -  |
|  Short-Term Funds  | 38322895  | 38322895  | -  | -  |
| **Total Investments in Securities:**  | 285152291  | 285152291  | -  | -  |

---

**VIP Freedom 2010 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $299,016,198)  | 285152291  |  |
|  Total Investment in Securities (cost $299,016,198)  |  | $285152291  |
| Receivable for investments sold  |  | 2284993  |
|  Receivable for fund shares sold  |  | 220  |
| **Total assets**  |  | 287437504  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 2084540  |  |
|  Payable for fund shares redeemed  | 199190  |  |
|  Distribution and service plan fees payable  | 55017  |  |
| **Total Liabilities**  |  | 2338747  |
| **Net Assets**  |  | $285098757  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $279493622  |
|  Total accumulated earnings (loss)  |  | 5605135  |
|  **Net Assets**  |  | $285098757  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($12,297,551 ÷ 1,064,263 shares)  |  | $11.55  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($21,518,240 ÷ 1,865,274 shares)  |  | $11.54  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($251,282,966 ÷ 21,929,152 shares)  |  | $11.46  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 7740853  |
|  **Expenses**  |  |  |
| Distribution and service plan fees  | 716506  |  |
| Independent trustees' fees and expenses  | 1027  |  |
| **Total Expenses**  |  | 717533  |
| **Net Investment income (loss)**  |  | 7023320  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | 8988482  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 7737893  |  |
| Total net realized gain (loss)  |  | 16726375  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (73116744)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (73116744)  |
| **Net gain (loss)**  |  | (56390369)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(49367049)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $7023320  | $5971829  |
| &nbsp;&nbsp; Net realized gain (loss)  | 16726375 <br>| 23262138 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (73116744)  | (8646332) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (49367049) <br>| 20587635 <br>|
| Distributions to shareholders  | (25871592) <br>| (16036037) <br>|
| Share transactions - net increase (decrease)  | (11233633) <br>| 3567481 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (86472274) <br>| 8119079 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 371571031  | 363451952 <br>|
| &nbsp;&nbsp; End of period  | $285098757  | $371571031  |

---

**Financial Highlights** 

 **VIP Freedom 2010 Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.45  | $14.28  | $13.42  | $12.32  | $13.43  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .30  | .26  | .18  | .28  | .22  |
| Net realized and unrealized gain (loss)  | (2.16)  | .56  | 1.44  | 1.65  | (.75)  |
| Total from investment operations  | (1.86)  | .82  | 1.62  | 1.93  | (.53)  |
| Distributions from net investment income  | (.27)  | (.15)  | (.18)  | (.28)  | (.22)  |
| Distributions from net realized gain  | (.77)  | (.50)  | (.58)  | (.55)  | (.37)  |
| Total distributions  | (1.04)  | (.65)  | (.76)  | (.83)  | (.58) <sup>C</sup>  |
| Net asset value, end of period  | $11.55  | $14.45  | $14.28  | $13.42  | $12.32  |
| **Total Return** <sup>D,E</sup>  | (13.53)%  | 5.89%  | 12.49%  | 16.09%  | (4.00)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.47%  | 1.82%  | 1.34%  | 2.15%  | 1.66%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $12298  | $16685  | $19195  | $17895  | $16991  |
| Portfolio turnover rate <sup>I</sup>  | 231%  | 29%  | 40%  | 28%  | 31%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

 **VIP Freedom 2010 Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.43  | $14.26  | $13.40  | $12.30  | $13.41  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .29  | .25  | .16  | .27  | .20  |
| Net realized and unrealized gain (loss)  | (2.15)  | .56  | 1.44  | 1.64  | (.74)  |
| Total from investment operations  | (1.86)  | .81  | 1.60  | 1.91  | (.54)  |
| Distributions from net investment income  | (.26)  | (.14)  | (.16)  | (.27)  | (.20)  |
| Distributions from net realized gain  | (.77)  | (.50)  | (.58)  | (.55)  | (.37)  |
| Total distributions  | (1.03)  | (.64)  | (.74)  | (.81) <sup>C</sup>  | (.57)  |
| Net asset value, end of period  | $11.54  | $14.43  | $14.26  | $13.40  | $12.30  |
| **Total Return** <sup>D,E</sup>  | (13.57)%  | 5.79%  | 12.39%  | 16.00%  | (4.10)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 2.37%  | 1.72%  | 1.24%  | 2.05%  | 1.56%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $21518  | $27360  | $26484  | $26232  | $23851  |
| Portfolio turnover rate <sup>H</sup>  | 231%  | 29%  | 40%  | 28%  | 31%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

 **VIP Freedom 2010 Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.33  | $14.17  | $13.32  | $12.24  | $13.35  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .27  | .22  | .14  | .24  | .18  |
| Net realized and unrealized gain (loss)  | (2.13)  | .56  | 1.43  | 1.63  | (.74)  |
| Total from investment operations  | (1.86)  | .78  | 1.57  | 1.87  | (.56)  |
| Distributions from net investment income  | (.24)  | (.12)  | (.14)  | (.25)  | (.19)  |
| Distributions from net realized gain  | (.77)  | (.50)  | (.58)  | (.55)  | (.37)  |
| Total distributions  | (1.01)  | (.62)  | (.72)  | (.79) <sup>C</sup>  | (.55) <sup>C</sup>  |
| Net asset value, end of period  | $11.46  | $14.33  | $14.17  | $13.32  | $12.24  |
| **Total Return** <sup>D,E</sup>  | (13.66)%  | 5.60%  | 12.24%  | 15.75%  | (4.26)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 2.22%  | 1.57%  | 1.09%  | 1.90%  | 1.41%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $251283  | $327526  | $317773  | $280783  | $243940  |
| Portfolio turnover rate <sup>H</sup>  | 231%  | 29%  | 40%  | 28%  | 31%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

**VIP Freedom 2015 Portfolio℠** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Investment Grade Bond II Portfolio - Initial Class  | 30.7  |
| Fidelity Inflation-Protected Bond Index Fund  | 14.8  |
| VIP Overseas Portfolio Initial Class  | 12.2  |
| VIP Emerging Markets Portfolio Initial Class  | 8.1  |
| VIP Government Money Market Portfolio Initial Class 4.01%  | 7.9  |
| VIP Growth Portfolio Initial Class  | 4.7  |
| Fidelity Long-Term Treasury Bond Index Fund  | 4.0  |
| VIP Growth & Income Portfolio Initial Class  | 3.5  |
| Fidelity International Bond Index Fund  | 3.1  |
| VIP Contrafund Portfolio Initial Class  | 3.0  |
|  | 92.0  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88158_22.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP Freedom 2015 Portfolio℠**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 17.5%**  | &nbsp;&nbsp; **Domestic Equity Funds - 17.5%**  | &nbsp;&nbsp; **Domestic Equity Funds - 17.5%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Initial Class (a)  | 49601  | 1878902  |
|  VIP Equity-Income Portfolio Initial Class (a)  | 71461  | 1683614  |
|  VIP Growth & Income Portfolio Initial Class (a)  | 90701  | 2178635  |
|  VIP Growth Portfolio Initial Class (a)  | 41265  | 2950825  |
|  VIP Mid Cap Portfolio Initial Class (a)  | 16058  | 525432  |
|  VIP Value Portfolio Initial Class (a)  | 72563  | 1213978  |
|  VIP Value Strategies Portfolio Initial Class (a)  | 41845  | 601736  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $4,970,003)  |  | **11033122**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 20.3%**  | &nbsp;&nbsp; **International Equity Funds - 20.3%**  | &nbsp;&nbsp; **International Equity Funds - 20.3%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Initial Class (a)  | 519602  | 5128468  |
|  VIP Overseas Portfolio Initial Class (a)  | 353416  | 7669123  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $9,060,286)  |  | **12797591**  |

---

---

| | | |
|:---|:---|:---|
| &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)  | 1035538  | 9340550  |
|  Fidelity International Bond Index Fund (a)  | 225490  | 1986570  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 249938  | 2534370  |
|  VIP High Income Portfolio Initial Class (a)  | 236978  | 1045072  |
|  VIP Investment Grade Bond II Portfolio - Initial Class (a)  | 2081487  | 19337016  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $37,400,342)  |  | **34243578**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 7.9%**  | &nbsp;&nbsp; **Short-Term Funds - 7.9%**  | &nbsp;&nbsp; **Short-Term Funds - 7.9%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Initial Class 4.01% (a)(b) <br>(Cost $5,000,334) <br>| 5000334  | **5000334**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $56,430,965) <br>| <br>**63074625**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(6568)**  |
| **NET ASSETS - 100.0%**  | **63068057**  |

---

**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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 10560985  | 4936679  | 4131053  | 765717  | (168800)  | (1857261)  | 9340550  |
|  Fidelity International Bond Index Fund  | 1659989  | 1436579  | 857891  | 20527  | (46960)  | (205147)  | 1986570  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 2717346  | 1966576  | 1227073  | 66839  | (75815)  | (846664)  | 2534370  |
|  VIP Contrafund Portfolio Initial Class  | 3104087  | 1109100  | 1438193  | 113062  | 111686  | (1007778)  | 1878902  |
|  VIP Emerging Markets Portfolio Initial Class  | 8431594  | 2531721  | 4071462  | 99527  | (324753)  | (1438632)  | 5128468  |
|  VIP Equity-Income Portfolio Initial Class  | 3283575  | 656374  | 1991782  | 92673  | 386003  | (650556)  | 1683614  |
|  VIP Government Money Market Portfolio Initial Class 4.01%  | 8384578  | 2329482  | 5713726  | 68957  | -  | -  | 5000334  |
|  VIP Growth & Income Portfolio Initial Class  | 3737872  | 971310  | 2286217  | 82185  | 855454  | (1099784)  | 2178635  |
|  VIP Growth Portfolio Initial Class  | 3174616  | 2586560  | 1817738  | 223511  | (67763)  | (924850)  | 2950825  |
|  VIP High Income Portfolio Initial Class  | 1822024  | 291124  | 839597  | 56084  | (51529)  | (176950)  | 1045072  |
|  VIP Investment Grade Bond II Portfolio - Initial Class  | -  | 26041515  | 5228679  | 363443  | (162106)  | (1313714)  | 19337016  |
|  VIP Investment Grade Bond Portfolio Initial Class  | 28114446  | 4046279  | 28651321  | 1257602  | (1963489)  | (1545915)  | -  |
|  VIP Mid Cap Portfolio Initial Class  | 910684  | 250770  | 464745  | 45383  | 14646  | (185923)  | 525432  |
|  VIP Overseas Portfolio Initial Class  | 11797215  | 4260394  | 5270613  | 175931  | (187376)  | (2930497)  | 7669123  |
|  VIP Value Portfolio Initial Class  | 2407382  | 458947  | 1500869  | 71262  | 585277  | (736759)  | 1213978  |
|  VIP Value Strategies Portfolio Initial Class  | 1179399  | 213566  | 680460  | 40211  | 265499  | (376268)  | 601736  |
|  | 91285792  | 54086976  | 66171419  | 3542914  | (830026)  | (15296698)  | 63074625  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 11033122  | 11033122  | -  | -  |
|  International Equity Funds  | 12797591  | 12797591  | -  | -  |
|  Bond Funds  | 34243578  | 34243578  | -  | -  |
|  Short-Term Funds  | 5000334  | 5000334  | -  | -  |
| **Total Investments in Securities:**  | 63074625  | 63074625  | -  | -  |

---

**VIP Freedom 2015 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $56,430,965)  | 63074625  |  |
|  Total Investment in Securities (cost $56,430,965)  |  | $63074625  |
|  Cash  |  | 205  |
| Receivable for investments sold  |  | 580120  |
|  Receivable for fund shares sold  |  | 11576  |
| **Total assets**  |  | 63666526  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 554497  |  |
|  Payable for fund shares redeemed  | 37193  |  |
|  Distribution and service plan fees payable  | 6779  |  |
| **Total Liabilities**  |  | 598469  |
| **Net Assets**  |  | $63068057  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $54915597  |
|  Total accumulated earnings (loss)  |  | 8152460  |
|  **Net Assets**  |  | $63068057  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($21,473,720 ÷ 1,961,181 shares)  |  | $10.95  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($16,217,132 ÷ 1,485,056 shares)  |  | $10.92  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($25,377,205 ÷ 2,332,917 shares)  |  | $10.88  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 1652723  |
|  **Expenses**  |  |  |
| Distribution and service plan fees  | 91559  |  |
| Independent trustees' fees and expenses  | 241  |  |
| Total expenses before reductions  | 91800  |  |
| Expense reductions  | (1)  |  |
| Total expenses after reductions  |  | 91799  |
| **Net Investment income (loss)**  |  | 1560924  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (830026)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 1890191  |  |
| Total net realized gain (loss)  |  | 1060165  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (15296698)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (15296698)  |
| **Net gain (loss)**  |  | (14236533)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(12675609)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $1560924  | $1552113  |
| &nbsp;&nbsp; Net realized gain (loss)  | 1060165 <br>| 8853932 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (15296698)  | (3437206) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (12675609) <br>| 6968839 <br>|
| Distributions to shareholders  | (9283302) <br>| (4911196) <br>|
| Share transactions - net increase (decrease)  | (6249597) <br>| (9839978) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (28208508) <br>| (7782335) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 91276565  | 99058900 <br>|
| &nbsp;&nbsp; End of period  | $63068057  | $91276565  |

---

**Financial Highlights** 

 **VIP Freedom 2015 Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.42  | $14.12  | $13.20  | $12.26  | $13.68  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .27  | .25  | .17  | .28  | .20  |
| Net realized and unrealized gain (loss)  | (2.21)  | .81  | 1.57  | 1.86  | (.87)  |
| Total from investment operations  | (1.94)  | 1.06  | 1.74  | 2.14  | (.67)  |
| Distributions from net investment income  | (.26)  | (.16)  | (.17)  | (.27)  | (.22)  |
| Distributions from net realized gain  | (1.26)  | (.60)  | (.65)  | (.94)  | (.53)  |
| Total distributions  | (1.53) <sup>C</sup>  | (.76)  | (.82)  | (1.20) <sup>C</sup>  | (.75)  |
| Net asset value, end of period  | $10.95  | $14.42  | $14.12  | $13.20  | $12.26  |
| **Total Return** <sup>D,E</sup>  | (14.60)%  | 7.69%  | 13.76%  | 18.35%  | (5.07)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.26%  | 1.75%  | 1.33%  | 2.22%  | 1.52%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $21474  | $33325  | $35010  | $32215  | $29361  |
| Portfolio turnover rate <sup>I</sup>  | 73%  | 43%  | 58%  | 39%  | 33%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

 **VIP Freedom 2015 Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.38  | $14.08  | $13.17  | $12.24  | $13.65  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .25  | .24  | .16  | .27  | .19  |
| Net realized and unrealized gain (loss)  | (2.20)  | .80  | 1.56  | 1.85  | (.86)  |
| Total from investment operations  | (1.95)  | 1.04  | 1.72  | 2.12  | (.67)  |
| Distributions from net investment income  | (.25)  | (.14)  | (.16)  | (.26)  | (.20)  |
| Distributions from net realized gain  | (1.26)  | (.60)  | (.65)  | (.94)  | (.53)  |
| Total distributions  | (1.51)  | (.74)  | (.81)  | (1.19) <sup>C</sup>  | (.74) <sup>C</sup>  |
| Net asset value, end of period  | $10.92  | $14.38  | $14.08  | $13.17  | $12.24  |
| **Total Return** <sup>D,E</sup>  | (14.66)%  | 7.59%  | 13.62%  | 18.21%  | (5.11)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 2.16%  | 1.65%  | 1.23%  | 2.12%  | 1.42%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $16217  | $20808  | $27209  | $22763  | $11777  |
| Portfolio turnover rate <sup>H</sup>  | 73%  | 43%  | 58%  | 39%  | 33%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

 **VIP Freedom 2015 Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.33  | $14.04  | $13.12  | $12.20  | $13.61  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .23  | .21  | .14  | .25  | .17  |
| Net realized and unrealized gain (loss)  | (2.19)  | .80  | 1.57  | 1.84  | (.86)  |
| Total from investment operations  | (1.96)  | 1.01  | 1.71  | 2.09  | (.69)  |
| Distributions from net investment income  | (.23)  | (.12)  | (.14)  | (.23)  | (.18)  |
| Distributions from net realized gain  | (1.26)  | (.60)  | (.65)  | (.94)  | (.53)  |
| Total distributions  | (1.49)  | (.72)  | (.79)  | (1.17)  | (.72) <sup>C</sup>  |
| Net asset value, end of period  | $10.88  | $14.33  | $14.04  | $13.12  | $12.20  |
| **Total Return** <sup>D,E</sup>  | (14.79)%  | 7.39%  | 13.56%  | 17.97%  | (5.28)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 2.01%  | 1.50%  | 1.08%  | 1.97%  | 1.27%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $25377  | $37143  | $36840  | $38963  | $35222  |
| Portfolio turnover rate <sup>H</sup>  | 73%  | 43%  | 58%  | 39%  | 33%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

**VIP Freedom 2020 Portfolio℠** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Investment Grade Bond II Portfolio - Initial Class  | 27.7  |
| VIP Overseas Portfolio Initial Class  | 14.8  |
| Fidelity Inflation-Protected Bond Index Fund  | 13.7  |
| VIP Emerging Markets Portfolio Initial Class  | 9.2  |
| VIP Growth Portfolio Initial Class  | 6.2  |
| VIP Growth & Income Portfolio Initial Class  | 4.5  |
| Fidelity Long-Term Treasury Bond Index Fund  | 4.1  |
| VIP Contrafund Portfolio Initial Class  | 3.9  |
| VIP Equity-Income Portfolio Initial Class  | 3.5  |
| Fidelity International Bond Index Fund  | 3.4  |
|  | 91.0  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88158_23.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP Freedom 2020 Portfolio℠**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 23.0%**  | &nbsp;&nbsp; **Domestic Equity Funds - 23.0%**  | &nbsp;&nbsp; **Domestic Equity Funds - 23.0%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Initial Class (a)  | 585670  | 22185188  |
|  VIP Equity-Income Portfolio Initial Class (a)  | 843779  | 19879427  |
|  VIP Growth & Income Portfolio Initial Class (a)  | 1070948  | 25724174  |
|  VIP Growth Portfolio Initial Class (a)  | 487220  | 34841130  |
|  VIP Mid Cap Portfolio Initial Class (a)  | 189608  | 6203968  |
|  VIP Value Portfolio Initial Class (a)  | 856788  | 14334056  |
|  VIP Value Strategies Portfolio Initial Class (a)  | 494082  | 7104904  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $71,885,834)  |  | **130272847**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 24.0%**  | &nbsp;&nbsp; **International Equity Funds - 24.0%**  | &nbsp;&nbsp; **International Equity Funds - 24.0%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Initial Class (a)  | 5248704  | 51804709  |
|  VIP Overseas Portfolio Initial Class (a)  | 3853063  | 83611475  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $103,193,065)  |  | **135416184**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 50.6%**  | &nbsp;&nbsp; **Bond Funds - 50.6%**  | &nbsp;&nbsp; **Bond Funds - 50.6%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 8597515  | 77549586  |
|  Fidelity International Bond Index Fund (a)  | 2194967  | 19337659  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 2273603  | 23054331  |
|  VIP High Income Portfolio Initial Class (a)  | 2124162  | 9367555  |
|  VIP Investment Grade Bond II Portfolio - Initial Class (a)  | 16835964  | 156406107  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $310,162,825)  |  | **285715238**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 2.4%**  | &nbsp;&nbsp; **Short-Term Funds - 2.4%**  | &nbsp;&nbsp; **Short-Term Funds - 2.4%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Initial Class 4.01% (a)(b) <br>(Cost $13,610,366) <br>| 13610366  | **13610366**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $498,852,090) <br>| <br>**565014635**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(86381)**  |
| **NET ASSETS - 100.0%**  | **564928254**  |

---

**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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 78898191  | 80089934  | 65076879  | 6365997  | (2527170)  | (13834490)  | 77549586  |
|  Fidelity International Bond Index Fund  | 14864445  | 23268789  | 16435905  | 193496  | (1044286)  | (1315384)  | 19337659  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 22745767  | 26077489  | 17773837  | 583217  | (2138596)  | (5856492)  | 23054331  |
|  VIP Contrafund Portfolio Initial Class  | 33129677  | 24498229  | 25485388  | 1312569  | (202235)  | (9755095)  | 22185188  |
|  VIP Emerging Markets Portfolio Initial Class  | 78219127  | 54588042  | 64507594  | 1009780  | (2547109)  | (13947757)  | 51804709  |
|  VIP Equity-Income Portfolio Initial Class  | 35044442  | 20433237  | 32608958  | 1094795  | 2525226  | (5514520)  | 19879427  |
|  VIP Government Money Market Portfolio Initial Class 4.01%  | 33191715  | 22975515  | 42556816  | 153526  | (48)  | -  | 13610366  |
|  VIP Growth & Income Portfolio Initial Class  | 39893530  | 25522008  | 36882573  | 967182  | 6232397  | (9041188)  | 25724174  |
|  VIP Growth Portfolio Initial Class  | 33882375  | 40900734  | 28817504  | 2504300  | (855876)  | (10268599)  | 34841130  |
|  VIP High Income Portfolio Initial Class  | 15150144  | 7427890  | 11232066  | 506161  | (774149)  | (1204264)  | 9367555  |
|  VIP Investment Grade Bond II Portfolio - Initial Class  | -  | 199179151  | 30987984  | 2930577  | (977745)  | (10807315)  | 156406107  |
|  VIP Investment Grade Bond Portfolio Initial Class  | 207633401  | 118614314  | 300206517  | 9329377  | (18542078)  | (7499120)  | -  |
|  VIP Mid Cap Portfolio Initial Class  | 9719372  | 6347376  | 7961771  | 514781  | (72906)  | (1828103)  | 6203968  |
|  VIP Overseas Portfolio Initial Class  | 118151966  | 91371537  | 94256464  | 1847413  | (2775422)  | (28880142)  | 83611475  |
|  VIP Value Portfolio Initial Class  | 25693279  | 14805732  | 24405901  | 810829  | 3202641  | (4961695)  | 14334056  |
|  VIP Value Strategies Portfolio Initial Class  | 12587111  | 7105701  | 11317207  | 465522  | 1622016  | (2892717)  | 7104904  |
|  | 758804542  | 763205678  | 810513364  | 30589522  | (18875340)  | (127606881)  | 565014635  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 130272847  | 130272847  | -  | -  |
|  International Equity Funds  | 135416184  | 135416184  | -  | -  |
|  Bond Funds  | 285715238  | 285715238  | -  | -  |
|  Short-Term Funds  | 13610366  | 13610366  | -  | -  |
| **Total Investments in Securities:**  | 565014635  | 565014635  | -  | -  |

---

**VIP Freedom 2020 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $498,852,090)  | 565014635  |  |
|  Total Investment in Securities (cost $498,852,090)  |  | $565014635  |
|  Cash  |  | 76  |
| Receivable for investments sold  |  | 6860772  |
|  Receivable for fund shares sold  |  | 12646  |
| **Total assets**  |  | 571888129  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 5680197  |  |
|  Payable for fund shares redeemed  | 1189303  |  |
|  Distribution and service plan fees payable  | 90375  |  |
| **Total Liabilities**  |  | 6959875  |
| **Net Assets**  |  | $564928254  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $496589967  |
|  Total accumulated earnings (loss)  |  | 68338287  |
|  **Net Assets**  |  | $564928254  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($63,226,996 ÷ 5,470,810 shares)  |  | $11.56  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($129,175,593 ÷ 11,222,834 shares)  |  | $11.51  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($372,525,665 ÷ 32,500,297 shares)  |  | $11.46  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 14161680  |
|  **Expenses**  |  |  |
| Distribution and service plan fees  | 1185175  |  |
| Independent trustees' fees and expenses  | 2052  |  |
| Total expenses before reductions  | 1187227  |  |
| Expense reductions  | (1)  |  |
| Total expenses after reductions  |  | 1187226  |
| **Net Investment income (loss)**  |  | 12974454  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (18875340)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 16427842  |  |
| Total net realized gain (loss)  |  | (2447498)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (127606881)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (127606881)  |
| **Net gain (loss)**  |  | (130054379)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(117079925)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $12974454  | $12153237  |
| &nbsp;&nbsp; Net realized gain (loss)  | (2447498) <br>| 74933835 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (127606881)  | (18121565) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (117079925) <br>| 68965507 <br>|
| Distributions to shareholders  | (77888678) <br>| (48417894) <br>|
| Share transactions - net increase (decrease)  | 1211478 <br>| (43232044) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (193757125) <br>| (22684431) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 758685379  | 781369810 <br>|
| &nbsp;&nbsp; End of period  | $564928254  | $758685379  |

---

**Financial Highlights** 

 **VIP Freedom 2020 Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.42  | $15.03  | $14.01  | $12.58  | $14.03  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .28  | .27  | .17  | .28  | .21  |
| Net realized and unrealized gain (loss)  | (2.51)  | 1.11  | 1.84  | 2.16  | (1.01)  |
| Total from investment operations  | (2.23)  | 1.38  | 2.01  | 2.44  | (.80)  |
| Distributions from net investment income  | (.27)  | (.17)  | (.18)  | (.28)  | (.21)  |
| Distributions from net realized gain  | (1.36)  | (.81)  | (.80)  | (.73)  | (.44)  |
| Total distributions  | (1.63)  | (.99) <sup>C</sup>  | (.99) <sup>C</sup>  | (1.01)  | (.65)  |
| Net asset value, end of period  | $11.56  | $15.42  | $15.03  | $14.01  | $12.58  |
| **Total Return** <sup>D,E</sup>  | (15.69)%  | 9.47%  | 15.06%  | 20.13%  | (5.86)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.26%  | 1.77%  | 1.27%  | 2.08%  | 1.50%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $63227  | $82875  | $80503  | $74801  | $63490  |
| Portfolio turnover rate <sup>I</sup>  | 121%  | 34%  | 40%  | 31%  | 28%  |

---

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

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

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

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

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

<sup>F</sup> *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.*

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

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

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

 **VIP Freedom 2020 Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.37  | $14.97  | $13.96  | $12.54  | $13.99  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .27  | .25  | .16  | .26  | .19  |
| Net realized and unrealized gain (loss)  | (2.52)  | 1.12  | 1.82  | 2.16  | (1.00)  |
| Total from investment operations  | (2.25)  | 1.37  | 1.98  | 2.42  | (.81)  |
| Distributions from net investment income  | (.26)  | (.16)  | (.17)  | (.27)  | (.20)  |
| Distributions from net realized gain  | (1.36)  | (.81)  | (.80)  | (.73)  | (.44)  |
| Total distributions  | (1.61) <sup>C</sup>  | (.97)  | (.97)  | (1.00)  | (.64)  |
| Net asset value, end of period  | $11.51  | $15.37  | $14.97  | $13.96  | $12.54  |
| **Total Return** <sup>D,E</sup>  | (15.83)%  | 9.47%  | 14.92%  | 20.01%  | (5.98)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 2.16%  | 1.67%  | 1.17%  | 1.98%  | 1.40%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $129176  | $167097  | $178229  | $171842  | $132086  |
| Portfolio turnover rate <sup>H</sup>  | 121%  | 34%  | 40%  | 31%  | 28%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

 **VIP Freedom 2020 Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.31  | $14.92  | $13.92  | $12.50  | $13.94  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .25  | .23  | .14  | .24  | .17  |
| Net realized and unrealized gain (loss)  | (2.51)  | 1.11  | 1.81  | 2.16  | (.99)  |
| Total from investment operations  | (2.26)  | 1.34  | 1.95  | 2.40  | (.82)  |
| Distributions from net investment income  | (.24)  | (.13)  | (.14)  | (.25)  | (.18)  |
| Distributions from net realized gain  | (1.36)  | (.81)  | (.80)  | (.73)  | (.44)  |
| Total distributions  | (1.59) <sup>C</sup>  | (.95) <sup>C</sup>  | (.95) <sup>C</sup>  | (.98)  | (.62)  |
| Net asset value, end of period  | $11.46  | $15.31  | $14.92  | $13.92  | $12.50  |
| **Total Return** <sup>D,E</sup>  | (15.97)%  | 9.26%  | 14.72%  | 19.88%  | (6.08)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 2.01%  | 1.51%  | 1.02%  | 1.83%  | 1.25%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $372526  | $508713  | $522637  | $506978  | $464178  |
| Portfolio turnover rate <sup>H</sup>  | 121%  | 34%  | 40%  | 31%  | 28%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

**VIP Freedom 2025 Portfolio℠** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Investment Grade Bond II Portfolio - Initial Class  | 23.4  |
| VIP Overseas Portfolio Initial Class  | 16.8  |
| Fidelity Inflation-Protected Bond Index Fund  | 11.3  |
| VIP Emerging Markets Portfolio Initial Class  | 10.0  |
| VIP Growth Portfolio Initial Class  | 7.3  |
| Fidelity Long-Term Treasury Bond Index Fund  | 5.5  |
| VIP Growth & Income Portfolio Initial Class  | 5.4  |
| VIP Contrafund Portfolio Initial Class  | 4.6  |
| VIP Equity-Income Portfolio Initial Class  | 4.2  |
| Fidelity International Bond Index Fund  | 3.3  |
|  | 91.8  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88158_24.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP Freedom 2025 Portfolio℠**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 27.3%**  | &nbsp;&nbsp; **Domestic Equity Funds - 27.3%**  | &nbsp;&nbsp; **Domestic Equity Funds - 27.3%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Initial Class (a)  | 398040  | 15077751  |
|  VIP Equity-Income Portfolio Initial Class (a)  | 573463  | 13510784  |
|  VIP Growth & Income Portfolio Initial Class (a)  | 727862  | 17483246  |
|  VIP Growth Portfolio Initial Class (a)  | 331134  | 23679396  |
|  VIP Mid Cap Portfolio Initial Class (a)  | 128863  | 4216413  |
|  VIP Value Portfolio Initial Class (a)  | 582299  | 9741854  |
|  VIP Value Strategies Portfolio Initial Class (a)  | 335795  | 4828725  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $67,463,545)  |  | **88538169**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 26.8%**  | &nbsp;&nbsp; **International Equity Funds - 26.8%**  | &nbsp;&nbsp; **International Equity Funds - 26.8%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Initial Class (a)  | 3270719  | 32281998  |
|  VIP Overseas Portfolio Initial Class (a)  | 2513368  | 54540086  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $84,453,244)  |  | **86822084**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 45.2%**  | &nbsp;&nbsp; **Bond Funds - 45.2%**  | &nbsp;&nbsp; **Bond Funds - 45.2%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 4047786  | 36511027  |
|  Fidelity International Bond Index Fund (a)  | 1218060  | 10731106  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 1746773  | 17712275  |
|  VIP High Income Portfolio Initial Class (a)  | 1218055  | 5371623  |
|  VIP Investment Grade Bond II Portfolio - Initial Class (a)  | 8166182  | 75863833  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $162,597,998)  |  | **146189864**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 0.7%**  | &nbsp;&nbsp; **Short-Term Funds - 0.7%**  | &nbsp;&nbsp; **Short-Term Funds - 0.7%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Initial Class 4.01% (a)(b) <br>(Cost $2,318,777) <br>| 2318777  | **2318777**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $316,833,564) <br>| <br>**323868894**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(33288)**  |
| **NET ASSETS - 100.0%**  | **323835606**  |

---

**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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 32945426  | 20778979  | 9939488  | 2979792  | (254437)  | (7019453)  | 36511027  |
|  Fidelity International Bond Index Fund  | 7091139  | 7768015  | 2936853  | 101738  | (126685)  | (1064510)  | 10731106  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 13374126  | 15223541  | 5443757  | 414117  | (418080)  | (5023555)  | 17712275  |
|  VIP Contrafund Portfolio Initial Class  | 19678366  | 8100668  | 6517317  | 856541  | (431111)  | (5752855)  | 15077751  |
|  VIP Emerging Markets Portfolio Initial Class  | 43133138  | 16259977  | 17849923  | 622056  | (2049284)  | (7211910)  | 32281998  |
|  VIP Equity-Income Portfolio Initial Class  | 20815467  | 5030533  | 10456316  | 734944  | 179497  | (2058397)  | 13510784  |
|  VIP Government Money Market Portfolio Initial Class 4.01%  | 7981124  | 5273020  | 10935362  | 20212  | (5)  | -  | 2318777  |
|  VIP Growth & Income Portfolio Initial Class  | 23695903  | 7522636  | 11957435  | 645605  | 958656  | (2736514)  | 17483246  |
|  VIP Growth Portfolio Initial Class  | 20125466  | 18762317  | 8298392  | 1537883  | (549868)  | (6360127)  | 23679396  |
|  VIP High Income Portfolio Initial Class  | 7783442  | 1805756  | 3157578  | 288841  | (174810)  | (885187)  | 5371623  |
|  VIP Investment Grade Bond II Portfolio - Initial Class  | -  | 102876197  | 21462329  | 1391612  | (540213)  | (5009822)  | 75863833  |
|  VIP Investment Grade Bond Portfolio Initial Class  | 96640695  | 18102509  | 102789813  | 4166823  | (11165964)  | (787427)  | -  |
|  VIP Mid Cap Portfolio Initial Class  | 5773032  | 1852835  | 2237901  | 325330  | (149312)  | (1022241)  | 4216413  |
|  VIP Overseas Portfolio Initial Class  | 67973251  | 29023938  | 23972139  | 1112687  | (1304192)  | (17180772)  | 54540086  |
|  VIP Value Portfolio Initial Class  | 15261149  | 3606280  | 8005344  | 514304  | 559741  | (1679972)  | 9741854  |
|  VIP Value Strategies Portfolio Initial Class  | 7476361  | 1691530  | 3532081  | 303605  | 357035  | (1164120)  | 4828725  |
|  | 389748085  | 263678731  | 249492028  | 16016090  | (15109032)  | (64956862)  | 323868894  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 88538169  | 88538169  | -  | -  |
|  International Equity Funds  | 86822084  | 86822084  | -  | -  |
|  Bond Funds  | 146189864  | 146189864  | -  | -  |
|  Short-Term Funds  | 2318777  | 2318777  | -  | -  |
| **Total Investments in Securities:**  | 323868894  | 323868894  | -  | -  |

---

**VIP Freedom 2025 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $316,833,564)  | 323868894  |  |
|  Total Investment in Securities (cost $316,833,564)  |  | $323868894  |
|  Cash  |  | 3462  |
| Receivable for investments sold  |  | 4145563  |
|  Receivable for fund shares sold  |  | 160566  |
| **Total assets**  |  | 328178485  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 3607889  |  |
|  Payable for fund shares redeemed  | 698177  |  |
|  Distribution and service plan fees payable  | 36813  |  |
| **Total Liabilities**  |  | 4342879  |
| **Net Assets**  |  | $323835606  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $321959826  |
|  Total accumulated earnings (loss)  |  | 1875780  |
|  **Net Assets**  |  | $323835606  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($45,943,422 ÷ 3,346,536 shares)  |  | $13.73  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($173,999,994 ÷ 12,718,605 shares)  |  | $13.68  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($103,892,190 ÷ 7,642,947 shares)  |  | $13.59  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 7413051  |
|  **Expenses**  |  |  |
| Distribution and service plan fees  | 454738  |  |
| Independent trustees' fees and expenses  | 1097  |  |
| Total expenses before reductions  | 455835  |  |
| Expense reductions  | (15)  |  |
| Total expenses after reductions  |  | 455820  |
| **Net Investment income (loss)**  |  | 6957231  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (15109032)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 8603039  |  |
| Total net realized gain (loss)  |  | (6505993)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (64956862)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (64956862)  |
| **Net gain (loss)**  |  | (71462855)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(64505624)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $6957231  | $6072172  |
| &nbsp;&nbsp; Net realized gain (loss)  | (6505993) <br>| 25643764 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (64956862)  | 4109554 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (64505624) <br>| 35825490 <br>|
| Distributions to shareholders  | (27327030) <br>| (15855305) <br>|
| Share transactions - net increase (decrease)  | 25960042 <br>| 54096423 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (65872612) <br>| 74066608 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 389708218  | 315641610 <br>|
| &nbsp;&nbsp; End of period  | $323835606  | $389708218  |

---

**Financial Highlights** 

 **VIP Freedom 2025 Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.82  | $16.84  | $15.34  | $13.21  | $14.64  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .32  | .32  | .20  | .30  | .23  |
| Net realized and unrealized gain (loss)  | (3.10)  | 1.47  | 2.16  | 2.53  | (1.17)  |
| Total from investment operations  | (2.78)  | 1.79  | 2.36  | 2.83  | (.94)  |
| Distributions from net investment income  | (.31)  | (.19)  | (.19)  | (.30)  | (.21)  |
| Distributions from net realized gain  | (1.00)  | (.62)  | (.67)  | (.41)  | (.28)  |
| Total distributions  | (1.31)  | (.81)  | (.86)  | (.70) <sup>C</sup>  | (.49)  |
| Net asset value, end of period  | $13.73  | $17.82  | $16.84  | $15.34  | $13.21  |
| **Total Return** <sup>D,E</sup>  | (16.43)%  | 10.83%  | 15.95%  | 21.86%  | (6.52)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.19%  | 1.82%  | 1.33%  | 2.04%  | 1.57%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $45943  | $59715  | $55624  | $47253  | $38096  |
| Portfolio turnover rate <sup>I</sup>  | 73%  | 32%  | 61%  | 51%  | 32%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

 **VIP Freedom 2025 Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.76  | $16.79  | $15.30  | $13.18  | $14.61  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .30  | .30  | .18  | .28  | .21  |
| Net realized and unrealized gain (loss)  | (3.08)  | 1.46  | 2.15  | 2.53  | (1.16)  |
| Total from investment operations  | (2.78)  | 1.76  | 2.33  | 2.81  | (.95)  |
| Distributions from net investment income  | (.29)  | (.17)  | (.18)  | (.28)  | (.19)  |
| Distributions from net realized gain  | (1.00)  | (.62)  | (.67)  | (.41)  | (.28)  |
| Total distributions  | (1.30) <sup>C</sup>  | (.79)  | (.84) <sup>C</sup>  | (.69)  | (.48) <sup>C</sup>  |
| Net asset value, end of period  | $13.68  | $17.76  | $16.79  | $15.30  | $13.18  |
| **Total Return** <sup>D,E</sup>  | (16.51)%  | 10.71%  | 15.83%  | 21.70%  | (6.61)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 2.09%  | 1.72%  | 1.23%  | 1.94%  | 1.47%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $174000  | $199248  | $147904  | $96430  | $79033  |
| Portfolio turnover rate <sup>H</sup>  | 73%  | 32%  | 61%  | 51%  | 32%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

 **VIP Freedom 2025 Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.65  | $16.69  | $15.21  | $13.11  | $14.54  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .28  | .27  | .16  | .26  | .19  |
| Net realized and unrealized gain (loss)  | (3.07)  | 1.46  | 2.14  | 2.51  | (1.16)  |
| Total from investment operations  | (2.79)  | 1.73  | 2.30  | 2.77  | (.97)  |
| Distributions from net investment income  | (.27)  | (.15)  | (.15)  | (.26)  | (.18)  |
| Distributions from net realized gain  | (1.00)  | (.62)  | (.67)  | (.41)  | (.28)  |
| Total distributions  | (1.27)  | (.77)  | (.82)  | (.67)  | (.46)  |
| Net asset value, end of period  | $13.59  | $17.65  | $16.69  | $15.21  | $13.11  |
| **Total Return** <sup>C,D</sup>  | (16.64)%  | 10.55%  | 15.68%  | 21.51%  | (6.78)%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 1.94%  | 1.57%  | 1.08%  | 1.79%  | 1.32%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $103892  | $130746  | $112114  | $97802  | $69234  |
| Portfolio turnover rate <sup>G</sup>  | 73%  | 32%  | 61%  | 51%  | 32%  |

---

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

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

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

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

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

**VIP Freedom 2030 Portfolio℠** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Investment Grade Bond II Portfolio - Initial Class  | 20.6  |
| VIP Overseas Portfolio Initial Class  | 18.7  |
| VIP Emerging Markets Portfolio Initial Class  | 10.7  |
| VIP Growth Portfolio Initial Class  | 8.4  |
| Fidelity Inflation-Protected Bond Index Fund  | 7.6  |
| VIP Growth & Income Portfolio Initial Class  | 6.2  |
| Fidelity Long-Term Treasury Bond Index Fund  | 5.9  |
| VIP Contrafund Portfolio Initial Class  | 5.3  |
| VIP Equity-Income Portfolio Initial Class  | 4.8  |
| VIP Value Portfolio Initial Class  | 3.4  |
|  | 91.6  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88158_25.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP Freedom 2030 Portfolio℠**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 31.3%**  | &nbsp;&nbsp; **Domestic Equity Funds - 31.3%**  | &nbsp;&nbsp; **Domestic Equity Funds - 31.3%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Initial Class (a)  | 825708  | 31277831  |
|  VIP Equity-Income Portfolio Initial Class (a)  | 1189621  | 28027473  |
|  VIP Growth & Income Portfolio Initial Class (a)  | 1509895  | 36267672  |
|  VIP Growth Portfolio Initial Class (a)  | 686903  | 49120401  |
|  VIP Mid Cap Portfolio Initial Class (a)  | 267321  | 8746740  |
|  VIP Value Portfolio Initial Class (a)  | 1207942  | 20208868  |
|  VIP Value Strategies Portfolio Initial Class (a)  | 696591  | 10016979  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $137,385,810)  |  | **183665964**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 29.4%**  | &nbsp;&nbsp; **International Equity Funds - 29.4%**  | &nbsp;&nbsp; **International Equity Funds - 29.4%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Initial Class (a)  | 6369496  | 62866923  |
|  VIP Overseas Portfolio Initial Class (a)  | 5058972  | 109779683  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $162,024,179)  |  | **172646606**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 38.6%**  | &nbsp;&nbsp; **Bond Funds - 38.6%**  | &nbsp;&nbsp; **Bond Funds - 38.6%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 4926434  | 44436438  |
|  Fidelity International Bond Index Fund (a)  | 1865913  | 16438690  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 3407585  | 34552917  |
|  VIP High Income Portfolio Initial Class (a)  | 2206985  | 9732805  |
|  VIP Investment Grade Bond II Portfolio - Initial Class (a)  | 13024128  | 120994150  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $250,211,473)  |  | **226155000**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 0.7%**  | &nbsp;&nbsp; **Short-Term Funds - 0.7%**  | &nbsp;&nbsp; **Short-Term Funds - 0.7%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Initial Class 4.01% (a)(b) <br>(Cost $4,201,322) <br>| 4201322  | **4201322**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $553,822,784) <br>| <br>**586668892**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(61952)**  |
| **NET ASSETS - 100.0%**  | **586606940**  |

---

**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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | -  | 155443  | 155443  | 20  | -  | -  | -  | 0.0%  |
| Total  | -  | 155443  | 155443  | 20  | -  | -  | -  |  |

---

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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 42086896  | 27047475  | 16021280  | 3616877  | (626632)  | (8050021)  | 44436438  |
|  Fidelity International Bond Index Fund  | 10611029  | 13378106  | 5745961  | 153619  | (315279)  | (1489205)  | 16438690  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 24629023  | 32167036  | 11845625  | 796282  | (1536518)  | (8860999)  | 34552917  |
|  VIP Contrafund Portfolio Initial Class  | 38769905  | 20179659  | 15172847  | 1776287  | (1274189)  | (11224697)  | 31277831  |
|  VIP Emerging Markets Portfolio Initial Class  | 80003541  | 39098613  | 38778800  | 1208426  | (5011665)  | (12444766)  | 62866923  |
|  VIP Equity-Income Portfolio Initial Class  | 41009253  | 13966375  | 23126084  | 1524509  | 32780  | (3854851)  | 28027473  |
|  VIP Government Money Market Portfolio Initial Class 4.01%  | 2836451  | 8877132  | 7512261  | 34884  | -  | -  | 4201322  |
|  VIP Growth & Income Portfolio Initial Class  | 46685013  | 19382164  | 26156742  | 1339242  | 1547647  | (5190410)  | 36267672  |
|  VIP Growth Portfolio Initial Class  | 39650760  | 41848409  | 18365165  | 3187744  | (1687465)  | (12326138)  | 49120401  |
|  VIP High Income Portfolio Initial Class  | 13501658  | 4410681  | 6283169  | 524076  | (472730)  | (1423635)  | 9732805  |
|  VIP Investment Grade Bond II Portfolio - Initial Class  | -  | 162594827  | 32917091  | 2207362  | (590668)  | (8092918)  | 120994150  |
|  VIP Investment Grade Bond Portfolio Initial Class  | 149358215  | 47063281  | 177375224  | 6774092  | (18241003)  | (805269)  | -  |
|  VIP Mid Cap Portfolio Initial Class  | 11373487  | 4792393  | 5044291  | 675300  | (390147)  | (1984702)  | 8746740  |
|  VIP Overseas Portfolio Initial Class  | 130592101  | 69669769  | 54406948  | 2246446  | (5928955)  | (30146284)  | 109779683  |
|  VIP Value Portfolio Initial Class  | 30066582  | 9990308  | 17552282  | 1067117  | 732136  | (3027876)  | 20208868  |
|  VIP Value Strategies Portfolio Initial Class  | 14729371  | 4786058  | 7846191  | 629381  | 463956  | (2116215)  | 10016979  |
|  | 675903285  | 519252286  | 464149961  | 27761644  | (33298732)  | (111037986)  | 586668892  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 183665964  | 183665964  | -  | -  |
|  International Equity Funds  | 172646606  | 172646606  | -  | -  |
|  Bond Funds  | 226155000  | 226155000  | -  | -  |
|  Short-Term Funds  | 4201322  | 4201322  | -  | -  |
| **Total Investments in Securities:**  | 586668892  | 586668892  | -  | -  |

---

**VIP Freedom 2030 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $553,822,784)  | 586668892  |  |
|  Total Investment in Securities (cost $553,822,784)  |  | $586668892  |
|  Cash  |  | 2745  |
| Receivable for investments sold  |  | 7612454  |
|  Receivable for fund shares sold  |  | 377075  |
| **Total assets**  |  | 594661166  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 7129963  |  |
|  Payable for fund shares redeemed  | 859238  |  |
|  Distribution and service plan fees payable  | 65025  |  |
| **Total Liabilities**  |  | 8054226  |
| **Net Assets**  |  | $586606940  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $571893877  |
|  Total accumulated earnings (loss)  |  | 14713063  |
|  **Net Assets**  |  | $586606940  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($116,986,329 ÷ 8,527,284 shares)  |  | $13.72  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($271,187,344 ÷ 19,827,517 shares)  |  | $13.68  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($198,433,267 ÷ 14,570,385 shares)  |  | $13.62  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 11811988  |
| Income from Fidelity Central Funds  |  | 20  |
| **Total Income**  |  | 11812008  |
|  **Expenses**  |  |  |
| Distribution and service plan fees  | 792721  |  |
| Independent trustees' fees and expenses  | 1947  |  |
| Total expenses before reductions  | 794668  |  |
| Expense reductions  | (8)  |  |
| Total expenses after reductions  |  | 794660  |
| **Net Investment income (loss)**  |  | 11017348  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (33298732)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 15949656  |  |
| Total net realized gain (loss)  |  | (17349076)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (111037986)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (111037986)  |
| **Net gain (loss)**  |  | (128387062)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(117369714)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $11017348  | $10042183  |
| &nbsp;&nbsp; Net realized gain (loss)  | (17349076) <br>| 48121155 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (111037986)  | 10401157 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (117369714) <br>| 68564495 <br>|
| Distributions to shareholders  | (50805872) <br>| (31178354) <br>|
| Share transactions - net increase (decrease)  | 78950611 <br>| 105572827 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (89224975) <br>| 142958968 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 675831915  | 532872947 <br>|
| &nbsp;&nbsp; End of period  | $586606940  | $675831915  |

---

**Financial Highlights** 

 **VIP Freedom 2030 Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.93  | $16.83  | $15.28  | $12.98  | $14.67  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .29  | .31  | .19  | .30  | .20  |
| Net realized and unrealized gain (loss)  | (3.16)  | 1.72  | 2.28  | 2.80  | (1.32)  |
| Total from investment operations  | (2.87)  | 2.03  | 2.47  | 3.10  | (1.12)  |
| Distributions from net investment income  | (.29)  | (.19)  | (.19)  | (.29)  | (.20)  |
| Distributions from net realized gain  | (1.05)  | (.74)  | (.74)  | (.51)  | (.37)  |
| Total distributions  | (1.34)  | (.93)  | (.92) <sup>C</sup>  | (.80)  | (.57)  |
| Net asset value, end of period  | $13.72  | $17.93  | $16.83  | $15.28  | $12.98  |
| **Total Return** <sup>D,E</sup>  | (16.87)%  | 12.37%  | 16.89%  | 24.43%  | (7.78)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.96%  | 1.77%  | 1.31%  | 2.09%  | 1.42%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $116986  | $138193  | $113727  | $93564  | $71004  |
| Portfolio turnover rate <sup>I</sup>  | 76%  | 28%  | 46%  | 30%  | 29%  |

---

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

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

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

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

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

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

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

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

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

 **VIP Freedom 2030 Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.88  | $16.79  | $15.25  | $12.95  | $14.64  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .27  | .29  | .18  | .29  | .19  |
| Net realized and unrealized gain (loss)  | (3.14)  | 1.72  | 2.27  | 2.79  | (1.32)  |
| Total from investment operations  | (2.87)  | 2.01  | 2.45  | 3.08  | (1.13)  |
| Distributions from net investment income  | (.28)  | (.18)  | (.17)  | (.28)  | (.19)  |
| Distributions from net realized gain  | (1.05)  | (.74)  | (.74)  | (.51)  | (.37)  |
| Total distributions  | (1.33)  | (.92)  | (.91)  | (.78) <sup>C</sup>  | (.56)  |
| Net asset value, end of period  | $13.68  | $17.88  | $16.79  | $15.25  | $12.95  |
| **Total Return** <sup>D,E</sup>  | (16.94)%  | 12.24%  | 16.76%  | 24.37%  | (7.88)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 1.86%  | 1.67%  | 1.21%  | 1.99%  | 1.32%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $271187  | $294595  | $225149  | $168105  | $121155  |
| Portfolio turnover rate <sup>H</sup>  | 76%  | 28%  | 46%  | 30%  | 29%  |

---

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

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

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

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

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

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

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

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

 **VIP Freedom 2030 Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.81  | $16.73  | $15.19  | $12.91  | $14.60  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .25  | .27  | .16  | .26  | .17  |
| Net realized and unrealized gain (loss)  | (3.14)  | 1.70  | 2.26  | 2.78  | (1.32)  |
| Total from investment operations  | (2.89)  | 1.97  | 2.42  | 3.04  | (1.15)  |
| Distributions from net investment income  | (.26)  | (.15)  | (.15)  | (.26)  | (.17)  |
| Distributions from net realized gain  | (1.05)  | (.74)  | (.74)  | (.51)  | (.37)  |
| Total distributions  | (1.30) <sup>C</sup>  | (.89)  | (.88) <sup>C</sup>  | (.76) <sup>C</sup>  | (.54)  |
| Net asset value, end of period  | $13.62  | $17.81  | $16.73  | $15.19  | $12.91  |
| **Total Return** <sup>D,E</sup>  | (17.09)%  | 12.07%  | 16.64%  | 24.11%  | (8.05)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 1.71%  | 1.52%  | 1.06%  | 1.84%  | 1.17%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $198433  | $243043  | $193997  | $173271  | $130567  |
| Portfolio turnover rate <sup>H</sup>  | 76%  | 28%  | 46%  | 30%  | 29%  |

---

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

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

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

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

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

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

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

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

**VIP Freedom 2035 Portfolio℠** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Overseas Portfolio Initial Class  | 22.6  |
| VIP Emerging Markets Portfolio Initial Class  | 12.2  |
| VIP Investment Grade Bond II Portfolio - Initial Class  | 11.9  |
| VIP Growth Portfolio Initial Class  | 10.5  |
| VIP Growth & Income Portfolio Initial Class  | 7.8  |
| VIP Contrafund Portfolio Initial Class  | 6.7  |
| Fidelity Long-Term Treasury Bond Index Fund  | 6.3  |
| VIP Equity-Income Portfolio Initial Class  | 6.0  |
| VIP Value Portfolio Initial Class  | 4.3  |
| Fidelity Inflation-Protected Bond Index Fund  | 3.0  |
|  | 91.3  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88158_26.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP Freedom 2035 Portfolio℠**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 39.4%**  | &nbsp;&nbsp; **Domestic Equity Funds - 39.4%**  | &nbsp;&nbsp; **Domestic Equity Funds - 39.4%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Initial Class (a)  | 381973  | 14469135  |
|  VIP Equity-Income Portfolio Initial Class (a)  | 550275  | 12964481  |
|  VIP Growth & Income Portfolio Initial Class (a)  | 698487  | 16777656  |
|  VIP Growth Portfolio Initial Class (a)  | 317806  | 22726322  |
|  VIP Mid Cap Portfolio Initial Class (a)  | 123649  | 4045802  |
|  VIP Value Portfolio Initial Class (a)  | 558749  | 9347871  |
|  VIP Value Strategies Portfolio Initial Class (a)  | 322213  | 4633428  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $78,752,267)  |  | **84964695**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 34.8%**  | &nbsp;&nbsp; **International Equity Funds - 34.8%**  | &nbsp;&nbsp; **International Equity Funds - 34.8%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Initial Class (a)  | 2670361  | 26356461  |
|  VIP Overseas Portfolio Initial Class (a)  | 2240767  | 48624640  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $79,258,195)  |  | **74981101**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 25.1%**  | &nbsp;&nbsp; **Bond Funds - 25.1%**  | &nbsp;&nbsp; **Bond Funds - 25.1%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 719906  | 6493554  |
|  Fidelity International Bond Index Fund (a)  | 560766  | 4940348  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 1331713  | 13503571  |
|  VIP High Income Portfolio Initial Class (a)  | 811633  | 3579302  |
|  VIP Investment Grade Bond II Portfolio - Initial Class (a)  | 2760338  | 25643543  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $60,573,111)  |  | **54160318**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 0.7%**  | &nbsp;&nbsp; **Short-Term Funds - 0.7%**  | &nbsp;&nbsp; **Short-Term Funds - 0.7%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Initial Class 4.01% (a)(b) <br>(Cost $1,545,066) <br>| 1545066  | **1545066**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $220,128,639) <br>| <br>**215651180**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(21664)**  |
| **NET ASSETS - 100.0%**  | **215629516**  |

---

**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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 4772420  | 4625791  | 1811191  | 532523  | (51623)  | (1041843)  | 6493554  |
|  Fidelity International Bond Index Fund  | 2791522  | 3659098  | 1000585  | 44209  | (65687)  | (444000)  | 4940348  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 8065134  | 11936200  | 2723413  | 293430  | (278487)  | (3495863)  | 13503571  |
|  VIP Contrafund Portfolio Initial Class  | 15616284  | 7874587  | 3669843  | 806697  | (396236)  | (4955657)  | 14469135  |
|  VIP Emerging Markets Portfolio Initial Class  | 28987255  | 14564210  | 10484890  | 505324  | (1345508)  | (5364606)  | 26356461  |
|  VIP Equity-Income Portfolio Initial Class  | 16517751  | 5598101  | 7497828  | 702779  | (252715)  | (1400828)  | 12964481  |
|  VIP Government Money Market Portfolio Initial Class 4.01%  | -  | 1619855  | 74789  | 12266  | -  | -  | 1545066  |
|  VIP Growth & Income Portfolio Initial Class  | 18804297  | 7529075  | 7957523  | 614808  | (63663)  | (1534530)  | 16777656  |
|  VIP Growth Portfolio Initial Class  | 15971085  | 17305790  | 4519117  | 1402368  | (532750)  | (5498686)  | 22726322  |
|  VIP High Income Portfolio Initial Class  | 3192751  | 1829889  | 841452  | 191755  | (37312)  | (564574)  | 3579302  |
|  VIP Investment Grade Bond II Portfolio - Initial Class  | -  | 35666213  | 8435357  | 431202  | (131465)  | (1455848)  | 25643543  |
|  VIP Investment Grade Bond Portfolio Initial Class  | 25701690  | 7325364  | 29632439  | 1202167  | (3667874)  | 273259  | -  |
|  VIP Mid Cap Portfolio Initial Class  | 4581003  | 1887924  | 1414038  | 301499  | (92177)  | (916910)  | 4045802  |
|  VIP Overseas Portfolio Initial Class  | 49915329  | 27956493  | 14802096  | 950391  | (1298849)  | (13146237)  | 48624640  |
|  VIP Value Portfolio Initial Class  | 12110363  | 3631289  | 5399505  | 476704  | (108374)  | (885902)  | 9347871  |
|  VIP Value Strategies Portfolio Initial Class  | 5932671  | 1903451  | 2485527  | 285399  | (58343)  | (658824)  | 4633428  |
|  | 212959555  | 154913330  | 102749593  | 8753521  | (8381063)  | (41091049)  | 215651180  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 84964695  | 84964695  | -  | -  |
|  International Equity Funds  | 74981101  | 74981101  | -  | -  |
|  Bond Funds  | 54160318  | 54160318  | -  | -  |
|  Short-Term Funds  | 1545066  | 1545066  | -  | -  |
| **Total Investments in Securities:**  | 215651180  | 215651180  | -  | -  |

---

**VIP Freedom 2035 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $220,128,639)  | 215651180  |  |
|  Total Investment in Securities (cost $220,128,639)  |  | $215651180  |
|  Cash  |  | 10  |
| Receivable for investments sold  |  | 2855582  |
|  Receivable for fund shares sold  |  | 167277  |
| **Total assets**  |  | 218674049  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 2880488  |  |
|  Payable for fund shares redeemed  | 135009  |  |
|  Distribution and service plan fees payable  | 29036  |  |
| **Total Liabilities**  |  | 3044533  |
| **Net Assets**  |  | $215629516  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $223994666  |
|  Total accumulated earnings (loss)  |  | (8365150)  |
|  **Net Assets**  |  | $215629516  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($18,619,172 ÷ 819,740 shares)  |  | $22.71  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($98,376,353 ÷ 4,344,761 shares)  |  | $22.64  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($98,633,991 ÷ 4,384,826 shares)  |  | $22.49  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 3492435  |
|  **Expenses**  |  |  |
| Distribution and service plan fees  | 338837  |  |
| Independent trustees' fees and expenses  | 662  |  |
| Total expenses before reductions  | 339499  |  |
| Expense reductions  | (1)  |  |
| Total expenses after reductions  |  | 339498  |
| **Net Investment income (loss)**  |  | 3152937  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (8381063)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 5261086  |  |
| Total net realized gain (loss)  |  | (3119977)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (41091049)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (41091049)  |
| **Net gain (loss)**  |  | (44211026)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(41058089)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $3152937  | $2570825  |
| &nbsp;&nbsp; Net realized gain (loss)  | (3119977) <br>| 17115249 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (41091049)  | 6347272 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (41058089) <br>| 26033346 <br>|
| Distributions to shareholders  | (17522624) <br>| (8795165) <br>|
| Share transactions - net increase (decrease)  | 61280389 <br>| 39118407 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 2699676 <br>| 56356588 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 212929840  | 156573252 <br>|
| &nbsp;&nbsp; End of period  | $215629516  | $212929840  |

---

**Financial Highlights** 

 **VIP Freedom 2035 Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.05  | $27.34  | $24.35  | $20.07  | $22.88  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .40  | .45  | .28  | .48  | .29  |
| Net realized and unrealized gain (loss)  | (5.43)  | 3.69  | 4.01  | 4.92  | (2.39)  |
| Total from investment operations  | (5.03)  | 4.14  | 4.29  | 5.40  | (2.10)  |
| Distributions from net investment income  | (.42)  | (.30)  | (.27)  | (.41)  | (.26)  |
| Distributions from net realized gain  | (1.89)  | (1.13)  | (1.04)  | (.71)  | (.45)  |
| Total distributions  | (2.31)  | (1.43)  | (1.30) <sup>C</sup>  | (1.12)  | (.71)  |
| Net asset value, end of period  | $22.71  | $30.05  | $27.34  | $24.35  | $20.07  |
| **Total Return** <sup>D,E</sup>  | (17.69)%  | 15.46%  | 18.28%  | 27.49%  | (9.30)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.68%  | 1.53%  | 1.20%  | 2.13%  | 1.30%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $18619  | $17426  | $17852  | $12846  | $7977  |
| Portfolio turnover rate <sup>I</sup>  | 49%  | 34%  | 55%  | 29%  | 27%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

 **VIP Freedom 2035 Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.96  | $27.27  | $24.30  | $20.04  | $22.84  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .38  | .42  | .26  | .46  | .27  |
| Net realized and unrealized gain (loss)  | (5.42)  | 3.67  | 3.99  | 4.90  | (2.38)  |
| Total from investment operations  | (5.04)  | 4.09  | 4.25  | 5.36  | (2.11)  |
| Distributions from net investment income  | (.40)  | (.27)  | (.25)  | (.39)  | (.25)  |
| Distributions from net realized gain  | (1.89)  | (1.13)  | (1.04)  | (.71)  | (.45)  |
| Total distributions  | (2.28) <sup>C</sup>  | (1.40)  | (1.28) <sup>C</sup>  | (1.10)  | (.69) <sup>C</sup>  |
| Net asset value, end of period  | $22.64  | $29.96  | $27.27  | $24.30  | $20.04  |
| **Total Return** <sup>D,E</sup>  | (17.75)%  | 15.32%  | 18.15%  | 27.33%  | (9.36)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 1.58%  | 1.43%  | 1.10%  | 2.03%  | 1.20%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $98376  | $82275  | $51598  | $30573  | $12303  |
| Portfolio turnover rate <sup>H</sup>  | 49%  | 34%  | 55%  | 29%  | 27%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

 **VIP Freedom 2035 Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.78  | $27.11  | $24.17  | $19.94  | $22.73  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .34  | .37  | .22  | .42  | .24  |
| Net realized and unrealized gain (loss)  | (5.38)  | 3.66  | 3.97  | 4.88  | (2.37)  |
| Total from investment operations  | (5.04)  | 4.03  | 4.19  | 5.30  | (2.13)  |
| Distributions from net investment income  | (.36)  | (.23)  | (.21)  | (.36)  | (.22)  |
| Distributions from net realized gain  | (1.89)  | (1.13)  | (1.04)  | (.71)  | (.45)  |
| Total distributions  | (2.25)  | (1.36)  | (1.25)  | (1.07)  | (.66) <sup>C</sup>  |
| Net asset value, end of period  | $22.49  | $29.78  | $27.11  | $24.17  | $19.94  |
| **Total Return** <sup>D,E</sup>  | (17.89)%  | 15.18%  | 17.96%  | 27.13%  | (9.50)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 1.43%  | 1.28%  | .95%  | 1.88%  | 1.05%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $98634  | $113228  | $87124  | $71380  | $45013  |
| Portfolio turnover rate <sup>H</sup>  | 49%  | 34%  | 55%  | 29%  | 27%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

**VIP Freedom 2040 Portfolio℠** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Overseas Portfolio Initial Class  | 26.3  |
| VIP Emerging Markets Portfolio Initial Class  | 13.7  |
| VIP Growth Portfolio Initial Class  | 12.6  |
| VIP Growth & Income Portfolio Initial Class  | 9.3  |
| VIP Contrafund Portfolio Initial Class  | 8.0  |
| VIP Equity-Income Portfolio Initial Class  | 7.2  |
| Fidelity Long-Term Treasury Bond Index Fund  | 6.0  |
| VIP Value Portfolio Initial Class  | 5.2  |
| VIP Investment Grade Bond II Portfolio - Initial Class  | 2.7  |
| VIP Value Strategies Portfolio Initial Class  | 2.6  |
|  | 93.6  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88158_27.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP Freedom 2040 Portfolio℠**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 47.2%**  | &nbsp;&nbsp; **Domestic Equity Funds - 47.2%**  | &nbsp;&nbsp; **Domestic Equity Funds - 47.2%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Initial Class (a)  | 428567  | 16234102  |
|  VIP Equity-Income Portfolio Initial Class (a)  | 617451  | 14547149  |
|  VIP Growth & Income Portfolio Initial Class (a)  | 783680  | 18823995  |
|  VIP Growth Portfolio Initial Class (a)  | 356519  | 25494691  |
|  VIP Mid Cap Portfolio Initial Class (a)  | 138744  | 4539707  |
|  VIP Value Portfolio Initial Class (a)  | 626952  | 10488907  |
|  VIP Value Strategies Portfolio Initial Class (a)  | 361544  | 5198999  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $87,033,848)  |  | **95327550**  |

---

---

| | | |
|:---|:---|:---|
| &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)  | 2799664  | 27632686  |
|  VIP Overseas Portfolio Initial Class (a)  | 2442348  | 52998960  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $84,163,269)  |  | **80631646**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 12.1%**  | &nbsp;&nbsp; **Bond Funds - 12.1%**  | &nbsp;&nbsp; **Bond Funds - 12.1%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 480879  | 4337525  |
|  Fidelity International Bond Index Fund (a)  | 225710  | 1988506  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 1189289  | 12059389  |
|  VIP High Income Portfolio Initial Class (a)  | 124367  | 548460  |
|  VIP Investment Grade Bond II Portfolio - Initial Class (a)  | 592820  | 5507299  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $28,127,880)  |  | **24441179**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 0.7%**  | &nbsp;&nbsp; **Short-Term Funds - 0.7%**  | &nbsp;&nbsp; **Short-Term Funds - 0.7%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Initial Class 4.01% (a)(b) <br>(Cost $1,446,761) <br>| 1446761  | **1446761**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $200,771,758) <br>| <br>**201847136**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(1962)**  |
| **NET ASSETS - 100.0%**  | **201845174**  |

---

**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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 824  | -  | 824  | 1  | -  | -  | -  | 0.0%  |
| Total  | 824  | -  | 824  | 1  | -  | -  | -  |  |

---

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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 4151241  | 2920681  | 1989220  | 360916  | (27983)  | (717194)  | 4337525  |
|  Fidelity International Bond Index Fund  | 1115740  | 1725585  | 671374  | 15481  | (35729)  | (145716)  | 1988506  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 7821260  | 10511950  | 2804513  | 264870  | (292901)  | (3176407)  | 12059389  |
|  VIP Contrafund Portfolio Initial Class  | 17659408  | 8179830  | 3654152  | 888706  | (320416)  | (5630568)  | 16234102  |
|  VIP Emerging Markets Portfolio Initial Class  | 30903098  | 14742296  | 11103694  | 523218  | (1419446)  | (5489568)  | 27632686  |
|  VIP Equity-Income Portfolio Initial Class  | 18678220  | 5681900  | 7965966  | 779100  | (329014)  | (1517991)  | 14547149  |
|  VIP Government Money Market Portfolio Initial Class 4.01%  | -  | 1513662  | 66901  | 11454  | -  | -  | 1446761  |
|  VIP Growth & Income Portfolio Initial Class  | 21264053  | 7821377  | 8464967  | 679136  | (147593)  | (1648875)  | 18823995  |
|  VIP Growth Portfolio Initial Class  | 18060762  | 18722932  | 4555876  | 1532612  | (538721)  | (6194406)  | 25494691  |
|  VIP High Income Portfolio Initial Class  | 3096099  | 1027618  | 3285656  | 29997  | (251692)  | (37909)  | 548460  |
|  VIP Investment Grade Bond II Portfolio - Initial Class  | -  | 7284263  | 1583981  | 67164  | (30374)  | (162609)  | 5507299  |
|  VIP Investment Grade Bond Portfolio Initial Class  | 2795247  | 1724347  | 4197719  | 108335  | (307844)  | (14031)  | -  |
|  VIP Mid Cap Portfolio Initial Class  | 5180173  | 1936223  | 1447277  | 330870  | (103800)  | (1025612)  | 4539707  |
|  VIP Overseas Portfolio Initial Class  | 55297478  | 29254788  | 15822305  | 1015642  | (1329611)  | (14401390)  | 52998960  |
|  VIP Value Portfolio Initial Class  | 13694335  | 3896267  | 5970355  | 523001  | (236030)  | (895310)  | 10488907  |
|  VIP Value Strategies Portfolio Initial Class  | 6708545  | 1993405  | 2693960  | 314294  | (112063)  | (696928)  | 5198999  |
|  | 206425659  | 118937124  | 76277916  | 7444796  | (5483217)  | (41754514)  | 201847136  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 95327550  | 95327550  | -  | -  |
|  International Equity Funds  | 80631646  | 80631646  | -  | -  |
|  Bond Funds  | 24441179  | 24441179  | -  | -  |
|  Short-Term Funds  | 1446761  | 1446761  | -  | -  |
| **Total Investments in Securities:**  | 201847136  | 201847136  | -  | -  |

---

**VIP Freedom 2040 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $200,771,758)  | 201847136  |  |
|  Total Investment in Securities (cost $200,771,758)  |  | $201847136  |
|  Cash  |  | 1282  |
| Receivable for investments sold  |  | 3056709  |
|  Receivable for fund shares sold  |  | 230566  |
| **Total assets**  |  | 205135693  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 3013195  |  |
|  Payable for fund shares redeemed  | 259579  |  |
|  Distribution and service plan fees payable  | 17745  |  |
| **Total Liabilities**  |  | 3290519  |
| **Net Assets**  |  | $201845174  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $202795403  |
|  Total accumulated earnings (loss)  |  | (950229)  |
|  **Net Assets**  |  | $201845174  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($41,855,887 ÷ 1,939,857 shares)  |  | $21.58  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($124,508,254 ÷ 5,785,750 shares)  |  | $21.52  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($35,481,033 ÷ 1,657,290 shares)  |  | $21.41  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 2895003  |
| Income from Fidelity Central Funds  |  | 1  |
| **Total Income**  |  | 2895004  |
|  **Expenses**  |  |  |
| Distribution and service plan fees  | 206338  |  |
| Independent trustees' fees and expenses  | 622  |  |
| Total expenses before reductions  | 206960  |  |
| Expense reductions  | (7)  |  |
| Total expenses after reductions  |  | 206953  |
| **Net Investment income (loss)**  |  | 2688051  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (5483217)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 4549793  |  |
| Total net realized gain (loss)  |  | (933424)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (41754514)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (41754514)  |
| **Net gain (loss)**  |  | (42687938)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(39999887)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $2688051  | $2433295  |
| &nbsp;&nbsp; Net realized gain (loss)  | (933424) <br>| 17910268 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (41754514)  | 8109146 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (39999887) <br>| 28452709 <br>|
| Distributions to shareholders  | (18183869) <br>| (9012010) <br>|
| Share transactions - net increase (decrease)  | 53620006 <br>| 36426608 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (4563750) <br>| 55867307 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 206408924  | 150541617 <br>|
| &nbsp;&nbsp; End of period  | $201845174  | $206408924  |

---

**Financial Highlights** 

 **VIP Freedom 2040 Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.04  | $25.96  | $23.08  | $18.94  | $21.76  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .34  | .41  | .24  | .40  | .27  |
| Net realized and unrealized gain (loss)  | (5.31)  | 4.11  | 4.02  | 4.88  | (2.39)  |
| Total from investment operations  | (4.97)  | 4.52  | 4.26  | 5.28  | (2.12)  |
| Distributions from net investment income  | (.39)  | (.26)  | (.23)  | (.39)  | (.25)  |
| Distributions from net realized gain  | (2.10)  | (1.18)  | (1.16)  | (.75)  | (.45)  |
| Total distributions  | (2.49)  | (1.44)  | (1.38) <sup>C</sup>  | (1.14)  | (.70)  |
| Net asset value, end of period  | $21.58  | $29.04  | $25.96  | $23.08  | $18.94  |
| **Total Return** <sup>D,E</sup>  | (18.22)%  | 17.83%  | 19.28%  | 28.52%  | (9.88)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.49%  | 1.45%  | 1.07%  | 1.86%  | 1.26%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $41856  | $45822  | $34365  | $27284  | $19652  |
| Portfolio turnover rate <sup>I</sup>  | 39%  | 32%  | 49%  | 36%  | 39%  |

---

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

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

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

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

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

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

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

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

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

 **VIP Freedom 2040 Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.97  | $25.91  | $23.04  | $18.91  | $21.72  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .32  | .38  | .21  | .37  | .25  |
| Net realized and unrealized gain (loss)  | (5.30)  | 4.10  | 4.02  | 4.88  | (2.38)  |
| Total from investment operations  | (4.98)  | 4.48  | 4.23  | 5.25  | (2.13)  |
| Distributions from net investment income  | (.37)  | (.24)  | (.21)  | (.37)  | (.23)  |
| Distributions from net realized gain  | (2.10)  | (1.18)  | (1.16)  | (.75)  | (.45)  |
| Total distributions  | (2.47)  | (1.42)  | (1.36) <sup>C</sup>  | (1.12)  | (.68)  |
| Net asset value, end of period  | $21.52  | $28.97  | $25.91  | $23.04  | $18.91  |
| **Total Return** <sup>D,E</sup>  | (18.30)%  | 17.68%  | 19.16%  | 28.39%  | (9.94)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 1.39%  | 1.35%  | .97%  | 1.76%  | 1.16%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $124508  | $119062  | $85197  | $63170  | $48429  |
| Portfolio turnover rate <sup>H</sup>  | 39%  | 32%  | 49%  | 36%  | 39%  |

---

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

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

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

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

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

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

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

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

 **VIP Freedom 2040 Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.83  | $25.80  | $22.95  | $18.84  | $21.65  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .28  | .33  | .18  | .34  | .22  |
| Net realized and unrealized gain (loss)  | (5.26)  | 4.08  | 4.00  | 4.86  | (2.38)  |
| Total from investment operations  | (4.98)  | 4.41  | 4.18  | 5.20  | (2.16)  |
| Distributions from net investment income  | (.33)  | (.20)  | (.17)  | (.34)  | (.20)  |
| Distributions from net realized gain  | (2.10)  | (1.18)  | (1.15)  | (.75)  | (.45)  |
| Total distributions  | (2.44) <sup>C</sup>  | (1.38)  | (1.33) <sup>C</sup>  | (1.09)  | (.65)  |
| Net asset value, end of period  | $21.41  | $28.83  | $25.80  | $22.95  | $18.84  |
| **Total Return** <sup>D,E</sup>  | (18.41)%  | 17.50%  | 18.99%  | 28.23%  | (10.12)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 1.24%  | 1.20%  | .82%  | 1.61%  | 1.01%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $35481  | $41525  | $30980  | $23721  | $15391  |
| Portfolio turnover rate <sup>H</sup>  | 39%  | 32%  | 49%  | 36%  | 39%  |

---

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

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

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

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

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

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

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

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

**VIP Freedom 2045 Portfolio℠** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Overseas Portfolio Initial Class  | 26.9  |
| VIP Emerging Markets Portfolio Initial Class  | 14.0  |
| VIP Growth Portfolio Initial Class  | 13.0  |
| VIP Growth & Income Portfolio Initial Class  | 9.6  |
| VIP Contrafund Portfolio Initial Class  | 8.3  |
| VIP Equity-Income Portfolio Initial Class  | 7.4  |
| Fidelity Long-Term Treasury Bond Index Fund  | 6.0  |
| VIP Value Portfolio Initial Class  | 5.3  |
| VIP Value Strategies Portfolio Initial Class  | 2.7  |
| VIP Mid Cap Portfolio Initial Class  | 2.3  |
|  | 95.5  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88158_28.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP Freedom 2045 Portfolio℠**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 48.6%**  | &nbsp;&nbsp; **Domestic Equity Funds - 48.6%**  | &nbsp;&nbsp; **Domestic Equity Funds - 48.6%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Initial Class (a)  | 228346  | 8649739  |
|  VIP Equity-Income Portfolio Initial Class (a)  | 328986  | 7750902  |
|  VIP Growth & Income Portfolio Initial Class (a)  | 417555  | 10029666  |
|  VIP Growth Portfolio Initial Class (a)  | 189959  | 13583940  |
|  VIP Mid Cap Portfolio Initial Class (a)  | 73925  | 2418825  |
|  VIP Value Portfolio Initial Class (a)  | 334049  | 5588640  |
|  VIP Value Strategies Portfolio Initial Class (a)  | 192636  | 2770104  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $47,418,002)  |  | **50791816**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 40.9%**  | &nbsp;&nbsp; **International Equity Funds - 40.9%**  | &nbsp;&nbsp; **International Equity Funds - 40.9%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Initial Class (a)  | 1476730  | 14575329  |
|  VIP Overseas Portfolio Initial Class (a)  | 1295515  | 28112666  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $44,717,321)  |  | **42687995**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 9.8%**  | &nbsp;&nbsp; **Bond Funds - 9.8%**  | &nbsp;&nbsp; **Bond Funds - 9.8%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 248762  | 2243834  |
|  Fidelity International Bond Index Fund (a)  | 65527  | 577290  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 615257  | 6238707  |
|  VIP High Income Portfolio Initial Class (a)  | 64336  | 283720  |
|  VIP Investment Grade Bond II Portfolio - Initial Class (a)  | 90138  | 837385  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $11,980,782)  |  | **10180936**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 0.7%**  | &nbsp;&nbsp; **Short-Term Funds - 0.7%**  | &nbsp;&nbsp; **Short-Term Funds - 0.7%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Initial Class 4.01% (a)(b) <br>(Cost $748,462) <br>| 748462  | **748462**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $104,864,567) <br>| <br>**104409209**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(7418)**  |
| **NET ASSETS - 100.0%**  | **104401791**  |

---

**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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 2161858  | 1563179  | 1092796  | 192238  | (16732)  | (371675)  | 2243834  |
|  Fidelity International Bond Index Fund  | 538081  | 507221  | 397035  | 5236  | (22175)  | (48802)  | 577290  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 4073020  | 5551866  | 1583450  | 138820  | (181805)  | (1620924)  | 6238707  |
|  VIP Contrafund Portfolio Initial Class  | 9246885  | 4532569  | 1979180  | 482366  | (239985)  | (2910550)  | 8649739  |
|  VIP Emerging Markets Portfolio Initial Class  | 16147255  | 8043414  | 6000349  | 282185  | (877890)  | (2737101)  | 14575329  |
|  VIP Equity-Income Portfolio Initial Class  | 9780201  | 3051273  | 4095815  | 423197  | (171423)  | (813334)  | 7750902  |
|  VIP Government Money Market Portfolio Initial Class 4.01%  | -  | 794880  | 46418  | 6016  | -  | -  | 748462  |
|  VIP Growth & Income Portfolio Initial Class  | 11134256  | 4216903  | 4365525  | 368852  | (73403)  | (882565)  | 10029666  |
|  VIP Growth Portfolio Initial Class  | 9457011  | 10205538  | 2512648  | 829098  | (362982)  | (3202979)  | 13583940  |
|  VIP High Income Portfolio Initial Class  | 1612399  | 545285  | 1722456  | 15883  | (132509)  | (18999)  | 283720  |
|  VIP Investment Grade Bond II Portfolio - Initial Class  | -  | 1887079  | 1040590  | 4427  | (1723)  | (7381)  | 837385  |
|  VIP Investment Grade Bond Portfolio Initial Class  | 1024783  | 630305  | 1565044  | 32164  | (79721)  | (10323)  | -  |
|  VIP Mid Cap Portfolio Initial Class  | 2712422  | 1072543  | 770364  | 178740  | (51741)  | (544035)  | 2418825  |
|  VIP Overseas Portfolio Initial Class  | 28925248  | 15940722  | 8511731  | 546358  | (893723)  | (7347850)  | 28112666  |
|  VIP Value Portfolio Initial Class  | 7170600  | 2125530  | 3108731  | 282600  | (124135)  | (474624)  | 5588640  |
|  VIP Value Strategies Portfolio Initial Class  | 3512688  | 1097026  | 1410952  | 170323  | (56931)  | (371727)  | 2770104  |
|  | 107496707  | 61765333  | 40203084  | 3958503  | (3286878)  | (21362869)  | 104409209  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 50791816  | 50791816  | -  | -  |
|  International Equity Funds  | 42687995  | 42687995  | -  | -  |
|  Bond Funds  | 10180936  | 10180936  | -  | -  |
|  Short-Term Funds  | 748462  | 748462  | -  | -  |
| **Total Investments in Securities:**  | 104409209  | 104409209  | -  | -  |

---

**VIP Freedom 2045 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $104,864,567)  | 104409209  |  |
|  Total Investment in Securities (cost $104,864,567)  |  | $104409209  |
|  Cash  |  | 901  |
| Receivable for investments sold  |  | 1633578  |
|  Receivable for fund shares sold  |  | 93752  |
| **Total assets**  |  | 106137440  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 1655698  |  |
|  Payable for fund shares redeemed  | 62417  |  |
|  Distribution and service plan fees payable  | 17534  |  |
| **Total Liabilities**  |  | 1735649  |
| **Net Assets**  |  | $104401791  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $106321443  |
|  Total accumulated earnings (loss)  |  | (1919652)  |
|  **Net Assets**  |  | $104401791  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($7,366,203 ÷ 338,591 shares)  |  | $21.76  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($23,627,669 ÷ 1,089,279 shares)  |  | $21.69  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($73,407,919 ÷ 3,403,847 shares)  |  | $21.57  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 1524843  |
|  **Expenses**  |  |  |
| Distribution and service plan fees  | 202520  |  |
| Independent trustees' fees and expenses  | 325  |  |
| Total expenses before reductions  | 202845  |  |
| Expense reductions  | (6)  |  |
| Total expenses after reductions  |  | 202839  |
| **Net Investment income (loss)**  |  | 1322004  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (3286878)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 2433660  |  |
| Total net realized gain (loss)  |  | (853218)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (21362869)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (21362869)  |
| **Net gain (loss)**  |  | (22216087)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(20894083)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $1322004  | $1174437  |
| &nbsp;&nbsp; Net realized gain (loss)  | (853218) <br>| 9616862 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (21362869)  | 4313289 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (20894083) <br>| 15104588 <br>|
| Distributions to shareholders  | (9640257) <br>| (4377051) <br>|
| Share transactions - net increase (decrease)  | 27456282 <br>| 15022841 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (3078058) <br>| 25750378 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 107479849  | 81729471 <br>|
| &nbsp;&nbsp; End of period  | $104401791  | $107479849  |

---

**Financial Highlights** 

 **VIP Freedom 2045 Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.30  | $26.09  | $23.08  | $18.91  | $21.64  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .34  | .40  | .25  | .43  | .27  |
| Net realized and unrealized gain (loss)  | (5.35)  | 4.16  | 4.03  | 4.85  | (2.39)  |
| Total from investment operations  | (5.01)  | 4.56  | 4.28  | 5.28  | (2.12)  |
| Distributions from net investment income  | (.38)  | (.27)  | (.22)  | (.37)  | (.25)  |
| Distributions from net realized gain  | (2.15)  | (1.08)  | (1.05)  | (.74)  | (.37)  |
| Total distributions  | (2.53)  | (1.35)  | (1.27)  | (1.11)  | (.61) <sup>C</sup>  |
| Net asset value, end of period  | $21.76  | $29.30  | $26.09  | $23.08  | $18.91  |
| **Total Return** <sup>D,E</sup>  | (18.21)%  | 17.83%  | 19.27%  | 28.57%  | (9.89)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.50%  | 1.42%  | 1.12%  | 2.01%  | 1.25%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $7366  | $6866  | $5282  | $3686  | $2583  |
| Portfolio turnover rate <sup>I</sup>  | 39%  | 29%  | 38%  | 25%  | 42%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

 **VIP Freedom 2045 Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.22  | $26.03  | $23.03  | $18.88  | $21.61  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .32  | .37  | .23  | .41  | .24  |
| Net realized and unrealized gain (loss)  | (5.34)  | 4.14  | 4.02  | 4.83  | (2.37)  |
| Total from investment operations  | (5.02)  | 4.51  | 4.25  | 5.24  | (2.13)  |
| Distributions from net investment income  | (.36)  | (.24)  | (.21)  | (.35)  | (.23)  |
| Distributions from net realized gain  | (2.15)  | (1.08)  | (1.05)  | (.74)  | (.37)  |
| Total distributions  | (2.51)  | (1.32)  | (1.25) <sup>C</sup>  | (1.09)  | (.60)  |
| Net asset value, end of period  | $21.69  | $29.22  | $26.03  | $23.03  | $18.88  |
| **Total Return** <sup>D,E</sup>  | (18.30)%  | 17.69%  | 19.18%  | 28.40%  | (9.97)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 1.40%  | 1.32%  | 1.02%  | 1.91%  | 1.15%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $23628  | $22218  | $13322  | $7345  | $3900  |
| Portfolio turnover rate <sup>H</sup>  | 39%  | 29%  | 38%  | 25%  | 42%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

 **VIP Freedom 2045 Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.07  | $25.90  | $22.93  | $18.80  | $21.52  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .28  | .33  | .19  | .37  | .21  |
| Net realized and unrealized gain (loss)  | (5.30)  | 4.12  | 4.00  | 4.82  | (2.37)  |
| Total from investment operations  | (5.02)  | 4.45  | 4.19  | 5.19  | (2.16)  |
| Distributions from net investment income  | (.33)  | (.20)  | (.17)  | (.33)  | (.20)  |
| Distributions from net realized gain  | (2.15)  | (1.08)  | (1.05)  | (.74)  | (.37)  |
| Total distributions  | (2.48)  | (1.28)  | (1.22)  | (1.06) <sup>C</sup>  | (.56) <sup>C</sup>  |
| Net asset value, end of period  | $21.57  | $29.07  | $25.90  | $22.93  | $18.80  |
| **Total Return** <sup>D,E</sup>  | (18.42)%  | 17.53%  | 18.97%  | 28.25%  | (10.13)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 1.25%  | 1.17%  | .87%  | 1.76%  | 1.00%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $73408  | $78396  | $63126  | $45871  | $28298  |
| Portfolio turnover rate <sup>H</sup>  | 39%  | 29%  | 38%  | 25%  | 42%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

**VIP Freedom 2050 Portfolio℠** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Overseas Portfolio Initial Class  | 26.9  |
| VIP Emerging Markets Portfolio Initial Class  | 14.0  |
| VIP Growth Portfolio Initial Class  | 13.0  |
| VIP Growth & Income Portfolio Initial Class  | 9.6  |
| VIP Contrafund Portfolio Initial Class  | 8.3  |
| VIP Equity-Income Portfolio Initial Class  | 7.4  |
| Fidelity Long-Term Treasury Bond Index Fund  | 6.0  |
| VIP Value Portfolio Initial Class  | 5.3  |
| VIP Value Strategies Portfolio Initial Class  | 2.7  |
| VIP Mid Cap Portfolio Initial Class  | 2.3  |
|  | 95.5  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88158_28.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP Freedom 2050 Portfolio℠**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 48.6%**  | &nbsp;&nbsp; **Domestic Equity Funds - 48.6%**  | &nbsp;&nbsp; **Domestic Equity Funds - 48.6%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Initial Class (a)  | 208691  | 7905227  |
|  VIP Equity-Income Portfolio Initial Class (a)  | 300672  | 7083821  |
|  VIP Growth & Income Portfolio Initial Class (a)  | 381613  | 9166352  |
|  VIP Growth Portfolio Initial Class (a)  | 173605  | 12414508  |
|  VIP Mid Cap Portfolio Initial Class (a)  | 67563  | 2210656  |
|  VIP Value Portfolio Initial Class (a)  | 305299  | 5107647  |
|  VIP Value Strategies Portfolio Initial Class (a)  | 176058  | 2531710  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $43,848,407)  |  | **46419921**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 40.9%**  | &nbsp;&nbsp; **International Equity Funds - 40.9%**  | &nbsp;&nbsp; **International Equity Funds - 40.9%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Initial Class (a)  | 1349663  | 13321170  |
|  VIP Overseas Portfolio Initial Class (a)  | 1184038  | 25693626  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $41,579,981)  |  | **39014796**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 9.8%**  | &nbsp;&nbsp; **Bond Funds - 9.8%**  | &nbsp;&nbsp; **Bond Funds - 9.8%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 227350  | 2050699  |
|  Fidelity International Bond Index Fund (a)  | 59886  | 527600  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 562280  | 5701520  |
|  VIP High Income Portfolio Initial Class (a)  | 58798  | 259298  |
|  VIP Investment Grade Bond II Portfolio - Initial Class (a)  | 82381  | 765323  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $10,921,296)  |  | **9304440**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 0.7%**  | &nbsp;&nbsp; **Short-Term Funds - 0.7%**  | &nbsp;&nbsp; **Short-Term Funds - 0.7%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Initial Class 4.01% (a)(b) <br>(Cost $683,991) <br>| 683991  | **683991**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $97,033,675) <br>| <br>**95423148**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(3487)**  |
| **NET ASSETS - 100.0%**  | **95419661**  |

---

**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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 1951188  | 1391787  | 944423  | 171560  | (15332)  | (332521)  | 2050699  |
|  Fidelity International Bond Index Fund  | 485638  | 449188  | 343686  | 4681  | (19221)  | (44319)  | 527600  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 3676148  | 4961098  | 1318876  | 124125  | (146367)  | (1470483)  | 5701520  |
|  VIP Contrafund Portfolio Initial Class  | 8345650  | 3990401  | 1605333  | 431738  | (152518)  | (2672973)  | 7905227  |
|  VIP Emerging Markets Portfolio Initial Class  | 14573282  | 7018039  | 5012969  | 252519  | (671270)  | (2585912)  | 13321170  |
|  VIP Equity-Income Portfolio Initial Class  | 8826950  | 2808817  | 3676544  | 378854  | (192285)  | (683117)  | 7083821  |
|  VIP Government Money Market Portfolio Initial Class 4.01%  | -  | 714600  | 30609  | 5383  | -  | -  | 683991  |
|  VIP Growth & Income Portfolio Initial Class  | 10048982  | 3863704  | 3899408  | 330199  | (57476)  | (789450)  | 9166352  |
|  VIP Growth Portfolio Initial Class  | 8535341  | 9105389  | 2027416  | 742070  | (253652)  | (2945154)  | 12414508  |
|  VIP High Income Portfolio Initial Class  | 1455253  | 464645  | 1524202  | 14217  | (117500)  | (18898)  | 259298  |
|  VIP Investment Grade Bond II Portfolio - Initial Class  | -  | 1685598  | 912082  | 3932  | (1348)  | (6845)  | 765323  |
|  VIP Investment Grade Bond Portfolio Initial Class  | 924917  | 578315  | 1422175  | 28906  | (74377)  | (6680)  | -  |
|  VIP Mid Cap Portfolio Initial Class  | 2448058  | 950668  | 653800  | 160190  | (47157)  | (487113)  | 2210656  |
|  VIP Overseas Portfolio Initial Class  | 26106477  | 13980003  | 7000763  | 489754  | (723371)  | (6668720)  | 25693626  |
|  VIP Value Portfolio Initial Class  | 6471684  | 1953846  | 2785327  | 253284  | (134310)  | (398246)  | 5107647  |
|  VIP Value Strategies Portfolio Initial Class  | 3170293  | 997756  | 1254570  | 152561  | (57029)  | (324740)  | 2531710  |
|  | 97019861  | 54913854  | 34412183  | 3543973  | (2663213)  | (19435171)  | 95423148  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 46419921  | 46419921  | -  | -  |
|  International Equity Funds  | 39014796  | 39014796  | -  | -  |
|  Bond Funds  | 9304440  | 9304440  | -  | -  |
|  Short-Term Funds  | 683991  | 683991  | -  | -  |
| **Total Investments in Securities:**  | 95423148  | 95423148  | -  | -  |

---

**VIP Freedom 2050 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $97,033,675)  | 95423148  |  |
|  Total Investment in Securities (cost $97,033,675)  |  | $95423148  |
|  Cash  |  | 617  |
| Receivable for investments sold  |  | 1417453  |
|  Receivable for fund shares sold  |  | 282686  |
| **Total assets**  |  | 97123904  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 1654769  |  |
|  Payable for fund shares redeemed  | 37214  |  |
|  Distribution and service plan fees payable  | 12260  |  |
| **Total Liabilities**  |  | 1704243  |
| **Net Assets**  |  | $95419661  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $98343192  |
|  Total accumulated earnings (loss)  |  | (2923531)  |
|  **Net Assets**  |  | $95419661  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($17,775,181 ÷ 905,117 shares)  |  | $19.64  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($31,042,108 ÷ 1,585,691 shares)  |  | $19.58  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($46,602,372 ÷ 2,391,713 shares)  |  | $19.48  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 1364056  |
|  **Expenses**  |  |  |
| Distribution and service plan fees  | 139711  |  |
| Independent trustees' fees and expenses  | 292  |  |
| Total expenses before reductions  | 140003  |  |
| Expense reductions  | (4)  |  |
| Total expenses after reductions  |  | 139999  |
| **Net Investment income (loss)**  |  | 1224057  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (2663213)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 2179917  |  |
| Total net realized gain (loss)  |  | (483296)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (19435171)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (19435171)  |
| **Net gain (loss)**  |  | (19918467)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(18694410)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $1224057  | $1111937  |
| &nbsp;&nbsp; Net realized gain (loss)  | (483296) <br>| 8350953 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (19435171)  | 3543714 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (18694410) <br>| 13006604 <br>|
| Distributions to shareholders  | (8386812) <br>| (3806546) <br>|
| Share transactions - net increase (decrease)  | 25492667 <br>| 19315048 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (1588555) <br>| 28515106 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 97008216  | 68493110 <br>|
| &nbsp;&nbsp; End of period  | $95419661  | $97008216  |

---

**Financial Highlights** 

 **VIP Freedom 2050 Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.36  | $23.45  | $20.68  | $16.88  | $19.50  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .31  | .38  | .22  | .37  | .26  |
| Net realized and unrealized gain (loss)  | (4.83)  | 3.72  | 3.63  | 4.36  | (2.15)  |
| Total from investment operations  | (4.52)  | 4.10  | 3.85  | 4.73  | (1.89)  |
| Distributions from net investment income  | (.35)  | (.24)  | (.20)  | (.34)  | (.21)  |
| Distributions from net realized gain  | (1.85)  | (.95)  | (.88)  | (.59)  | (.52)  |
| Total distributions  | (2.20)  | (1.19)  | (1.08)  | (.93)  | (.73)  |
| Net asset value, end of period  | $19.64  | $26.36  | $23.45  | $20.68  | $16.88  |
| **Total Return** <sup>C,D</sup>  | (18.22)%  | 17.83%  | 19.28%  | 28.51%  | (9.89)%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions <sup>G</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any <sup>G</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions <sup>G</sup>  | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.50%  | 1.48%  | 1.08%  | 1.96%  | 1.35%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $17775  | $19102  | $13644  | $10317  | $7056  |
| Portfolio turnover rate <sup>H</sup>  | 38%  | 30%  | 43%  | 30%  | 111%  |

---

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

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

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

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

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

 **VIP Freedom 2050 Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.29  | $23.39  | $20.63  | $16.84  | $19.47  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .29  | .35  | .20  | .35  | .24  |
| Net realized and unrealized gain (loss)  | (4.82)  | 3.72  | 3.62  | 4.35  | (2.15)  |
| Total from investment operations  | (4.53)  | 4.07  | 3.82  | 4.70  | (1.91)  |
| Distributions from net investment income  | (.33)  | (.22)  | (.18)  | (.32)  | (.20)  |
| Distributions from net realized gain  | (1.85)  | (.95)  | (.88)  | (.59)  | (.52)  |
| Total distributions  | (2.18)  | (1.17)  | (1.06)  | (.91)  | (.72)  |
| Net asset value, end of period  | $19.58  | $26.29  | $23.39  | $20.63  | $16.84  |
| **Total Return** <sup>C,D</sup>  | (18.31)%  | 17.73%  | 19.17%  | 28.39%  | (10.03)%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 1.40%  | 1.38%  | .98%  | 1.86%  | 1.25%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $31042  | $30244  | $21593  | $14242  | $10203  |
| Portfolio turnover rate <sup>G</sup>  | 38%  | 30%  | 43%  | 30%  | 111%  |

---

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

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

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

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

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

 **VIP Freedom 2050 Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.18  | $23.31  | $20.57  | $16.80  | $19.42  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .26  | .31  | .17  | .32  | .21  |
| Net realized and unrealized gain (loss)  | (4.81)  | 3.69  | 3.60  | 4.34  | (2.13)  |
| Total from investment operations  | (4.55)  | 4.00  | 3.77  | 4.66  | (1.92)  |
| Distributions from net investment income  | (.30)  | (.18)  | (.15)  | (.30)  | (.18)  |
| Distributions from net realized gain  | (1.85)  | (.95)  | (.88)  | (.59)  | (.52)  |
| Total distributions  | (2.15)  | (1.13)  | (1.03)  | (.89)  | (.70)  |
| Net asset value, end of period  | $19.48  | $26.18  | $23.31  | $20.57  | $16.80  |
| **Total Return** <sup>C,D</sup>  | (18.47)%  | 17.51%  | 18.99%  | 28.22%  | (10.13)%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 1.25%  | 1.23%  | .83%  | 1.71%  | 1.10%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $46602  | $47661  | $33256  | $20551  | $10262  |
| Portfolio turnover rate <sup>G</sup>  | 38%  | 30%  | 43%  | 30%  | 111%  |

---

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

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

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

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

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

**VIP Freedom 2055 Portfolio℠** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Overseas Portfolio Initial Class  | 26.9  |
| VIP Emerging Markets Portfolio Initial Class  | 14.0  |
| VIP Growth Portfolio Initial Class  | 13.0  |
| VIP Growth & Income Portfolio Initial Class  | 9.6  |
| VIP Contrafund Portfolio Initial Class  | 8.3  |
| VIP Equity-Income Portfolio Initial Class  | 7.4  |
| Fidelity Long-Term Treasury Bond Index Fund  | 6.0  |
| VIP Value Portfolio Initial Class  | 5.3  |
| VIP Value Strategies Portfolio Initial Class  | 2.7  |
| VIP Mid Cap Portfolio Initial Class  | 2.3  |
|  | 95.5  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88158_28.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP Freedom 2055 Portfolio℠**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 48.6%**  | &nbsp;&nbsp; **Domestic Equity Funds - 48.6%**  | &nbsp;&nbsp; **Domestic Equity Funds - 48.6%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Initial Class (a)  | 14678  | 555988  |
|  VIP Equity-Income Portfolio Initial Class (a)  | 21147  | 498232  |
|  VIP Growth & Income Portfolio Initial Class (a)  | 26839  | 644681  |
|  VIP Growth Portfolio Initial Class (a)  | 12209  | 873086  |
|  VIP Mid Cap Portfolio Initial Class (a)  | 4752  | 155484  |
|  VIP Value Portfolio Initial Class (a)  | 21473  | 359239  |
|  VIP Value Strategies Portfolio Initial Class (a)  | 12383  | 178065  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $3,370,471)  |  | **3264775**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 40.9%**  | &nbsp;&nbsp; **International Equity Funds - 40.9%**  | &nbsp;&nbsp; **International Equity Funds - 40.9%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Initial Class (a)  | 94926  | 936922  |
|  VIP Overseas Portfolio Initial Class (a)  | 83277  | 1807101  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $3,068,188)  |  | **2744023**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 9.8%**  | &nbsp;&nbsp; **Bond Funds - 9.8%**  | &nbsp;&nbsp; **Bond Funds - 9.8%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 15990  | 144228  |
|  Fidelity International Bond Index Fund (a)  | 4212  | 37107  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 39545  | 400988  |
|  VIP High Income Portfolio Initial Class (a)  | 4135  | 18237  |
|  VIP Investment Grade Bond II Portfolio - Initial Class (a)  | 5794  | 53827  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $753,574)  |  | **654387**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 0.7%**  | &nbsp;&nbsp; **Short-Term Funds - 0.7%**  | &nbsp;&nbsp; **Short-Term Funds - 0.7%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Initial Class 4.01% (a)(b) <br>(Cost $48,104) <br>| 48104  | **48104**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $7,240,337) <br>| <br>**6711289**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(391)**  |
| **NET ASSETS - 100.0%**  | **6710898**  |

---

**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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 114909  | 133132  | 80254  | 11880  | (2369)  | (21190)  | 144228  |
|  Fidelity International Bond Index Fund  | 28599  | 41524  | 28860  | 311  | (1769)  | (2387)  | 37107  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 216499  | 439791  | 149553  | 8287  | (25028)  | (80721)  | 400988  |
|  VIP Contrafund Portfolio Initial Class  | 491432  | 445888  | 202722  | 29196  | (30279)  | (148331)  | 555988  |
|  VIP Emerging Markets Portfolio Initial Class  | 858167  | 818243  | 535321  | 17499  | (83882)  | (120285)  | 936922  |
|  VIP Equity-Income Portfolio Initial Class  | 519799  | 362078  | 324987  | 26175  | (15630)  | (43028)  | 498232  |
|  VIP Government Money Market Portfolio Initial Class 4.01%  | -  | 52531  | 4427  | 367  | -  | -  | 48104  |
|  VIP Growth & Income Portfolio Initial Class  | 591747  | 465683  | 355155  | 22743  | (12694)  | (44900)  | 644681  |
|  VIP Growth Portfolio Initial Class  | 502599  | 840448  | 265828  | 47689  | (37452)  | (166681)  | 873086  |
|  VIP High Income Portfolio Initial Class  | 85698  | 48354  | 107374  | 981  | (7510)  | (931)  | 18237  |
|  VIP Investment Grade Bond II Portfolio - Initial Class  | -  | 113024  | 58612  | 272  | (86)  | (499)  | 53827  |
|  VIP Investment Grade Bond Portfolio Initial Class  | 54468  | 38876  | 88412  | 1775  | (5172)  | 240  | -  |
|  VIP Mid Cap Portfolio Initial Class  | 144164  | 115969  | 70816  | 10668  | (7620)  | (26213)  | 155484  |
|  VIP Overseas Portfolio Initial Class  | 1537470  | 1577476  | 846524  | 32377  | (94545)  | (366776)  | 1807101  |
|  VIP Value Portfolio Initial Class  | 381102  | 258571  | 242782  | 16908  | (11815)  | (25837)  | 359239  |
|  VIP Value Strategies Portfolio Initial Class  | 186691  | 130461  | 112809  | 10367  | (6050)  | (20228)  | 178065  |
|  | 5713344  | 5882049  | 3474436  | 237495  | (341901)  | (1067767)  | 6711289  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 3264775  | 3264775  | -  | -  |
|  International Equity Funds  | 2744023  | 2744023  | -  | -  |
|  Bond Funds  | 654387  | 654387  | -  | -  |
|  Short-Term Funds  | 48104  | 48104  | -  | -  |
| **Total Investments in Securities:**  | 6711289  | 6711289  | -  | -  |

---

**VIP Freedom 2055 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $7,240,337)  | 6711289  |  |
|  Total Investment in Securities (cost $7,240,337)  |  | $6711289  |
|  Cash  |  | 16  |
| Receivable for investments sold  |  | 87073  |
|  Receivable for fund shares sold  |  | 37718  |
| **Total assets**  |  | 6836096  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 116445  |  |
|  Payable for fund shares redeemed  | 7811  |  |
|  Distribution and service plan fees payable  | 942  |  |
| **Total Liabilities**  |  | 125198  |
| **Net Assets**  |  | $6710898  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $7475847  |
|  Total accumulated earnings (loss)  |  | (764949)  |
|  **Net Assets**  |  | $6710898  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($745,561 ÷ 68,135 shares)  |  | $10.94  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($2,306,284 ÷ 210,926 shares)  |  | $10.93  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($3,659,053 ÷ 335,345 shares)  |  | $10.91  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 93915  |
|  **Expenses**  |  |  |
| Distribution and service plan fees  | 9699  |  |
| Independent trustees' fees and expenses  | 19  |  |
| **Total Expenses**  |  | 9718  |
| **Net Investment income (loss)**  |  | 84197  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (341901)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 143580  |  |
| Total net realized gain (loss)  |  | (198321)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (1067767)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (1067767)  |
| **Net gain (loss)**  |  | (1266088)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(1181891)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $84197  | $61529  |
| &nbsp;&nbsp; Net realized gain (loss)  | (198321) <br>| 420907 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (1067767)  | 124786 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (1181891) <br>| 607222 <br>|
| Distributions to shareholders  | (373119) <br>| (235468) <br>|
| Share transactions - net increase (decrease)  | 2553281 <br>| 2923390 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 998271 <br>| 3295144 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 5712627  | 2417483 <br>|
| &nbsp;&nbsp; End of period  | $6710898  | $5712627  |

---

**Financial Highlights** 

 **VIP Freedom 2055 Portfolio Initial Class** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $14.28  | $12.67  | $10.98  | $10.00  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .18  | .23  | .12  | .16  |
| Net realized and unrealized gain (loss)  | (2.69)  | 2.02  | 1.99  | 1.02  |
| Total from investment operations  | (2.51)  | 2.25  | 2.11  | 1.18  |
| Distributions from net investment income  | (.16)  | (.17)  | (.10)  | (.15)  |
| Distributions from net realized gain  | (.67)  | (.46)  | (.32)  | (.06)  |
| Total distributions  | (.83)  | (.64) <sup>D</sup>  | (.42)  | (.20) <sup>D</sup>  |
| Net asset value, end of period  | $10.94  | $14.28  | $12.67  | $10.98  |
| **Total Return** <sup>E,F</sup>  | (18.26)%  | 17.79%  | 19.28%  | 11.85%  |
| **Ratios to Average Net Assets** <sup>C,G,H</sup>  |  |  |  |  |
| Expenses before reductions <sup>I</sup>  | -%  | -%  | -%  | -% <sup>J</sup>  |
| Expenses net of fee waivers, if any <sup>I</sup>  | -%  | -%  | -%  | -% <sup>J</sup>  |
| Expenses net of all reductions <sup>I</sup>  | -%  | -%  | -%  | -% <sup>J</sup>  |
| Net investment income (loss)  | 1.57%  | 1.64%  | 1.09%  | 2.12% <sup>J</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $746  | $501  | $423  | $366  |
| Portfolio turnover rate <sup>K</sup>  | 58%  | 35%  | 64%  | 24% <sup>J</sup>  |

---

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

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

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

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

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

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

<sup>G</sup> *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.*

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

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

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

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

 **VIP Freedom 2055 Portfolio Service Class** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $14.27  | $12.66  | $10.98  | $10.00  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .17  | .22  | .11  | .15  |
| Net realized and unrealized gain (loss)  | (2.69)  | 2.02  | 1.99  | 1.03  |
| Total from investment operations  | (2.52)  | 2.24  | 2.10  | 1.18  |
| Distributions from net investment income  | (.14)  | (.16)  | (.09)  | (.14)  |
| Distributions from net realized gain  | (.67)  | (.46)  | (.32)  | (.06)  |
| Total distributions  | (.82) <sup>D</sup>  | (.63) <sup>D</sup>  | (.42) <sup>D</sup>  | (.20)  |
| Net asset value, end of period  | $10.93  | $14.27  | $12.66  | $10.98  |
| **Total Return** <sup>E,F</sup>  | (18.36)%  | 17.72%  | 19.11%  | 11.78%  |
| **Ratios to Average Net Assets** <sup>C,G,H</sup>  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10% <sup>I</sup>  |
| Expenses net of fee waivers, if any  | .10%  | .10%  | .10%  | .10% <sup>I</sup>  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10% <sup>I</sup>  |
| Net investment income (loss)  | 1.47%  | 1.54%  | .99%  | 2.02% <sup>I</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $2306  | $2549  | $814  | $399  |
| Portfolio turnover rate <sup>J</sup>  | 58%  | 35%  | 64%  | 24% <sup>I</sup>  |

---

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

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

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

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

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

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

<sup>G</sup> *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.*

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

<sup>I</sup> *Annualized.*

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

 **VIP Freedom 2055 Portfolio Service Class 2** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $14.25  | $12.65  | $10.97  | $10.00  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .15  | .20  | .09  | .14  |
| Net realized and unrealized gain (loss)  | (2.68)  | 2.01  | 1.99  | 1.02  |
| Total from investment operations  | (2.53)  | 2.21  | 2.08  | 1.16  |
| Distributions from net investment income  | (.13)  | (.15)  | (.08)  | (.13)  |
| Distributions from net realized gain  | (.67)  | (.46)  | (.32)  | (.06)  |
| Total distributions  | (.81) <sup>D</sup>  | (.61)  | (.40)  | (.19)  |
| Net asset value, end of period  | $10.91  | $14.25  | $12.65  | $10.97  |
| **Total Return** <sup>E,F</sup>  | (18.46)%  | 17.52%  | 19.01%  | 11.60%  |
| **Ratios to Average Net Assets** <sup>C,G,H</sup>  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25% <sup>I</sup>  |
| Expenses net of fee waivers, if any  | .25%  | .25%  | .25%  | .25% <sup>I</sup>  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25% <sup>I</sup>  |
| Net investment income (loss)  | 1.32%  | 1.39%  | .84%  | 1.87% <sup>I</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $3659  | $2663  | $1180  | $590  |
| Portfolio turnover rate <sup>J</sup>  | 58%  | 35%  | 64%  | 24% <sup>I</sup>  |

---

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

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

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

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

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

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

<sup>G</sup> *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.*

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

<sup>I</sup> *Annualized.*

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

**VIP Freedom 2060 Portfolio℠** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Overseas Portfolio Initial Class  | 26.9  |
| VIP Emerging Markets Portfolio Initial Class  | 14.0  |
| VIP Growth Portfolio Initial Class  | 13.0  |
| VIP Growth & Income Portfolio Initial Class  | 9.6  |
| VIP Contrafund Portfolio Initial Class  | 8.3  |
| VIP Equity-Income Portfolio Initial Class  | 7.4  |
| Fidelity Long-Term Treasury Bond Index Fund  | 6.0  |
| VIP Value Portfolio Initial Class  | 5.3  |
| VIP Value Strategies Portfolio Initial Class  | 2.7  |
| VIP Mid Cap Portfolio Initial Class  | 2.3  |
|  | 95.5  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88158_29.jpg)  |

---

**VIP Freedom 2060 Portfolio℠**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 48.6%**  | &nbsp;&nbsp; **Domestic Equity Funds - 48.6%**  | &nbsp;&nbsp; **Domestic Equity Funds - 48.6%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Initial Class (a)  | 25999  | 984825  |
|  VIP Equity-Income Portfolio Initial Class (a)  | 37457  | 882486  |
|  VIP Growth & Income Portfolio Initial Class (a)  | 47541  | 1141939  |
|  VIP Growth Portfolio Initial Class (a)  | 21628  | 1546615  |
|  VIP Mid Cap Portfolio Initial Class (a)  | 8417  | 275397  |
|  VIP Value Portfolio Initial Class (a)  | 38033  | 636299  |
|  VIP Value Strategies Portfolio Initial Class (a)  | 21933  | 315394  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $5,893,734)  |  | **5782955**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 40.9%**  | &nbsp;&nbsp; **International Equity Funds - 40.9%**  | &nbsp;&nbsp; **International Equity Funds - 40.9%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Initial Class (a)  | 168141  | 1659547  |
|  VIP Overseas Portfolio Initial Class (a)  | 147508  | 3200932  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $5,335,029)  |  | **4860479**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 9.7%**  | &nbsp;&nbsp; **Bond Funds - 9.7%**  | &nbsp;&nbsp; **Bond Funds - 9.7%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 28323  | 255475  |
|  Fidelity International Bond Index Fund (a)  | 7461  | 65728  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 70040  | 710208  |
|  VIP High Income Portfolio Initial Class (a)  | 7325  | 32303  |
|  VIP Investment Grade Bond II Portfolio - Initial Class (a)  | 10263  | 95346  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $1,344,253)  |  | **1159060**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 0.7%**  | &nbsp;&nbsp; **Short-Term Funds - 0.7%**  | &nbsp;&nbsp; **Short-Term Funds - 0.7%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Initial Class 4.01% (a)(b) <br>(Cost $85,199) <br>| 85199  | **85199**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%** <br> (Cost $12,658,215) <br>| <br>**11887693**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **8684**  |
| **NET ASSETS - 100.0%**  | **11896377**  |

---

**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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 179029  | 218928  | 104003  | 20388  | (1928)  | (36551)  | 255475  |
|  Fidelity International Bond Index Fund  | 44559  | 66540  | 38781  | 507  | (2090)  | (4500)  | 65728  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 337297  | 713435  | 171694  | 13190  | (14962)  | (153868)  | 710208  |
|  VIP Contrafund Portfolio Initial Class  | 765743  | 731332  | 231944  | 49400  | (20107)  | (260199)  | 984825  |
|  VIP Emerging Markets Portfolio Initial Class  | 1337151  | 1302697  | 668586  | 30010  | (79090)  | (232625)  | 1659547  |
|  VIP Equity-Income Portfolio Initial Class  | 809906  | 600316  | 439954  | 44801  | (12457)  | (75325)  | 882486  |
|  VIP Government Money Market Portfolio Initial Class 4.01%  | -  | 91025  | 5826  | 620  | -  | -  | 85199  |
|  VIP Growth & Income Portfolio Initial Class  | 922033  | 769736  | 465560  | 38829  | (8987)  | (75283)  | 1141939  |
|  VIP Growth Portfolio Initial Class  | 783146  | 1377606  | 290860  | 78343  | (27944)  | (295333)  | 1546615  |
|  VIP High Income Portfolio Initial Class  | 133525  | 65505  | 153398  | 1677  | (11499)  | (1830)  | 32303  |
|  VIP Investment Grade Bond II Portfolio - Initial Class  | -  | 193232  | 96858  | 467  | (160)  | (868)  | 95346  |
|  VIP Investment Grade Bond Portfolio Initial Class  | 84863  | 56942  | 134079  | 2771  | (7806)  | 80  | -  |
|  VIP Mid Cap Portfolio Initial Class  | 224618  | 189867  | 86806  | 17772  | (6340)  | (45942)  | 275397  |
|  VIP Overseas Portfolio Initial Class  | 2395363  | 2532422  | 1027209  | 53648  | (109816)  | (589828)  | 3200932  |
|  VIP Value Portfolio Initial Class  | 593802  | 418354  | 321409  | 28221  | (6982)  | (47466)  | 636299  |
|  VIP Value Strategies Portfolio Initial Class  | 290886  | 211174  | 147762  | 17535  | (5211)  | (33693)  | 315394  |
|  | 8901921  | 9539111  | 4384729  | 398179  | (315379)  | (1853231)  | 11887693  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 5782955  | 5782955  | -  | -  |
|  International Equity Funds  | 4860479  | 4860479  | -  | -  |
|  Bond Funds  | 1159060  | 1159060  | -  | -  |
|  Short-Term Funds  | 85199  | 85199  | -  | -  |
| **Total Investments in Securities:**  | 11887693  | 11887693  | -  | -  |

---

**VIP Freedom 2060 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $12,658,215)  | 11887693  |  |
|  Total Investment in Securities (cost $12,658,215)  |  | $11887693  |
| Receivable for investments sold  |  | 171972  |
|  Receivable for fund shares sold  |  | 35295  |
| **Total assets**  |  | 12094960  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 190396  |  |
|  Payable for fund shares redeemed  | 6901  |  |
|  Distribution and service plan fees payable  | 1286  |  |
| **Total Liabilities**  |  | 198583  |
| **Net Assets**  |  | $11896377  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $12903833  |
|  Total accumulated earnings (loss)  |  | (1007456)  |
|  **Net Assets**  |  | $11896377  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($471,213 ÷ 43,560 shares)  |  | $10.82  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($8,330,905 ÷ 770,866 shares)  |  | $10.81  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($3,094,259 ÷ 286,884 shares)  |  | $10.79  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 159777  |
|  **Expenses**  |  |  |
| Distribution and service plan fees  | 12700  |  |
| Independent trustees' fees and expenses  | 30  |  |
| **Total Expenses**  |  | 12730  |
| **Net Investment income (loss)**  |  | 147047  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (315379)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 238402  |  |
| Total net realized gain (loss)  |  | (76977)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (1853231)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (1853231)  |
| **Net gain (loss)**  |  | (1930208)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(1783161)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $147047  | $100627  |
| &nbsp;&nbsp; Net realized gain (loss)  | (76977) <br>| 739328 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (1853231)  | 271403 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (1783161) <br>| 1111358 <br>|
| Distributions to shareholders  | (649220) <br>| (423109) <br>|
| Share transactions - net increase (decrease)  | 5427786 <br>| 3099350 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 2995405 <br>| 3787599 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 8900972  | 5113373 <br>|
| &nbsp;&nbsp; End of period  | $11896377  | $8900972  |

---

**Financial Highlights** 

 **VIP Freedom 2060 Portfolio Initial Class** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $14.18  | $12.65  | $10.99  | $10.00  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .19  | .21  | .13  | .16  |
| Net realized and unrealized gain (loss)  | (2.67)  | 2.04  | 1.99  | 1.02  |
| Total from investment operations  | (2.48)  | 2.25  | 2.12  | 1.18  |
| Distributions from net investment income  | (.16)  | (.18)  | (.11)  | (.15)  |
| Distributions from net realized gain  | (.72)  | (.54)  | (.35)  | (.05)  |
| Total distributions  | (.88)  | (.72)  | (.46)  | (.19) <sup>D</sup>  |
| Net asset value, end of period  | $10.82  | $14.18  | $12.65  | $10.99  |
| **Total Return** <sup>E,F</sup>  | (18.19)%  | 17.79%  | 19.30%  | 11.86%  |
| **Ratios to Average Net Assets** <sup>C,G,H</sup>  |  |  |  |  |
| Expenses before reductions <sup>I</sup>  | -%  | -%  | -%  | -% <sup>J</sup>  |
| Expenses net of fee waivers, if any <sup>I</sup>  | -%  | -%  | -%  | -% <sup>J</sup>  |
| Expenses net of all reductions <sup>I</sup>  | -%  | -%  | -%  | -% <sup>J</sup>  |
| Net investment income (loss)  | 1.69%  | 1.51%  | 1.18%  | 2.18% <sup>J</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $471  | $523  | $422  | $366  |
| Portfolio turnover rate <sup>K</sup>  | 45%  | 60%  | 68%  | 23% <sup>J</sup>  |

---

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

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

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

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

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

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

<sup>G</sup> *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.*

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

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

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

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

 **VIP Freedom 2060 Portfolio Service Class** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $14.17  | $12.65  | $10.99  | $10.00  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .18  | .20  | .12  | .15  |
| Net realized and unrealized gain (loss)  | (2.67)  | 2.03  | 1.99  | 1.03  |
| Total from investment operations  | (2.49)  | 2.23  | 2.11  | 1.18  |
| Distributions from net investment income  | (.15)  | (.17)  | (.10)  | (.14)  |
| Distributions from net realized gain  | (.72)  | (.54)  | (.35)  | (.05)  |
| Total distributions  | (.87)  | (.71)  | (.45)  | (.19)  |
| Net asset value, end of period  | $10.81  | $14.17  | $12.65  | $10.99  |
| **Total Return** <sup>D,E</sup>  | (18.27)%  | 17.62%  | 19.22%  | 11.80%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10% <sup>H</sup>  |
| Expenses net of fee waivers, if any  | .10%  | .10%  | .10%  | .10% <sup>H</sup>  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10% <sup>H</sup>  |
| Net investment income (loss)  | 1.59%  | 1.41%  | 1.08%  | 2.08% <sup>H</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $8331  | $6124  | $3530  | $445  |
| Portfolio turnover rate <sup>I</sup>  | 45%  | 60%  | 68%  | 23% <sup>H</sup>  |

---

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

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

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

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

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

<sup>F</sup> *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.*

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

<sup>H</sup> *Annualized.*

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

 **VIP Freedom 2060 Portfolio Service Class 2** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $14.15  | $12.63  | $10.98  | $10.00  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .16  | .18  | .10  | .14  |
| Net realized and unrealized gain (loss)  | (2.66)  | 2.03  | 1.99  | 1.02  |
| Total from investment operations  | (2.50)  | 2.21  | 2.09  | 1.16  |
| Distributions from net investment income  | (.14)  | (.15)  | (.09)  | (.13)  |
| Distributions from net realized gain  | (.72)  | (.54)  | (.35)  | (.05)  |
| Total distributions  | (.86)  | (.69)  | (.44)  | (.18)  |
| Net asset value, end of period  | $10.79  | $14.15  | $12.63  | $10.98  |
| **Total Return** <sup>D,E</sup>  | (18.38)%  | 17.52%  | 19.04%  | 11.61%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25% <sup>H</sup>  |
| Expenses net of fee waivers, if any  | .25%  | .25%  | .25%  | .25% <sup>H</sup>  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25% <sup>H</sup>  |
| Net investment income (loss)  | 1.44%  | 1.26%  | .93%  | 1.93% <sup>H</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $3094  | $2254  | $1161  | $475  |
| Portfolio turnover rate <sup>I</sup>  | 45%  | 60%  | 68%  | 23% <sup>H</sup>  |

---

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

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

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

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

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

<sup>F</sup> *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.*

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

<sup>H</sup> *Annualized.*

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

**VIP Freedom 2065 Portfolio℠** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Overseas Portfolio Initial Class  | 26.9  |
| VIP Emerging Markets Portfolio Initial Class  | 14.0  |
| VIP Growth Portfolio Initial Class  | 13.0  |
| VIP Growth & Income Portfolio Initial Class  | 9.6  |
| VIP Contrafund Portfolio Initial Class  | 8.3  |
| VIP Equity-Income Portfolio Initial Class  | 7.4  |
| Fidelity Long-Term Treasury Bond Index Fund  | 6.0  |
| VIP Value Portfolio Initial Class  | 5.3  |
| VIP Value Strategies Portfolio Initial Class  | 2.7  |
| VIP Mid Cap Portfolio Initial Class  | 2.3  |
|  | 95.5  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88158_28.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP Freedom 2065 Portfolio℠**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 48.6%**  | &nbsp;&nbsp; **Domestic Equity Funds - 48.6%**  | &nbsp;&nbsp; **Domestic Equity Funds - 48.6%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Initial Class (a)  | 4927  | 186618  |
|  VIP Equity-Income Portfolio Initial Class (a)  | 7098  | 167226  |
|  VIP Growth & Income Portfolio Initial Class (a)  | 9009  | 216390  |
|  VIP Growth Portfolio Initial Class (a)  | 4098  | 293073  |
|  VIP Mid Cap Portfolio Initial Class (a)  | 1595  | 52186  |
|  VIP Value Portfolio Initial Class (a)  | 7207  | 120575  |
|  VIP Value Strategies Portfolio Initial Class (a)  | 4156  | 59765  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $1,099,547)  |  | **1095833**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 40.9%**  | &nbsp;&nbsp; **International Equity Funds - 40.9%**  | &nbsp;&nbsp; **International Equity Funds - 40.9%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Initial Class (a)  | 31860  | 314462  |
|  VIP Overseas Portfolio Initial Class (a)  | 27951  | 606530  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $1,030,984)  |  | **920992**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 9.8%**  | &nbsp;&nbsp; **Bond Funds - 9.8%**  | &nbsp;&nbsp; **Bond Funds - 9.8%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 5367  | 48411  |
|  Fidelity International Bond Index Fund (a)  | 1414  | 12455  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 13274  | 134595  |
|  VIP High Income Portfolio Initial Class (a)  | 1388  | 6121  |
|  VIP Investment Grade Bond II Portfolio - Initial Class (a)  | 1945  | 18067  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $259,698)  |  | **219649**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 0.7%**  | &nbsp;&nbsp; **Short-Term Funds - 0.7%**  | &nbsp;&nbsp; **Short-Term Funds - 0.7%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Initial Class 4.01% (a)(b) <br>(Cost $16,147) <br>| 16147  | **16147**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $2,406,376) <br>| <br>**2252621**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(8)**  |
| **NET ASSETS - 100.0%**  | **2252613**  |

---

**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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 45569  | 37417  | 26219  | 4090  | (1141)  | (7215)  | 48411  |
|  Fidelity International Bond Index Fund  | 11340  | 12037  | 9404  | 113  | (484)  | (1034)  | 12455  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 85861  | 130305  | 42707  | 2977  | (3354)  | (35510)  | 134595  |
|  VIP Contrafund Portfolio Initial Class  | 194870  | 116920  | 57951  | 10306  | (10837)  | (56384)  | 186618  |
|  VIP Emerging Markets Portfolio Initial Class  | 340266  | 207840  | 156266  | 6033  | (19147)  | (58231)  | 314462  |
|  VIP Equity-Income Portfolio Initial Class  | 206114  | 88276  | 106128  | 9052  | (6903)  | (14133)  | 167226  |
|  VIP Government Money Market Portfolio Initial Class 4.01%  | -  | 17596  | 1449  | 129  | -  | -  | 16147  |
|  VIP Growth & Income Portfolio Initial Class  | 234638  | 116119  | 114097  | 7888  | (3938)  | (16332)  | 216390  |
|  VIP Growth Portfolio Initial Class  | 199303  | 242896  | 72724  | 17670  | (15174)  | (61228)  | 293073  |
|  VIP High Income Portfolio Initial Class  | 33983  | 12345  | 36971  | 340  | (3123)  | (113)  | 6121  |
|  VIP Investment Grade Bond II Portfolio - Initial Class  | -  | 39675  | 21408  | 93  | (33)  | (167)  | 18067  |
|  VIP Investment Grade Bond Portfolio Initial Class  | 21600  | 14151  | 33839  | 685  | (1801)  | (111)  | -  |
|  VIP Mid Cap Portfolio Initial Class  | 57166  | 28743  | 20948  | 3818  | (2909)  | (9866)  | 52186  |
|  VIP Overseas Portfolio Initial Class  | 609706  | 406271  | 233070  | 11665  | (31236)  | (145141)  | 606530  |
|  VIP Value Portfolio Initial Class  | 151115  | 60544  | 78090  | 6038  | (6491)  | (6503)  | 120575  |
|  VIP Value Strategies Portfolio Initial Class  | 74025  | 30306  | 35306  | 3641  | (2515)  | (6745)  | 59765  |
|  | 2265556  | 1561441  | 1046577  | 84538  | (109086)  | (418713)  | 2252621  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 1095833  | 1095833  | -  | -  |
|  International Equity Funds  | 920992  | 920992  | -  | -  |
|  Bond Funds  | 219649  | 219649  | -  | -  |
|  Short-Term Funds  | 16147  | 16147  | -  | -  |
| **Total Investments in Securities:**  | 2252621  | 2252621  | -  | -  |

---

**VIP Freedom 2065 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $2,406,376)  | 2252621  |  |
|  Total Investment in Securities (cost $2,406,376)  |  | $2252621  |
|  Cash  |  | 12  |
| Receivable for investments sold  |  | 37871  |
|  Receivable for fund shares sold  |  | 3351  |
| **Total assets**  |  | 2293855  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 36808  |  |
|  Payable for fund shares redeemed  | 4221  |  |
|  Distribution and service plan fees payable  | 213  |  |
| **Total Liabilities**  |  | 41242  |
| **Net Assets**  |  | $2252613  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $2478098  |
|  Total accumulated earnings (loss)  |  | (225485)  |
|  **Net Assets**  |  | $2252613  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($537,498 ÷ 50,484 shares)  |  | $10.65  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($1,181,108 ÷ 111,029 shares)  |  | $10.64  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($534,007 ÷ 50,220 shares)  |  | $10.63  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 32592  |
|  **Expenses**  |  |  |
| Distribution and service plan fees  | 2510  |  |
| Independent trustees' fees and expenses  | 7  |  |
| **Total Expenses**  |  | 2517  |
| **Net Investment income (loss)**  |  | 30075  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (109086)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 51946  |  |
| Total net realized gain (loss)  |  | (57140)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (418713)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (418713)  |
| **Net gain (loss)**  |  | (475853)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(445778)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $30075  | $26701  |
| &nbsp;&nbsp; Net realized gain (loss)  | (57140) <br>| 185193 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (418713)  | 19247 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (445778) <br>| 231141 <br>|
| Distributions to shareholders  | (144339) <br>| (116286) <br>|
| Share transactions - net increase (decrease)  | 577377 <br>| 860127 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (12740) <br>| 974982 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 2265353  | 1290371 <br>|
| &nbsp;&nbsp; End of period  | $2252613  | $2265353  |

---

**Financial Highlights** 

 **VIP Freedom 2065 Portfolio Initial Class** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $13.92  | $12.47  | $10.96  | $10.00  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .17  | .25  | .12  | .15  |
| Net realized and unrealized gain (loss)  | (2.61)  | 1.96  | 1.99  | 1.03  |
| Total from investment operations  | (2.44)  | 2.21  | 2.11  | 1.18  |
| Distributions from net investment income  | (.15)  | (.18)  | (.11)  | (.15)  |
| Distributions from net realized gain  | (.67)  | (.58)  | (.49)  | (.07)  |
| Total distributions  | (.83) <sup>D</sup>  | (.76)  | (.60)  | (.22)  |
| Net asset value, end of period  | $10.65  | $13.92  | $12.47  | $10.96  |
| **Total Return** <sup>E,F</sup>  | (18.22)%  | 17.81%  | 19.35%  | 11.79%  |
| **Ratios to Average Net Assets** <sup>C,G,H</sup>  |  |  |  |  |
| Expenses before reductions <sup>I</sup>  | -%  | -%  | -%  | -% <sup>J</sup>  |
| Expenses net of fee waivers, if any <sup>I</sup>  | -%  | -%  | -%  | -% <sup>J</sup>  |
| Expenses net of all reductions <sup>I</sup>  | -%  | -%  | -%  | -% <sup>J</sup>  |
| Net investment income (loss)  | 1.50%  | 1.82%  | 1.07%  | 2.01% <sup>J</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $537  | $482  | $416  | $365  |
| Portfolio turnover rate <sup>K</sup>  | 48%  | 24%  | 34%  | 24% <sup>J</sup>  |

---

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

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

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

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

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

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

<sup>G</sup> *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.*

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

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

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

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

 **VIP Freedom 2065 Portfolio Service Class** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $13.91  | $12.46  | $10.96  | $10.00  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .16  | .24  | .11  | .14  |
| Net realized and unrealized gain (loss)  | (2.61)  | 1.97  | 1.98  | 1.03  |
| Total from investment operations  | (2.45)  | 2.21  | 2.09  | 1.17  |
| Distributions from net investment income  | (.14)  | (.17)  | (.10)  | (.14)  |
| Distributions from net realized gain  | (.67)  | (.58)  | (.49)  | (.07)  |
| Total distributions  | (.82) <sup>D</sup>  | (.76) <sup>D</sup>  | (.59)  | (.21)  |
| Net asset value, end of period  | $10.64  | $13.91  | $12.46  | $10.96  |
| **Total Return** <sup>E,F</sup>  | (18.32)%  | 17.77%  | 19.16%  | 11.72%  |
| **Ratios to Average Net Assets** <sup>C,G,H</sup>  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10% <sup>I</sup>  |
| Expenses net of fee waivers, if any  | .10%  | .10%  | .10%  | .10% <sup>I</sup>  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10% <sup>I</sup>  |
| Net investment income (loss)  | 1.40%  | 1.72%  | .97%  | 1.91% <sup>I</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $1181  | $1224  | $416  | $365  |
| Portfolio turnover rate <sup>J</sup>  | 48%  | 24%  | 34%  | 24% <sup>I</sup>  |

---

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

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

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

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

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

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

<sup>G</sup> *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.*

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

<sup>I</sup> *Annualized.*

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

 **VIP Freedom 2065 Portfolio Service Class 2** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $13.90  | $12.46  | $10.96  | $10.00  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .14  | .22  | .09  | .13  |
| Net realized and unrealized gain (loss)  | (2.61)  | 1.95  | 1.99  | 1.03  |
| Total from investment operations  | (2.47)  | 2.17  | 2.08  | 1.16  |
| Distributions from net investment income  | (.13)  | (.15)  | (.09)  | (.13)  |
| Distributions from net realized gain  | (.67)  | (.58)  | (.49)  | (.07)  |
| Total distributions  | (.80)  | (.73)  | (.58)  | (.20)  |
| Net asset value, end of period  | $10.63  | $13.90  | $12.46  | $10.96  |
| **Total Return** <sup>D,E</sup>  | (18.44)%  | 17.47%  | 19.03%  | 11.61%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25% <sup>H</sup>  |
| Expenses net of fee waivers, if any  | .25%  | .25%  | .25%  | .25% <sup>H</sup>  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25% <sup>H</sup>  |
| Net investment income (loss)  | 1.25%  | 1.57%  | .82%  | 1.76% <sup>H</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $534  | $559  | $459  | $365  |
| Portfolio turnover rate <sup>I</sup>  | 48%  | 24%  | 34%  | 24% <sup>H</sup>  |

---

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

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

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

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

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

<sup>F</sup> *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.*

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

<sup>H</sup> *Annualized.*

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

**Notes to Financial Statements**

For the period ended December 31, 2022

**1. Organization.**

VIP Freedom Income Portfolio, VIP Freedom 2005 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 and VIP Freedom 2065 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 shares, Service Class shares, and Service Class 2 shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies* . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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, 2022 is included at the end of the 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 (ETFs) 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, 2022, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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**  | $66537468  | $1861412  | $(4584772)  | $(2723360)  |
| **VIP Freedom 2005 Portfolio**  | 10625895  | 407532  | (654311)  | (246779)  |
| **VIP Freedom 2010 Portfolio**  | 303010130  | 7356252  | (25214091)  | (17857839)  |
| **VIP Freedom 2015 Portfolio**  | 56919330  | 9769284  | (3613989)  | 6155295  |
| **VIP Freedom 2020 Portfolio**  | 507083925  | 90999934  | (33069224)  | 57930710  |
| **VIP Freedom 2025 Portfolio**  | 320303102  | 29905505  | (26339713)  | 3565792  |
| **VIP Freedom 2030 Portfolio**  | 570771543  | 64148374  | (48251025)  | 15897349  |
| **VIP Freedom 2035 Portfolio**  | 225018313  | 11235828  | (20602961)  | (9367133)  |
| **VIP Freedom 2040 Portfolio**  | 206275095  | 14483194  | (18911153)  | (4427959)  |
| **VIP Freedom 2045 Portfolio**  | 108297772  | 5900152  | (9788715)  | (3888563)  |
| **VIP Freedom 2050 Portfolio**  | 100104900  | 5425929  | (10107681)  | (4681752)  |
| **VIP Freedom 2055 Portfolio**  | 7563265  | 156525  | (1008501)  | (851976)  |
| **VIP Freedom 2060 Portfolio**  | 13048970  | 259896  | (1421173)  | (1161277)  |
| **VIP Freedom 2065 Portfolio**  | 2506459  | 78719  | (332557)  | (253838)  |

---

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**  | $921311  | $-  | $(1648512)  | $(2723360)  |
| **VIP Freedom 2005 Portfolio**  | 152670  | -  | (130859)  | (246779)  |
| **VIP Freedom 2010 Portfolio**  | 3812018  | 19650957  | -  | (17857839)  |
| **VIP Freedom 2015 Portfolio**  | 786138  | 1211028  | -  | 6155295  |
| **VIP Freedom 2020 Portfolio**  | 6487134  | 3920444  | -  | 57930710  |
| **VIP Freedom 2025 Portfolio**  | 3046001  | -  | (4736012)  | 3565792  |
| **VIP Freedom 2030 Portfolio**  | 3726689  | -  | (4910971)  | 15897349  |
| **VIP Freedom 2035 Portfolio**  | 582216  | 419767  | -  | (9367133)  |
| **VIP Freedom 2040 Portfolio**  | 398720  | 3079010  | -  | (4427959)  |
| **VIP Freedom 2045 Portfolio**  | 211080  | 1757832  | -  | (3888563)  |
| **VIP Freedom 2050 Portfolio**  | 186017  | 1572205  | -  | (4681752)  |
| **VIP Freedom 2055 Portfolio**  | 1093  | 85933  | -  | (851976)  |
| **VIP Freedom 2060 Portfolio**  | 395  | 153426  | -  | (1161277)  |
| **VIP Freedom 2065 Portfolio**  | 749  | 27605  | -  | (253838)  |

---

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 Freedom Income Portfolio**  | $(89004)  | $(1559508)  | $(1648512)  |
| **VIP Freedom 2005 Portfolio**  | (52428)  | (78431)  | (130859)  |
| **VIP Freedom 2025 Portfolio**  | (1377047)  | (3358965)  | (4736012)  |
| **VIP Freedom 2030 Portfolio**  | (2969123)  | (1941848)  | (4910971)  |

---

Due to large subscriptions in a prior period, VIP Freedom 2060 Portfolio is subject to an annual limit on its use of some of its unrealized capital losses to offset capital gains in future periods. If those capital losses are realized and the limitation prevents the Fund from using any of those capital losses in a future period, those capital losses will be available to offset capital gains in subsequent periods.

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2022**  |  |  |  |
|  | **Ordinary Income**  | **Long-term Capital Gains**  | **Total**  |
| **VIP Freedom Income Portfolio**  | $1470985  | $2310446  | $3781431  |
| **VIP Freedom 2005 Portfolio**  | 257568  | 738384  | 995952  |
| **VIP Freedom 2010 Portfolio**  | 6225219  | 19646373  | 25871592  |
| **VIP Freedom 2015 Portfolio**  | 1476129  | 7807173  | 9283302  |
| **VIP Freedom 2020 Portfolio**  | 12045320  | 65843358  | 77888678  |
| **VIP Freedom 2025 Portfolio**  | 6571116  | 20755914  | 27327030  |
| **VIP Freedom 2030 Portfolio**  | 11388889  | 39416983  | 50805872  |
| **VIP Freedom 2035 Portfolio**  | 3527810  | 13994814  | 17522624  |
| **VIP Freedom 2040 Portfolio**  | 3239363  | 14944506  | 18183869  |
| **VIP Freedom 2045 Portfolio**  | 1616348  | 8023909  | 9640257  |
| **VIP Freedom 2050 Portfolio**  | 1483743  | 6903069  | 8386812  |
| **VIP Freedom 2055 Portfolio**  | 91694  | 281425  | 373119  |
| **VIP Freedom 2060 Portfolio**  | 164671  | 484549  | 649220  |
| **VIP Freedom 2065 Portfolio**  | 30915  | 113424  | 144339  |

---

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2021**  |  |  |  |
|  | **Ordinary Income**  | **Long-term Capital Gains**  | **Total**  |
| **VIP Freedom Income Portfolio**  | $1486190  | $873870  | $2360060  |
| **VIP Freedom 2005 Portfolio**  | 295046  | 247258  | 542304  |
| **VIP Freedom 2010 Portfolio**  | 7123989  | 8912048  | 16036037  |
| **VIP Freedom 2015 Portfolio**  | 1987621  | 2923575  | 4911196  |
| **VIP Freedom 2020 Portfolio**  | 16803376  | 31614518  | 48417894  |
| **VIP Freedom 2025 Portfolio**  | 8845417  | 7009888  | 15855305  |
| **VIP Freedom 2030 Portfolio**  | 15458861  | 15719493  | 31178354  |
| **VIP Freedom 2035 Portfolio**  | 4909698  | 3885467  | 8795165  |
| **VIP Freedom 2040 Portfolio**  | 4729534  | 4282476  | 9012010  |
| **VIP Freedom 2045 Portfolio**  | 2366059  | 2010992  | 4377051  |
| **VIP Freedom 2050 Portfolio**  | 2152826  | 1653720  | 3806546  |
| **VIP Freedom 2055 Portfolio**  | 143739  | 91729  | 235468  |
| **VIP Freedom 2060 Portfolio**  | 245751  | 177358  | 423109  |
| **VIP Freedom 2065 Portfolio**  | 62755  | 53531  | 116286  |

---

**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**  | 61445463  | 63571332  |
| **VIP Freedom 2005 Portfolio**  | 8622657  | 10173638  |
| **VIP Freedom 2010 Portfolio**  | 732133732  | 754494503  |
| **VIP Freedom 2015 Portfolio**  | 54086976  | 66171419  |
| **VIP Freedom 2020 Portfolio**  | 763205678  | 810513364  |
| **VIP Freedom 2025 Portfolio**  | 263678731  | 249492028  |
| **VIP Freedom 2030 Portfolio**  | 519252286  | 464149961  |
| **VIP Freedom 2035 Portfolio**  | 154913330  | 102749593  |
| **VIP Freedom 2040 Portfolio**  | 118937124  | 76277916  |
| **VIP Freedom 2045 Portfolio**  | 61765333  | 40203084  |
| **VIP Freedom 2050 Portfolio**  | 54913854  | 34412183  |
| **VIP Freedom 2055 Portfolio**  | 5882049  | 3474436  |
| **VIP Freedom 2060 Portfolio**  | 9539111  | 4384729  |
| **VIP Freedom 2065 Portfolio**  | 1561441  | 1046577  |

---

**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.

**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**  | $27234  | $59616  | $86850  |
| **VIP Freedom 2005 Portfolio**  | 3035  | 451  | 3486  |
| **VIP Freedom 2010 Portfolio**  | 23809  | 692697  | 716506  |
| **VIP Freedom 2015 Portfolio**  | 18481  | 73078  | 91559  |
| **VIP Freedom 2020 Portfolio**  | 141421  | 1043754  | 1185175  |
| **VIP Freedom 2025 Portfolio**  | 175981  | 278757  | 454738  |
| **VIP Freedom 2030 Portfolio**  | 271734  | 520987  | 792721  |
| **VIP Freedom 2035 Portfolio**  | 91374  | 247463  | 338837  |
| **VIP Freedom 2040 Portfolio**  | 117150  | 89188  | 206338  |
| **VIP Freedom 2045 Portfolio**  | 23015  | 179505  | 202520  |
| **VIP Freedom 2050 Portfolio**  | 29485  | 110226  | 139711  |
| **VIP Freedom 2055 Portfolio**  | 2439  | 7260  | 9699  |
| **VIP Freedom 2060 Portfolio**  | 6561  | 6139  | 12700  |
| **VIP Freedom 2065 Portfolio**  | 1186  | 1324  | 2510  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**Reallocation of Underlying Fund Investments.** During the period, the investment adviser reallocated investments of the Funds. This involved taxable redemptions of the Funds' interest in VIP Investment Grade Bond Fund, ("Underlying Fund") for investments and cash and non-taxable exchanges of those investments and cash for shares of VIP Investment Grade Bond Fund II which is affiliated investment company managed by FMR. 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 related 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 Freedom Income Portfolio**  | 24063653  | (2225116)  |
| **VIP Freedom 2005 Portfolio**  | 4228828  | (340290)  |
| **VIP Freedom 2010 Portfolio**  | 105753642  | 7009  |
| **VIP Freedom 2015 Portfolio**  | 22630876  | (1609011)  |
| **VIP Freedom 2020 Portfolio**  | 172263520  | (4804929)  |
| **VIP Freedom 2025 Portfolio**  | 83934925  | (10205652)  |
| **VIP Freedom 2030 Portfolio**  | 132331625  | (12266991)  |
| **VIP Freedom 2035 Portfolio**  | 24445585  | (3282347)  |
| **VIP Freedom 2040 Portfolio**  | 2452480  | (203764)  |
| **VIP Freedom 2045 Portfolio**  | 396953  | (14383)  |
| **VIP Freedom 2050 Portfolio**  | 351354  | (12600)  |
| **VIP Freedom 2055 Portfolio**  | 22559  | (931)  |
| **VIP Freedom 2060 Portfolio**  | 33969  | (1241)  |
| **VIP Freedom 2065 Portfolio**  | 8415  | (408)  |

---

**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 2015 Portfolio**  | 1  |
| **VIP Freedom 2020 Portfolio**  | 1  |
| **VIP Freedom 2025 Portfolio**  | 15  |
| **VIP Freedom 2030 Portfolio**  | 8  |
| **VIP Freedom 2035 Portfolio**  | 1  |
| **VIP Freedom 2040 Portfolio**  | 7  |
| **VIP Freedom 2045 Portfolio**  | 6  |
| **VIP Freedom 2050 Portfolio**  | 4  |

---

**7. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **VIP Freedom Income Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $913359  | $520146  |
| Service Class  | 1600765  | 1014662  |
| Service Class 2  | <u>1267307</u>  | <u>825252</u>  |
| Total  | <u>$3781431</u>  | <u>$2360060</u>  |
| **VIP Freedom 2005 Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $720865  | $365421  |
| Service Class  | 260003  | 168577  |
| Service Class 2  | <u>15084</u>  | <u>8306</u>  |
| Total  | <u>$995952</u>  | <u>$542304</u>  |
| **VIP Freedom 2010 Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $1109009  | $824964  |
| Service Class  | 1988260  | 1179118  |
| Service Class 2  | <u>22774323</u>  | <u>14031955</u>  |
| Total  | <u>$25871592</u>  | <u>$16036037</u>  |
| **VIP Freedom 2005 Portfolio**  |  |  |
| **Distributions to shareholders**  | $3407784  | $1774737  |
| Service Class  | 2072204  | 1274657  |
| Service Class 2  | <u>3803314</u>  | <u>1861802</u>  |
| Total  | <u>$9283302</u>  | <u>$4911196</u>  |
| **VIP Freedom 2020 Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $8482915  | $5188585  |
| Service Class  | 17165357  | 10935604  |
| Service Class 2  | <u>52240406</u>  | <u>32293705</u>  |
| Total  | <u>$77888678</u>  | <u>$48417894</u>  |
| **VIP Freedom 2025 Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $4337116  | $2652492  |
| Service Class  | 13608369  | 7818315  |
| Service Class 2  | <u>9381545</u>  | <u>5384498</u>  |
| Total  | <u>$27327030</u>  | <u>$15855305</u>  |
| **VIP Freedom 2030 Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $10585679  | 6616973  |
| Service Class  | 22368379  | 13521497  |
| Service Class 2  | <u>17851814</u>  | <u>11039884</u>  |
| Total  | <u>$50805872</u>  | <u>$31178354</u>  |
| **VIP Freedom 2035 Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $1523027  | $711419  |
| Service Class  | 7297109  | 3336825  |
| Service Class 2  | <u>8702488</u>  | <u>4746921</u>  |
| Total  | <u>$17522624</u>  | <u>$8795165</u>  |
| **VIP Freedom 2040 Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $4061933  | $2057211  |
| Service Class  | 10541626  | 5162679  |
| Service Class 2  | <u>3580310</u>  | <u>1792120</u>  |
| Total  | <u>$18183869</u>  | <u>$9012010</u>  |
| **VIP Freedom 2045 Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $640649  | $266012  |
| Service Class  | 2109546  | 863207  |
| Service Class 2  | <u>6890062</u>  | <u>3247832</u>  |
| Total  | <u>$9640257</u>  | <u>$4377051</u>  |
| **VIP Freedom 2050 Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $1698271  | $760959  |
| Service Class  | 2602597  | 1215158  |
| Service Class 2  | <u>4085944</u>  | <u>1830429</u>  |
| Total  | <u>$8386812</u>  | <u>$3806546</u>  |
| **VIP Freedom 2055 Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $34927  | $22272  |
| Service Class  | 156751  | 105576  |
| Service Class 2  | <u>181441</u>  | <u>107620</u>  |
| Total  | <u>$373119</u>  | <u>$235468</u>  |
| **VIP Freedom 2060 Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $33614  | $26394  |
| Service Class  | 450086  | 291414  |
| Service Class 2  | <u>165520</u>  | <u>105301</u>  |
| Total  | <u>$649220</u>  | <u>$423109</u>  |
| **VIP Freedom 2065 Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $32932  | $26253  |
| Service Class  | 75021  | 61118  |
| Service Class 2  | <u>36386</u>  | <u>28915</u>  |
| Total  | <u>$144339</u>  | <u>$116286</u>  |

---

**8. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares**  | **Shares**  | **Dollars**  | **Dollars**  |
|  | **Year ended December 31, 2022**  | **Year endedDecember 31, 2021**  | **Year ended December 31, 2022**  | **Year endedDecember 31, 2021**  |
| **VIP Freedom Income Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 276663  | 358189  | $3145145  | $4588127  |
| Reinvestment of distributions  | 78679  | 41021  | 913359  | 520146  |
| Shares redeemed  | <u>(267555)</u>  | <u>(388318)</u>  | <u>(2984979)</u>  | <u>(4961909)</u>  |
| Net increase (decrease)  | <u>87787</u>  | <u>10892</u>  | <u>$1073525</u>  | <u>$146364</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 2155940  | 1600092  | $23880198  | $20377343  |
| Reinvestment of distributions  | 138564  | 80084  | 1600765  | 1014662  |
| Shares redeemed  | <u>(1861372)</u>  | <u>(1696496)</u>  | <u>(21263575)</u>  | <u>(21622979)</u>  |
| Net increase (decrease)  | <u>433132</u>  | <u>(16320)</u>  | <u>$4217388</u>  | <u>$(230974)</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 478698  | 950903  | $5297957  | $12082840  |
| Reinvestment of distributions  | 108739  | 65416  | 1267307  | 825252  |
| Shares redeemed  | <u>(1227701)</u>  | <u>(939259)</u>  | <u>(13429718)</u>  | <u>(11930017)</u>  |
| Net increase (decrease)  | <u>(640264)</u>  | <u>77060</u>  | <u>$(6864454)</u>  | <u>$978075</u>  |
| **VIP Freedom 2005 Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 3813  | 3446  | $43779  | $47400  |
| Reinvestment of distributions  | 59089  | 26966  | 720865  | 365421  |
| Shares redeemed  | <u>(100297)</u>  | <u>(49308)</u>  | <u>(1195515)</u>  | <u>(677936)</u>  |
| Net increase (decrease)  | <u>(37395)</u>  | <u>(18896)</u>  | <u>$(430871)</u>  | <u>$(265115)</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 131674  | 130776  | $1599731  | $1787955  |
| Reinvestment of distributions  | 21120  | 12364  | 260003  | 168577  |
| Shares redeemed  | <u>(208037)</u>  | <u>(260296)</u>  | <u>(2540092)</u>  | <u>(3559968)</u>  |
| Net increase (decrease)  | <u>(55243)</u>  | <u>(117156)</u>  | <u>$(680358)</u>  | <u>$(1603436)</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 7142  | 10669  | $87252  | $144020  |
| Reinvestment of distributions  | 1235  | 615  | 15084  | 8306  |
| Shares redeemed  | <u>(8817)</u>  | <u>(17396)</u>  | <u>(105490)</u>  | <u>(237149)</u>  |
| Net increase (decrease)  | <u>(440)</u>  | <u>(6112)</u>  | <u>$(3154)</u>  | <u>$(84823)</u>  |
| **VIP Freedom 2010 Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 86399  | 179853  | $1063637  | $2581137  |
| Reinvestment of distributions  | 86121  | 58074  | 1109009  | 824964  |
| Shares redeemed  | <u>(263061)</u>  | <u>(427107)</u>  | <u>(3422719)</u>  | <u>(6102315)</u>  |
| Net increase (decrease)  | <u>(90541)</u>  | <u>(189180)</u>  | <u>$(1250073)</u>  | <u>$(2696214)</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 1351116  | 389588  | $16823842  | $5560403  |
| Reinvestment of distributions  | 154351  | 83107  | 1988260  | 1179118  |
| Shares redeemed  | <u>(1536794)</u>  | <u>(433308)</u>  | <u>(18814007)</u>  | <u>(6235828)</u>  |
| Net increase (decrease)  | <u>(31327)</u>  | <u>39387</u>  | <u>$(1905)</u>  | <u>$503693</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 427292  | 2756110  | $5208536  | $39085291  |
| Reinvestment of distributions  | 1777124  | 995668  | 22774323  | 14031955  |
| Shares redeemed  | <u>(3123905)</u>  | <u>(3323054)</u>  | <u>(37964514)</u>  | <u>(47357244)</u>  |
| Net increase (decrease)  | <u>(919489)</u>  | <u>428724</u>  | <u>$(9981655)</u>  | <u>$5760002</u>  |
| **VIP Freedom 2015 Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 65195  | 277058  | $802763  | $3975397  |
| Reinvestment of distributions  | 274521  | 126112  | 3407784  | 1774737  |
| Shares redeemed  | <u>(689586)</u>  | <u>(571619)</u>  | <u>(8180898)</u>  | <u>(8195215)</u>  |
| Net increase (decrease)  | <u>(349870)</u>  | <u>(168449)</u>  | <u>$(3970351)</u>  | <u>$(2445081)</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 809091  | 641202  | $9599095  | $9110496  |
| Reinvestment of distributions  | 167719  | 90966  | 2072204  | 1274657  |
| Shares redeemed  | <u>(938438)</u>  | <u>(1217382)</u>  | <u>(11087994)</u>  | <u>(17291685)</u>  |
| Net increase (decrease)  | <u>38372</u>  | <u>(485214)</u>  | <u>$583305</u>  | <u>$(6906532)</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 207966  | 868218  | $2496123  | $12305767  |
| Reinvestment of distributions  | 308037  | 133189  | 3803314  | 1861802  |
| Shares redeemed  | <u>(774826)</u>  | <u>(1034161)</u>  | <u>(9161988)</u>  | <u>(14655934)</u>  |
| Net increase (decrease)  | <u>(258823)</u>  | <u>(32754)</u>  | <u>$(2862551)</u>  | <u>$(488365)</u>  |
| **VIP Freedom 2020 Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 844889  | 1430874  | $10415910  | $21753158  |
| Reinvestment of distributions  | 643296  | 347867  | 8482915  | 5188585  |
| Shares redeemed  | <u>(1391159)</u>  | <u>(1762447)</u>  | <u>(17683348)</u>  | <u>(26729953)</u>  |
| Net increase (decrease)  | <u>97026</u>  | <u>16294</u>  | <u>$1215477</u>  | <u>$211790</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 4142794  | 2735016  | $51946699  | $41162814  |
| Reinvestment of distributions  | 1305652  | 736652  | 17165357  | 10935604  |
| Shares redeemed  | <u>(5099975)</u>  | <u>(4499252)</u>  | <u>(63629821)</u>  | <u>(67703468)</u>  |
| Net increase (decrease)  | <u>348471</u>  | <u>(1027584)</u>  | <u>$5482235</u>  | <u>$(15605050)</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 901438  | 1467186  | $11028931  | $22086029  |
| Reinvestment of distributions  | 3981339  | 2185191  | 52240406  | 32293705  |
| Shares redeemed  | <u>(5617149)</u>  | <u>(5447540)</u>  | <u>(68755571)</u>  | <u>(82218518)</u>  |
| Net increase (decrease)  | <u>(734372)</u>  | <u>(1795163)</u>  | <u>$(5486234)</u>  | <u>$(27838784)</u>  |
| **VIP Freedom 2025 Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 424779  | 683306  | $6412476  | $11859005  |
| Reinvestment of distributions  | 277031  | 153765  | 4337116  | 2652492  |
| Shares redeemed  | <u>(706751)</u>  | <u>(789018)</u>  | <u>(10356306)</u>  | <u>(13881934)</u>  |
| Net increase (decrease)  | <u>(4941)</u>  | <u>48053</u>  | <u>$393286</u>  | <u>$629563</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 4534301  | 4053650  | $67593995  | $70364320  |
| Reinvestment of distributions  | 874587  | 453741  | 13608369  | 7818315  |
| Shares redeemed  | <u>(3908985)</u>  | <u>(2098476)</u>  | <u>(59736307)</u>  | <u>(36573439)</u>  |
| Net increase (decrease)  | <u>1499903</u>  | <u>2408915</u>  | <u>$21466057</u>  | <u>$41609196</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 1463863  | 1913234  | $21281943  | $33251596  |
| Reinvestment of distributions  | 603312  | 315106  | 9381545  | 5384498  |
| Shares redeemed  | <u>(1830614)</u>  | <u>(1538377)</u>  | <u>(26562789)</u>  | <u>(26778430)</u>  |
| Net increase (decrease)  | <u>236561</u>  | <u>689963</u>  | <u>$4100699</u>  | <u>$11857664</u>  |
| **VIP Freedom 2030 Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 1617157  | 1741665  | $23899876  | $30689811  |
| Reinvestment of distributions  | 675464  | 383653  | 10585679  | 6616973  |
| Shares redeemed  | <u>(1473671)</u>  | <u>(1172674)</u>  | <u>(21351529)</u>  | <u>(20626295)</u>  |
| Net increase (decrease)  | <u>818950</u>  | <u>952644</u>  | <u>$13134026</u>  | <u>$16680489</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 6636066  | 5043335  | $98340267  | $87778513  |
| Reinvestment of distributions  | 1432289  | 786039  | 22368379  | 13521497  |
| Shares redeemed  | <u>(4719175)</u>  | <u>(2759531)</u>  | <u>(69390004)</u>  | <u>(48040103)</u>  |
| Net increase (decrease)  | <u>3349180</u>  | <u>3069843</u>  | <u>$51318642</u>  | <u>$53259907</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 2025325  | 3003042  | $29665149  | $52397892  |
| Reinvestment of distributions  | 1142872  | 644889  | 17851814  | 11039884  |
| Shares redeemed  | <u>(2247149)</u>  | <u>(1594589)</u>  | <u>(33019020)</u>  | <u>(27805345)</u>  |
| Net increase (decrease)  | <u>921048</u>  | <u>2053342</u>  | <u>$14497943</u>  | <u>$35632431</u>  |
| **VIP Freedom 2035 Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 268660  | 157522  | $6628673  | $4647283  |
| Reinvestment of distributions  | 58486  | 24766  | 1523027  | 711419  |
| Shares redeemed  | <u>(87363)</u>  | <u>(255386)</u>  | <u>(2087141)</u>  | <u>(7262497)</u>  |
| Net increase (decrease)  | <u>239783</u>  | <u>(73098)</u>  | <u>$6064559</u>  | <u>$(1903795)</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 2018826  | 1529539  | $50299348  | $43947826  |
| Reinvestment of distributions  | 281461  | 116424  | 7297109  | 3336825  |
| Shares redeemed  | <u>(701305)</u>  | <u>(792525)</u>  | <u>(16756941)</u>  | <u>(23072580)</u>  |
| Net increase (decrease)  | <u>1598982</u>  | <u>853438</u>  | <u>$40839516</u>  | <u>$24212071</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 917472  | 1083211  | $21977498  | $31352246  |
| Reinvestment of distributions  | 335318  | 167006  | 8702488  | 4746921  |
| Shares redeemed  | <u>(669779)</u>  | <u>(661775)</u>  | <u>(16303672)</u>  | <u>(19289036)</u>  |
| Net increase (decrease)  | <u>583011</u>  | <u>588442</u>  | <u>$14376314</u>  | <u>$16810131</u>  |
| **VIP Freedom 2040 Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 394145  | 383881  | $9048673  | $10680284  |
| Reinvestment of distributions  | 162837  | 74970  | 4061933  | 2057211  |
| Shares redeemed  | <u>(195094)</u>  | <u>(204399)</u>  | <u>(4438074)</u>  | <u>(5735042)</u>  |
| Net increase (decrease)  | <u>361888</u>  | <u>254452</u>  | <u>$8672532</u>  | <u>$7002453</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 2126200  | 1532626  | $49583289  | $42423198  |
| Reinvestment of distributions  | 424227  | 188520  | 10541626  | 5162679  |
| Shares redeemed  | <u>(874463)</u>  | <u>(899581)</u>  | <u>(20384179)</u>  | <u>(24907500)</u>  |
| Net increase (decrease)  | <u>1675964</u>  | <u>821565</u>  | <u>$39740736</u>  | <u>$22678377</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 423352  | 486777  | $9642417  | $13670651  |
| Reinvestment of distributions  | 143973  | 65826  | 3580310  | 1792120  |
| Shares redeemed  | <u>(350130)</u>  | <u>(313215)</u>  | <u>(8015989)</u>  | <u>(8716993)</u>  |
| Net increase (decrease)  | <u>217195</u>  | <u>239388</u>  | <u>$5206738</u>  | <u>$6745778</u>  |
| **VIP Freedom 2045 Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 105301  | 72375  | $2499842  | $2051727  |
| Reinvestment of distributions  | 25532  | 9560  | 640649  | 266012  |
| Shares redeemed  | <u>(26558)</u>  | <u>(50025)</u>  | <u>(638200)</u>  | <u>(1396699)</u>  |
| Net increase (decrease)  | <u>104275</u>  | <u>31910</u>  | <u>$2502291</u>  | <u>$921040</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 600854  | 362971  | $14118304  | $10150113  |
| Reinvestment of distributions  | 84265  | 31105  | 2109546  | 863207  |
| Shares redeemed  | <u>(356093)</u>  | <u>(145573)</u>  | <u>(8255528)</u>  | <u>(4074959)</u>  |
| Net increase (decrease)  | <u>329026</u>  | <u>248503</u>  | <u>$7972322</u>  | <u>$6938361</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 844834  | 554421  | $19380407  | $15570080  |
| Reinvestment of distributions  | 275403  | 118258  | 6890062  | 3247832  |
| Shares redeemed  | <u>(413001)</u>  | <u>(412972)</u>  | <u>(9288800)</u>  | <u>(11654472)</u>  |
| Net increase (decrease)  | <u>707236</u>  | <u>259707</u>  | <u>$16981669</u>  | <u>$7163440</u>  |
| **VIP Freedom 2050 Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 257108  | 224467  | $5470589  | $5743259  |
| Reinvestment of distributions  | 74825  | 30419  | 1698271  | 760959  |
| Shares redeemed  | <u>(151469)</u>  | <u>(111941)</u>  | <u>(3179525)</u>  | <u>(2850566)</u>  |
| Net increase (decrease)  | <u>180464</u>  | <u>142945</u>  | <u>$3989335</u>  | <u>$3653652</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 664941  | 474852  | $13884423  | $12033089  |
| Reinvestment of distributions  | 115136  | 48761  | 2602597  | 1215158  |
| Shares redeemed  | <u>(344968)</u>  | <u>(296057)</u>  | <u>(7135090)</u>  | <u>(7543563)</u>  |
| Net increase (decrease)  | <u>435109</u>  | <u>227556</u>  | <u>$9351930</u>  | <u>$5704684</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 635605  | 572988  | $13067095  | $14512083  |
| Reinvestment of distributions  | 180954  | 73786  | 4085944  | 1830429  |
| Shares redeemed  | <u>(245596)</u>  | <u>(252960)</u>  | <u>(5001637)</u>  | <u>(6385800)</u>  |
| Net increase (decrease)  | <u>570963</u>  | <u>393814</u>  | <u>$12151402</u>  | <u>$9956712</u>  |
| **VIP Freedom 2055 Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 37768  | 2606  | $444861  | $36840  |
| Reinvestment of distributions  | 646  | 70  | 7327  | 1006  |
| Shares redeemed  | <u>(5365)</u>  | <u>(988)</u>  | <u>(60755)</u>  | <u>(14558)</u>  |
| Net increase (decrease)  | <u>33049</u>  | <u>1688</u>  | <u>$391433</u>  | <u>$23288</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 189371  | 141156  | $2190203  | $1980170  |
| Reinvestment of distributions  | 11182  | 6227  | 139204  | 88926  |
| Shares redeemed  | <u>(168248)</u>  | <u>(33068)</u>  | <u>(1861983)</u>  | <u>(471496)</u>  |
| Net increase (decrease)  | <u>32305</u>  | <u>114315</u>  | <u>$467424</u>  | <u>$1597600</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 160669  | 108597  | $1844077  | $1518650  |
| Reinvestment of distributions  | 13241  | 6452  | 162838  | 91926  |
| Shares redeemed  | <u>(25468)</u>  | <u>(21462)</u>  | <u>(312491)</u>  | <u>(308074)</u>  |
| Net increase (decrease)  | <u>148442</u>  | <u>93587</u>  | <u>$1694424</u>  | <u>$1302502</u>  |
| **VIP Freedom 2060 Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 7992  | 3378  | $89335  | $48051  |
| Reinvestment of distributions  | 365  | 168  | 4347  | 2394  |
| Shares redeemed  | <u>(1660)</u>  | <u>(30)</u>  | <u>(18043)</u>  | <u>(436)</u>  |
| Net increase (decrease)  | <u>6697</u>  | <u>3516</u>  | <u>$75639</u>  | <u>$50009</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 475432  | 302250  | $5440849  | $4222893  |
| Reinvestment of distributions  | 36205  | 19756  | 440103  | 280665  |
| Shares redeemed  | <u>(172839)</u>  | <u>(169112)</u>  | <u>(1973913)</u>  | <u>(2388594)</u>  |
| Net increase (decrease)  | <u>338798</u>  | <u>152894</u>  | <u>$3907039</u>  | <u>$2114964</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 132561  | 81341  | $1505881  | $1138823  |
| Reinvestment of distributions  | 11965  | 6128  | 144571  | 86950  |
| Shares redeemed  | <u>(16900)</u>  | <u>(20128)</u>  | <u>(205344)</u>  | <u>(291396)</u>  |
| Net increase (decrease)  | <u>127626</u>  | <u>67341</u>  | <u>$1445108</u>  | <u>$934377</u>  |
| **VIP Freedom 2065 Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 15737  | 1230  | $179606  | $16991  |
| Reinvestment of distributions  | 468  | 61  | 5365  | 853  |
| Shares redeemed  | <u>(339)</u>  | <u>(7)</u>  | <u>(3742)</u>  | <u>(96)</u>  |
| Net increase (decrease)  | <u>15866</u>  | <u>1284</u>  | <u>$181229</u>  | <u>$17748</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 53666  | 52267  | $613275  | $762467  |
| Reinvestment of distributions  | 4142  | 2578  | 49654  | 35951  |
| Shares redeemed  | <u>(34813)</u>  | <u>(145)</u>  | <u>(389354)</u>  | <u>(2084)</u>  |
| Net increase (decrease)  | <u>22995</u>  | <u>54700</u>  | <u>$273575</u>  | <u>$796334</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 9796  | 3363  | $119509  | $45834  |
| Reinvestment of distributions  | 804  | 332  | 9686  | 4616  |
| Shares redeemed  | <u>(613)</u>  | <u>(325)</u>  | <u>(6622)</u>  | <u>(4405)</u>  |
| Net increase (decrease)  | <u>9987</u>  | <u>3370</u>  | <u>$122573</u>  | <u>$46045</u>  |

---

**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.

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Affiliated %**  | **Number ofUnaffiliated Shareholders**  | **Unaffiliated Shareholders %**  |
| VIP Freedom Income Portfolio  | 15%  | 3  | 54%  |
| VIP Freedom 2005 Portfolio  | 72%  | 2  | 26%  |
| VIP Freedom 2010 Portfolio  | -  | 1  | 88%  |
| VIP Freedom 2015 Portfolio  | 27%  | 2  | 32%  |
| VIP Freedom 2020 Portfolio  | -  | 1  | 68%  |
| VIP Freedom 2025 Portfolio  | -  | 2  | 49%  |
| VIP Freedom 2030 Portfolio  | -  | 1  | 45%  |
| VIP Freedom 2035 Portfolio  | -  | 5  | 81%  |
| VIP Freedom 2040 Portfolio  | -  | 2  | 56%  |
| VIP Freedom 2045 Portfolio  | -  | 4  | 73%  |
| VIP Freedom 2050 Portfolio  | -  | 4  | 75%  |
| VIP Freedom 2055 Portfolio  | -  | 3  | 84%  |
| VIP Freedom 2060 Portfolio  | -  | 2  | 84%  |
| VIP Freedom 2065 Portfolio  | 42%  | 1  | 37%  |

---

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  | 27%  |
| VIP Overseas Portfolio  | 28%  |

---

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund V and the Shareholders of VIP Freedom Income Portfolio, VIP Freedom 2005 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 and VIP Freedom 2065 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 2005 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 and VIP Freedom 2065 Portfolio (the "Funds"), each a fund of Variable Insurance Products Fund V, including the schedules of investments, as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, except for the financial highlights for VIP Freedom 2055 Portfolio, VIP Freedom 2060 Portfolio and VIP Freedom 2065 Portfolio, which are for each of the three years in the period then ended and for the period from April 11, 2019 (commencement of operations) through December 31, 2019; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the 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, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 14, 2023

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

**Trustees and Officers**

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

The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. If the interests of a fund and an underlying Fidelity <sup>®</sup> fund were to diverge, a conflict of interest could arise and affect how the Trustees and Members of the Advisory Board fulfill their fiduciary duties to the affected funds. FMR has structured the funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, FMR, the Trustees, and Members of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Each of the Trustees oversees 295 funds.

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

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

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

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

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

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

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

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

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

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

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity <sup>®</sup> funds (2001-2005), and managed a number of Fidelity <sup>®</sup> funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity <sup>®</sup> funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

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

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

<u>Independent Trustees:</u>

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

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

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2013-2016).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity <sup>®</sup> funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Mr. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity <sup>®</sup> funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity <sup>®</sup> funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016).

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

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

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

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

Laura M. Bishop (1961)

Year of Election or Appointment: 2022

Member of the Advisory Board

Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

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

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

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

Christopher M. Gouveia (1973)

Year of Election or Appointment: 2023

Chief Compliance Officer

Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia serves as Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

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

William Irving (1964)

Year of Election or Appointment: 2023

Vice President

Mr. Irving also serves as Vice President of other funds. Mr. Irving serves as Head of Fidelity Asset Management Solutions (2022-present) and is an employee of Fidelity Investments. Mr. Irving serves as President and Director of Fidelity Diversifying Solutions LLC (investment adviser firm, 2023-present) and President, Director, or Vice President of certain other Fidelity entities. Previously, Mr. Irving served as Chief Investment Officer (CIO) in the Global Asset Allocation division (2020-2022). Prior to that, he was Managing Director of Research in the Global Asset Allocation division (2018-2020) and portfolio manager of certain Fidelity <sup>®</sup> funds (2004-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

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

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

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

**Shareholder Expense Example**

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

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

***Actual Expenses***

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

***Hypothetical Example for Comparison Purposes***

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **VIP Freedom Income Portfolio℠**  |  |  |  |  |
| **Initial Class**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $988.60  | $- <sup>E</sup>  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup>  |
| **Service Class**  | .10%  |  |  |  |
| **Actual**  |  | $1000  | $987.70  | $.50  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.70  | $.51  |
| **Service Class 2**  | .25%  |  |  |  |
| **Actual**  |  | $1000  | $986.90  | $1.25  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.95  | $1.28  |
| **VIP Freedom 2005 Portfolio℠**  |  |  |  |  |
| **Initial Class**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $989.30  | $- <sup>E</sup>  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup>  |
| **Service Class**  | .10%  |  |  |  |
| **Actual**  |  | $1000  | $989.20  | $.50  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.70  | $.51  |
| **Service Class 2**  | .25%  |  |  |  |
| **Actual**  |  | $1000  | $988.40  | $1.25  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.95  | $1.28  |
| **VIP Freedom 2010 Portfolio℠**  |  |  |  |  |
| **Initial Class**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $992.20  | $- <sup>E</sup>  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup>  |
| **Service Class**  | .10%  |  |  |  |
| **Actual**  |  | $1000  | $992.80  | $.50  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.70  | $.51  |
| **Service Class 2**  | .25%  |  |  |  |
| **Actual**  |  | $1000  | $991.90  | $1.26  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.95  | $1.28  |
| **VIP Freedom 2015 Portfolio℠**  |  |  |  |  |
| **Initial Class**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $996.50  | $- <sup>E</sup>  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup>  |
| **Service Class**  | .10%  |  |  |  |
| **Actual**  |  | $1000  | $996.20  | $.50  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.70  | $.51  |
| **Service Class 2**  | .25%  |  |  |  |
| **Actual**  |  | $1000  | $995.40  | $1.26  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.95  | $1.28  |
| **VIP Freedom 2020 Portfolio℠**  |  |  |  |  |
| **Initial Class**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $1000.50  | $- <sup>E</sup>  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup>  |
| **Service Class**  | .10%  |  |  |  |
| **Actual**  |  | $1000  | $1000.30  | $.50  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.70  | $.51  |
| **Service Class 2**  | .25%  |  |  |  |
| **Actual**  |  | $1000  | $998.60  | $1.26  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.95  | $1.28  |
| **VIP Freedom 2025 Portfolio℠**  |  |  |  |  |
| **Initial Class**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $1003.30  | $- <sup>E</sup>  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup>  |
| **Service Class**  | .10%  |  |  |  |
| **Actual**  |  | $1000  | $1003.00  | $.50  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.70  | $.51  |
| **Service Class 2**  | .25%  |  |  |  |
| **Actual**  |  | $1000  | $1002.10  | $1.26  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.95  | $1.28  |
| **VIP Freedom 2030 Portfolio℠**  |  |  |  |  |
| **Initial Class**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $1007.90  | $- <sup>E</sup>  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup>  |
| **Service Class**  | .10%  |  |  |  |
| **Actual**  |  | $1000  | $1007.70  | $.51  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.70  | $.51  |
| **Service Class 2**  | .25%  |  |  |  |
| **Actual**  |  | $1000  | $1006.10  | $1.26  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.95  | $1.28  |
| **VIP Freedom 2035 Portfolio℠**  |  |  |  |  |
| **Initial Class**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $1016.70  | $- <sup>E</sup>  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup>  |
| **Service Class**  | .10%  |  |  |  |
| **Actual**  |  | $1000  | $1016.30  | $.51  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.70  | $.51  |
| **Service Class 2**  | .25%  |  |  |  |
| **Actual**  |  | $1000  | $1015.30  | $1.27  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.95  | $1.28  |
| **VIP Freedom 2040 Portfolio℠**  |  |  |  |  |
| **Initial Class**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $1024.60  | $- <sup>E</sup>  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup>  |
| **Service Class**  | .10%  |  |  |  |
| **Actual**  |  | $1000  | $1024.10  | $.51  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.70  | $.51  |
| **Service Class 2**  | .25%  |  |  |  |
| **Actual**  |  | $1000  | $1023.20  | $1.27  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.95  | $1.28  |
| **VIP Freedom 2045 Portfolio℠**  |  |  |  |  |
| **Initial Class**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $1025.70  | $- <sup>E</sup>  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup>  |
| **Service Class**  | .10%  |  |  |  |
| **Actual**  |  | $1000  | $1024.80  | $.51  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.70  | $.51  |
| **Service Class 2**  | .25%  |  |  |  |
| **Actual**  |  | $1000  | $1024.40  | $1.28  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.95  | $1.28  |
| **VIP Freedom 2050 Portfolio℠**  |  |  |  |  |
| **Initial Class**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $1025.70  | $- <sup>E</sup>  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup>  |
| **Service Class**  | .10%  |  |  |  |
| **Actual**  |  | $1000  | $1025.30  | $.51  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.70  | $.51  |
| **Service Class 2**  | .25%  |  |  |  |
| **Actual**  |  | $1000  | $1024.00  | $1.28  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.95  | $1.28  |
| **VIP Freedom 2055 Portfolio℠**  |  |  |  |  |
| **Initial Class**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $1025.10  | $- <sup>E</sup>  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup>  |
| **Service Class**  | .10%  |  |  |  |
| **Actual**  |  | $1000  | $1024.90  | $.51  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.70  | $.51  |
| **Service Class 2**  | .25%  |  |  |  |
| **Actual**  |  | $1000  | $1024.10  | $1.28  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.95  | $1.28  |
| **VIP Freedom 2060 Portfolio℠**  |  |  |  |  |
| **Initial Class**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $1025.80  | $- <sup>E</sup>  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup>  |
| **Service Class**  | .10%  |  |  |  |
| **Actual**  |  | $1000  | $1025.00  | $.51  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.70  | $.51  |
| **Service Class 2**  | .25%  |  |  |  |
| **Actual**  |  | $1000  | $1024.90  | $1.28  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.95  | $1.28  |
| **VIP Freedom 2065 Portfolio℠**  |  |  |  |  |
| **Initial Class**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $1024.90  | $- <sup>E</sup>  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup>  |
| **Service Class**  | .10%  |  |  |  |
| **Actual**  |  | $1000  | $1025.60  | $.51  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.70  | $.51  |
| **Service Class 2**  | .25%  |  |  |  |
| **Actual**  |  | $1000  | $1024.20  | $1.28  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.95  | $1.28  |

---

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

*B 5% return per year before expenses*

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

*D Amount represents less than .005%.*

*E Amount represents less than $.005.*

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

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

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

---

| | |
|:---|:---|
| **VIP Freedom 2010 Portfolio**  | $19665037  |
| **VIP Freedom 2015 Portfolio**  | $1218907  |
| **VIP Freedom 2020 Portfolio**  | $3939270  |
| **VIP Freedom 2035 Portfolio**  | $422110  |
| **VIP Freedom 2040 Portfolio**  | $3084795  |
| **VIP Freedom 2045 Portfolio**  | $1758827  |
| **VIP Freedom 2050 Portfolio**  | $1577373  |
| **VIP Freedom 2055 Portfolio**  | $96303  |
| **VIP Freedom 2060 Portfolio**  | $207787  |
| **VIP Freedom 2065 Portfolio**  | $33763  |

---

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**  |  |
| Initial Class  | 42.65%  |
| Service Class  | 42.65%  |
| Service Class 2  | 42.65%  |
| **VIP Freedom 2005 Portfolio**  |  |
| Initial Class  | 41.83%  |
| Service Class  | 41.83%  |
| Service Class 2  | 41.83%  |
| **VIP Freedom 2010 Portfolio**  |  |
| Initial Class  | 38.42%  |
| Service Class  | 38.42%  |
| Service Class 2  | 38.42%  |
| **VIP Freedom 2015 Portfolio**  |  |
| Initial Class  | 35.04%  |
| Service Class  | 35.04%  |
| Service Class 2  | 35.04%  |
| **VIP Freedom 2020 Portfolio**  |  |
| Initial Class  | 32.59%  |
| Service Class  | 32.59%  |
| Service Class 2  | 32.59%  |
| **VIP Freedom 2025 Portfolio**  |  |
| Initial Class  | 29.82%  |
| Service Class  | 29.82%  |
| Service Class 2  | 29.82%  |
| **VIP Freedom 2030 Portfolio**  |  |
| Initial Class  | 23.68%  |
| Service Class  | 23.68%  |
| Service Class 2  | 23.68%  |
| **VIP Freedom 2035 Portfolio**  |  |
| Initial Class  | 13.92%  |
| Service Class  | 13.92%  |
| Service Class 2  | 13.92%  |
| **VIP Freedom 2040 Portfolio**  |  |
| Initial Class  | 8.88%  |
| Service Class  | 8.88%  |
| Service Class 2  | 8.88%  |
| **VIP Freedom 2045 Portfolio**  |  |
| Initial Class  | 8.43%  |
| Service Class  | 8.43%  |
| Service Class 2  | 8.43%  |
| **VIP Freedom 2050 Portfolio**  |  |
| Initial Class  | 8.44%  |
| Service Class  | 8.44%  |
| Service Class 2  | 8.44%  |
| **VIP Freedom 2055 Portfolio**  |  |
| Initial Class  | 8.45%  |
| Service Class  | 8.45%  |
| Service Class 2  | 8.45%  |
| **VIP Freedom 2060 Portfolio**  |  |
| Initial Class  | 8.32%  |
| Service Class  | 8.32%  |
| Service Class 2  | 8.32%  |
| **VIP Freedom 2065 Portfolio**  |  |
| Initial Class  | 8.49%  |
| Service Class  | 8.49%  |
| Service Class 2  | 8.49%  |

---

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 4, 2022  | 0%  | 0%  | 0%  |
| December 21, 2022  | 4%  | 5%  | 6%  |
| **VIP Freedom 2005 Portfolio**  |  |  |  |
| February 4, 2022  | 0%  | 0%  | 0%  |
| December 21, 2022  | 5%  | 5%  | 6%  |
| **VIP Freedom 2010 Portfolio**  |  |  |  |
| February 4, 2022  | 0%  | 0%  | 0%  |
| December 21, 2022  | 9%  | 9%  | 11%  |
| **VIP Freedom 2015 Portfolio**  |  |  |  |
| February 4, 2022  | 0%  | 0%  | 0%  |
| December 21, 2022  | 13%  | 14%  | 16%  |
| **VIP Freedom 2020 Portfolio**  |  |  |  |
| February 4, 2022  | 0%  | 0%  | 0%  |
| December 21, 2022  | 17%  | 18%  | 21%  |
| **VIP Freedom 2025 Portfolio**  |  |  |  |
| February 4, 2022  | 0%  | 0%  | 0%  |
| December 21, 2022  | 19%  | 21%  | 24%  |
| **VIP Freedom 2030 Portfolio**  |  |  |  |
| February 4, 2022  | 0%  | 0%  | 0%  |
| December 21, 2022  | 22%  | 23%  | 26%  |
| **VIP Freedom 2035 Portfolio**  |  |  |  |
| February 4, 2022  | 0%  | 0%  | 0%  |
| December 21, 2022  | 27%  | 29%  | 33%  |
| **VIP Freedom 2040 Portfolio**  |  |  |  |
| February 4, 2022  | 0%  | 0%  | 0%  |
| December 21, 2022  | 34%  | 37%  | 42%  |
| **VIP Freedom 2045 Portfolio**  |  |  |  |
| February 4, 2022  | 1%  | 1%  | 1%  |
| December 21, 2022  | 35%  | 38%  | 43%  |
| **VIP Freedom 2050 Portfolio**  |  |  |  |
| February 4, 2022  | 0%  | 0%  | 0%  |
| December 21, 2022  | 35%  | 38%  | 43%  |
| **VIP Freedom 2055 Portfolio**  |  |  |  |
| February 4, 2022  | 2%  | 2%  | 2%  |
| December 29, 2022  | 31%  | 34%  | 36%  |
| **VIP Freedom 2060 Portfolio**  |  |  |  |
| February 4, 2022  | 0%  | 0%  | 0%  |
| December 29, 2022  | 31%  | 33%  | 36%  |
| **VIP Freedom 2065 Portfolio**  |  |  |  |
| February 4, 2022  | 1%  | 1%  | 1%  |
| December 29, 2022  | 32%  | 34%  | 37%  |

---

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  | 12/21/22  | $0.0284  | $0.0051  |
| Service Class  | 12/21/22  | $0.0267  | $0.0051  |
| Service Class 2  | 12/21/22  | $0.0213  | $0.0051  |
| **VIP Freedom 2005 Portfolio**  |  |  |  |
| Initial Class  | 12/21/22  | $0.0279  | $0.0054  |
| Service Class  | 12/21/22  | $0.0256  | $0.0054  |
| Service Class 2  | 12/21/22  | $0.0224  | $0.0054  |
| **VIP Freedom 2010 Portfolio**  |  |  |  |
| Initial Class  | 12/21/22  | $0.0434  | $0.0071  |
| Service Class  | 12/21/22  | $0.0400  | $0.0071  |
| Service Class 2  | 12/21/22  | $0.0350  | $0.0071  |
| **VIP Freedom 2015 Portfolio**  |  |  |  |
| Initial Class  | 12/21/22  | $0.0455  | $0.0080  |
| Service Class  | 12/21/22  | $0.0418  | $0.0080  |
| Service Class 2  | 12/21/22  | $0.0364  | $0.0080  |
| **VIP Freedom 2020 Portfolio**  |  |  |  |
| Initial Class  | 12/21/22  | $0.0588  | $0.0099  |
| Service Class  | 12/21/22  | $0.0546  | $0.0099  |
| Service Class 2  | 12/21/22  | $0.0475  | $0.0099  |
| **VIP Freedom 2025 Portfolio**  |  |  |  |
| Initial Class  | 12/21/22  | $0.0733  | $0.0129  |
| Service Class  | 12/21/22  | $0.0682  | $0.0129  |
| Service Class 2  | 12/21/22  | $0.0597  | $0.0129  |
| **VIP Freedom 2030 Portfolio**  |  |  |  |
| Initial Class  | 12/21/22  | $0.0797  | $0.0141  |
| Service Class  | 12/21/22  | $0.0743  | $0.0141  |
| Service Class 2  | 12/21/22  | $0.0657  | $0.0141  |
| **VIP Freedom 2035 Portfolio**  |  |  |  |
| Initial Class  | 12/21/22  | $0.1563  | $0.0271  |
| Service Class  | 12/21/22  | $0.1466  | $0.0271  |
| Service Class 2  | 12/21/22  | $0.1300  | $0.0271  |
| **VIP Freedom 2040 Portfolio**  |  |  |  |
| Initial Class  | 12/21/22  | $0.1644  | $0.0295  |
| Service Class  | 12/21/22  | $0.1531  | $0.0295  |
| Service Class 2  | 12/21/22  | $0.1354  | $0.0295  |
| **VIP Freedom 2045 Portfolio**  |  |  |  |
| Initial Class  | 12/21/22  | $0.1803  | $0.0301  |
| Service Class  | 12/21/22  | $0.1685  | $0.0301  |
| Service Class 2  | 12/21/22  | $0.1489  | $0.0301  |
| **VIP Freedom 2050 Portfolio**  |  |  |  |
| Initial Class  | 12/21/22  | $0.1579  | $0.0273  |
| Service Class  | 12/21/22  | $0.1470  | $0.0273  |
| Service Class 2  | 12/21/22  | $0.1311  | $0.0273  |
| **VIP Freedom 2055 Portfolio**  |  |  |  |
| Initial Class  | 12/29/22  | $0.0859  | $0.0151  |
| Service Class  | 12/29/22  | $0.0799  | $0.0151  |
| Service Class 2  | 12/29/22  | $0.0749  | $0.0151  |
| **VIP Freedom 2060 Portfolio**  |  |  |  |
| Initial Class  | 12/29/22  | $0.0841  | $0.0151  |
| Service Class  | 12/29/22  | $0.0797  | $0.0151  |
| Service Class 2  | 12/29/22  | $0.0738  | $0.0151  |
| **VIP Freedom 2065 Portfolio**  |  |  |  |
| Initial Class  | 12/29/22  | $0.0828  | $0.0149  |
| Service Class  | 12/29/22  | $0.0774  | $0.0149  |
| Service Class 2  | 12/29/22  | $0.0700  | $0.0149  |

---

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

**VIP Freedom Funds** 

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) for each fund (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 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 has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The 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 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 funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2022 meeting, the Board unanimously determined to renew each fund's Advisory Contract. In reaching its determination, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. In reaching its determination, the Board was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.

**Nature, Extent, and Quality of Services Provided** . The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of FMR, and also considered the funds' investment objectives, strategies, and related investment philosophies. 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. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

<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 the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u> . The Board considered (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 the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u> . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual 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, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

<u>Investment Performance</u> . The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the investment adviser about 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 considers annualized return information for each fund for different time periods, measured against one or more appropriate securities market indices, including a customized blended index that reflects the respective weights of the fund's asset classes (each a benchmark index).The Board also receives and considers 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 for specific time periods and discussed with the investment adviser 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 fund performance should be evaluated based on gross performance (before fees and expenses, including acquired fund fees and expenses, but after transaction costs, if any) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; the extent to which particular underlying funds affected performance; and fund cash flows and other factors. 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.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included, for each fund except VIP Freedom 2055 Fund, VIP Freedom 2060 Fund, and VIP Freedom 2065 Fund, net cumulative calendar year total return information for the representative class and an appropriate benchmark index for the most recent one-, three-, and five-year periods and, for VIP Freedom 2055 Fund, VIP Freedom 2060 Fund, and VIP Freedom 2065 Fund, net calendar year total return information for the representative class and an appropriate benchmark index for the most recent one-year period. No performance peer group information was considered by the Board as Fidelity advised the Board that competitor funds differ significantly in their asset allocation strategy, degree of active management and glidepath construction.

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 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. The Board considered each fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparisons of management fees and total expense ratios by broadening the competitive group used for such comparisons.

<u>Management Fee</u> . The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board.

**VIP Freedom 2005 Portfolio**![](img88158_30.jpg)

**VIP Freedom 2010 Portfolio**![](img88158_31.jpg)

**VIP Freedom 2015 Portfolio**![](img88158_32.jpg)

**VIP Freedom 2020 Portfolio**![](img88158_33.jpg)

**VIP Freedom 2025 Portfolio**![](img88158_34.jpg)

**VIP Freedom 2030 Portfolio**![](img88158_35.jpg)

**VIP Freedom 2035 Portfolio**![](img88158_36.jpg)

**VIP Freedom 2040 Portfolio**![](img88158_37.jpg)

**VIP Freedom 2045 Portfolio**![](img88158_38.jpg)

**VIP Freedom 2050 Portfolio**![](img88158_39.jpg)

**VIP Freedom 2055 Portfolio**![](img88158_40.jpg)

**VIP Freedom 2060 Portfolio**![](img88158_41.jpg)

**VIP Freedom 2065 Portfolio**![](img88158_42.jpg)

**VIP Freedom Income Portfolio**![](img88158_43.jpg)

The Board noted that the management fee rate of 0.00% for each fund ranked below the median of its Total Mapped Group and below the median of its ASPG for 2021. The Board further noted that many peer funds pay fund-level expenses, including management fees, to which the funds are not subject.

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.

<u>Total Expense Ratio</u> . In its review of the total expense ratio of the representative class (Initial Class) of each fund, the Board noted that each fund invests in a class of shares of the underlying Fidelity fund 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. Each fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the total net expense ratio of the Initial Class of each fund ranked below the similar sales load structure group competitive median for 2021. The Board also noted that the total net expense ratio of the Initial Class (i) ranked below the ASPG competitive median for 2021 for VIP Freedom Income Portfolio, VIP Freedom 2005 Portfolio, VIP Freedom 2010 Portfolio, VIP Freedom 2015 Portfolio, and VIP Freedom 2020 Portfolio; and (ii) ranked above the ASPG competitive median for 2021 for 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, and VIP Freedom 2065 Portfolio. The Board noted Fidelity's explanation that these funds were above the ASPG competitive median for 2021 primarily due to higher international equity allocations relative to 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 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 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 mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. 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) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) 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. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

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

![](img88158_2.jpg) <br>

1.826371.118 VIPFF2K-ANN-0323

**Fidelity® Variable Insurance Products:**

**Investor Freedom Income® Portfolio**

**Investor Freedom® 2005 Portfolio**

**Investor Freedom® 2010 Portfolio**

**Investor Freedom® 2015 Portfolio**

**Investor Freedom® 2020 Portfolio**

**Investor Freedom® 2025 Portfolio**

**Investor Freedom® 2030 Portfolio**

**Annual Report**

**December 31, 2022**

![](img88144_1.jpg)

![](img88144_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[VIP Investor Freedom Income Portfolio℠](#Sec_FundName1502)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1502)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1502)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1502)** |
| **[VIP Investor Freedom 2005 Portfolio℠](#Sec_FundName1495)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1495)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1495)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1495)** |
| **[VIP Investor Freedom 2010 Portfolio℠](#Sec_FundName1496)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1496)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1496)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1496)** |
| **[VIP Investor Freedom 2015 Portfolio℠](#Sec_FundName1497)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1497)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1497)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1497)** |
| **[VIP Investor Freedom 2020 Portfolio℠](#Sec_FundName1498)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1498)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1498)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1498)** |
| **[VIP Investor Freedom 2025 Portfolio℠](#Sec_FundName1499)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1499)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1499)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1499)** |
| **[VIP Investor Freedom 2030 Portfolio℠](#Sec_FundName1501)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1501)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1501)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1501)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |
| **[Board Approval of Investment Advisory Contracts and Management Fees](#Sec_Board Approval of Investment Advisory Contracts and Management Fees)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2023 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Funds nor Fidelity Distributors Corporation is a bank.*

**VIP Investor Freedom Income Portfolio℠**

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| VIP Investor Freedom Income Portfolio  | &nbsp;&nbsp; -12.03%  | &nbsp;&nbsp; 1.94%  | &nbsp;&nbsp; 3.12%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Investor Freedom Income Portfolio on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Aggregate Bond Index performed over the same period.  |
| ![](img88144_5.jpg)  |

---

**VIP Investor Freedom 2005 Portfolio℠**

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| VIP Investor Freedom 2005 Portfolio  | &nbsp;&nbsp; -12.40%  | &nbsp;&nbsp; 2.26%  | &nbsp;&nbsp; 4.04%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Investor Freedom 2005 Portfolio on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Aggregate Bond Index performed over the same period.  |
| ![](img88144_6.jpg)  |

---

**VIP Investor Freedom 2010 Portfolio℠**

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| VIP Investor Freedom 2010 Portfolio  | &nbsp;&nbsp; -13.50%  | &nbsp;&nbsp; 2.76%  | &nbsp;&nbsp; 4.89%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Investor Freedom 2010 Portfolio on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Aggregate Bond Index performed over the same period.  |
| ![](img88144_7.jpg)  |

---

**VIP Investor Freedom 2015 Portfolio℠**

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| VIP Investor Freedom 2015 Portfolio  | &nbsp;&nbsp; -14.58%  | &nbsp;&nbsp; 3.26%  | &nbsp;&nbsp; 5.47%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Investor Freedom 2015 Portfolio on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Aggregate Bond Index performed over the same period.  |
| ![](img88144_8.jpg)  |

---

**VIP Investor Freedom 2020 Portfolio℠**

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| VIP Investor Freedom 2020 Portfolio  | &nbsp;&nbsp; -15.83%  | &nbsp;&nbsp; 3.67%  | &nbsp;&nbsp; 6.00%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Investor Freedom 2020 Portfolio on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Aggregate Bond Index performed over the same period.  |
| ![](img88144_9.jpg)  |

---

**VIP Investor Freedom 2025 Portfolio℠**

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| VIP Investor Freedom 2025 Portfolio  | &nbsp;&nbsp; -16.45%  | &nbsp;&nbsp; 4.06%  | &nbsp;&nbsp; 6.72%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Investor Freedom 2025 Portfolio on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img88144_10.jpg)  |

---

**VIP Investor Freedom 2030 Portfolio℠**

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| VIP Investor Freedom 2030 Portfolio  | &nbsp;&nbsp; -16.91%  | &nbsp;&nbsp; 4.55%  | &nbsp;&nbsp; 7.42%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Investor Freedom 2030 Portfolio on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img88144_11.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:**

Asset prices around the world experienced a synchronous downturn for most of 2022, as a multitude of crosscurrents challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy. This led to a broad retreat from risk and declining prices for stocks and bonds through September. In Q4, markets experienced a sharp reversal amid optimism on inflation and policy easing, and riskier assets rallied to cap a tumultuous year.

International equities returned -15.86% in 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. By region, emerging markets (-20%) and Europe ex U.K. (-17%) notably lagged. Conversely, the U.K. (-4%) held up best, followed by Asia Pacific ex Japan (-8%). Among the 11 sectors, information technology (-34%) fared worst. Communication services and consumer discretionary (-21% each) also trailed the broader market. In contrast, energy gained 9% amid elevated prices for oil and natural gas.

U.S. stocks returned -19.53% for the year, as measured by the Dow Jones U.S. Total Stock Market Index. Among sectors, communication services (-41%) lagged most, followed by consumer discretionary (-37%). Conversely, energy (+63%) led by a wide margin. The defensive utilities (+1%) sector also notably outperformed. Value stocks handily outpaced growth among all market capitalizations. Commodities gained 16.09%, according to the Bloomberg Commodity Index Total Return.

U.S. taxable investment-grade bonds returned -13.01% in 2022, per the Bloomberg U.S. Aggregate Bond Index, amid soaring inflation and rising interest rates. The Fed raised its benchmark rate seven times, by 4.25 percentage points, while allowing up to billions in U.S. Treasuries and mortgage bonds to mature monthly without investing the proceeds. U.S. investment-grade corporate bonds (-15.26%) trailed U.S. Treasuries (-12.46%), while commercial mortgage-backed securities (-10.91%) and agencies (-7.87%) also lost ground. Outside the index, leveraged loans (-0.61%) bested the returns for Treasury Inflation-Protected Securities (-11.85%), U.S. high-yield bonds (-11.21%) and emerging-markets debt (-16.45%).

**Comments from Co-Portfolio Managers Andrew Dierdorf and Brett Sumsion:**

For the year, the share classes of each VIP Investor Freedom Fund posted a return ranging from about -12% for VIP Investor Freedom Income Portfolio to roughly -17% for VIP Investor Freedom 2030 Portfolio. Each Portfolio underperformed its Composite index in 2022. Versus Composites, performance among the underlying investment funds caused the Portfolios' underperformance for the year. In particular, active security selection among non-U.S. equities detracted the most value, particularly among developed-markets equities. In this category, Fidelity <sup>®</sup> VIP Overseas Portfolio (-24.54%) underperformed its benchmark, the MSCI EAFE Index (-14.27%). Portfolio managers among underlying U.S. investment-grade bond funds also detracted from relative results, as did an underweighting in the asset class. An allocation to Fidelity <sup>®</sup> VIP Investment Grade Bond Portfolio notably hurt, as it lagged its benchmark, the Bloomberg U.S. Aggregate Bond Index. Conversely, top-down, active asset allocation decisions modestly contributed to the Portfolios' relative performance overall. Underweighting U.S. equities contributed the most, as this was one of the weaker-performing asset classes in 2022. A non-Composite allocation to high-yield bonds also added relative value, along with an overweighting in developed-markets equities. Elsewhere, outperformance among the underlying U.S. equity funds contributed to relative performance, especially investments in VIP Growth & Income Fund (-5.01%) and VIP Growth Portfolio (-24.51%), each of which outperformed its benchmark the past 12 months.

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

**VIP Investor Freedom Income Portfolio℠** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Investment Grade Bond II Portfolio - Investor Class  | 36.8  |
| VIP Government Money Market Portfolio Investor Class 4.00%  | 19.8  |
| Fidelity Inflation-Protected Bond Index Fund  | 17.1  |
| VIP Overseas Portfolio Investor Class  | 6.6  |
| VIP Emerging Markets Portfolio Investor Class  | 6.0  |
| Fidelity Long-Term Treasury Bond Index Fund  | 3.6  |
| Fidelity International Bond Index Fund  | 2.6  |
| VIP High Income Portfolio Investor Class  | 1.7  |
| VIP Growth Portfolio Investor Class  | 1.6  |
| VIP Growth & Income Portfolio Investor Class  | 1.1  |
|  | 96.9  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88144_12.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP Investor Freedom Income Portfolio℠**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 5.8%**  | &nbsp;&nbsp; **Domestic Equity Funds - 5.8%**  | &nbsp;&nbsp; **Domestic Equity Funds - 5.8%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Investor Class (a)  | 19358  | 727092  |
|  VIP Equity-Income Portfolio Investor Class (a)  | 27867  | 651519  |
|  VIP Growth & Income Portfolio Investor Class (a)  | 35305  | 843093  |
|  VIP Growth Portfolio Investor Class (a)  | 16099  | 1142071  |
|  VIP Mid Cap Portfolio Investor Class (a)  | 6272  | 203342  |
|  VIP Value Portfolio Investor Class (a)  | 28165  | 470075  |
|  VIP Value Strategies Portfolio Investor Class (a)  | 16353  | 232868  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $2,815,019)  |  | **4270060**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 12.6%**  | &nbsp;&nbsp; **International Equity Funds - 12.6%**  | &nbsp;&nbsp; **International Equity Funds - 12.6%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Investor Class (a)  | 442299  | 4343381  |
|  VIP Overseas Portfolio Investor Class (a)  | 224281  | 4846719  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $7,882,985)  |  | **9190100**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 61.8%**  | &nbsp;&nbsp; **Bond Funds - 61.8%**  | &nbsp;&nbsp; **Bond Funds - 61.8%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 1385289  | 12495310  |
|  Fidelity International Bond Index Fund (a)  | 211486  | 1863191  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 262154  | 2658239  |
|  VIP High Income Portfolio Investor Class (a)  | 275558  | 1206943  |
|  VIP Investment Grade Bond II Portfolio - Investor Class (a)  | 2888179  | 26831185  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $49,251,136)  |  | **45054868**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 19.8%**  | &nbsp;&nbsp; **Short-Term Funds - 19.8%**  | &nbsp;&nbsp; **Short-Term Funds - 19.8%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Investor Class 4.00% (a)(b) <br>(Cost $14,433,381) <br>| 14433381  | **14433381**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $74,382,521) <br>| <br>**72948409**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **54**  |
| **NET ASSETS - 100.0%**  | **72948463**  |

---

**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 Funds changes its name, the name presented below is the name in effect at period end.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 14893005  | 4536069  | 4164226  | 1017883  | (209777)  | (2559761)  | 12495310  |
|  Fidelity International Bond Index Fund  | 1533905  | 1175012  | 608314  | 19196  | (39934)  | (197478)  | 1863191  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 2840989  | 1799934  | 1011214  | 70136  | (111532)  | (859938)  | 2658239  |
|  VIP Contrafund Portfolio Investor Class  | 1224565  | 596550  | 730718  | 44230  | (13760)  | (349545)  | 727092  |
|  VIP Emerging Markets Portfolio Investor Class  | 6950320  | 1905862  | 3006213  | 81002  | (382255)  | (1124333)  | 4343381  |
|  VIP Equity-Income Portfolio Investor Class  | 1295195  | 475365  | 1007676  | 35654  | 75473  | (186838)  | 651519  |
|  VIP Government Money Market Portfolio Investor Class 4.00%  | 20946846  | 2475091  | 8988556  | 210044  | -  | -  | 14433381  |
|  VIP Growth & Income Portfolio Investor Class  | 1474368  | 629682  | 1156190  | 31480  | 161077  | (265844)  | 843093  |
|  VIP Growth Portfolio Investor Class  | 1252318  | 1190437  | 894322  | 90161  | (50117)  | (356245)  | 1142071  |
|  VIP High Income Portfolio Investor Class  | 2042784  | 207286  | 776987  | 64749  | (76874)  | (189266)  | 1206943  |
|  VIP Investment Grade Bond II Portfolio - Investor Class  | -  | 34449521  | 5499951  | 500252  | (174341)  | (1944044)  | 26831185  |
|  VIP Investment Grade Bond Portfolio Investor Class  | 39134218  | 3186523  | 37336203  | 1811764  | (3532546)  | (1451992)  | -  |
|  VIP Mid Cap Portfolio Investor Class  | 359298  | 124564  | 211356  | 18208  | (331)  | (68833)  | 203342  |
|  VIP Overseas Portfolio Investor Class  | 7064767  | 2425332  | 2682856  | 106509  | (418844)  | (1541680)  | 4846719  |
|  VIP Value Portfolio Investor Class  | 949105  | 297138  | 709612  | 28084  | 101985  | (168541)  | 470075  |
|  VIP Value Strategies Portfolio Investor Class  | 465198  | 125644  | 311619  | 15816  | 55528  | (101883)  | 232868  |
|  | 102426881  | 55600010  | 69096013  | 4145168  | (4616248)  | (11366221)  | 72948409  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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| | | | | |
|:---|:---|:---|:---|:---|
| **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>**  |  |  |  |  |
|  Domestic Equity Funds  | 4270060  | 4270060  | -  | -  |
|  International Equity Funds  | 9190100  | 9190100  | -  | -  |
|  Bond Funds  | 45054868  | 45054868  | -  | -  |
|  Short-Term Funds  | 14433381  | 14433381  | -  | -  |
| **Total Investments in Securities:**  | 72948409  | 72948409  | -  | -  |

---

**VIP Investor Freedom Income Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $74,382,521)  | 72948409  |  |
|  Total Investment in Securities (cost $74,382,521)  |  | $72948409  |
|  Cash  |  | 33  |
| Receivable for investments sold  |  | 470414  |
|  Receivable for fund shares sold  |  | 19638  |
| **Total assets**  |  | 73438494  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $490013  |  |
|  Payable for fund shares redeemed  | 18  |  |
| **Total Liabilities**  |  | 490031  |
| **Net Assets**  |  | $72948463  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $76221459  |
|  Total accumulated earnings (loss)  |  | (3272996)  |
|  **Net Assets**  |  | $72948463  |
|  **Net Asset Value** , offering price and redemption price per share ($72,948,463 ÷ 6,933,909 shares)  |  | $10.52  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 2059812  |
|  **Expenses**  |  |  |
| Independent trustees' fees and expenses  | 279  |  |
| **Total Expenses**  |  | 279  |
| **Net Investment income (loss)**  |  | 2059533  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (4616248)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 2085356  |  |
| Total net realized gain (loss)  |  | (2530892)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (11366221)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (11366221)  |
| **Net gain (loss)**  |  | (13897113)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(11837580)  |

---

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| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $2059533  | $1881636  |
| &nbsp;&nbsp; Net realized gain (loss)  | (2530892) <br>| 3847569 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (11366221)  | (2516909) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (11837580) <br>| 3212296 <br>|
| Distributions to shareholders  | (4897893) <br>| (3665175) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 3284310  | 16910466  |
| Reinvestment of distributions  | 4897893 <br>| 3665175 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (20925183)  | (15585140)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | (12742980) <br>| 4990501 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (29478453) <br>| 4537622 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 102426916  | 97889294 <br>|
| &nbsp;&nbsp; End of period  | $72948463  | $102426916  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 285251  | 1336934  |
| Issued in reinvestment of distributions  | 425642 <br>| 291689 <br>|
| &nbsp;&nbsp; Redeemed  | (1891824)  | (1231887)  |
| &nbsp;&nbsp; Net increase (decrease)  | (1180931)  | 396736  |

---

**Financial Highlights** 

 **VIP Investor Freedom Income Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.62  | $12.68  | $11.91  | $11.10  | $11.67  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .27  | .24  | .16  | .26  | .21  |
| Net realized and unrealized gain (loss)  | (1.74)  | .17  | 1.06  | 1.05  | (.45)  |
| Total from investment operations  | (1.47)  | .41  | 1.22  | 1.31  | (.24)  |
| Distributions from net investment income  | (.25)  | (.13)  | (.16)  | (.25)  | (.20)  |
| Distributions from net realized gain  | (.38)  | (.34)  | (.29)  | (.25)  | (.13)  |
| Total distributions  | (.63)  | (.47)  | (.45)  | (.50)  | (.33)  |
| Net asset value, end of period  | $10.52  | $12.62  | $12.68  | $11.91  | $11.10  |
| **Total Return** <sup>C,D</sup>  | (12.03)%  | 3.28%  | 10.40%  | 12.02%  | (2.03)%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions <sup>G</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any <sup>G</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions <sup>G</sup>  | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.44%  | 1.88%  | 1.32%  | 2.19%  | 1.79%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $72948  | $102427  | $97889  | $85736  | $74748  |
| Portfolio turnover rate <sup>H</sup>  | 65%  | 27%  | 49%  | 25%  | 42%  |

---

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

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

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

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

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

**VIP Investor Freedom 2005 Portfolio℠** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Investment Grade Bond II Portfolio - Investor Class  | 36.4  |
| VIP Government Money Market Portfolio Investor Class 4.00%  | 19.0  |
| Fidelity Inflation-Protected Bond Index Fund  | 17.0  |
| VIP Overseas Portfolio Investor Class  | 7.0  |
| VIP Emerging Markets Portfolio Investor Class  | 6.1  |
| Fidelity Long-Term Treasury Bond Index Fund  | 3.7  |
| Fidelity International Bond Index Fund  | 2.6  |
| VIP Growth Portfolio Investor Class  | 1.8  |
| VIP High Income Portfolio Investor Class  | 1.6  |
| VIP Growth & Income Portfolio Investor Class  | 1.3  |
|  | 96.5  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88144_13.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP Investor Freedom 2005 Portfolio℠**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 6.6%**  | &nbsp;&nbsp; **Domestic Equity Funds - 6.6%**  | &nbsp;&nbsp; **Domestic Equity Funds - 6.6%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Investor Class (a)  | 6539  | 245605  |
|  VIP Equity-Income Portfolio Investor Class (a)  | 9413  | 220078  |
|  VIP Growth & Income Portfolio Investor Class (a)  | 11926  | 284788  |
|  VIP Growth Portfolio Investor Class (a)  | 5438  | 385777  |
|  VIP Mid Cap Portfolio Investor Class (a)  | 2119  | 68684  |
|  VIP Value Portfolio Investor Class (a)  | 9514  | 158786  |
|  VIP Value Strategies Portfolio Investor Class (a)  | 5524  | 78658  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $919,612)  |  | **1442376**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 13.1%**  | &nbsp;&nbsp; **International Equity Funds - 13.1%**  | &nbsp;&nbsp; **International Equity Funds - 13.1%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Investor Class (a)  | 135312  | 1328760  |
|  VIP Overseas Portfolio Investor Class (a)  | 70750  | 1528917  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $2,342,294)  |  | **2857677**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 61.3%**  | &nbsp;&nbsp; **Bond Funds - 61.3%**  | &nbsp;&nbsp; **Bond Funds - 61.3%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 410280  | 3700726  |
|  Fidelity International Bond Index Fund (a)  | 64218  | 565761  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 79872  | 809905  |
|  VIP High Income Portfolio Investor Class (a)  | 82382  | 360831  |
|  VIP Investment Grade Bond II Portfolio - Investor Class (a)  | 854073  | 7934340  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $14,550,940)  |  | **13371563**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 19.0%**  | &nbsp;&nbsp; **Short-Term Funds - 19.0%**  | &nbsp;&nbsp; **Short-Term Funds - 19.0%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Investor Class 4.00% (a)(b) <br>(Cost $4,135,191) <br>| 4135191  | **4135191**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $21,948,037) <br>| <br>**21806807**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **6**  |
| **NET ASSETS - 100.0%**  | **21806813**  |

---

**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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 4326793  | 1468231  | 1265242  | 305097  | (53551)  | (775505)  | 3700726  |
|  Fidelity International Bond Index Fund  | 475255  | 369629  | 204237  | 6057  | (14261)  | (60625)  | 565761  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 873470  | 561604  | 318560  | 22215  | (25808)  | (280801)  | 809905  |
|  VIP Contrafund Portfolio Investor Class  | 462919  | 181211  | 263490  | 15585  | 18745  | (153780)  | 245605  |
|  VIP Emerging Markets Portfolio Investor Class  | 2189325  | 653524  | 1025484  | 25125  | (86393)  | (402212)  | 1328760  |
|  VIP Equity-Income Portfolio Investor Class  | 489651  | 136258  | 364478  | 12355  | 34264  | (75617)  | 220078  |
|  VIP Government Money Market Portfolio Investor Class 4.00%  | 5765973  | 819679  | 2450461  | 60815  | -  | -  | 4135191  |
|  VIP Growth & Income Portfolio Investor Class  | 557367  | 188768  | 422388  | 10948  | 109171  | (148130)  | 284788  |
|  VIP Growth Portfolio Investor Class  | 473451  | 382419  | 320677  | 32756  | (16195)  | (133221)  | 385777  |
|  VIP High Income Portfolio Investor Class  | 612507  | 67063  | 237672  | 19570  | (26551)  | (54516)  | 360831  |
|  VIP Investment Grade Bond II Portfolio - Investor Class  | -  | 10625016  | 2046057  | 151934  | (61978)  | (582641)  | 7934340  |
|  VIP Investment Grade Bond Portfolio Investor Class  | 11429832  | 1041738  | 10997356  | 529678  | (898182)  | (576032)  | -  |
|  VIP Mid Cap Portfolio Investor Class  | 135837  | 39123  | 80362  | 6509  | 980  | (26894)  | 68684  |
|  VIP Overseas Portfolio Investor Class  | 2381563  | 807910  | 996177  | 34857  | (40470)  | (623909)  | 1528917  |
|  VIP Value Portfolio Investor Class  | 358807  | 89401  | 265531  | 10039  | 49054  | (72945)  | 158786  |
|  VIP Value Strategies Portfolio Investor Class  | 175881  | 36657  | 116856  | 5566  | 26253  | (43277)  | 78658  |
|  | 30708631  | 17468231  | 21375028  | 1249106  | (984922)  | (4010105)  | 21806807  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 1442376  | 1442376  | -  | -  |
|  International Equity Funds  | 2857677  | 2857677  | -  | -  |
|  Bond Funds  | 13371563  | 13371563  | -  | -  |
|  Short-Term Funds  | 4135191  | 4135191  | -  | -  |
| **Total Investments in Securities:**  | 21806807  | 21806807  | -  | -  |

---

**VIP Investor Freedom 2005 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $21,948,037)  | 21806807  |  |
|  Total Investment in Securities (cost $21,948,037)  |  | $21806807  |
| Receivable for investments sold  |  | 133980  |
| **Total assets**  |  | 21940787  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 133847  |  |
|  Payable for fund shares redeemed  | 127  |  |
| **Total Liabilities**  |  | 133974  |
| **Net Assets**  |  | $21806813  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $22057551  |
|  Total accumulated earnings (loss)  |  | (250738)  |
|  **Net Assets**  |  | $21806813  |
|  **Net Asset Value** , offering price and redemption price per share ($21,806,813 ÷ 2,087,309 shares)  |  | $10.45  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 622983  |
|  **Expenses**  |  |  |
| Independent trustees' fees and expenses  | 86  |  |
| **Total Expenses**  |  | 86  |
| **Net Investment income (loss)**  |  | 622897  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (984922)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 626123  |  |
| Total net realized gain (loss)  |  | (358799)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (4010105)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (4010105)  |
| **Net gain (loss)**  |  | (4368904)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(3746007)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $622897  | $579791  |
| &nbsp;&nbsp; Net realized gain (loss)  | (358799) <br>| 2113026 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (4010105)  | (1170321) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (3746007) <br>| 1522496 <br>|
| Distributions to shareholders  | (2286632) <br>| (1372181) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 1272194  | 8476320  |
| Reinvestment of distributions  | 2286632 <br>| 1372181 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (6428005)  | (15465345)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | (2869179) <br>| (5616844) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (8901818) <br>| (5466529) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 30708631  | 36175160 <br>|
| &nbsp;&nbsp; End of period  | $21806813  | $30708631  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 113171  | 657614  |
| Issued in reinvestment of distributions  | 198161 <br>| 106449 <br>|
| &nbsp;&nbsp; Redeemed  | (593934)  | (1183200)  |
| &nbsp;&nbsp; Net increase (decrease)  | (282602)  | (419137)  |

---

**Financial Highlights** 

 **VIP Investor Freedom 2005 Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.96  | $12.97  | $12.20  | $11.17  | $11.85  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .27  | .21  | .16  | .25  | .20  |
| Net realized and unrealized gain (loss)  | (1.80)  | .31  | 1.16  | 1.28  | (.56)  |
| Total from investment operations  | (1.53)  | .52  | 1.32  | 1.53  | (.36)  |
| Distributions from net investment income  | (.25)  | (.14)  | (.17)  | (.26)  | (.20)  |
| Distributions from net realized gain  | (.73)  | (.39)  | (.38)  | (.24)  | (.13)  |
| Total distributions  | (.98)  | (.53)  | (.55)  | (.50)  | (.32) <sup>C</sup>  |
| Net asset value, end of period  | $10.45  | $12.96  | $12.97  | $12.20  | $11.17  |
| **Total Return** <sup>D,E</sup>  | (12.40)%  | 4.09%  | 11.08%  | 13.89%  | (3.04)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.39%  | 1.60%  | 1.32%  | 2.12%  | 1.70%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $21807  | $30709  | $36175  | $33315  | $28603  |
| Portfolio turnover rate <sup>I</sup>  | 67%  | 42%  | 51%  | 35%  | 42%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

**VIP Investor Freedom 2010 Portfolio℠** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Investment Grade Bond II Portfolio - Investor Class  | 33.6  |
| Fidelity Inflation-Protected Bond Index Fund  | 15.9  |
| VIP Government Money Market Portfolio Investor Class 4.00%  | 13.5  |
| VIP Overseas Portfolio Investor Class  | 9.5  |
| VIP Emerging Markets Portfolio Investor Class  | 7.1  |
| Fidelity Long-Term Treasury Bond Index Fund  | 3.9  |
| VIP Growth Portfolio Investor Class  | 3.2  |
| Fidelity International Bond Index Fund  | 2.9  |
| VIP Growth & Income Portfolio Investor Class  | 2.4  |
| VIP Contrafund Portfolio Investor Class  | 2.0  |
|  | 94.0  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88144_14.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP Investor Freedom 2010 Portfolio℠**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 12.0%**  | &nbsp;&nbsp; **Domestic Equity Funds - 12.0%**  | &nbsp;&nbsp; **Domestic Equity Funds - 12.0%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Investor Class (a)  | 34020  | 1277786  |
|  VIP Equity-Income Portfolio Investor Class (a)  | 48973  | 1144980  |
|  VIP Growth & Income Portfolio Investor Class (a)  | 62044  | 1481623  |
|  VIP Growth Portfolio Investor Class (a)  | 28291  | 2006992  |
|  VIP Mid Cap Portfolio Investor Class (a)  | 11022  | 357323  |
|  VIP Value Portfolio Investor Class (a)  | 49495  | 826077  |
|  VIP Value Strategies Portfolio Investor Class (a)  | 28737  | 409218  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $5,260,704)  |  | **7503999**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 16.6%**  | &nbsp;&nbsp; **International Equity Funds - 16.6%**  | &nbsp;&nbsp; **International Equity Funds - 16.6%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Investor Class (a)  | 453457  | 4452950  |
|  VIP Overseas Portfolio Investor Class (a)  | 277035  | 5986718  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $9,165,886)  |  | **10439668**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 57.9%**  | &nbsp;&nbsp; **Bond Funds - 57.9%**  | &nbsp;&nbsp; **Bond Funds - 57.9%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 1104139  | 9959332  |
|  Fidelity International Bond Index Fund (a)  | 204792  | 1804215  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 243412  | 2468200  |
|  VIP High Income Portfolio Investor Class (a)  | 237084  | 1038426  |
|  VIP Investment Grade Bond II Portfolio - Investor Class (a)  | 2267450  | 21064614  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $40,084,101)  |  | **36334787**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 13.5%**  | &nbsp;&nbsp; **Short-Term Funds - 13.5%**  | &nbsp;&nbsp; **Short-Term Funds - 13.5%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Investor Class 4.00% (a)(b) <br>(Cost $8,440,640) <br>| 8440640  | **8440640**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $62,951,331) <br>| <br>**62719094**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **23**  |
| **NET ASSETS - 100.0%**  | **62719117**  |

---

**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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 10897566  | 3674923  | 2476757  | 813419  | (115270)  | (2021130)  | 9959332  |
|  Fidelity International Bond Index Fund  | 1439406  | 1033011  | 445618  | 18139  | (27259)  | (195325)  | 1804215  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 2494701  | 1581062  | 739194  | 63124  | (49748)  | (818621)  | 2468200  |
|  VIP Contrafund Portfolio Investor Class  | 2085629  | 660595  | 862846  | 76311  | 24449  | (630041)  | 1277786  |
|  VIP Emerging Markets Portfolio Investor Class  | 6967200  | 1732470  | 2788236  | 82568  | (320135)  | (1138349)  | 4452950  |
|  VIP Equity-Income Portfolio Investor Class  | 2205984  | 403022  | 1284330  | 62450  | 83999  | (263695)  | 1144980  |
|  VIP Government Money Market Portfolio Investor Class 4.00%  | 11923262  | 1843550  | 5326172  | 117008  | -  | -  | 8440640  |
|  VIP Growth & Income Portfolio Investor Class  | 2511130  | 594905  | 1458984  | 55031  | 371588  | (537016)  | 1481623  |
|  VIP Growth Portfolio Investor Class  | 2133108  | 1648770  | 1098884  | 151406  | (52804)  | (623198)  | 2006992  |
|  VIP High Income Portfolio Investor Class  | 1701438  | 154893  | 597229  | 55488  | (67597)  | (153079)  | 1038426  |
|  VIP Investment Grade Bond II Portfolio - Investor Class  | -  | 26233918  | 3560466  | 390771  | (125871)  | (1482967)  | 21064614  |
|  VIP Investment Grade Bond Portfolio Investor Class  | 29095654  | 2242492  | 27690210  | 1321520  | (2775334)  | (872602)  | -  |
|  VIP Mid Cap Portfolio Investor Class  | 611952  | 138315  | 277774  | 30866  | 1131  | (116301)  | 357323  |
|  VIP Overseas Portfolio Investor Class  | 8800720  | 2654043  | 3127135  | 130211  | (370302)  | (1970608)  | 5986718  |
|  VIP Value Portfolio Investor Class  | 1616492  | 264757  | 951459  | 47965  | 151195  | (254908)  | 826077  |
|  VIP Value Strategies Portfolio Investor Class  | 792351  | 108731  | 416602  | 27219  | 78636  | (153898)  | 409218  |
|  | 85276593  | 44969457  | 53101896  | 3443496  | (3193322)  | (11231738)  | 62719094  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 7503999  | 7503999  | -  | -  |
|  International Equity Funds  | 10439668  | 10439668  | -  | -  |
|  Bond Funds  | 36334787  | 36334787  | -  | -  |
|  Short-Term Funds  | 8440640  | 8440640  | -  | -  |
| **Total Investments in Securities:**  | 62719094  | 62719094  | -  | -  |

---

**VIP Investor Freedom 2010 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $62,951,331)  | 62719094  |  |
|  Total Investment in Securities (cost $62,951,331)  |  | $62719094  |
|  Cash  |  | 11  |
| Receivable for investments sold  |  | 613091  |
| **Total assets**  |  | 63332196  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 435088  |  |
|  Payable for fund shares redeemed  | 177991  |  |
| **Total Liabilities**  |  | 613079  |
| **Net Assets**  |  | $62719117  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $63866389  |
|  Total accumulated earnings (loss)  |  | (1147272)  |
|  **Net Assets**  |  | $62719117  |
|  **Net Asset Value** , offering price and redemption price per share ($62,719,117 ÷ 5,565,415 shares)  |  | $11.27  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 1682787  |
|  **Expenses**  |  |  |
| Independent trustees' fees and expenses  | 230  |  |
| **Total Expenses**  |  | 230  |
| **Net Investment income (loss)**  |  | 1682557  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (3193322)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 1760709  |  |
| Total net realized gain (loss)  |  | (1432613)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (11231738)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (11231738)  |
| **Net gain (loss)**  |  | (12664351)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(10981794)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $1682557  | $1522787  |
| &nbsp;&nbsp; Net realized gain (loss)  | (1432613) <br>| 4298014 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (11231738)  | (1263796) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (10981794) <br>| 4557005 <br>|
| Distributions to shareholders  | (5022721) <br>| (3374407) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 1780571  | 10948214  |
| Reinvestment of distributions  | 5022721 <br>| 3374407 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (13356265)  | (6236356)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | (6552973) <br>| 8086265 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (22557488) <br>| 9268863 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 85276605  | 76007742 <br>|
| &nbsp;&nbsp; End of period  | $62719117  | $85276605  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 149502  | 788288  |
| Issued in reinvestment of distributions  | 402140 <br>| 245170 <br>|
| &nbsp;&nbsp; Redeemed  | (1106309)  | (448941)  |
| &nbsp;&nbsp; Net increase (decrease)  | (554667)  | 584517  |

---

**Financial Highlights** 

 **VIP Investor Freedom 2010 Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.93  | $13.73  | $12.84  | $11.79  | $12.78  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .29  | .26  | .17  | .27  | .20  |
| Net realized and unrealized gain (loss)  | (2.10)  | .52  | 1.37  | 1.57  | (.71)  |
| Total from investment operations  | (1.81)  | .78  | 1.54  | 1.84  | (.51)  |
| Distributions from net investment income  | (.26)  | (.14)  | (.17)  | (.26)  | (.21)  |
| Distributions from net realized gain  | (.59)  | (.44)  | (.49)  | (.53)  | (.27)  |
| Total distributions  | (.85)  | (.58)  | (.65) <sup>C</sup>  | (.79)  | (.48)  |
| Net asset value, end of period  | $11.27  | $13.93  | $13.73  | $12.84  | $11.79  |
| **Total Return** <sup>D,E</sup>  | (13.50)%  | 5.81%  | 12.40%  | 16.10%  | (4.06)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.40%  | 1.87%  | 1.33%  | 2.15%  | 1.57%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $62719  | $85277  | $76008  | $66651  | $56452  |
| Portfolio turnover rate <sup>I</sup>  | 64%  | 23%  | 39%  | 31%  | 35%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

**VIP Investor Freedom 2015 Portfolio℠** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Investment Grade Bond II Portfolio - Investor Class  | 30.7  |
| Fidelity Inflation-Protected Bond Index Fund  | 14.8  |
| VIP Overseas Portfolio Investor Class  | 12.2  |
| VIP Emerging Markets Portfolio Investor Class  | 8.1  |
| VIP Government Money Market Portfolio Investor Class 4.00%  | 7.9  |
| VIP Growth Portfolio Investor Class  | 4.7  |
| Fidelity Long-Term Treasury Bond Index Fund  | 4.0  |
| VIP Growth & Income Portfolio Investor Class  | 3.4  |
| Fidelity International Bond Index Fund  | 3.1  |
| VIP Contrafund Portfolio Investor Class  | 3.0  |
|  | 91.9  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88144_15.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP Investor Freedom 2015 Portfolio℠**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 17.5%**  | &nbsp;&nbsp; **Domestic Equity Funds - 17.5%**  | &nbsp;&nbsp; **Domestic Equity Funds - 17.5%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Investor Class (a)  | 78558  | 2950621  |
|  VIP Equity-Income Portfolio Investor Class (a)  | 113086  | 2643956  |
|  VIP Growth & Income Portfolio Investor Class (a)  | 143272  | 3421331  |
|  VIP Growth Portfolio Investor Class (a)  | 65330  | 4634494  |
|  VIP Mid Cap Portfolio Investor Class (a)  | 25451  | 825122  |
|  VIP Value Portfolio Investor Class (a)  | 114294  | 1907574  |
|  VIP Value Strategies Portfolio Investor Class (a)  | 66359  | 944947  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $12,229,570)  |  | **17328045**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 20.3%**  | &nbsp;&nbsp; **International Equity Funds - 20.3%**  | &nbsp;&nbsp; **International Equity Funds - 20.3%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Investor Class (a)  | 820957  | 8061798  |
|  VIP Overseas Portfolio Investor Class (a)  | 557558  | 12048835  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $17,236,013)  |  | **20110633**  |

---

---

| | | |
|:---|:---|:---|
| &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)  | 1624028  | 14648737  |
|  Fidelity International Bond Index Fund (a)  | 354115  | 3119750  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 392498  | 3979926  |
|  VIP High Income Portfolio Investor Class (a)  | 374703  | 1641201  |
|  VIP Investment Grade Bond II Portfolio - Investor Class (a)  | 3268812  | 30367266  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $59,490,534)  |  | **53756880**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 7.9%**  | &nbsp;&nbsp; **Short-Term Funds - 7.9%**  | &nbsp;&nbsp; **Short-Term Funds - 7.9%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Investor Class 4.00% (a)(b) <br>(Cost $7,872,187) <br>| 7872187  | **7872187**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $96,828,304) <br>| <br>**99067745**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **25**  |
| **NET ASSETS - 100.0%**  | **99067770**  |

---

**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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 14266178  | 6624433  | 3191440  | 1186712  | (84705)  | (2965729)  | 14648737  |
|  Fidelity International Bond Index Fund  | 2242399  | 1928036  | 678701  | 30960  | (43595)  | (328389)  | 3119750  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 3670662  | 2723785  | 1055774  | 99560  | (90391)  | (1268356)  | 3979926  |
|  VIP Contrafund Portfolio Investor Class  | 4193199  | 1472579  | 1428472  | 170694  | (100113)  | (1186572)  | 2950621  |
|  VIP Emerging Markets Portfolio Investor Class  | 11397214  | 3312090  | 4145942  | 147756  | (469930)  | (2031634)  | 8061798  |
|  VIP Equity-Income Portfolio Investor Class  | 4435103  | 866539  | 2278709  | 142426  | 132836  | (511813)  | 2643956  |
|  VIP Government Money Market Portfolio Investor Class 4.00%  | 11326341  | 3043506  | 6497660  | 105412  | -  | -  | 7872187  |
|  VIP Growth & Income Portfolio Investor Class  | 5048660  | 1266621  | 2545415  | 125013  | 607228  | (955763)  | 3421331  |
|  VIP Growth Portfolio Investor Class  | 4288659  | 3628762  | 1838821  | 325817  | (141061)  | (1303045)  | 4634494  |
|  VIP High Income Portfolio Investor Class  | 2461281  | 360744  | 846446  | 87165  | (117198)  | (217180)  | 1641201  |
|  VIP Investment Grade Bond II Portfolio - Investor Class  | -  | 38015491  | 5333408  | 557132  | (129269)  | (2185548)  | 30367266  |
|  VIP Investment Grade Bond Portfolio Investor Class  | 37978737  | 4512776  | 37589698  | 1768145  | (3410849)  | (1490966)  | -  |
|  VIP Mid Cap Portfolio Investor Class  | 1230304  | 332347  | 495039  | 67399  | (19858)  | (222632)  | 825122  |
|  VIP Overseas Portfolio Investor Class  | 15941530  | 5636498  | 5163068  | 250900  | (445219)  | (3920906)  | 12048835  |
|  VIP Value Portfolio Investor Class  | 3249932  | 598046  | 1721140  | 105153  | 242146  | (461410)  | 1907574  |
|  VIP Value Strategies Portfolio Investor Class  | 1592991  | 277170  | 764855  | 60719  | 134909  | (295268)  | 944947  |
|  | 123323190  | 74599423  | 75574588  | 5230963  | (3935069)  | (19345211)  | 99067745  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 17328045  | 17328045  | -  | -  |
|  International Equity Funds  | 20110633  | 20110633  | -  | -  |
|  Bond Funds  | 53756880  | 53756880  | -  | -  |
|  Short-Term Funds  | 7872187  | 7872187  | -  | -  |
| **Total Investments in Securities:**  | 99067745  | 99067745  | -  | -  |

---

**VIP Investor Freedom 2015 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $96,828,304)  | 99067745  |  |
|  Total Investment in Securities (cost $96,828,304)  |  | $99067745  |
|  Cash  |  | 9  |
| Receivable for investments sold  |  | 872041  |
|  Receivable for fund shares sold  |  | 465  |
| **Total assets**  |  | 99940260  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 872437  |  |
|  Payable for fund shares redeemed  | 53  |  |
| **Total Liabilities**  |  | 872490  |
| **Net Assets**  |  | $99067770  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $97254828  |
|  Total accumulated earnings (loss)  |  | 1812942  |
|  **Net Assets**  |  | $99067770  |
|  **Net Asset Value** , offering price and redemption price per share ($99,067,770 ÷ 8,953,197 shares)  |  | $11.07  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 2520583  |
|  **Expenses**  |  |  |
| Independent trustees' fees and expenses  | 351  |  |
| **Total Expenses**  |  | 351  |
| **Net Investment income (loss)**  |  | 2520232  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (3935069)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 2710380  |  |
| Total net realized gain (loss)  |  | (1224689)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (19345211)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (19345211)  |
| **Net gain (loss)**  |  | (20569900)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(18049668)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $2520232  | $2179585  |
| &nbsp;&nbsp; Net realized gain (loss)  | (1224689) <br>| 7957271 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (19345211)  | (1180555) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (18049668) <br>| 8956301 <br>|
| Distributions to shareholders  | (8860478) <br>| (6255287) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 10231627  | 15831819  |
| Reinvestment of distributions  | 8860478 <br>| 6255287 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (16437387)  | (15690743)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 2654718 <br>| 6396363 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (24255428) <br>| 9097377 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 123323198  | 114225821 <br>|
| &nbsp;&nbsp; End of period  | $99067770  | $123323198  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 845682  | 1141280  |
| Issued in reinvestment of distributions  | 715435 <br>| 454618 <br>|
| &nbsp;&nbsp; Redeemed  | (1401561)  | (1120747)  |
| &nbsp;&nbsp; Net increase (decrease)  | 159556  | 475151  |

---

**Financial Highlights** 

 **VIP Investor Freedom 2015 Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.02  | $13.73  | $12.86  | $11.59  | $12.72  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .28  | .25  | .16  | .25  | .19  |
| Net realized and unrealized gain (loss)  | (2.23)  | .78  | 1.53  | 1.80  | (.82)  |
| Total from investment operations  | (1.95)  | 1.03  | 1.69  | 2.05  | (.63)  |
| Distributions from net investment income  | (.25)  | (.15)  | (.17)  | (.26)  | (.19)  |
| Distributions from net realized gain  | (.75)  | (.59)  | (.66)  | (.52)  | (.31)  |
| Total distributions  | (1.00)  | (.74)  | (.82) <sup>C</sup>  | (.78)  | (.50)  |
| Net asset value, end of period  | $11.07  | $14.02  | $13.73  | $12.86  | $11.59  |
| **Total Return** <sup>D,E</sup>  | (14.58)%  | 7.64%  | 13.70%  | 18.24%  | (5.02)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.34%  | 1.78%  | 1.28%  | 2.05%  | 1.53%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $99068  | $123323  | $114226  | $107298  | $96781  |
| Portfolio turnover rate <sup>I</sup>  | 69%  | 31%  | 42%  | 30%  | 33%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

**VIP Investor Freedom 2020 Portfolio℠** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Investment Grade Bond II Portfolio - Investor Class  | 27.7  |
| VIP Overseas Portfolio Investor Class  | 14.8  |
| Fidelity Inflation-Protected Bond Index Fund  | 13.7  |
| VIP Emerging Markets Portfolio Investor Class  | 9.2  |
| VIP Growth Portfolio Investor Class  | 6.2  |
| VIP Growth & Income Portfolio Investor Class  | 4.6  |
| Fidelity Long-Term Treasury Bond Index Fund  | 4.1  |
| VIP Contrafund Portfolio Investor Class  | 3.9  |
| VIP Equity-Income Portfolio Investor Class  | 3.5  |
| Fidelity International Bond Index Fund  | 3.4  |
|  | 91.1  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88144_16.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP Investor Freedom 2020 Portfolio℠**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 23.1%**  | &nbsp;&nbsp; **Domestic Equity Funds - 23.1%**  | &nbsp;&nbsp; **Domestic Equity Funds - 23.1%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Investor Class (a)  | 198551  | 7457575  |
|  VIP Equity-Income Portfolio Investor Class (a)  | 285821  | 6682487  |
|  VIP Growth & Income Portfolio Investor Class (a)  | 362113  | 8647256  |
|  VIP Growth Portfolio Investor Class (a)  | 165118  | 11713446  |
|  VIP Mid Cap Portfolio Investor Class (a)  | 64325  | 2085432  |
|  VIP Value Portfolio Investor Class (a)  | 288873  | 4821295  |
|  VIP Value Strategies Portfolio Investor Class (a)  | 167717  | 2388286  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $30,931,264)  |  | **43795777**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 24.0%**  | &nbsp;&nbsp; **International Equity Funds - 24.0%**  | &nbsp;&nbsp; **International Equity Funds - 24.0%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Investor Class (a)  | 1775135  | 17431825  |
|  VIP Overseas Portfolio Investor Class (a)  | 1301193  | 28118781  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $39,548,576)  |  | **45550606**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 50.5%**  | &nbsp;&nbsp; **Bond Funds - 50.5%**  | &nbsp;&nbsp; **Bond Funds - 50.5%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 2885894  | 26030760  |
|  Fidelity International Bond Index Fund (a)  | 737853  | 6500482  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 764295  | 7749951  |
|  VIP High Income Portfolio Investor Class (a)  | 718940  | 3148959  |
|  VIP Investment Grade Bond II Portfolio - Investor Class (a)  | 5659538  | 52577109  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $106,209,005)  |  | **96007261**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 2.4%**  | &nbsp;&nbsp; **Short-Term Funds - 2.4%**  | &nbsp;&nbsp; **Short-Term Funds - 2.4%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Investor Class 4.00% (a)(b) <br>(Cost $4,613,382) <br>| 4613382  | **4613382**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $181,302,227) <br>| <br>**189967026**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **4205**  |
| **NET ASSETS - 100.0%**  | **189971231**  |

---

**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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 26202138  | 11095852  | 5798815  | 2138994  | (248928)  | (5219487)  | 26030760  |
|  Fidelity International Bond Index Fund  | 4936522  | 3805846  | 1452840  | 64856  | (102628)  | (686418)  | 6500482  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 7553797  | 4867676  | 1996457  | 195220  | (139293)  | (2535772)  | 7749951  |
|  VIP Contrafund Portfolio Investor Class  | 11002491  | 2914145  | 3141056  | 437183  | (171433)  | (3146572)  | 7457575  |
|  VIP Emerging Markets Portfolio Investor Class  | 25993607  | 5168322  | 8200816  | 323434  | (1036343)  | (4492945)  | 17431825  |
|  VIP Equity-Income Portfolio Investor Class  | 11636954  | 1259148  | 5219763  | 364571  | 299115  | (1292967)  | 6682487  |
|  VIP Government Money Market Portfolio Investor Class 4.00%  | 11023062  | 4325736  | 10735416  | 51062  | -  | -  | 4613382  |
|  VIP Growth & Income Portfolio Investor Class  | 13247011  | 2176682  | 5852479  | 320062  | 1560776  | (2484734)  | 8647256  |
|  VIP Growth Portfolio Investor Class  | 11252966  | 8203869  | 4032665  | 835406  | (291709)  | (3419015)  | 11713446  |
|  VIP High Income Portfolio Investor Class  | 5031393  | 407549  | 1625344  | 170136  | (196678)  | (467961)  | 3148959  |
|  VIP Investment Grade Bond II Portfolio - Investor Class  | -  | 65944559  | 9396675  | 966167  | (311406)  | (3659369)  | 52577109  |
|  VIP Investment Grade Bond Portfolio Investor Class  | 68956166  | 6951758  | 67200115  | 3139141  | (6376527)  | (2331282)  | -  |
|  VIP Mid Cap Portfolio Investor Class  | 3228085  | 581379  | 1091228  | 172428  | (60592)  | (572212)  | 2085432  |
|  VIP Overseas Portfolio Investor Class  | 39251483  | 10112024  | 10704099  | 597882  | (1051811)  | (9488816)  | 28118781  |
|  VIP Value Portfolio Investor Class  | 8527339  | 856784  | 3984559  | 269302  | 624901  | (1203170)  | 4821295  |
|  VIP Value Strategies Portfolio Investor Class  | 4179703  | 377465  | 1746548  | 155314  | 357153  | (779487)  | 2388286  |
|  | 252022717  | 129048794  | 142178875  | 10201158  | (7145403)  | (41780207)  | 189967026  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 43795777  | 43795777  | -  | -  |
|  International Equity Funds  | 45550606  | 45550606  | -  | -  |
|  Bond Funds  | 96007261  | 96007261  | -  | -  |
|  Short-Term Funds  | 4613382  | 4613382  | -  | -  |
| **Total Investments in Securities:**  | 189967026  | 189967026  | -  | -  |

---

**VIP Investor Freedom 2020 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $181,302,227)  | 189967026  |  |
|  Total Investment in Securities (cost $181,302,227)  |  | $189967026  |
|  Cash  |  | 3422  |
| Receivable for investments sold  |  | 2010180  |
| **Total assets**  |  | 191980628  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 1918691  |  |
|  Payable for fund shares redeemed  | 90706  |  |
| **Total Liabilities**  |  | 2009397  |
| **Net Assets**  |  | $189971231  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $181809715  |
|  Total accumulated earnings (loss)  |  | 8161516  |
|  **Net Assets**  |  | $189971231  |
|  **Net Asset Value** , offering price and redemption price per share ($189,971,231 ÷ 16,673,379 shares)  |  | $11.39  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 4667615  |
|  **Expenses**  |  |  |
| Independent trustees' fees and expenses  | 686  |  |
| Total expenses before reductions  | 686  |  |
| Expense reductions  | (20)  |  |
| Total expenses after reductions  |  | 666  |
| **Net Investment income (loss)**  |  | 4666949  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (7145403)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 5533543  |  |
| Total net realized gain (loss)  |  | (1611860)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (41780207)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (41780207)  |
| **Net gain (loss)**  |  | (43392067)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(38725118)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $4666949  | $4355079  |
| &nbsp;&nbsp; Net realized gain (loss)  | (1611860) <br>| 19238173 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (41780207)  | (1550419) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (38725118) <br>| 22042833 <br>|
| Distributions to shareholders  | (20521204) <br>| (14019021) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 3974124  | 25862525  |
| Reinvestment of distributions  | 20521204 <br>| 14019021 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (27303914)  | (32540843)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | (2808586) <br>| 7340703 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (62054908) <br>| 15364515 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 252026139  | 236661624 <br>|
| &nbsp;&nbsp; End of period  | $189971231  | $252026139  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 318492  | 1765199  |
| Issued in reinvestment of distributions  | 1591812 <br>| 970259 <br>|
| &nbsp;&nbsp; Redeemed  | (2236921)  | (2211064)  |
| &nbsp;&nbsp; Net increase (decrease)  | (326617)  | 524394  |

---

**Financial Highlights** 

 **VIP Investor Freedom 2020 Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.83  | $14.36  | $13.29  | $11.73  | $12.94  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .27  | .26  | .16  | .26  | .18  |
| Net realized and unrealized gain (loss)  | (2.49)  | 1.07  | 1.75  | 2.04  | (.94)  |
| Total from investment operations  | (2.22)  | 1.33  | 1.91  | 2.30  | (.76)  |
| Distributions from net investment income  | (.26)  | (.16)  | (.17)  | (.26)  | (.19)  |
| Distributions from net realized gain  | (.97)  | (.71)  | (.67)  | (.48)  | (.26)  |
| Total distributions  | (1.22) <sup>C</sup>  | (.86) <sup>C</sup>  | (.84)  | (.74)  | (.45)  |
| Net asset value, end of period  | $11.39  | $14.83  | $14.36  | $13.29  | $11.73  |
| **Total Return** <sup>D,E</sup>  | (15.83)%  | 9.54%  | 14.95%  | 20.11%  | (5.94)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.23%  | 1.78%  | 1.25%  | 2.05%  | 1.46%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $189971  | $252026  | $236662  | $229641  | $196527  |
| Portfolio turnover rate <sup>I</sup>  | 61%  | 32%  | 42%  | 32%  | 33%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

**VIP Investor Freedom 2025 Portfolio℠** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Investment Grade Bond II Portfolio - Investor Class  | 23.4  |
| VIP Overseas Portfolio Investor Class  | 16.8  |
| Fidelity Inflation-Protected Bond Index Fund  | 11.3  |
| VIP Emerging Markets Portfolio Investor Class  | 10.0  |
| VIP Growth Portfolio Investor Class  | 7.3  |
| Fidelity Long-Term Treasury Bond Index Fund  | 5.5  |
| VIP Growth & Income Portfolio Investor Class  | 5.4  |
| VIP Contrafund Portfolio Investor Class  | 4.6  |
| VIP Equity-Income Portfolio Investor Class  | 4.2  |
| Fidelity International Bond Index Fund  | 3.3  |
|  | 91.8  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88144_17.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP Investor Freedom 2025 Portfolio℠**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 27.3%**  | &nbsp;&nbsp; **Domestic Equity Funds - 27.3%**  | &nbsp;&nbsp; **Domestic Equity Funds - 27.3%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Investor Class (a)  | 288673  | 10842556  |
|  VIP Equity-Income Portfolio Investor Class (a)  | 415558  | 9715749  |
|  VIP Growth & Income Portfolio Investor Class (a)  | 526483  | 12572411  |
|  VIP Growth Portfolio Investor Class (a)  | 240064  | 17030158  |
|  VIP Mid Cap Portfolio Investor Class (a)  | 93521  | 3031959  |
|  VIP Value Portfolio Investor Class (a)  | 419992  | 7009663  |
|  VIP Value Strategies Portfolio Investor Class (a)  | 243840  | 3472277  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $44,174,758)  |  | **63674773**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 26.8%**  | &nbsp;&nbsp; **International Equity Funds - 26.8%**  | &nbsp;&nbsp; **International Equity Funds - 26.8%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Investor Class (a)  | 2366358  | 23237638  |
|  VIP Overseas Portfolio Investor Class (a)  | 1815721  | 39237740  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $55,927,140)  |  | **62475378**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 45.2%**  | &nbsp;&nbsp; **Bond Funds - 45.2%**  | &nbsp;&nbsp; **Bond Funds - 45.2%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 2913451  | 26279331  |
|  Fidelity International Bond Index Fund (a)  | 875884  | 7716539  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 1256164  | 12737508  |
|  VIP High Income Portfolio Investor Class (a)  | 881932  | 3862862  |
|  VIP Investment Grade Bond II Portfolio - Investor Class (a)  | 5872507  | 54555592  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $116,885,497)  |  | **105151832**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 0.7%**  | &nbsp;&nbsp; **Short-Term Funds - 0.7%**  | &nbsp;&nbsp; **Short-Term Funds - 0.7%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (b)  | 920  | 920  |
|  VIP Government Money Market Portfolio Investor Class 4.00% (a)(c)  | 1643987  | 1643987  |
| <br> **TOTAL SHORT-TERM FUNDS** <br> (Cost $1,644,907)  |  | **1644907**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $218,632,302) <br>| <br>**232946890**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **571**  |
| **NET ASSETS - 100.0%**  | **232947461**  |

---

**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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 920  | -  | -  | 16  | -  | -  | 920  | 0.0%  |
| Total  | 920  | -  | -  | 16  | -  | -  | 920  |  |

---

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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 26843815  | 11363161  | 6442347  | 2154651  | (303183)  | (5182115)  | 26279331  |
|  Fidelity International Bond Index Fund  | 5777688  | 4789667  | 1918860  | 76727  | (129197)  | (802759)  | 7716539  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 10897157  | 9832414  | 3754392  | 317381  | (281693)  | (3955978)  | 12737508  |
|  VIP Contrafund Portfolio Investor Class  | 16033985  | 4022617  | 4361365  | 636380  | (216495)  | (4636186)  | 10842556  |
|  VIP Emerging Markets Portfolio Investor Class  | 35167151  | 7357931  | 11801075  | 428894  | (1501739)  | (5984630)  | 23237638  |
|  VIP Equity-Income Portfolio Investor Class  | 16958316  | 1591988  | 7377540  | 530300  | 466151  | (1923166)  | 9715749  |
|  VIP Government Money Market Portfolio Investor Class 4.00%  | 6503015  | 3697185  | 8556213  | 14473  | -  | -  | 1643987  |
|  VIP Growth & Income Portfolio Investor Class  | 19304664  | 3062224  | 8428970  | 465683  | 1835710  | (3201217)  | 12572411  |
|  VIP Growth Portfolio Investor Class  | 16399058  | 11744123  | 5705868  | 1217806  | (337402)  | (5069753)  | 17030158  |
|  VIP High Income Portfolio Investor Class  | 6341734  | 515197  | 2160000  | 209503  | (229346)  | (604723)  | 3862862  |
|  VIP Investment Grade Bond II Portfolio - Investor Class  | -  | 75469137  | 16728222  | 1005097  | (496106)  | (3689217)  | 54555592  |
|  VIP Investment Grade Bond Portfolio Investor Class  | 78743562  | 8408341  | 77203956  | 3583243  | (8601505)  | (1346442)  | -  |
|  VIP Mid Cap Portfolio Investor Class  | 4704229  | 784305  | 1529191  | 251127  | (66417)  | (860967)  | 3031959  |
|  VIP Overseas Portfolio Investor Class  | 55403226  | 14308814  | 15561792  | 839054  | (1605569)  | (13306939)  | 39237740  |
|  VIP Value Portfolio Investor Class  | 12426669  | 1120830  | 5689020  | 392351  | 875464  | (1724280)  | 7009663  |
|  VIP Value Strategies Portfolio Investor Class  | 6090934  | 476565  | 2474509  | 226005  | 482120  | (1102833)  | 3472277  |
|  | 317595203  | 158544499  | 179693320  | 12348675  | (10109207)  | (53391205)  | 232945970  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 63674773  | 63674773  | -  | -  |
|  International Equity Funds  | 62475378  | 62475378  | -  | -  |
|  Bond Funds  | 105151832  | 105151832  | -  | -  |
|  Short-Term Funds  | 1644907  | 1644907  | -  | -  |
| **Total Investments in Securities:**  | 232946890  | 232946890  | -  | -  |

---

**VIP Investor Freedom 2025 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Fidelity Central Funds (cost $920)  | 920  |  |
|  Other affiliated issuers (cost $218,631,382)  | 232945970  |  |
|  Total Investment in Securities (cost $218,632,302)  |  | $232946890  |
|  Cash  |  | 13  |
| Receivable for investments sold  |  | 2780739  |
|  Distributions receivable from Fidelity Central Funds  |  | 3  |
| **Total assets**  |  | 235727645  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 2494724  |  |
|  Payable for fund shares redeemed  | 285460  |  |
| **Total Liabilities**  |  | 2780184  |
| **Net Assets**  |  | $232947461  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $220752388  |
|  Total accumulated earnings (loss)  |  | 12195073  |
|  **Net Assets**  |  | $232947461  |
|  **Net Asset Value** , offering price and redemption price per share ($232,947,461 ÷ 18,389,509 shares)  |  | $12.67  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 5290428  |
| Income from Fidelity Central Funds  |  | 16  |
| **Total Income**  |  | 5290444  |
|  **Expenses**  |  |  |
| Independent trustees' fees and expenses  | 862  |  |
| **Total Expenses**  |  | 862  |
| **Net Investment income (loss)**  |  | 5289582  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (10109207)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 7058247  |  |
| Total net realized gain (loss)  |  | (3050960)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (53391205)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (53391205)  |
| **Net gain (loss)**  |  | (56442165)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(51152583)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $5289582  | $5360289  |
| &nbsp;&nbsp; Net realized gain (loss)  | (3050960) <br>| 23687024 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (53391205)  | 1939262 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (51152583) <br>| 30986575 <br>|
| Distributions to shareholders  | (24595225) <br>| (15755683) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 6150067  | 35734708  |
| Reinvestment of distributions  | 24595225 <br>| 15755683 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (39646146)  | (34663906)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | (8900854) <br>| 16826485 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (84648662) <br>| 32057377 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 317596123  | 285538746 <br>|
| &nbsp;&nbsp; End of period  | $232947461  | $317596123  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 432027  | 2187772  |
| Issued in reinvestment of distributions  | 1708639 <br>| 978638 <br>|
| &nbsp;&nbsp; Redeemed  | (2940213)  | (2116175)  |
| &nbsp;&nbsp; Net increase (decrease)  | (799547)  | 1050235  |

---

**Financial Highlights** 

 **VIP Investor Freedom 2025 Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.55  | $15.74  | $14.38  | $12.45  | $13.78  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .27  | .28  | .18  | .28  | .20  |
| Net realized and unrealized gain (loss)  | (2.85)  | 1.38  | 2.02  | 2.37  | (1.09)  |
| Total from investment operations  | (2.58)  | 1.66  | 2.20  | 2.65  | (.89)  |
| Distributions from net investment income  | (.28)  | (.18)  | (.18)  | (.28)  | (.19)  |
| Distributions from net realized gain  | (1.02)  | (.67)  | (.66)  | (.44)  | (.25)  |
| Total distributions  | (1.30)  | (.85)  | (.84)  | (.72)  | (.44)  |
| Net asset value, end of period  | $12.67  | $16.55  | $15.74  | $14.38  | $12.45  |
| **Total Return** <sup>C,D</sup>  | (16.45)%  | 10.78%  | 15.88%  | 21.73%  | (6.56)%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions <sup>G</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any <sup>G</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions <sup>G</sup>  | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.02%  | 1.74%  | 1.26%  | 2.03%  | 1.44%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $232947  | $317596  | $285539  | $248822  | $203463  |
| Portfolio turnover rate <sup>H</sup>  | 60%  | 30%  | 43%  | 29%  | 30%  |

---

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

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

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

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

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

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

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

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

**VIP Investor Freedom 2030 Portfolio℠** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Investment Grade Bond II Portfolio - Investor Class  | 20.6  |
| VIP Overseas Portfolio Investor Class  | 18.7  |
| VIP Emerging Markets Portfolio Investor Class  | 10.7  |
| VIP Growth Portfolio Investor Class  | 8.4  |
| Fidelity Inflation-Protected Bond Index Fund  | 7.6  |
| VIP Growth & Income Portfolio Investor Class  | 6.2  |
| Fidelity Long-Term Treasury Bond Index Fund  | 5.9  |
| VIP Contrafund Portfolio Investor Class  | 5.3  |
| VIP Equity-Income Portfolio Investor Class  | 4.8  |
| VIP Value Portfolio Investor Class  | 3.4  |
|  | 91.6  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88144_18.jpg)  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP Investor Freedom 2030 Portfolio℠**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 31.3%**  | &nbsp;&nbsp; **Domestic Equity Funds - 31.3%**  | &nbsp;&nbsp; **Domestic Equity Funds - 31.3%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Investor Class (a)  | 483742  | 18169362  |
|  VIP Equity-Income Portfolio Investor Class (a)  | 696371  | 16281159  |
|  VIP Growth & Income Portfolio Investor Class (a)  | 882251  | 21068144  |
|  VIP Growth Portfolio Investor Class (a)  | 402285  | 28538104  |
|  VIP Mid Cap Portfolio Investor Class (a)  | 156720  | 5080854  |
|  VIP Value Portfolio Investor Class (a)  | 703802  | 11746451  |
|  VIP Value Strategies Portfolio Investor Class (a)  | 408618  | 5818724  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $84,740,574)  |  | **106702798**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 29.4%**  | &nbsp;&nbsp; **International Equity Funds - 29.4%**  | &nbsp;&nbsp; **International Equity Funds - 29.4%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Investor Class (a)  | 3722583  | 36555762  |
|  VIP Overseas Portfolio Investor Class (a)  | 2952318  | 63799594  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $98,187,233)  |  | **100355356**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 38.6%**  | &nbsp;&nbsp; **Bond Funds - 38.6%**  | &nbsp;&nbsp; **Bond Funds - 38.6%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 2865613  | 25847829  |
|  Fidelity International Bond Index Fund (a)  | 1083930  | 9549419  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 1979521  | 20072344  |
|  VIP High Income Portfolio Investor Class (a)  | 1290843  | 5653892  |
|  VIP Investment Grade Bond II Portfolio - Investor Class (a)  | 7565873  | 70286958  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $146,357,334)  |  | **131410442**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 0.7%**  | &nbsp;&nbsp; **Short-Term Funds - 0.7%**  | &nbsp;&nbsp; **Short-Term Funds - 0.7%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Investor Class 4.00% (a)(b) <br>(Cost $2,406,213) <br>| 2406213  | **2406213**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $331,691,354) <br>| <br>**340874809**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **73**  |
| **NET ASSETS - 100.0%**  | **340874882**  |

---

**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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 25849797  | 10140199  | 5037158  | 2109231  | (135542)  | (4969467)  | 25847829  |
|  Fidelity International Bond Index Fund  | 6517350  | 5793942  | 1684949  | 90454  | (120925)  | (955999)  | 9549419  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 15126984  | 15315241  | 4178313  | 471473  | (401495)  | (5790073)  | 20072344  |
|  VIP Contrafund Portfolio Investor Class  | 23812976  | 6792544  | 4948391  | 1038640  | (572719)  | (6915048)  | 18169362  |
|  VIP Emerging Markets Portfolio Investor Class  | 49170341  | 12359008  | 14352424  | 671506  | (2362029)  | (8259134)  | 36555762  |
|  VIP Equity-Income Portfolio Investor Class  | 25185139  | 2975710  | 9609919  | 882846  | 153320  | (2423091)  | 16281159  |
|  VIP Government Money Market Portfolio Investor Class 4.00%  | 1742167  | 4979432  | 4315386  | 19890  | -  | -  | 2406213  |
|  VIP Growth & Income Portfolio Investor Class  | 28670546  | 5278911  | 10740786  | 771797  | 1165567  | (3306094)  | 21068144  |
|  VIP Growth Portfolio Investor Class  | 24355101  | 19111619  | 6545501  | 1907325  | (676234)  | (7706881)  | 28538104  |
|  VIP High Income Portfolio Investor Class  | 8292788  | 1118242  | 2618219  | 306064  | (220517)  | (918402)  | 5653892  |
|  VIP Investment Grade Bond II Portfolio - Investor Class  | -  | 93563045  | 18164624  | 1269609  | (406802)  | (4704661)  | 70286958  |
|  VIP Investment Grade Bond Portfolio Investor Class  | 91737308  | 11924033  | 92001842  | 4192285  | (11186432)  | (473067)  | -  |
|  VIP Mid Cap Portfolio Investor Class  | 6986283  | 1358036  | 1834185  | 401324  | (232701)  | (1196579)  | 5080854  |
|  VIP Overseas Portfolio Investor Class  | 80236232  | 23800019  | 18291899  | 1292407  | (1860079)  | (20084679)  | 63799594  |
|  VIP Value Portfolio Investor Class  | 18455309  | 2113833  | 7482984  | 627872  | 513967  | (1853674)  | 11746451  |
|  VIP Value Strategies Portfolio Investor Class  | 9045758  | 941229  | 3191840  | 368525  | 252249  | (1228672)  | 5818724  |
|  | 415184079  | 217565043  | 204998420  | 16421248  | (16090372)  | (70785521)  | 340874809  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 106702798  | 106702798  | -  | -  |
|  International Equity Funds  | 100355356  | 100355356  | -  | -  |
|  Bond Funds  | 131410442  | 131410442  | -  | -  |
|  Short-Term Funds  | 2406213  | 2406213  | -  | -  |
| **Total Investments in Securities:**  | 340874809  | 340874809  | -  | -  |

---

**VIP Investor Freedom 2030 Portfolio℠**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $331,691,354)  | 340874809  |  |
|  Total Investment in Securities (cost $331,691,354)  |  | $340874809  |
|  Cash  |  | 2  |
| Receivable for investments sold  |  | 4148538  |
| **Total assets**  |  | 345023349  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 4095519  |  |
|  Payable for fund shares redeemed  | 52948  |  |
| **Total Liabilities**  |  | 4148467  |
| **Net Assets**  |  | $340874882  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $337834726  |
|  Total accumulated earnings (loss)  |  | 3040156  |
|  **Net Assets**  |  | $340874882  |
|  **Net Asset Value** , offering price and redemption price per share ($340,874,882 ÷ 26,649,013 shares)  |  | $12.79  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 6720262  |
|  **Expenses**  |  |  |
| Independent trustees' fees and expenses  | 1164  |  |
| **Total Expenses**  |  | 1164  |
| **Net Investment income (loss)**  |  | 6719098  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (16090372)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 9700986  |  |
| Total net realized gain (loss)  |  | (6389386)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (70785521)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (70785521)  |
| **Net gain (loss)**  |  | (77174907)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(70455809)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $6719098  | $6466492  |
| &nbsp;&nbsp; Net realized gain (loss)  | (6389386) <br>| 29766472 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (70785521)  | 6440787 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (70455809) <br>| 42673751 <br>|
| Distributions to shareholders  | (31379054) <br>| (19294793) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 22141109  | 63710754  |
| Reinvestment of distributions  | 31379054 <br>| 19294793 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (25994502)  | (16867496)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 27525661 <br>| 66138051 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (74309202) <br>| 89517009 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 415184084  | 325667075 <br>|
| &nbsp;&nbsp; End of period  | $340874882  | $415184084  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 1571395  | 3899731  |
| Issued in reinvestment of distributions  | 2159178 <br>| 1190368 <br>|
| &nbsp;&nbsp; Redeemed  | (1891737)  | (1021891)  |
| &nbsp;&nbsp; Net increase (decrease)  | 1838836  | 4068208  |

---

**Financial Highlights** 

 **VIP Investor Freedom 2030 Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.73  | $15.70  | $14.26  | $12.10  | $13.61  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .26  | .28  | .17  | .27  | .18  |
| Net realized and unrealized gain (loss)  | (2.95)  | 1.60  | 2.14  | 2.62  | (1.24)  |
| Total from investment operations  | (2.69)  | 1.88  | 2.31  | 2.89  | (1.06)  |
| Distributions from net investment income  | (.27)  | (.17)  | (.17)  | (.27)  | (.18)  |
| Distributions from net realized gain  | (.99)  | (.68)  | (.69)  | (.46)  | (.28)  |
| Total distributions  | (1.25) <sup>C</sup>  | (.85)  | (.87) <sup>C</sup>  | (.73)  | (.45) <sup>C</sup>  |
| Net asset value, end of period  | $12.79  | $16.73  | $15.70  | $14.26  | $12.10  |
| **Total Return** <sup>D,E</sup>  | (16.91)%  | 12.25%  | 16.82%  | 24.42%  | (7.87)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.88%  | 1.71%  | 1.26%  | 2.03%  | 1.36%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $340875  | $415184  | $325667  | $276764  | $213871  |
| Portfolio turnover rate <sup>I</sup>  | 57%  | 23%  | 41%  | 29%  | 24%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

**Notes to Financial Statements**

For the period ended December 31, 2022

**1. Organization.**

VIP Investor Freedom Income Portfolio, VIP Investor Freedom 2005 Portfolio, VIP Investor Freedom 2010 Portfolio, VIP Investor Freedom 2015 Portfolio, VIP Investor Freedom 2020 Portfolio, VIP Investor Freedom 2025 Portfolio and VIP Investor Freedom 2030 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.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies* . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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, 2022 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 (ETFs) are recorded on the ex-dividend date.

**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, 2022, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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**  | $74824577  | $2937917  | $(4814085)  | $(1876168)  |
| **VIP Investor Freedom 2005 Portfolio**  | 22056009  | 1017871  | (1267073)  | (249202)  |
| **VIP Investor Freedom 2010 Portfolio**  | 63315628  | 3625065  | (4221599)  | (596534)  |
| **VIP Investor Freedom 2015 Portfolio**  | 97535528  | 8157663  | (6625446)  | 1532217  |
| **VIP Investor Freedom 2020 Portfolio**  | 182707009  | 19439161  | (12179144)  | 7260017  |
| **VIP Investor Freedom 2025 Portfolio**  | 220395735  | 27496857  | (14945702)  | 12551155  |
| **VIP Investor Freedom 2030 Portfolio**  | 335586451  | 31642974  | (26354616)  | 5288358  |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed ordinary income**  | **Capital loss carryforward**  | **Net unrealized appreciation (depreciation) on securities and other investments**  |
| **VIP Investor Freedom Income Portfolio**  | $1056372  | $(2453199)  | $(1876168)  |
| **VIP Investor Freedom 2005 Portfolio**  | 314441  | (315979)  | (249202)  |
| **VIP Investor Freedom 2010 Portfolio**  | 840348  | (1391087)  | (596534)  |
| **VIP Investor Freedom 2015 Portfolio**  | 1217384  | (936657)  | 1532217  |
| **VIP Investor Freedom 2020 Portfolio**  | 2179449  | (1277950)  | 7260017  |
| **VIP Investor Freedom 2025 Portfolio**  | 2195977  | (2552059)  | 12551155  |
| **VIP Investor Freedom 2030 Portfolio**  | 2173604  | (4421808)  | 5288358  |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | <br> **Short-term**  | <br> **Long-term**  | **Total capital loss carryforward**  |
| **VIP Investor Freedom Income Portfolio**  | $(815140)  | $(1638059)  | $(2453199)  |
| **VIP Investor Freedom 2005 Portfolio**  | (234969)  | (81010)  | (315979)  |
| **VIP Investor Freedom 2010 Portfolio**  | (682871)  | (708216)  | (1391087)  |
| **VIP Investor Freedom 2015 Portfolio**  | (893253)  | (43404)  | (936657)  |
| **VIP Investor Freedom 2020 Portfolio**  | (1277950)  | (-)  | (1277950)  |
| **VIP Investor Freedom 2025 Portfolio**  | (2552059)  | (-)  | (2552059)  |
| **VIP Investor Freedom 2030 Portfolio**  | (3227740)  | (1194068)  | (4421808)  |

---

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2022**  |  |  |  |
|  | **Ordinary Income**  | **Long-term Capital Gains**  | **Total**  |
| **VIP Investor Freedom Income Portfolio**  | $1890559  | $3007334  | $4897893  |
| **VIP Investor Freedom 2005 Portfolio**  | 583864  | 1702768  | 2286632  |
| **VIP Investor Freedom 2010 Portfolio**  | 1514605  | 3508116  | 5022721  |
| **VIP Investor Freedom 2015 Portfolio**  | 2244310  | 6616168  | 8860478  |
| **VIP Investor Freedom 2020 Portfolio**  | 4297509  | 16223695  | 20521204  |
| **VIP Investor Freedom 2025 Portfolio**  | 5252572  | 19342653  | 24595225  |
| **VIP Investor Freedom 2030 Portfolio**  | 7047176  | 24331878  | 31379054  |

---

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2021**  |  |  |  |
|  | **Ordinary Income**  | **Long-term Capital Gains**  | **Total**  |
| **VIP Investor Freedom Income Portfolio**  | $1970050  | $1695125  | $3665175  |
| **VIP Investor Freedom 2005 Portfolio**  | 695875  | 676306  | 1372181  |
| **VIP Investor Freedom 2010 Portfolio**  | 1816863  | 1557544  | 3374407  |
| **VIP Investor Freedom 2015 Portfolio**  | 2761333  | 3493954  | 6255287  |
| **VIP Investor Freedom 2020 Portfolio**  | 5877674  | 8141347  | 14019021  |
| **VIP Investor Freedom 2025 Portfolio**  | 7677167  | 8078516  | 15755683  |
| **VIP Investor Freedom 2030 Portfolio**  | 9863510  | 9431283  | 19294793  |

---

**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 Investor Freedom Income Portfolio**  | 55600010  | 69096013  |
| **VIP Investor Freedom 2005 Portfolio**  | 17468231  | 21375028  |
| **VIP Investor Freedom 2010 Portfolio**  | 44969457  | 53101896  |
| **VIP Investor Freedom 2015 Portfolio**  | 74599423  | 75574588  |
| **VIP Investor Freedom 2020 Portfolio**  | 129048794  | 142178875  |
| **VIP Investor Freedom 2025 Portfolio**  | 158544499  | 179693320  |
| **VIP Investor Freedom 2030 Portfolio**  | 217565043  | 204998420  |

---

**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.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**Reallocation of Underlying Fund Investments.** During the period, the investment adviser reallocated investments of the Funds. This involved taxable redemptions of the Funds' interest in VIP Investment Grade Bond Fund, ("Underlying Fund") for investments and cash and non-taxable exchanges of those investments and cash for shares of VIP Investment Grade Bond Fund II which is an affiliated investment company managed by FMR. 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 related 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 Investor Freedom Income Portfolio**  | 32004007  | (3078835)  |
| **VIP Investor Freedom 2005 Portfolio**  | 9833586  | (849949)  |
| **VIP Investor Freedom 2010 Portfolio**  | 23637688  | (2497171)  |
| **VIP Investor Freedom 2015 Portfolio**  | 32728190  | (3134560)  |
| **VIP Investor Freedom 2020 Portfolio**  | 57664743  | (5837004)  |
| **VIP Investor Freedom 2025 Portfolio**  | 65850286  | (7836810)  |
| **VIP Investor Freedom 2030 Portfolio**  | 78406222  | (10300993)  |

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**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 expenses. All of the applicable expense reductions are noted in the table below.

---

| | |
|:---|:---|
|  | **Custodian credits**  |
| **VIP Investor Freedom 2020 Portfolio**  | 20  |

---

**7. 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:

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| | |
|:---|:---|
| **Fund**  | **Affiliated %**  |
| **VIP Investor Freedom Income Portfolio**  | 100%  |
| **VIP Investor Freedom 2005 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%  |

---

**8. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund V and Shareholders of VIP Investor Freedom Income Portfolio, VIP Investor Freedom 2005 Portfolio, VIP Investor Freedom 2010 Portfolio, VIP Investor Freedom 2015 Portfolio, VIP Investor Freedom 2020 Portfolio, VIP Investor Freedom 2025 Portfolio and VIP Investor Freedom 2030 Portfolio

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of VIP Investor Freedom Income Portfolio, VIP Investor Freedom 2005 Portfolio, VIP Investor Freedom 2010 Portfolio, VIP Investor Freedom 2015 Portfolio, VIP Investor Freedom 2020 Portfolio, VIP Investor Freedom 2025 Portfolio and VIP Investor Freedom 2030 Portfolio (seven of the funds constituting Variable Insurance Products Fund V, referred to hereafter as the "Funds") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for 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, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2023

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

**Trustees and Officers**

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

The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. If the interests of a fund and an underlying Fidelity <sup>®</sup> fund were to diverge, a conflict of interest could arise and affect how the Trustees and Members of the Advisory Board fulfill their fiduciary duties to the affected funds. FMR has structured the funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, FMR, the Trustees, and Members of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Each of the Trustees oversees 295 funds.

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

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

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

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

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

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

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

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

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

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

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity <sup>®</sup> funds (2001-2005), and managed a number of Fidelity <sup>®</sup> funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity <sup>®</sup> funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

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

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

<u>Independent Trustees:</u>

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

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

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2013-2016).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity <sup>®</sup> funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Mr. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity <sup>®</sup> funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity <sup>®</sup> funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016).

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

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

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

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

Laura M. Bishop (1961)

Year of Election or Appointment: 2022

Member of the Advisory Board

Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

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

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

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

Christopher M. Gouveia (1973)

Year of Election or Appointment: 2023

Chief Compliance Officer

Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia serves as Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

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

William Irving (1964)

Year of Election or Appointment: 2023

Vice President

Mr. Irving also serves as Vice President of other funds. Mr. Irving serves as Head of Fidelity Asset Management Solutions (2022-present) and is an employee of Fidelity Investments. Mr. Irving serves as President and Director of Fidelity Diversifying Solutions LLC (investment adviser firm, 2023-present) and President, Director, or Vice President of certain other Fidelity entities. Previously, Mr. Irving served as Chief Investment Officer (CIO) in the Global Asset Allocation division (2020-2022). Prior to that, he was Managing Director of Research in the Global Asset Allocation division (2018-2020) and portfolio manager of certain Fidelity <sup>®</sup> funds (2004-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

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

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

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

**Shareholder Expense Example**

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

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

***Actual Expenses***

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

***Hypothetical Example for Comparison Purposes***

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **VIP Investor Freedom Income Portfolio℠**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $988.30  | $- <sup>E</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup> <br>|
| **VIP Investor Freedom 2005 Portfolio℠**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $989.20  | $- <sup>E</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup> <br>|
| **VIP Investor Freedom 2010 Portfolio℠**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $993.10  | $- <sup>E</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup> <br>|
| **VIP Investor Freedom 2015 Portfolio℠**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $997.00  | $- <sup>E</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup> <br>|
| **VIP Investor Freedom 2020 Portfolio℠**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $999.90  | $- <sup>E</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup> <br>|
| **VIP Investor Freedom 2025 Portfolio℠**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $1003.80  | $- <sup>E</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup> <br>|
| **VIP Investor Freedom 2030 Portfolio℠**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $1007.10  | $- <sup>E</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup> <br>|

---

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

*B 5% return per year before expenses*

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

*D Amount represents less than .005%.*

*E Amount represents less than $.005.*

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

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

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**  | 40.92%  |
| **VIP Investor Freedom 2005 Portfolio**  | 39.96%  |
| **VIP Investor Freedom 2010 Portfolio**  | 38.39%  |
| **VIP Investor Freedom 2015 Portfolio**  | 35.88%  |
| **VIP Investor Freedom 2020 Portfolio**  | 32.83%  |
| **VIP Investor Freedom 2025 Portfolio**  | 28.90%  |
| **VIP Investor Freedom 2030 Portfolio**  | 23.66%  |

---

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 2022 <br> December 2022  | 0% <br> 4%  |
| **VIP Investor Freedom 2005 Portfolio**  |  |
| February 2022 <br> December 2022  | 0% <br> 5%  |
| **VIP Investor Freedom 2010 Portfolio**  |  |
| February 2022 <br> December 2022  | 0% <br> 9%  |
| **VIP Investor Freedom 2015 Portfolio**  |  |
| February 2022 <br> December 2022  | 0% <br> 12%  |
| **VIP Investor Freedom 2020 Portfolio**  |  |
| February 2022 <br> December 2022  | 0% <br> 16%  |
| **VIP Investor Freedom 2025 Portfolio**  |  |
| February 2022 <br> December 2022  | 0% <br> 19%  |
| **VIP Investor Freedom 2030 Portfolio**  |  |
| February 2022 <br> December 2022  | 0% <br> 21%  |

---

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 Investor Freedom Income Portfolio**  | 12/21/2022  | $0.0245  | $0.0051  |
| **VIP Investor Freedom 2005 Portfolio**  | 12/21/2022  | $0.0253  | $0.0053  |
| **VIP Investor Freedom 2010 Portfolio**  | 12/21/2022  | $0.0337  | $0.0070  |
| **VIP Investor Freedom 2015 Portfolio**  | 12/21/2022  | $0.0397  | $0.0082  |
| **VIP Investor Freedom 2020 Portfolio**  | 12/21/2022  | $0.0476  | $0.0098  |
| **VIP Investor Freedom 2025 Portfolio**  | 12/21/2022  | $0.0586  | $0.0120  |
| **VIP Investor Freedom 2030 Portfolio**  | 12/21/2022  | $0.0647  | $0.0132  |

---

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

**VIP Investor Freedom Funds**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) for each fund (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 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 has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The 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 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 funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2022 meeting, the Board unanimously determined to renew each fund's Advisory Contract. In reaching its determination, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. In reaching its determination, the Board was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.

**Nature, Extent, and Quality of Services Provided.** The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of FMR, and also considered the funds' investment objectives, strategies, and related investment philosophies. 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. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

<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 the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u> . The Board considered (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 the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual 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, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

<u>Investment Performance</u> . The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the investment adviser about 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 considers annualized return information for each fund for different time periods, measured against one or more appropriate securities market indices, including a customized blended index that reflects the respective weights of the fund's asset classes (each a benchmark index). The Board also receives and considers 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 for specific time periods and discussed with the investment adviser 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 fund performance should be evaluated based on gross performance (before fees and expenses, including acquired fund fees and expenses, but after transaction costs, if any) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; the extent to which particular underlying funds affected performance; and fund cash flows and other factors. 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.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for each fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods. No performance peer group information was considered by the Board as Fidelity advised the Board that competitor funds differ significantly in their asset allocation strategy, degree of active management and glidepath construction.

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 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. The Board considered each fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparisons of management fees and total expense ratios by broadening the competitive group used for such comparisons.

<u>Management Fee</u> . The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board.

**VIP Investor Freedom 2005 Portfolio**![](img88144_19.jpg)

**VIP Investor Freedom 2010 Portfolio**![](img88144_20.jpg)

**VIP Investor Freedom 2015 Portfolio**![](img88144_21.jpg)

**VIP Investor Freedom 2020 Portfolio**![](img88144_22.jpg)

**VIP Investor Freedom 2025 Portfolio**![](img88144_23.jpg)

**VIP Investor Freedom 2030 Portfolio**![](img88144_24.jpg)

**VIP Investor Freedom Income Portfolio**![](img88144_25.jpg)

The Board noted that each fund's (other than VIP Investor Freedom 2025 Portfolio and VIP Investor Freedom 2030 Portfolio) management fee rate of 0.00% ranked equal to the median of its Total Mapped Group and below the median of its ASPG for 2021. The Board also noted that VIP Investor Freedom 2025 Portfolio's and VIP Investor Freedom 2030 Portfolio's management fee rate of 0.00% ranked below the median of its Total Mapped Group and below the median of its ASPG for 2021. The Board further noted that many peer funds pay fund-level expenses, including management fees, to which the funds are not subject.

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.

<u>Total Expense Ratio</u> . In its review of each fund's total expense ratio, 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. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that each fund's (other than VIP Investor Freedom 2020 Portfolio, VIP Investor Freedom 2025 Portfolio and VIP Investor Freedom 2030 Portfolio) total net expense ratio ranked below the similar sales load structure group competitive median for 2021 and below the ASPG competitive median for 2021.

The Board noted that VIP Investor Freedom 2020 Portfolio's total net expense ratio ranked above the similar sales load structure group competitive median for 2021 and above the ASPG competitive median for 2021. The Board considered that, in general, various factors can affect total expense ratios. The Board noted Fidelity's explanation that this fund was above the similar sales load structure group competitive median and ASPG competitive median for 2021 primarily due to higher domestic and international equity allocations relative to competitors.

The Board noted that VIP Investor Freedom 2025 Portfolio's and VIP Investor Freedom 2030 Portfolio's total net expense ratio ranked below the similar sales load structure group competitive median for 2021 and above the ASPG competitive median for 2021. The Board considered that, in general, various factors can affect total expense ratios. The Board noted Fidelity's explanation that these funds were above the ASPG competitive median for 2021 primarily due to higher international equity allocations relative to competitors.

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 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 mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. 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) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) 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. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

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

![](img88144_2.jpg) <br>

1.814507.117 VIPIFF-ANN-0323

**Fidelity® Variable Insurance Products:**

**Freedom Lifetime Income I Portfolio**

**Freedom Lifetime Income II Portfolio**

**Freedom Lifetime Income III Portfolio**

**Annual Report**

**December 31, 2022**

![](img88157_1.jpg)

![](img88157_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[VIP Freedom Lifetime Income® I Portfolio](#Sec_FundName1492)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1492)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1492)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1492)** |
| **[VIP Freedom Lifetime Income® II Portfolio](#Sec_FundName1493)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1493)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1493)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1493)** |
| **[VIP Freedom Lifetime Income® III Portfolio](#Sec_FundName1494)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1494)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1494)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1494)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |
| **[Board Approval of Investment Advisory Contracts and Management Fees](#Sec_Board Approval of Investment Advisory Contracts and Management Fees)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2023 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Funds nor Fidelity Distributors Corporation is a bank.*

**VIP Freedom Lifetime Income® I Portfolio**

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| VIP Freedom Lifetime Income I Portfolio  | &nbsp;&nbsp; -12.01%  | &nbsp;&nbsp; 1.88%  | &nbsp;&nbsp; 3.59%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Freedom Lifetime Income I Portfolio on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Aggregate Bond Index performed over the same period.  |
| ![](img88157_5.jpg)  |

---

**VIP Freedom Lifetime Income® II Portfolio**

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| VIP Freedom Lifetime Income II Portfolio  | &nbsp;&nbsp; -13.83%  | &nbsp;&nbsp; 2.95%  | &nbsp;&nbsp; 4.98%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Freedom Lifetime Income II Portfolio on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Aggregate Bond Index performed over the same period.  |
| ![](img88157_6.jpg)  |

---

**VIP Freedom Lifetime Income® III Portfolio**

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| VIP Freedom Lifetime Income III Portfolio  | &nbsp;&nbsp; -16.04%  | &nbsp;&nbsp; 3.83%  | &nbsp;&nbsp; 6.56%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Freedom Lifetime Income III Portfolio on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img88157_7.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:**

Asset prices around the world experienced a synchronous downturn for most of 2022, as a multitude of crosscurrents challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy. This led to a broad retreat from risk and declining prices for stocks and bonds through September. In Q4, markets experienced a sharp reversal amid optimism on inflation and policy easing, and riskier assets rallied to cap a tumultuous year.

International equities returned -15.86% in 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. By region, emerging markets (-20%) and Europe ex U.K. (-17%) notably lagged. Conversely, the U.K. (-4%) held up best, followed by Asia Pacific ex Japan (-8%). Among the 11 sectors, information technology (-34%) fared worst. Communication services and consumer discretionary (-21% each) also trailed the broader market. In contrast, energy gained 9% amid elevated prices for oil and natural gas.

U.S. stocks returned -19.53% for the year, as measured by the Dow Jones U.S. Total Stock Market Index. Among sectors, communication services (-41%) lagged most, followed by consumer discretionary (-37%). Conversely, energy (+63%) led by a wide margin. The defensive utilities (+1%) sector also notably outperformed. Value stocks handily outpaced growth among all market capitalizations. Commodities gained 16.09%, according to the Bloomberg Commodity Index Total Return.

U.S. taxable investment-grade bonds returned -13.01% in 2022, per the Bloomberg U.S. Aggregate Bond Index, amid soaring inflation and rising interest rates. The Fed raised its benchmark rate seven times, by 4.25 percentage points, while allowing up to billions in U.S. Treasuries and mortgage bonds to mature monthly without investing the proceeds. U.S. investment-grade corporate bonds (-15.26%) trailed U.S. Treasuries (-12.46%), while commercial mortgage-backed securities (-10.91%) and agencies (-7.87%) also lost ground. Outside the index, leveraged loans (-0.61%) bested the returns for Treasury Inflation-Protected Securities (-11.85%), U.S. high-yield bonds (-11.21%) and emerging-markets debt (-16.45%).

**Comments from Co-Portfolio Managers Andrew Dierdorf and Brett Sumsion:**

For the year, VIP Freedom Lifetime Income I Portfolio (-12.01%), VIP Freedom Lifetime Income II Portfolio (-13.83%) and VIP Freedom Lifetime Income III Portfolio (-16.04%) each underperformed its Composite benchmark. Versus Composites, performance among underlying investment funds detracted most in 2022. In particular, active security selection among non-U.S. equities hurt, while performance among U.S. investment-grade bonds detracted to a lesser extent. Among non-U.S. equities, Fidelity <sup>®</sup> VIP Overseas Portfolio (-24.54%) trailed its benchmark, the MSCI EAFE Index (-14.27%). Underlying investments in investment-grade bond portfolios returned -13.30%, trailing the benchmark, the Bloomberg U.S. Aggregate Bond Index (-13.01%). In contrast, top-down, active asset allocation decisions modestly contributed to the Portfolios' relative performance for the year. Specifically, an underweight in U.S. equities - one of the weaker asset classes in 2022 - notably contributed. Among underlying investment portfolios, Fidelity <sup>®</sup> VIP Growth & Income Portfolio added value versus Composites, given its -5.01% return in 2022, which outpaced the -18.11% result of its benchmark, the S&P 500 <sup>®</sup> index.

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

**VIP Freedom Lifetime Income® I Portfolio** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Investment Grade Bond II Portfolio - Investor Class  | 36.8  |
| VIP Government Money Market Portfolio Investor Class 4.00%  | 19.8  |
| Fidelity Inflation-Protected Bond Index Fund  | 17.1  |
| VIP Overseas Portfolio Investor Class  | 6.6  |
| VIP Emerging Markets Portfolio Investor Class  | 6.0  |
| Fidelity Long-Term Treasury Bond Index Fund  | 3.6  |
| Fidelity International Bond Index Fund  | 2.6  |
| VIP High Income Portfolio Investor Class  | 1.7  |
| VIP Growth Portfolio Investor Class  | 1.6  |
| VIP Growth & Income Portfolio Investor Class  | 1.1  |
|  | 96.9  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88157_8.jpg)  |

---

**VIP Freedom Lifetime Income® I Portfolio**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 5.8%**  | &nbsp;&nbsp; **Domestic Equity Funds - 5.8%**  | &nbsp;&nbsp; **Domestic Equity Funds - 5.8%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Investor Class (a)  | 2482  | 93241  |
|  VIP Equity-Income Portfolio Investor Class (a)  | 3574  | 83550  |
|  VIP Growth & Income Portfolio Investor Class (a)  | 4528  | 108118  |
|  VIP Growth Portfolio Investor Class (a)  | 2065  | 146458  |
|  VIP Mid Cap Portfolio Investor Class (a)  | 804  | 26076  |
|  VIP Value Portfolio Investor Class (a)  | 3612  | 60282  |
|  VIP Value Strategies Portfolio Investor Class (a)  | 2097  | 29863  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $389,923)  |  | **547588**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 12.6%**  | &nbsp;&nbsp; **International Equity Funds - 12.6%**  | &nbsp;&nbsp; **International Equity Funds - 12.6%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Investor Class (a)  | 56720  | 556990  |
|  VIP Overseas Portfolio Investor Class (a)  | 28762  | 621537  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $1,094,588)  |  | **1178527**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 61.8%**  | &nbsp;&nbsp; **Bond Funds - 61.8%**  | &nbsp;&nbsp; **Bond Funds - 61.8%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 177648  | 1602387  |
|  Fidelity International Bond Index Fund (a)  | 27121  | 238934  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 33618  | 340888  |
|  VIP High Income Portfolio Investor Class (a)  | 35337  | 154777  |
|  VIP Investment Grade Bond II Portfolio - Investor Class (a)  | 370377  | 3440806  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $6,292,856)  |  | **5777792**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 19.8%**  | &nbsp;&nbsp; **Short-Term Funds - 19.8%**  | &nbsp;&nbsp; **Short-Term Funds - 19.8%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Investor Class 4.00% (a)(b) <br>(Cost $1,850,919) <br>| 1850919  | **1850919**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $9,628,286) <br>| <br>**9354826**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **2**  |
| **NET ASSETS - 100.0%**  | **9354828**  |

---

**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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 1735253  | 517904  | 312481  | 130371  | (13546)  | (324743)  | 1602387  |
|  Fidelity International Bond Index Fund  | 178724  | 132696  | 44375  | 2365  | (2706)  | (25405)  | 238934  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 331016  | 210723  | 86104  | 8507  | (6962)  | (107785)  | 340888  |
|  VIP Contrafund Portfolio Investor Class  | 142685  | 67861  | 74698  | 5496  | (1808)  | (40799)  | 93241  |
|  VIP Emerging Markets Portfolio Investor Class  | 809815  | 223322  | 303806  | 10381  | (30931)  | (141410)  | 556990  |
|  VIP Equity-Income Portfolio Investor Class  | 150912  | 53888  | 108288  | 4544  | 10146  | (23108)  | 83550  |
|  VIP Government Money Market Portfolio Investor Class 4.00%  | 2440646  | 254734  | 844461  | 26208  | -  | -  | 1850919  |
|  VIP Growth & Income Portfolio Investor Class  | 171790  | 71634  | 123286  | 3991  | 18395  | (30415)  | 108118  |
|  VIP Growth Portfolio Investor Class  | 145920  | 140017  | 91815  | 10677  | (4827)  | (42837)  | 146458  |
|  VIP High Income Portfolio Investor Class  | 238018  | 21556  | 73180  | 8285  | (5777)  | (25840)  | 154777  |
|  VIP Investment Grade Bond II Portfolio - Investor Class  | -  | 4119781  | 420451  | 64515  | (11570)  | (246954)  | 3440806  |
|  VIP Investment Grade Bond Portfolio Investor Class  | 4559737  | 291541  | 4281599  | 204850  | (307484)  | (262195)  | -  |
|  VIP Mid Cap Portfolio Investor Class  | 41864  | 14087  | 21866  | 2208  | 96  | (8105)  | 26076  |
|  VIP Overseas Portfolio Investor Class  | 823151  | 289736  | 267854  | 12824  | (41708)  | (181788)  | 621537  |
|  VIP Value Portfolio Investor Class  | 110587  | 33360  | 75948  | 3413  | 11308  | (19025)  | 60282  |
|  VIP Value Strategies Portfolio Investor Class  | 54205  | 14078  | 32985  | 1967  | 4701  | (10136)  | 29863  |
|  | 11934323  | 6456918  | 7163197  | 500602  | (382673)  | (1490545)  | 9354826  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 547588  | 547588  | -  | -  |
|  International Equity Funds  | 1178527  | 1178527  | -  | -  |
|  Bond Funds  | 5777792  | 5777792  | -  | -  |
|  Short-Term Funds  | 1850919  | 1850919  | -  | -  |
| **Total Investments in Securities:**  | 9354826  | 9354826  | -  | -  |

---

**VIP Freedom Lifetime Income® I Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $9,628,286)  | 9354826  |  |
|  Total Investment in Securities (cost $9,628,286)  |  | $9354826  |
| Receivable for investments sold  |  | 61977  |
| **Total assets**  |  | 9416803  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $61819  |  |
|  Payable for fund shares redeemed  | 156  |  |
| **Total Liabilities**  |  | 61975  |
| **Net Assets**  |  | $9354828  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $9654609  |
|  Total accumulated earnings (loss)  |  | (299781)  |
|  **Net Assets**  |  | $9354828  |
|  **Net Asset Value** , offering price and redemption price per share ($9,354,828 ÷ 942,264 shares)  |  | $9.93  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 262946  |
|  **Expenses**  |  |  |
| Independent trustees' fees and expenses  | 33  |  |
| **Total Expenses**  |  | 33  |
| **Net Investment income (loss)**  |  | 262913  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (382673)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 237656  |  |
| Total net realized gain (loss)  |  | (145017)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (1490545)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (1490545)  |
| **Net gain (loss)**  |  | (1635562)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(1372649)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $262913  | $222359  |
| &nbsp;&nbsp; Net realized gain (loss)  | (145017) <br>| 528979 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (1490545)  | (358900) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (1372649) <br>| 392438 <br>|
| Distributions to shareholders  | (659209) <br>| (490116) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 50080  | 135512  |
| Reinvestment of distributions  | 659209 <br>| 490116 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (1256925)  | (1147079)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | (547636) <br>| (521451) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (2579494) <br>| (619129) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 11934322  | 12553451 <br>|
| &nbsp;&nbsp; End of period  | $9354828  | $11934322  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 5003  | 11144  |
| Issued in reinvestment of distributions  | 60681 <br>| 40971 <br>|
| &nbsp;&nbsp; Redeemed  | (116950)  | (95179)  |
| &nbsp;&nbsp; Net increase (decrease)  | (51266)  | (43064)  |

---

**Financial Highlights** 

 **VIP Freedom Lifetime Income I Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.01  | $12.11  | $11.49  | $10.57  | $11.21  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .27  | .22  | .15  | .24  | .19  |
| Net realized and unrealized gain (loss)  | (1.66)  | .17  | 1.02  | 1.05  | (.48)  |
| Total from investment operations  | (1.39)  | .39  | 1.17  | 1.29  | (.29)  |
| Distributions from net investment income  | (.24)  | (.13)  | (.16)  | (.25)  | (.19)  |
| Distributions from net realized gain  | (.45)  | (.36)  | (.39)  | (.12)  | (.17)  |
| Total distributions  | (.69)  | (.49)  | (.55)  | (.37)  | (.35) <sup>C</sup>  |
| Net asset value, end of period  | $9.93  | $12.01  | $12.11  | $11.49  | $10.57  |
| **Total Return** <sup>D,E</sup>  | (12.01)%  | 3.26%  | 10.44%  | 12.28%  | (2.58)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.59%  | 1.83%  | 1.29%  | 2.13%  | 1.69%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $9355  | $11934  | $12553  | $12606  | $12208  |
| Portfolio turnover rate <sup>I</sup>  | 63%  | 18%  | 26%  | 19%  | 39%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

**VIP Freedom Lifetime Income® II Portfolio** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Investment Grade Bond II Portfolio - Investor Class  | 32.8  |
| Fidelity Inflation-Protected Bond Index Fund  | 15.4  |
| VIP Government Money Market Portfolio Investor Class 4.00%  | 12.3  |
| VIP Overseas Portfolio Investor Class  | 10.2  |
| VIP Emerging Markets Portfolio Investor Class  | 7.4  |
| Fidelity Long-Term Treasury Bond Index Fund  | 4.0  |
| VIP Growth Portfolio Investor Class  | 3.6  |
| Fidelity International Bond Index Fund  | 2.9  |
| VIP Growth & Income Portfolio Investor Class  | 2.6  |
| VIP Contrafund Portfolio Investor Class  | 2.3  |
|  | 93.5  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88157_9.jpg)  |

---

**VIP Freedom Lifetime Income® II Portfolio**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 13.3%**  | &nbsp;&nbsp; **Domestic Equity Funds - 13.3%**  | &nbsp;&nbsp; **Domestic Equity Funds - 13.3%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Investor Class (a)  | 15919  | 597914  |
|  VIP Equity-Income Portfolio Investor Class (a)  | 22916  | 535771  |
|  VIP Growth & Income Portfolio Investor Class (a)  | 29033  | 693299  |
|  VIP Growth Portfolio Investor Class (a)  | 13238  | 939139  |
|  VIP Mid Cap Portfolio Investor Class (a)  | 5157  | 167204  |
|  VIP Value Portfolio Investor Class (a)  | 23161  | 386552  |
|  VIP Value Strategies Portfolio Investor Class (a)  | 13447  | 191485  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $2,481,878)  |  | **3511364**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 17.6%**  | &nbsp;&nbsp; **International Equity Funds - 17.6%**  | &nbsp;&nbsp; **International Equity Funds - 17.6%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Investor Class (a)  | 196997  | 1934511  |
|  VIP Overseas Portfolio Investor Class (a)  | 124096  | 2681706  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $4,141,435)  |  | **4616217**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 56.8%**  | &nbsp;&nbsp; **Bond Funds - 56.8%**  | &nbsp;&nbsp; **Bond Funds - 56.8%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 447363  | 4035212  |
|  Fidelity International Bond Index Fund (a)  | 86741  | 764189  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 104616  | 1060806  |
|  VIP High Income Portfolio Investor Class (a)  | 99379  | 435281  |
|  VIP Investment Grade Bond II Portfolio - Investor Class (a)  | 928668  | 8627326  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $16,364,100)  |  | **14922814**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 12.3%**  | &nbsp;&nbsp; **Short-Term Funds - 12.3%**  | &nbsp;&nbsp; **Short-Term Funds - 12.3%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Investor Class 4.00% (a)(b) <br>(Cost $3,236,421) <br>| 3236421  | **3236421**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $26,223,834) <br>| <br>**26286816**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **11**  |
| **NET ASSETS - 100.0%**  | **26286827**  |

---

**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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 4092592  | 1466201  | 683905  | 329059  | (36950)  | (802726)  | 4035212  |
|  Fidelity International Bond Index Fund  | 564604  | 422739  | 132881  | 7525  | (9261)  | (81012)  | 764189  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 999535  | 668819  | 247227  | 26524  | (19113)  | (341208)  | 1060806  |
|  VIP Contrafund Portfolio Investor Class  | 893388  | 275487  | 303313  | 35149  | (8511)  | (259137)  | 597914  |
|  VIP Emerging Markets Portfolio Investor Class  | 2807309  | 667387  | 937259  | 35910  | (100511)  | (502415)  | 1934511  |
|  VIP Equity-Income Portfolio Investor Class  | 944944  | 155551  | 484539  | 29194  | 42446  | (122631)  | 535771  |
|  VIP Government Money Market Portfolio Investor Class 4.00%  | 4284312  | 721126  | 1769017  | 44031  | -  | -  | 3236421  |
|  VIP Growth & Income Portfolio Investor Class  | 1075654  | 239696  | 547676  | 25641  | 137012  | (211387)  | 693299  |
|  VIP Growth Portfolio Investor Class  | 913726  | 716313  | 391983  | 67699  | (21596)  | (277321)  | 939139  |
|  VIP High Income Portfolio Investor Class  | 663459  | 62492  | 201494  | 23322  | (19540)  | (69636)  | 435281  |
|  VIP Investment Grade Bond II Portfolio - Investor Class  | -  | 10485643  | 1214802  | 160379  | (43126)  | (600389)  | 8627326  |
|  VIP Investment Grade Bond Portfolio Investor Class  | 11062752  | 822718  | 10481988  | 505498  | (854674)  | (548808)  | -  |
|  VIP Mid Cap Portfolio Investor Class  | 262132  | 57162  | 101367  | 13950  | (2394)  | (48329)  | 167204  |
|  VIP Overseas Portfolio Investor Class  | 3653919  | 1086046  | 1070920  | 56415  | (124444)  | (862895)  | 2681706  |
|  VIP Value Portfolio Investor Class  | 692431  | 100152  | 359734  | 21725  | 53311  | (99608)  | 386552  |
|  VIP Value Strategies Portfolio Investor Class  | 339407  | 42652  | 156928  | 12511  | 30524  | (64170)  | 191485  |
|  | 33250164  | 17990184  | 19085033  | 1394532  | (976827)  | (4891672)  | 26286816  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 3511364  | 3511364  | -  | -  |
|  International Equity Funds  | 4616217  | 4616217  | -  | -  |
|  Bond Funds  | 14922814  | 14922814  | -  | -  |
|  Short-Term Funds  | 3236421  | 3236421  | -  | -  |
| **Total Investments in Securities:**  | 26286816  | 26286816  | -  | -  |

---

**VIP Freedom Lifetime Income® II Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $26,223,834)  | 26286816  |  |
|  Total Investment in Securities (cost $26,223,834)  |  | $26286816  |
|  Cash  |  | 6  |
| Receivable for investments sold  |  | 207298  |
| **Total assets**  |  | 26494120  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 206852  |  |
|  Payable for fund shares redeemed  | 441  |  |
| **Total Liabilities**  |  | 207293  |
| **Net Assets**  |  | $26286827  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $26239883  |
|  Total accumulated earnings (loss)  |  | 46944  |
|  **Net Assets**  |  | $26286827  |
|  **Net Asset Value** , offering price and redemption price per share ($26,286,827 ÷ 2,380,059 shares)  |  | $11.04  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 692016  |
|  **Expenses**  |  |  |
| Independent trustees' fees and expenses  | 93  |  |
| **Total Expenses**  |  | 93  |
| **Net Investment income (loss)**  |  | 691923  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (976827)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 702516  |  |
| Total net realized gain (loss)  |  | (274311)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (4891672)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (4891672)  |
| **Net gain (loss)**  |  | (5165983)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(4474060)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $691923  | $598990  |
| &nbsp;&nbsp; Net realized gain (loss)  | (274311) <br>| 2287088 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (4891672)  | (827802) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (4474060) <br>| 2058276 <br>|
| Distributions to shareholders  | (2566314) <br>| (1715383) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 499930  | 207993  |
| Reinvestment of distributions  | 2566314 <br>| 1715383 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (2989209)  | (3248017)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 77035 <br>| (1324641) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (6963339) <br>| (981748) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 33250166  | 34231914 <br>|
| &nbsp;&nbsp; End of period  | $26286827  | $33250166  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 44136  | 14720  |
| Issued in reinvestment of distributions  | 208576 <br>| 124692 <br>|
| &nbsp;&nbsp; Redeemed  | (254355)  | (233226)  |
| &nbsp;&nbsp; Net increase (decrease)  | (1643)  | (93814)  |

---

**Financial Highlights** 

 **VIP Freedom Lifetime Income II Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.96  | $13.83  | $12.98  | $11.78  | $12.70  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .29  | .25  | .16  | .26  | .20  |
| Net realized and unrealized gain (loss)  | (2.12)  | .60  | 1.44  | 1.65  | (.70)  |
| Total from investment operations  | (1.83)  | .85  | 1.60  | 1.91  | (.50)  |
| Distributions from net investment income  | (.26)  | (.15)  | (.17)  | (.27)  | (.20)  |
| Distributions from net realized gain  | (.83)  | (.57)  | (.58)  | (.44)  | (.22)  |
| Total distributions  | (1.09)  | (.72)  | (.75)  | (.71)  | (.42)  |
| Net asset value, end of period  | $11.04  | $13.96  | $13.83  | $12.98  | $11.78  |
| **Total Return** <sup>C,D</sup>  | (13.83)%  | 6.27%  | 12.78%  | 16.58%  | (3.96)%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions <sup>G</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any <sup>G</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions <sup>G</sup>  | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.43%  | 1.78%  | 1.29%  | 2.07%  | 1.57%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $26287  | $33250  | $34232  | $33602  | $31060  |
| Portfolio turnover rate <sup>H</sup>  | 63%  | 23%  | 33%  | 24%  | 34%  |

---

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

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

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

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

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

**VIP Freedom Lifetime Income® III Portfolio** 

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

The information in the following table is based on the direct Investments of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Investment Grade Bond II Portfolio - Investor Class  | 25.5  |
| VIP Overseas Portfolio Investor Class  | 15.5  |
| Fidelity Inflation-Protected Bond Index Fund  | 12.8  |
| VIP Emerging Markets Portfolio Investor Class  | 9.4  |
| VIP Growth Portfolio Investor Class  | 6.6  |
| Fidelity Long-Term Treasury Bond Index Fund  | 5.2  |
| VIP Growth & Income Portfolio Investor Class  | 4.8  |
| VIP Contrafund Portfolio Investor Class  | 4.2  |
| VIP Equity-Income Portfolio Investor Class  | 3.7  |
| Fidelity International Bond Index Fund  | 3.4  |
|  | 91.1  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88157_10.jpg)  |

---

**VIP Freedom Lifetime Income® III Portfolio**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Domestic Equity Funds - 24.5%**  | &nbsp;&nbsp; **Domestic Equity Funds - 24.5%**  | &nbsp;&nbsp; **Domestic Equity Funds - 24.5%**  |
|  | Shares  | Value ($) <br>|
|  VIP Contrafund Portfolio Investor Class (a)  | 30794  | 1156621  |
|  VIP Equity-Income Portfolio Investor Class (a)  | 44329  | 1036411  |
|  VIP Growth & Income Portfolio Investor Class (a)  | 56161  | 1341134  |
|  VIP Growth Portfolio Investor Class (a)  | 25609  | 1816680  |
|  VIP Mid Cap Portfolio Investor Class (a)  | 9977  | 323440  |
|  VIP Value Portfolio Investor Class (a)  | 44802  | 747753  |
|  VIP Value Strategies Portfolio Investor Class (a)  | 26012  | 370411  |
| <br> **TOTAL DOMESTIC EQUITY FUNDS** <br> (Cost $4,989,315)  |  | **6792450**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **International Equity Funds - 24.9%**  | &nbsp;&nbsp; **International Equity Funds - 24.9%**  | &nbsp;&nbsp; **International Equity Funds - 24.9%**  |
|  | Shares  | Value ($) <br>|
|  VIP Emerging Markets Portfolio Investor Class (a)  | 266832  | 2620289  |
|  VIP Overseas Portfolio Investor Class (a)  | 198913  | 4298505  |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS** <br> (Cost $6,374,415)  |  | **6918794**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bond Funds - 48.6%**  | &nbsp;&nbsp; **Bond Funds - 48.6%**  | &nbsp;&nbsp; **Bond Funds - 48.6%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 394742  | 3560576  |
|  Fidelity International Bond Index Fund (a)  | 107238  | 944764  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 142878  | 1448780  |
|  VIP High Income Portfolio Investor Class (a)  | 105105  | 460361  |
|  VIP Investment Grade Bond II Portfolio - Investor Class (a)  | 761531  | 7074624  |
| <br> **TOTAL BOND FUNDS** <br> (Cost $14,927,572)  |  | **13489105**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Short-Term Funds - 2.0%**  | &nbsp;&nbsp; **Short-Term Funds - 2.0%**  | &nbsp;&nbsp; **Short-Term Funds - 2.0%**  |
|  | Shares  | Value ($) <br>|
|  VIP Government Money Market Portfolio Investor Class 4.00% (a)(b) <br>(Cost $568,132) <br>| 568132  | **568132**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $26,859,434) <br>| <br>**27768481**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **14**  |
| **NET ASSETS - 100.0%**  | **27768495**  |

---

**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 Funds 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 ($)  |
|  Fidelity Inflation-Protected Bond Index Fund  | 3524960  | 1460322  | 685584  | 291131  | (37021)  | (702101)  | 3560576  |
|  Fidelity International Bond Index Fund  | 704210  | 545606  | 192188  | 9374  | (13323)  | (99541)  | 944764  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 1188676  | 1059274  | 337574  | 34977  | (29743)  | (431853)  | 1448780  |
|  VIP Contrafund Portfolio Investor Class  | 1640917  | 418883  | 402857  | 67054  | (35290)  | (465032)  | 1156621  |
|  VIP Emerging Markets Portfolio Investor Class  | 3796362  | 764765  | 1130808  | 48337  | (127419)  | (682611)  | 2620289  |
|  VIP Equity-Income Portfolio Investor Class  | 1735521  | 166142  | 714565  | 56268  | 58815  | (209502)  | 1036411  |
|  VIP Government Money Market Portfolio Investor Class 4.00%  | 1320724  | 500690  | 1253282  | 6490  | -  | -  | 568132  |
|  VIP Growth & Income Portfolio Investor Class  | 1975654  | 306285  | 800504  | 49336  | 195130  | (335431)  | 1341134  |
|  VIP Growth Portfolio Investor Class  | 1678275  | 1223931  | 527346  | 126493  | (40925)  | (517255)  | 1816680  |
|  VIP High Income Portfolio Investor Class  | 721425  | 54633  | 219723  | 24827  | (19341)  | (76633)  | 460361  |
|  VIP Investment Grade Bond II Portfolio - Investor Class  | -  | 9397119  | 1794730  | 129603  | (45951)  | (481814)  | 7074624  |
|  VIP Investment Grade Bond Portfolio Investor Class  | 9670153  | 896588  | 9341420  | 440016  | (868703)  | (356618)  | -  |
|  VIP Mid Cap Portfolio Investor Class  | 481432  | 82068  | 144740  | 26260  | (9204)  | (86116)  | 323440  |
|  VIP Overseas Portfolio Investor Class  | 5801129  | 1559215  | 1498327  | 89733  | (153721)  | (1409791)  | 4298505  |
|  VIP Value Portfolio Investor Class  | 1271761  | 114595  | 551012  | 41047  | 84522  | (172113)  | 747753  |
|  VIP Value Strategies Portfolio Investor Class  | 623354  | 48432  | 237388  | 23815  | 35870  | (99857)  | 370411  |
|  | 36134553  | 18598548  | 19832048  | 1464761  | (1006304)  | (6126268)  | 27768481  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Domestic Equity Funds  | 6792450  | 6792450  | -  | -  |
|  International Equity Funds  | 6918794  | 6918794  | -  | -  |
|  Bond Funds  | 13489105  | 13489105  | -  | -  |
|  Short-Term Funds  | 568132  | 568132  | -  | -  |
| **Total Investments in Securities:**  | 27768481  | 27768481  | -  | -  |

---

**VIP Freedom Lifetime Income® III Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Affiliated issuers (cost $26,859,434)  | 27768481  |  |
|  Total Investment in Securities (cost $26,859,434)  |  | $27768481  |
|  Cash  |  | 4  |
| Receivable for investments sold  |  | 291802  |
| **Total assets**  |  | 28060287  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 291331  |  |
|  Payable for fund shares redeemed  | 461  |  |
| **Total Liabilities**  |  | 291792  |
| **Net Assets**  |  | $27768495  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $26863489  |
|  Total accumulated earnings (loss)  |  | 905006  |
|  **Net Assets**  |  | $27768495  |
|  **Net Asset Value** , offering price and redemption price per share ($27,768,495 ÷ 2,387,635 shares)  |  | $11.63  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 660973  |
|  **Expenses**  |  |  |
| Independent trustees' fees and expenses  | 99  |  |
| **Total Expenses**  |  | 99  |
| **Net Investment income (loss)**  |  | 660874  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (1006304)  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 803788  |  |
| Total net realized gain (loss)  |  | (202516)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Affiliated issuers  | (6126268)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (6126268)  |
| **Net gain (loss)**  |  | (6328784)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(5667910)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $660874  | $623475  |
| &nbsp;&nbsp; Net realized gain (loss)  | (202516) <br>| 2992028 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (6126268)  | (261283) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (5667910) <br>| 3354220 <br>|
| Distributions to shareholders  | (3172095) <br>| (1973678) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 227663  | 480105  |
| Reinvestment of distributions  | 3172095 <br>| 1973678 <br>|
| &nbsp;&nbsp; Cost of shares redeemed  | (2925814)  | (2974517)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 473944 <br>| (520734) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (8366061) <br>| 859808 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 36134556  | 35274748 <br>|
| &nbsp;&nbsp; End of period  | $27768495  | $36134556  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 19322  | 31605  |
| Issued in reinvestment of distributions  | 240398 <br>| 132610 <br>|
| &nbsp;&nbsp; Redeemed  | (235700)  | (197335)  |
| &nbsp;&nbsp; Net increase (decrease)  | 24020  | (33120)  |

---

**Financial Highlights** 

 **VIP Freedom Lifetime Income III Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.29  | $14.72  | $13.53  | $11.89  | $13.07  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .27  | .26  | .16  | .26  | .19  |
| Net realized and unrealized gain (loss)  | (2.58)  | 1.15  | 1.83  | 2.11  | (.92)  |
| Total from investment operations  | (2.31)  | 1.41  | 1.99  | 2.37  | (.73)  |
| Distributions from net investment income  | (.26)  | (.16)  | (.17)  | (.27)  | (.19)  |
| Distributions from net realized gain  | (1.10)  | (.67)  | (.62)  | (.47)  | (.26)  |
| Total distributions  | (1.35) <sup>C</sup>  | (.84) <sup>C</sup>  | (.80) <sup>C</sup>  | (.73) <sup>C</sup>  | (.45)  |
| Net asset value, end of period  | $11.63  | $15.29  | $14.72  | $13.53  | $11.89  |
| **Total Return** <sup>D,E</sup>  | (16.04)%  | 9.78%  | 15.23%  | 20.44%  | (5.68)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions <sup>H</sup>  | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.18%  | 1.73%  | 1.24%  | 2.02%  | 1.45%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $27768  | $36135  | $35275  | $33018  | $28469  |
| Portfolio turnover rate <sup>I</sup>  | 61%  | 28%  | 35%  | 26%  | 35%  |

---

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

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

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

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

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

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

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

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

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

**Notes to Financial Statements**

For the period ended December 31, 2022

**1. Organization.**

VIP 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.

**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. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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, 2022 is included at the end of the 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 (ETFs) are recorded on the ex-dividend date.

**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, 2022, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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.**  | $9674305  | $274862  | $(594341)  | $(319479)  |
| **VIP Freedom Lifetime Income II Portfolio**  | 26379875  | 1591123  | (1684182)  | (93059)  |
| **VIP Freedom Lifetime Income III Portfolio**  | 27047450  | 2580427  | (1859396)  | 721031  |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed ordinary income**  | **Capital loss carryforward**  | **Net unrealized appreciation (depreciation) on securities and other investments**  |
| **VIP Freedom Lifetime Income I Portfolio.**  | $134637  | $(114939)  | $(319479)  |
| **VIP Freedom Lifetime Income II Portfolio**  | 338558  | (198554)  | (93059)  |
| **VIP Freedom Lifetime Income III Portfolio**  | 296766  | (112792)  | 721031  |

---

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 Freedom Lifetime Income I Portfolio.**  | $(57029)  | $(57910)  | $(114939)  |
| **VIP Freedom Lifetime Income II Portfolio**  | (166493)  | (32061)  | (198554)  |
| **VIP Freedom Lifetime Income III Portfolio**  | (112792)  | -  | (112792)  |

---

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2022**  |  |  |  |
|  | **Ordinary Income**  | **Long-term Capital Gains**  | **Total**  |
| **VIP Freedom Lifetime Income I Portfolio.**  | $231236  | $427973  | $659209  |
| **VIP Freedom Lifetime Income II Portfolio**  | 613767  | 1952547  | 2566314  |
| **VIP Freedom Lifetime Income III Portfolio**  | 613473  | 2558622  | 3172095  |

---

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2021**  |  |  |  |
|  | **Ordinary Income**  | **Long-term Capital Gains**  | **Total**  |
| **VIP Freedom Lifetime Income I Portfolio.**  | $242086  | $248030  | $490116  |
| **VIP Freedom Lifetime Income II Portfolio**  | 709046  | 1006337  | 1715383  |
| **VIP Freedom Lifetime Income III Portfolio**  | 837174  | 1136504  | 1973678  |

---

**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**  | 6456918  | 7163197  |
| **VIP Freedom Lifetime Income II Portfolio**  | 17990184  | 19085033  |
| **VIP Freedom Lifetime Income III Portfolio**  | 18598548  | 19832048  |

---

**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.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**Reallocation of Underlying Fund Investments.** During the period, the investment adviser reallocated investments of the Funds. This involved taxable redemptions of the Funds' interest in VIP Investment Grade Bond Fund, ("Underlying Fund") for investments and cash and non-taxable exchanges of those investments and cash for shares of VIP Investment Grade Bond Fund II which is affiliated investment company managed by FMR. 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 related 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 Freedom Lifetime Income I Portfolio**  | 3808654  | (303778)  |
| **VIP Freedom Lifetime Income II Portfolio**  | 9362250  | (795525)  |
| **VIP Freedom Lifetime Income III Portfolio**  | 8228729  | (785806)  |

---

**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:

---

| | |
|:---|:---|
|  | **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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund 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, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the 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, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 14, 2023

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

**Trustees and Officers**

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

The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. If the interests of a fund and an underlying Fidelity <sup>®</sup> fund were to diverge, a conflict of interest could arise and affect how the Trustees and Members of the Advisory Board fulfill their fiduciary duties to the affected funds. FMR has structured the funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, FMR, the Trustees, and Members of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Each of the Trustees oversees 295 funds.

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

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

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

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

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

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

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

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

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

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

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity <sup>®</sup> funds (2001-2005), and managed a number of Fidelity <sup>®</sup> funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity <sup>®</sup> funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

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

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

<u>Independent Trustees:</u>

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

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

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2013-2016).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity <sup>®</sup> funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Mr. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity <sup>®</sup> funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity <sup>®</sup> funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016).

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

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

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

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

Laura M. Bishop (1961)

Year of Election or Appointment: 2022

Member of the Advisory Board

Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

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

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

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

Christopher M. Gouveia (1973)

Year of Election or Appointment: 2023

Chief Compliance Officer

Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia serves as Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

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

William Irving (1964)

Year of Election or Appointment: 2023

Vice President

Mr. Irving also serves as Vice President of other funds. Mr. Irving serves as Head of Fidelity Asset Management Solutions (2022-present) and is an employee of Fidelity Investments. Mr. Irving serves as President and Director of Fidelity Diversifying Solutions LLC (investment adviser firm, 2023-present) and President, Director, or Vice President of certain other Fidelity entities. Previously, Mr. Irving served as Chief Investment Officer (CIO) in the Global Asset Allocation division (2020-2022). Prior to that, he was Managing Director of Research in the Global Asset Allocation division (2018-2020) and portfolio manager of certain Fidelity <sup>®</sup> funds (2004-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

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

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

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

**Shareholder Expense Example**

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

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

***Actual Expenses***

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

***Hypothetical Example for Comparison Purposes***

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **VIP Freedom Lifetime Income® I Portfolio**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $988.80  | $- <sup>E</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup> <br>|
| **VIP Freedom Lifetime Income® II Portfolio**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $993.70  | $- <sup>E</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup> <br>|
| **VIP Freedom Lifetime Income® III Portfolio**  | -%- <sup>D</sup>  |  |  |  |
| **Actual**  |  | $1000  | $1001.10  | $- <sup>E</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.21  | $- <sup>E</sup> <br>|

---

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

*B 5% return per year before expenses*

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

*D Amount represents less than .005%.*

*E Amount represents less than $.005.*

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

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

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:

---

| | |
|:---|:---|
| **Freedom Lifetime Income I Portfolio**  | 42.06%  |
| **Freedom Lifetime Income II Portfolio**  | 37.87%  |
| **Freedom Lifetime Income III Portfolio**  | 31.84%  |

---

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

---

| | |
|:---|:---|
| **Freedom Lifetime Income I Portfolio**  |  |
| February 2022 <br> December 2022  | 0% <br> 4% <br>|
| **Freedom Lifetime Income II Portfolio**  |  |
| February 2022 <br> December 2022  | 0% <br> 10%  |
| **Freedom Lifetime Income III Portfolio**  |  |
| February 2022 <br> December 2022  | 0% <br> 17% <br>|

---

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**  |
| **Freedom Lifetime Income I Portfolio**  | 12/21/2022  | $0.0231  | $0.0049  |
| **Freedom Lifetime Income II Portfolio**  | 12/21/2022  | $0.0347  | $0.0072  |
| **Freedom Lifetime Income III Portfolio**  | 12/21/2022  | $0.0504  | $0.0104  |

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

**VIP Freedom Lifetime Income Funds** 

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) for each fund (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 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 has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The 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 funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2022 meeting, the Board unanimously determined to renew each fund's Advisory Contract. In reaching its determination, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. In reaching its determination, the Board was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.

**Nature, Extent, and Quality of Services Provided.** The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of FMR, and also considered the funds' investment objectives, strategies, and related investment philosophies. 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. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

<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 the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u> . The Board considered (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 the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual 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, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

<u>Investment Performance</u> . The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the investment adviser about 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 considers annualized return information for each fund for different time periods, measured against one or more appropriate securities market indices, including a customized blended index that reflects the respective weights of the fund's asset classes (each a benchmark index). The Board also receives and considers 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 for specific time periods and discussed with the investment adviser 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 fund performance should be evaluated based on gross performance (before fees and expenses, including acquired fund fees and expenses, but after transaction costs, if any) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; the extent to which particular underlying funds affected performance; and fund cash flows and other factors. 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.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for each fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods. No performance peer group information was considered by the Board as Fidelity advised the Board that competitor funds differ significantly in their asset allocation strategy, degree of active management and glidepath construction.

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 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. The Board considered each fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparisons of management fees and total expense ratios by broadening the competitive group used for such comparisons.

<u>Management Fee.</u> The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board.

**VIP Freedom Lifetime Income I Portfolio**![](img88157_11.jpg)

**VIP Freedom Lifetime Income II Portfolio**![](img88157_12.jpg)

**VIP Freedom Lifetime Income III Portfolio**![](img88157_13.jpg)

The Board noted that each fund's management fee rate of 0.00% ranked below the median of its Total Mapped Group and below the median of its ASPG for 2021. The Board further noted that many peer funds pay fund-level expenses, including management fees, to which the funds are not subject.

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.

<u>Total Expense Ratio</u> . In its review of the total expense ratio of each fund, 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. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that VIP Freedom Lifetime Income I Portfolio's total net expense ratio ranked below the similar sales load structure group competitive median for 2021 and below the ASPG competitive median for 2021.

The Board noted that VIP Freedom Lifetime Income II Portfolio's total net expense ratio ranked below the similar sales load structure group competitive median for 2021 and below the ASPG competitive median for 2021.

The Board noted that VIP Freedom Lifetime Income III Portfolio's total net expense ratio ranked above the similar sales load structure group competitive median for 2021 and above the ASPG competitive median for 2021. The Board considered that, in general, various factors can affect total expense ratios. The Board noted Fidelity's explanation that the fund was above the ASPG competitive median for 2021 primarily due to higher domestic and international equity allocations relative to competitors.

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 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 mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. 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) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) 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. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

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

![](img88157_2.jpg) <br>

1.816199.117 VIPFLI-ANN-0323

**Fidelity® Variable Insurance Products:**

**Investment Grade Bond Portfolio**

**Annual Report**

**December 31, 2022**

![](img88145_1.jpg)

![](img88145_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary227)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments227)** |
| **[Financial Statements](#Sec_FinancialStatements227)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |
| **[Board Approval of Investment Advisory Contracts and Management Fees](#Sec_Board Approval of Investment Advisory Contracts and Management Fees)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2023 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Performance: The Bottom Line**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Initial Class  | &nbsp;&nbsp; -12.96%  | &nbsp;&nbsp; 0.64%  | &nbsp;&nbsp; 1.53%  |
| Service Class  | &nbsp;&nbsp; -13.03%  | &nbsp;&nbsp; 0.54%  | &nbsp;&nbsp; 1.44%  |
| Service Class 2  | &nbsp;&nbsp; -13.21%  | &nbsp;&nbsp; 0.38%  | &nbsp;&nbsp; 1.28%  |
| Investor Class  | &nbsp;&nbsp; -12.96%  | &nbsp;&nbsp; 0.61%  | &nbsp;&nbsp; 1.50%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Investment Grade Bond Portfolio - Initial Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Aggregate Bond Index performed over the same period.  |
| ![](img88145_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

U.S. taxable investment-grade bonds notably declined in 2022, as a multitude of crosscurrents challenged the global economy and financial markets. The Bloomberg U.S. Aggregate Bond Index returned -13.01% for the year, its worst annual return on record and the first time it ever ceded ground in back-to-back calendar years. In late 2021, the Federal Reserve began its pivot to a tighter monetary policy, tapering the large-scale asset purchases it initially started in 2008, and dramatically expanded in 2020 amid the COVID-19 pandemic. In early 2022, the Fed, faced with persistent inflationary pressure, began implementing an aggressive series of rate hikes, raising its benchmark interest rate seven times, by a total of 4.25 percentage points, between March and December. This represented the fastest-ever pace of monetary tightening and helped push nominal and real (inflation-adjusted) U.S. bond yields to their highest level in more than a decade. Bond prices, which move inversely to yields, fell sharply. Credit spreads significantly widened, as investors demanded more yield for buying corporate debt and other credit-sensitive assets. In November and December, the bond market staged a broad rally (+3.21%) when comments by Fed Chair Jerome Powell pointed to a slowdown in the size and pace of rate hikes, but all major market segments lost ground for the 12 months, with higher-quality, shorter-term bonds holding up best. Spread sectors broadly trailed Treasuries on a duration-adjusted basis.

**Comments from Co-Portfolio Managers Celso Munoz and Ford O'Neil:** 

For the fiscal year ending December 31, 2022, the fund's share classes (excluding sales charges, if any) returned -13.21% to -12.96%, roughly in line with the -13.01% return of the benchmark, the Bloomberg U.S. Aggregate Bond Index. Versus the benchmark, the fund had less interest rate sensitivity, as measured by its shorter duration, during much of the reporting period. This gave the fund a performance edge as interest rates and bond yields climbed. Underweighting mortgage-backed securities also contributed to the fund's relative performance. MBS generally lagged the index, hurt by rapidly declining prepayment loan prepayment activity that extended their duration. Additionally, the U.S. Federal Reserve, the biggest buyer of MBS, scaled back its purchases of the securities and planned to eventually sell its holdings in the sector. In contrast, positioning among investment-grade corporate bonds modestly crimped the fund's results. Specifically, the fund had more exposure to BBB-rated bonds, which underperformed their higher-quality counterparts as credit spreads widened. Elsewhere, overweighting commercial mortgage-backed securities and asset-backed securities, including collateralized loan obligations (CLOs), two segments that lagged the benchmark, also hindered the relative result. The fund's exposure to high-yield bonds had no material impact on its relative performance this period.

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

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

---

| |
|:---|
| &nbsp;&nbsp; **Quality Diversification (% of Fund's net assets)**  |
| ![](img88145_6.jpg) <br>|
| *Short-Term Investments and Net Other Assets (Liabilities) - (2.4)%\**  |
| *\*Short-term investments and Net Other Assets (Liabilities) are not available in the pie chart.*  |
| 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.  |

---

Securities rated BB or below were rated investment grade at the time of acquisition.

The information in the above tables is based on the combined investments of the Fund and its pro-rata share of investments of Fidelity's fixed-income central funds.

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88145_7.jpg)  |
| *Short-Term Investments and Net Other Assets (Liabilities) - (2.4)%\**  |
| *Foreign investments - 12.5%*  |
| *Futures and Swaps - 1.0%*  |
| *\*Short-Term Investments and Net Other Assets (Liabilities) are not available in the pie chart.*  |
| *Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.*  |

---

*The information in the above table is based on the combined investments of the fund and its pro-rata share of the investments of Fidelity's fixed-income Central funds.* 

*An unaudited holdings listing for the 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.*

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img88145_8.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.*  |

---

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Nonconvertible Bonds - 35.7%**  | &nbsp;&nbsp; **Nonconvertible Bonds - 35.7%**  | &nbsp;&nbsp; **Nonconvertible Bonds - 35.7%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
| COMMUNICATION SERVICES - 3.2%  |  |  |
| Diversified Telecommunication Services - 0.9%  |  |  |
|  AT&T, Inc.:  |  |  |
|  2.55% 12/1/33  | 8483000  | 6519268  |
|  3.8% 12/1/57  | 8657000  | 5972753  |
|  4.3% 2/15/30  | 1940000  | 1826698  |
|  4.75% 5/15/46  | 10884000  | 9201487  |
|  Verizon Communications, Inc.:  |  |  |
|  2.1% 3/22/28  | 3395000  | 2946446  |
|  2.55% 3/21/31  | 3143000  | 2584673  |
|  3% 3/22/27  | 735000  | 682955  |
|  4.862% 8/21/46  | 4225000  | 3787107  |
|  5.012% 4/15/49  | 164000  | 148962  |
|  |  | 33670349  |
| Entertainment - 0.4%  |  |  |
|  The Walt Disney Co.:  |  |  |
|  3.8% 3/22/30  | 13068000  | 12179645  |
|  4.7% 3/23/50  | 4126000  | 3787479  |
|  |  | 15967124  |
| Media - 1.5%  |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital Corp.:  |  |  |
|  4.4% 4/1/33  | 1435000  | 1227871  |
|  4.908% 7/23/25  | 2191000  | 2147401  |
|  5.25% 4/1/53  | 1435000  | 1107595  |
|  5.375% 5/1/47  | 10316000  | 8092309  |
|  5.5% 4/1/63  | 1435000  | 1094202  |
|  6.484% 10/23/45  | 1557000  | 1404062  |
|  Comcast Corp.:  |  |  |
|  3.9% 3/1/38  | 608000  | 523953  |
|  4.65% 7/15/42  | 1441000  | 1301020  |
|  Discovery Communications LLC:  |  |  |
|  3.625% 5/15/30  | 1973000  | 1625927  |
|  4.65% 5/15/50  | 5336000  | 3669654  |
|  Fox Corp.:  |  |  |
|  4.03% 1/25/24  | 720000  | 711650  |
|  4.709% 1/25/29  | 1042000  | 1006861  |
|  5.476% 1/25/39  | 1027000  | 934494  |
|  5.576% 1/25/49  | 682000  | 608474  |
|  Magallanes, Inc.:  |  |  |
|  3.428% 3/15/24 (b)  | 2320000  | 2252182  |
|  3.638% 3/15/25 (b)  | 1270000  | 1207722  |
|  3.755% 3/15/27 (b)  | 2484000  | 2236915  |
|  4.054% 3/15/29 (b)  | 861000  | 744870  |
|  4.279% 3/15/32 (b)  | 3451000  | 2842812  |
|  5.05% 3/15/42 (b)  | 1789000  | 1368732  |
|  5.141% 3/15/52 (b)  | 2782000  | 2022421  |
|  Time Warner Cable LLC:  |  |  |
|  4.5% 9/15/42  | 525000  | 384355  |
|  5.5% 9/1/41  | 965000  | 800829  |
|  5.875% 11/15/40  | 852000  | 742285  |
|  6.55% 5/1/37  | 11472000  | 10922043  |
|  7.3% 7/1/38  | 2146000  | 2128772  |
|  |  | 53109411  |
| Wireless Telecommunication Services - 0.4%  |  |  |
|  Rogers Communications, Inc.:  |  |  |
|  3.2% 3/15/27 (b)  | 2687000  | 2486190  |
|  3.8% 3/15/32 (b)  | 2344000  | 2022763  |
|  T-Mobile U.S.A., Inc.:  |  |  |
|  3.75% 4/15/27  | 3463000  | 3261771  |
|  3.875% 4/15/30  | 5007000  | 4535414  |
|  4.375% 4/15/40  | 747000  | 637489  |
|  4.5% 4/15/50  | 1468000  | 1206898  |
|  |  | 14150525  |
|  TOTAL COMMUNICATION SERVICES  |  | 116897409  |
| CONSUMER DISCRETIONARY - 0.7%  |  |  |
| Automobiles - 0.1%  |  |  |
|  General Motors Financial Co., Inc. 4.25% 5/15/23  | 1181000  | 1176116  |
|  Volkswagen Group of America Finance LLC 3.125% 5/12/23 (b)  | 2832000  | 2809375  |
|  |  | 3985491  |
| Diversified Consumer Services - 0.0%  |  |  |
|  Ingersoll-Rand Global Holding Co. Ltd. 4.25% 6/15/23  | 1665000  | 1661141  |
| Hotels, Restaurants & Leisure - 0.1%  |  |  |
|  McDonald's Corp.:  |  |  |
|  3.5% 7/1/27  | 956000  | 906832  |
|  3.6% 7/1/30  | 1138000  | 1043724  |
|  |  | 1950556  |
| Leisure Products - 0.1%  |  |  |
|  Hasbro, Inc. 3% 11/19/24  | 2495000  | 2397115  |
| Specialty Retail - 0.4%  |  |  |
|  AutoNation, Inc. 4.75% 6/1/30  | 434000  | 387213  |
|  AutoZone, Inc.:  |  |  |
|  3.625% 4/15/25  | 649000  | 627936  |
|  4% 4/15/30  | 3015000  | 2791732  |
|  Lowe's Companies, Inc.:  |  |  |
|  3.35% 4/1/27  | 384000  | 360485  |
|  3.75% 4/1/32  | 1183000  | 1052324  |
|  4.25% 4/1/52  | 4817000  | 3818932  |
|  4.45% 4/1/62  | 4962000  | 3857441  |
|  4.5% 4/15/30  | 2166000  | 2075787  |
|  O'Reilly Automotive, Inc. 4.2% 4/1/30  | 668000  | 630263  |
|  |  | 15602113  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 25596416  |
| CONSUMER STAPLES - 2.5%  |  |  |
| Beverages - 1.4%  |  |  |
|  Anheuser-Busch InBev Finance, Inc.:  |  |  |
|  4.7% 2/1/36  | 5260000  | 4967769  |
|  4.9% 2/1/46  | 6535000  | 5940807  |
|  Anheuser-Busch InBev Worldwide, Inc.:  |  |  |
|  3.5% 6/1/30  | 2100000  | 1911685  |
|  4.35% 6/1/40  | 2002000  | 1759253  |
|  4.5% 6/1/50  | 2838000  | 2482223  |
|  4.6% 6/1/60  | 2100000  | 1821447  |
|  4.75% 4/15/58  | 3264000  | 2865118  |
|  5.45% 1/23/39  | 2662000  | 2656166  |
|  5.55% 1/23/49  | 6083000  | 6013641  |
|  5.8% 1/23/59 (Reg. S)  | 6427000  | 6573953  |
|  Molson Coors Beverage Co.:  |  |  |
|  3% 7/15/26  | 4258000  | 3951645  |
|  5% 5/1/42  | 7433000  | 6592900  |
|  The Coca-Cola Co.:  |  |  |
|  3.375% 3/25/27  | 3224000  | 3091915  |
|  3.45% 3/25/30  | 1970000  | 1831989  |
|  |  | 52460511  |
| Food Products - 0.5%  |  |  |
|  General Mills, Inc. 2.875% 4/15/30  | 408000  | 352482  |
|  JBS U.S.A. Lux SA / JBS Food Co.:  |  |  |
|  2.5% 1/15/27 (b)  | 5004000  | 4377099  |
|  3% 5/15/32 (b)  | 4479000  | 3434724  |
|  3.625% 1/15/32 (b)  | 1723000  | 1395630  |
|  5.125% 2/1/28 (b)  | 1885000  | 1785797  |
|  5.5% 1/15/30 (b)  | 717000  | 682240  |
|  5.75% 4/1/33 (b)  | 3880000  | 3700666  |
|  |  | 15728638  |
| Tobacco - 0.6%  |  |  |
|  Altria Group, Inc.:  |  |  |
|  4.25% 8/9/42  | 3140000  | 2327022  |
|  4.5% 5/2/43  | 2104000  | 1579569  |
|  4.8% 2/14/29  | 575000  | 551729  |
|  5.375% 1/31/44  | 1907000  | 1680829  |
|  5.95% 2/14/49  | 753000  | 669591  |
|  Imperial Tobacco Finance PLC:  |  |  |
|  4.25% 7/21/25 (b)  | 8792000  | 8396455  |
|  6.125% 7/27/27 (b)  | 1890000  | 1880860  |
|  Reynolds American, Inc.:  |  |  |
|  4.45% 6/12/25  | 1329000  | 1300104  |
|  5.7% 8/15/35  | 689000  | 621934  |
|  6.15% 9/15/43  | 2271000  | 2025579  |
|  7.25% 6/15/37  | 1681000  | 1718791  |
|  |  | 22752463  |
|  TOTAL CONSUMER STAPLES  |  | 90941612  |
| ENERGY - 4.2%  |  |  |
| Energy Equipment & Services - 0.0%  |  |  |
|  Halliburton Co.:  |  |  |
|  3.8% 11/15/25  | 34000  | 33070  |
|  4.85% 11/15/35  | 1223000  | 1131414  |
|  |  | 1164484  |
| Oil, Gas & Consumable Fuels - 4.2%  |  |  |
|  Canadian Natural Resources Ltd.:  |  |  |
|  3.8% 4/15/24  | 3850000  | 3772816  |
|  5.85% 2/1/35  | 1417000  | 1363259  |
|  Columbia Pipeline Group, Inc. 4.5% 6/1/25  | 758000  | 746413  |
|  DCP Midstream Operating LP:  |  |  |
|  3.875% 3/15/23  | 1006000  | 1000286  |
|  5.6% 4/1/44  | 697000  | 649865  |
|  6.45% 11/3/36 (b)  | 1406000  | 1377772  |
|  Empresa Nacional de Petroleo 4.375% 10/30/24 (b)  | 2009000  | 1948479  |
|  Enbridge, Inc.:  |  |  |
|  4% 10/1/23  | 1597000  | 1584136  |
|  4.25% 12/1/26  | 1006000  | 967179  |
|  Energy Transfer LP:  |  |  |
|  3.75% 5/15/30  | 1314000  | 1158535  |
|  3.9% 5/15/24 (c)  | 751000  | 731415  |
|  4.2% 9/15/23  | 673000  | 668776  |
|  4.25% 3/15/23  | 577000  | 575589  |
|  4.5% 4/15/24  | 717000  | 706793  |
|  4.95% 6/15/28  | 2298000  | 2222132  |
|  5% 5/15/50  | 3733000  | 2982409  |
|  5.25% 4/15/29  | 1165000  | 1126504  |
|  5.4% 10/1/47  | 766000  | 648846  |
|  5.8% 6/15/38  | 1282000  | 1173685  |
|  6% 6/15/48  | 834000  | 751807  |
|  6.25% 4/15/49  | 800000  | 743900  |
|  Enterprise Products Operating LP 3.7% 2/15/26  | 2725000  | 2626314  |
|  Exxon Mobil Corp. 3.482% 3/19/30  | 7630000  | 7115757  |
|  Hess Corp.:  |  |  |
|  4.3% 4/1/27  | 2776000  | 2651228  |
|  5.6% 2/15/41  | 7441000  | 7033747  |
|  7.125% 3/15/33  | 569000  | 612844  |
|  7.3% 8/15/31  | 762000  | 827303  |
|  7.875% 10/1/29  | 2490000  | 2759744  |
|  Kinder Morgan Energy Partners LP:  |  |  |
|  3.45% 2/15/23  | 965000  | 962916  |
|  6.55% 9/15/40  | 261000  | 261586  |
|  Kinder Morgan, Inc. 5.55% 6/1/45  | 1383000  | 1261035  |
|  MPLX LP:  |  |  |
|  4.5% 7/15/23  | 1121000  | 1116466  |
|  4.8% 2/15/29  | 640000  | 612442  |
|  4.875% 12/1/24  | 1553000  | 1540302  |
|  4.95% 9/1/32  | 3480000  | 3263148  |
|  5.5% 2/15/49  | 1917000  | 1684835  |
|  Occidental Petroleum Corp.:  |  |  |
|  5.55% 3/15/26  | 3587000  | 3573549  |
|  6.2% 3/15/40  | 965000  | 944345  |
|  6.45% 9/15/36  | 2612000  | 2664240  |
|  6.6% 3/15/46  | 3240000  | 3333928  |
|  7.5% 5/1/31  | 4360000  | 4658529  |
|  Petroleos Mexicanos:  |  |  |
|  4.5% 1/23/26  | 3020000  | 2739140  |
|  5.95% 1/28/31  | 2067000  | 1562652  |
|  6.35% 2/12/48  | 7493000  | 4548719  |
|  6.49% 1/23/27  | 2174000  | 1984862  |
|  6.5% 3/13/27  | 2742000  | 2491793  |
|  6.5% 1/23/29  | 3157000  | 2695636  |
|  6.7% 2/16/32  | 2866000  | 2246228  |
|  6.75% 9/21/47  | 6872000  | 4376639  |
|  6.84% 1/23/30  | 10482000  | 8668614  |
|  6.95% 1/28/60  | 4473000  | 2830291  |
|  7.69% 1/23/50  | 9202000  | 6360883  |
|  Phillips 66 Co. 3.85% 4/9/25  | 349000  | 340422  |
|  Plains All American Pipeline LP/PAA Finance Corp.:  |  |  |
|  3.55% 12/15/29  | 751000  | 651166  |
|  3.6% 11/1/24  | 789000  | 762819  |
|  Sabine Pass Liquefaction LLC 4.5% 5/15/30  | 4528000  | 4197079  |
|  The Williams Companies, Inc.:  |  |  |
|  3.5% 11/15/30  | 4829000  | 4221893  |
|  3.9% 1/15/25  | 690000  | 671943  |
|  4.3% 3/4/24  | 3094000  | 3056576  |
|  4.5% 11/15/23  | 994000  | 986667  |
|  4.55% 6/24/24  | 7571000  | 7488148  |
|  4.65% 8/15/32  | 3633000  | 3381973  |
|  5.3% 8/15/52  | 824000  | 736777  |
|  Transcontinental Gas Pipe Line Co. LLC:  |  |  |
|  3.25% 5/15/30  | 577000  | 500717  |
|  3.95% 5/15/50  | 1863000  | 1416611  |
|  Western Gas Partners LP:  |  |  |
|  3.95% 6/1/25  | 493000  | 466654  |
|  4.5% 3/1/28  | 1136000  | 1042280  |
|  4.65% 7/1/26  | 5141000  | 4879117  |
|  4.75% 8/15/28  | 656000  | 599118  |
|  |  | 152310271  |
|  TOTAL ENERGY  |  | 153474755  |
| FINANCIALS - 16.9%  |  |  |
| Banks - 7.0%  |  |  |
|  Bank of America Corp.:  |  |  |
|  2.299% 7/21/32 (c)  | 8618000  | 6636781  |
|  3.3% 1/11/23  | 2465000  | 2464157  |
|  3.419% 12/20/28 (c)  | 10766000  | 9748929  |
|  3.5% 4/19/26  | 2852000  | 2721783  |
|  3.864% 7/23/24 (c)  | 2481000  | 2458522  |
|  3.95% 4/21/25  | 2342000  | 2279253  |
|  4.2% 8/26/24  | 11341000  | 11165545  |
|  4.25% 10/22/26  | 2419000  | 2336632  |
|  4.45% 3/3/26  | 861000  | 843665  |
|  5.015% 7/22/33 (c)  | 18422000  | 17489698  |
|  Barclays PLC:  |  |  |
|  2.852% 5/7/26 (c)  | 4594000  | 4268860  |
|  4.375% 1/12/26  | 3532000  | 3417884  |
|  5.088% 6/20/30 (c)  | 4171000  | 3841743  |
|  5.2% 5/12/26  | 3533000  | 3435827  |
|  BNP Paribas SA 2.219% 6/9/26 (b)(c)  | 4281000  | 3930550  |
|  Citigroup, Inc.:  |  |  |
|  3.352% 4/24/25 (c)  | 2815000  | 2729644  |
|  3.875% 3/26/25  | 5393000  | 5243435  |
|  4.3% 11/20/26  | 983000  | 950895  |
|  4.412% 3/31/31 (c)  | 6030000  | 5537329  |
|  4.45% 9/29/27  | 9708000  | 9255688  |
|  4.6% 3/9/26  | 1246000  | 1223846  |
|  4.91% 5/24/33 (c)  | 5644000  | 5285228  |
|  5.5% 9/13/25  | 3136000  | 3155195  |
|  Citizens Financial Group, Inc. 2.638% 9/30/32  | 2757000  | 2046389  |
|  Commonwealth Bank of Australia 3.61% 9/12/34 (b)(c)  | 1485000  | 1229165  |
|  Discover Bank 4.2% 8/8/23  | 1617000  | 1606477  |
|  First Citizens Bank & Trust Co. 3.929% 6/19/24 (c)  | 948000  | 939762  |
|  HSBC Holdings PLC:  |  |  |
|  4.25% 3/14/24  | 1249000  | 1226829  |
|  4.95% 3/31/30  | 988000  | 942258  |
|  Intesa Sanpaolo SpA:  |  |  |
|  5.017% 6/26/24 (b)  | 2462000  | 2367670  |
|  5.71% 1/15/26 (b)  | 7296000  | 7011455  |
|  JPMorgan Chase & Co.:  |  |  |
|  2.956% 5/13/31 (c)  | 2452000  | 2020340  |
|  3.797% 7/23/24 (c)  | 3247000  | 3214737  |
|  3.875% 9/10/24  | 24838000  | 24313160  |
|  4.125% 12/15/26  | 7993000  | 7723128  |
|  4.493% 3/24/31 (c)  | 7267000  | 6787062  |
|  4.586% 4/26/33 (c)  | 15530000  | 14377101  |
|  4.912% 7/25/33 (c)  | 4507000  | 4291236  |
|  NatWest Group PLC:  |  |  |
|  3.073% 5/22/28 (c)  | 2640000  | 2359235  |
|  5.125% 5/28/24  | 11650000  | 11540023  |
|  NatWest Markets PLC 2.375% 5/21/23 (b)  | 4936000  | 4873127  |
|  Rabobank Nederland 4.375% 8/4/25  | 4230000  | 4128702  |
|  Santander Holdings U.S.A., Inc. 2.49% 1/6/28 (c)  | 3241000  | 2780722  |
|  Societe Generale:  |  |  |
|  1.038% 6/18/25 (b)(c)  | 8981000  | 8314044  |
|  1.488% 12/14/26 (b)(c)  | 5527000  | 4803865  |
|  Wells Fargo & Co.:  |  |  |
|  2.406% 10/30/25 (c)  | 2590000  | 2449301  |
|  3.526% 3/24/28 (c)  | 5273000  | 4882803  |
|  4.478% 4/4/31 (c)  | 8118000  | 7609859  |
|  5.013% 4/4/51 (c)  | 11974000  | 10616530  |
|  Westpac Banking Corp. 4.11% 7/24/34 (c)  | 2107000  | 1806476  |
|  |  | 256682545  |
| Capital Markets - 4.3%  |  |  |
|  Affiliated Managers Group, Inc.:  |  |  |
|  3.5% 8/1/25  | 3145000  | 3015075  |
|  4.25% 2/15/24  | 2434000  | 2403569  |
|  Ares Capital Corp.:  |  |  |
|  3.875% 1/15/26  | 7074000  | 6482974  |
|  4.2% 6/10/24  | 5056000  | 4880864  |
|  Credit Suisse Group AG:  |  |  |
|  2.593% 9/11/25 (b)(c)  | 6006000  | 5309667  |
|  3.75% 3/26/25  | 2646000  | 2381505  |
|  3.8% 6/9/23  | 4872000  | 4744110  |
|  3.869% 1/12/29 (b)(c)  | 2282000  | 1829133  |
|  4.194% 4/1/31 (b)(c)  | 5461000  | 4239343  |
|  4.55% 4/17/26  | 1462000  | 1289445  |
|  Deutsche Bank AG 4.5% 4/1/25  | 6790000  | 6451716  |
|  Goldman Sachs Group, Inc.:  |  |  |
|  2.383% 7/21/32 (c)  | 5355000  | 4154991  |
|  3.102% 2/24/33 (c)  | 2100000  | 1705159  |
|  3.2% 2/23/23  | 4059000  | 4048819  |
|  3.691% 6/5/28 (c)  | 23641000  | 21965585  |
|  3.8% 3/15/30  | 8794000  | 7905582  |
|  4.25% 10/21/25  | 1288000  | 1257019  |
|  6.75% 10/1/37  | 1275000  | 1360455  |
|  Moody's Corp.:  |  |  |
|  3.25% 1/15/28  | 1354000  | 1248065  |
|  3.75% 3/24/25  | 2881000  | 2801103  |
|  4.875% 2/15/24  | 1272000  | 1267903  |
|  Morgan Stanley:  |  |  |
|  3.125% 1/23/23  | 14760000  | 14746451  |
|  3.125% 7/27/26  | 12469000  | 11630732  |
|  3.622% 4/1/31 (c)  | 5698000  | 4974374  |
|  3.625% 1/20/27  | 6245000  | 5889129  |
|  3.737% 4/24/24 (c)  | 2838000  | 2822658  |
|  4.431% 1/23/30 (c)  | 2495000  | 2322106  |
|  4.889% 7/20/33 (c)  | 9357000  | 8791101  |
|  5% 11/24/25  | 8309000  | 8283954  |
|  Peachtree Corners Funding Trust 3.976% 2/15/25 (b)  | 2838000  | 2739463  |
|  UBS Group AG:  |  |  |
|  1.494% 8/10/27 (b)(c)  | 3309000  | 2846930  |
|  4.125% 9/24/25 (b)  | 2986000  | 2903361  |
|  |  | 158692341  |
| Consumer Finance - 3.1%  |  |  |
|  AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:  |  |  |
|  1.65% 10/29/24  | 6272000  | 5785295  |
|  2.45% 10/29/26  | 2289000  | 2001597  |
|  2.875% 8/14/24  | 3404000  | 3222853  |
|  3% 10/29/28  | 2397000  | 2008147  |
|  3.3% 1/30/32  | 2564000  | 2004435  |
|  3.5% 1/15/25  | 4712000  | 4487609  |
|  4.125% 7/3/23  | 2380000  | 2363366  |
|  4.45% 4/3/26  | 1774000  | 1693167  |
|  4.875% 1/16/24  | 2847000  | 2819839  |
|  6.5% 7/15/25  | 2058000  | 2085326  |
|  Ally Financial, Inc.:  |  |  |
|  1.45% 10/2/23  | 1254000  | 1215640  |
|  3.05% 6/5/23  | 5468000  | 5406117  |
|  5.125% 9/30/24  | 1214000  | 1201987  |
|  5.8% 5/1/25  | 2973000  | 2957413  |
|  7.1% 11/15/27  | 4120000  | 4191536  |
|  8% 11/1/31  | 1535000  | 1584652  |
|  Capital One Financial Corp.:  |  |  |
|  2.6% 5/11/23  | 4242000  | 4207598  |
|  2.636% 3/3/26 (c)  | 2766000  | 2590764  |
|  3.273% 3/1/30 (c)  | 3538000  | 3024883  |
|  3.65% 5/11/27  | 7652000  | 7199099  |
|  3.8% 1/31/28  | 4006000  | 3744301  |
|  4.985% 7/24/26 (c)  | 3566000  | 3492574  |
|  5.247% 7/26/30 (c)  | 4600000  | 4380795  |
|  Discover Financial Services:  |  |  |
|  3.95% 11/6/24  | 1616000  | 1572931  |
|  4.1% 2/9/27  | 1620000  | 1524412  |
|  4.5% 1/30/26  | 2660000  | 2571174  |
|  6.7% 11/29/32  | 867000  | 881285  |
|  Ford Motor Credit Co. LLC:  |  |  |
|  4.063% 11/1/24  | 9996000  | 9596879  |
|  5.584% 3/18/24  | 3546000  | 3499370  |
|  Synchrony Financial:  |  |  |
|  3.95% 12/1/27  | 4360000  | 3888463  |
|  4.25% 8/15/24  | 3797000  | 3709805  |
|  4.375% 3/19/24  | 3104000  | 3048117  |
|  5.15% 3/19/29  | 4769000  | 4512763  |
|  Toyota Motor Credit Corp. 2.9% 3/30/23  | 4399000  | 4381541  |
|  |  | 112855733  |
| Diversified Financial Services - 1.2%  |  |  |
|  Blackstone Private Credit Fund:  |  |  |
|  4.7% 3/24/25  | 9007000  | 8634019  |
|  7.05% 9/29/25 (b)  | 4363000  | 4328410  |
|  Brixmor Operating Partnership LP:  |  |  |
|  4.05% 7/1/30  | 2875000  | 2515064  |
|  4.125% 6/15/26  | 2638000  | 2487392  |
|  4.125% 5/15/29  | 2868000  | 2564168  |
|  Corebridge Financial, Inc.:  |  |  |
|  3.5% 4/4/25 (b)  | 1148000  | 1100559  |
|  3.65% 4/5/27 (b)  | 3963000  | 3694272  |
|  3.85% 4/5/29 (b)  | 1606000  | 1462757  |
|  3.9% 4/5/32 (b)  | 1912000  | 1669878  |
|  4.35% 4/5/42 (b)  | 435000  | 356852  |
|  4.4% 4/5/52 (b)  | 1286000  | 1019259  |
|  Equitable Holdings, Inc.:  |  |  |
|  3.9% 4/20/23  | 384000  | 382732  |
|  4.35% 4/20/28  | 2412000  | 2298068  |
|  Jackson Financial, Inc.:  |  |  |
|  5.17% 6/8/27  | 1735000  | 1709384  |
|  5.67% 6/8/32  | 2190000  | 2056144  |
|  Park Aerospace Holdings Ltd. 5.5% 2/15/24 (b)  | 3463000  | 3417841  |
|  Pine Street Trust I 4.572% 2/15/29 (b)  | 3240000  | 2996221  |
|  Pine Street Trust II 5.568% 2/15/49 (b)  | 3236000  | 2850749  |
|  |  | 45543769  |
| Insurance - 1.3%  |  |  |
|  AIA Group Ltd.:  |  |  |
|  3.2% 9/16/40 (b)  | 1979000  | 1412481  |
|  3.375% 4/7/30 (b)  | 4177000  | 3671588  |
|  American International Group, Inc. 2.5% 6/30/25  | 4506000  | 4241948  |
|  Five Corners Funding Trust II 2.85% 5/15/30 (b)  | 6263000  | 5250034  |
|  Liberty Mutual Group, Inc. 4.569% 2/1/29 (b)  | 2324000  | 2172286  |
|  Marsh & McLennan Companies, Inc.:  |  |  |
|  4.375% 3/15/29  | 2258000  | 2180976  |
|  4.75% 3/15/39  | 1036000  | 951965  |
|  Massachusetts Mutual Life Insurance Co. 3.729% 10/15/70 (b)  | 3298000  | 2161359  |
|  MetLife, Inc. 4.55% 3/23/30  | 6529000  | 6417759  |
|  Metropolitan Life Global Funding I 3% 1/10/23 (b)  | 1496000  | 1495491  |
|  Pacific LifeCorp 5.125% 1/30/43 (b)  | 2981000  | 2685624  |
|  Swiss Re Finance Luxembourg SA 5% 4/2/49 (b)(c)  | 1400000  | 1289036  |
|  Teachers Insurance & Annuity Association of America 4.9% 9/15/44 (b)  | 3036000  | 2775209  |
|  TIAA Asset Management Finance LLC 4.125% 11/1/24 (b)  | 1006000  | 979232  |
|  Unum Group:  |  |  |
|  3.875% 11/5/25  | 2759000  | 2634569  |
|  4% 6/15/29  | 2503000  | 2261047  |
|  5.75% 8/15/42  | 4132000  | 3714055  |
|  |  | 46294659  |
|  TOTAL FINANCIALS  |  | 620069047  |
| HEALTH CARE - 1.5%  |  |  |
| Health Care Providers & Services - 1.2%  |  |  |
|  Centene Corp.:  |  |  |
|  2.45% 7/15/28  | 5569000  | 4695905  |
|  2.625% 8/1/31  | 2597000  | 2036372  |
|  3.375% 2/15/30  | 2896000  | 2448192  |
|  4.25% 12/15/27  | 3262000  | 3059310  |
|  4.625% 12/15/29  | 5066000  | 4629492  |
|  Cigna Corp.:  |  |  |
|  3.05% 10/15/27  | 1816000  | 1661561  |
|  4.375% 10/15/28  | 3443000  | 3320546  |
|  4.8% 8/15/38  | 2144000  | 1989702  |
|  4.9% 12/15/48  | 2141000  | 1929066  |
|  CVS Health Corp.:  |  |  |
|  3% 8/15/26  | 355000  | 331588  |
|  3.625% 4/1/27  | 1019000  | 966980  |
|  4.78% 3/25/38  | 3388000  | 3086245  |
|  HCA Holdings, Inc.:  |  |  |
|  3.5% 9/1/30  | 2160000  | 1862949  |
|  3.625% 3/15/32 (b)  | 487000  | 412077  |
|  5.625% 9/1/28  | 2246000  | 2236148  |
|  5.875% 2/1/29  | 2447000  | 2439355  |
|  Humana, Inc. 3.7% 3/23/29  | 1508000  | 1380632  |
|  Sabra Health Care LP 3.2% 12/1/31  | 5311000  | 3951740  |
|  Toledo Hospital 5.325% 11/15/28  | 1197000  | 934977  |
|  |  | 43372837  |
| Pharmaceuticals - 0.3%  |  |  |
|  Bayer U.S. Finance II LLC 4.25% 12/15/25 (b)  | 2477000  | 2400029  |
|  Elanco Animal Health, Inc. 6.4% 8/28/28 (c)  | 757000  | 720293  |
|  Mylan NV 4.55% 4/15/28  | 2271000  | 2100854  |
|  Utah Acquisition Sub, Inc. 3.95% 6/15/26  | 1447000  | 1352749  |
|  Viatris, Inc.:  |  |  |
|  1.65% 6/22/25  | 558000  | 505376  |
|  2.7% 6/22/30  | 2837000  | 2218064  |
|  3.85% 6/22/40  | 1236000  | 828736  |
|  4% 6/22/50  | 2134000  | 1314838  |
|  Zoetis, Inc. 3.25% 2/1/23  | 936000  | 934635  |
|  |  | 12375574  |
|  TOTAL HEALTH CARE  |  | 55748411  |
| INDUSTRIALS - 0.8%  |  |  |
| Aerospace & Defense - 0.2%  |  |  |
|  BAE Systems PLC 3.4% 4/15/30 (b)  | 1287000  | 1135666  |
|  The Boeing Co.:  |  |  |
|  5.04% 5/1/27  | 1681000  | 1662471  |
|  5.15% 5/1/30  | 1681000  | 1640050  |
|  5.705% 5/1/40  | 1703000  | 1623917  |
|  5.805% 5/1/50  | 1703000  | 1578980  |
|  5.93% 5/1/60  | 1680000  | 1530386  |
|  |  | 9171470  |
| Professional Services - 0.0%  |  |  |
|  Thomson Reuters Corp. 3.85% 9/29/24  | 587000  | 568363  |
| Trading Companies & Distributors - 0.4%  |  |  |
|  Air Lease Corp.:  |  |  |
|  2.25% 1/15/23  | 753000  | 752284  |
|  3% 9/15/23  | 498000  | 489553  |
|  3.375% 7/1/25  | 3659000  | 3460758  |
|  3.875% 7/3/23  | 3168000  | 3139390  |
|  4.25% 2/1/24  | 3258000  | 3201868  |
|  4.25% 9/15/24  | 2024000  | 1980275  |
|  |  | 13024128  |
| Transportation Infrastructure - 0.2%  |  |  |
|  Avolon Holdings Funding Ltd.:  |  |  |
|  3.95% 7/1/24 (b)  | 1186000  | 1135359  |
|  4.25% 4/15/26 (b)  | 897000  | 813176  |
|  4.375% 5/1/26 (b)  | 2653000  | 2417269  |
|  5.25% 5/15/24 (b)  | 2164000  | 2120893  |
|  |  | 6486697  |
|  TOTAL INDUSTRIALS  |  | 29250658  |
| INFORMATION TECHNOLOGY - 1.2%  |  |  |
| Electronic Equipment & Components - 0.2%  |  |  |
|  Dell International LLC/EMC Corp.:  |  |  |
|  5.45% 6/15/23  | 983000  | 983622  |
|  5.85% 7/15/25  | 735000  | 742813  |
|  6.02% 6/15/26  | 888000  | 905898  |
|  6.1% 7/15/27  | 1349000  | 1385901  |
|  6.2% 7/15/30  | 1167000  | 1186399  |
|  |  | 5204633  |
| Semiconductors & Semiconductor Equipment - 0.5%  |  |  |
|  Broadcom, Inc.:  |  |  |
|  1.95% 2/15/28 (b)  | 944000  | 797321  |
|  2.45% 2/15/31 (b)  | 8034000  | 6327729  |
|  2.6% 2/15/33 (b)  | 8034000  | 6030298  |
|  3.5% 2/15/41 (b)  | 6488000  | 4606699  |
|  3.75% 2/15/51 (b)  | 3045000  | 2102204  |
|  |  | 19864251  |
| Software - 0.5%  |  |  |
|  Oracle Corp.:  |  |  |
|  1.65% 3/25/26  | 3687000  | 3300681  |
|  2.3% 3/25/28  | 5824000  | 5044577  |
|  2.8% 4/1/27  | 3325000  | 3025733  |
|  2.875% 3/25/31  | 6114000  | 5069283  |
|  3.6% 4/1/40  | 3327000  | 2440723  |
|  |  | 18880997  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 43949881  |
| REAL ESTATE - 3.2%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 2.7%  |  |  |
|  Alexandria Real Estate Equities, Inc. 4.9% 12/15/30  | 2366000  | 2304998  |
|  American Homes 4 Rent LP:  |  |  |
|  2.375% 7/15/31  | 427000  | 329357  |
|  3.625% 4/15/32  | 1758000  | 1478769  |
|  Boston Properties, Inc.:  |  |  |
|  3.25% 1/30/31  | 2203000  | 1821173  |
|  4.5% 12/1/28  | 2209000  | 2047826  |
|  6.75% 12/1/27  | 2669000  | 2752023  |
|  Corporate Office Properties LP:  |  |  |
|  2% 1/15/29  | 328000  | 251543  |
|  2.25% 3/15/26  | 945000  | 828503  |
|  2.75% 4/15/31  | 914000  | 684039  |
|  Healthcare Trust of America Holdings LP:  |  |  |
|  3.1% 2/15/30  | 745000  | 622048  |
|  3.5% 8/1/26  | 775000  | 721337  |
|  Healthpeak Properties, Inc.:  |  |  |
|  3.25% 7/15/26  | 325000  | 306772  |
|  3.5% 7/15/29  | 373000  | 331943  |
|  Hudson Pacific Properties LP 4.65% 4/1/29  | 4395000  | 3754875  |
|  Invitation Homes Operating Partnership LP 4.15% 4/15/32  | 2644000  | 2313198  |
|  Kite Realty Group Trust:  |  |  |
|  4% 3/15/25  | 3537000  | 3364453  |
|  4.75% 9/15/30  | 5514000  | 4854173  |
|  LXP Industrial Trust (REIT):  |  |  |
|  2.7% 9/15/30  | 1037000  | 826024  |
|  4.4% 6/15/24  | 818000  | 794696  |
|  Omega Healthcare Investors, Inc.:  |  |  |
|  3.25% 4/15/33  | 3556000  | 2570894  |
|  3.375% 2/1/31  | 1901000  | 1465347  |
|  3.625% 10/1/29  | 3357000  | 2754042  |
|  4.375% 8/1/23  | 704000  | 699997  |
|  4.5% 1/15/25  | 1520000  | 1476925  |
|  4.5% 4/1/27  | 9194000  | 8609594  |
|  4.75% 1/15/28  | 3623000  | 3338351  |
|  4.95% 4/1/24  | 769000  | 757703  |
|  5.25% 1/15/26  | 3228000  | 3160880  |
|  Piedmont Operating Partnership LP 2.75% 4/1/32  | 834000  | 583735  |
|  Realty Income Corp.:  |  |  |
|  2.2% 6/15/28  | 453000  | 387934  |
|  2.85% 12/15/32  | 556000  | 450895  |
|  3.25% 1/15/31  | 579000  | 502089  |
|  3.4% 1/15/28  | 904000  | 832421  |
|  Retail Opportunity Investments Partnership LP:  |  |  |
|  4% 12/15/24  | 555000  | 530492  |
|  5% 12/15/23  | 418000  | 413294  |
|  Simon Property Group LP 2.45% 9/13/29  | 924000  | 771438  |
|  SITE Centers Corp.:  |  |  |
|  3.625% 2/1/25  | 1284000  | 1211829  |
|  4.25% 2/1/26  | 1677000  | 1579477  |
|  Store Capital Corp.:  |  |  |
|  2.75% 11/18/30  | 4952000  | 3800594  |
|  4.625% 3/15/29  | 1018000  | 911983  |
|  Sun Communities Operating LP:  |  |  |
|  2.3% 11/1/28  | 948000  | 789187  |
|  2.7% 7/15/31  | 2448000  | 1932256  |
|  Ventas Realty LP:  |  |  |
|  3% 1/15/30  | 4331000  | 3633399  |
|  3.5% 2/1/25  | 3658000  | 3513147  |
|  4% 3/1/28  | 1273000  | 1177038  |
|  4.125% 1/15/26  | 884000  | 857431  |
|  4.375% 2/1/45  | 433000  | 335620  |
|  4.75% 11/15/30  | 5686000  | 5309036  |
|  VICI Properties LP:  |  |  |
|  4.375% 5/15/25  | 446000  | 432543  |
|  4.75% 2/15/28  | 3531000  | 3349746  |
|  4.95% 2/15/30  | 4599000  | 4377868  |
|  5.125% 5/15/32  | 1205000  | 1115770  |
|  Vornado Realty LP 2.15% 6/1/26  | 1069000  | 903296  |
|  WP Carey, Inc.:  |  |  |
|  2.4% 2/1/31  | 2157000  | 1718632  |
|  3.85% 7/15/29  | 724000  | 650348  |
|  4% 2/1/25  | 3043000  | 2965171  |
|  |  | 100258152  |
| Real Estate Management & Development - 0.5%  |  |  |
|  Brandywine Operating Partnership LP:  |  |  |
|  3.95% 11/15/27  | 2619000  | 2198269  |
|  4.1% 10/1/24  | 2878000  | 2738457  |
|  4.55% 10/1/29  | 3316000  | 2772194  |
|  7.55% 3/15/28  | 3596000  | 3526523  |
|  CBRE Group, Inc. 2.5% 4/1/31  | 3160000  | 2490695  |
|  Tanger Properties LP:  |  |  |
|  2.75% 9/1/31  | 2490000  | 1803010  |
|  3.125% 9/1/26  | 3468000  | 3149246  |
|  |  | 18678394  |
|  TOTAL REAL ESTATE  |  | 118936546  |
| UTILITIES - 1.5%  |  |  |
| Electric Utilities - 0.7%  |  |  |
|  Alabama Power Co. 3.05% 3/15/32  | 3742000  | 3224103  |
|  Cleco Corporate Holdings LLC:  |  |  |
|  3.375% 9/15/29  | 1957000  | 1664632  |
|  3.743% 5/1/26  | 7482000  | 7063802  |
|  Duke Energy Corp. 2.45% 6/1/30  | 1580000  | 1299218  |
|  Duquesne Light Holdings, Inc.:  |  |  |
|  2.532% 10/1/30 (b)  | 750000  | 594180  |
|  2.775% 1/7/32 (b)  | 2595000  | 2029731  |
|  Entergy Corp. 2.8% 6/15/30  | 1621000  | 1369160  |
|  Eversource Energy 2.8% 5/1/23  | 2901000  | 2886235  |
|  Exelon Corp.:  |  |  |
|  2.75% 3/15/27  | 829000  | 760263  |
|  3.35% 3/15/32  | 1006000  | 873704  |
|  4.05% 4/15/30  | 988000  | 917257  |
|  4.1% 3/15/52  | 745000  | 595303  |
|  4.7% 4/15/50  | 440000  | 383270  |
|  FirstEnergy Corp. 7.375% 11/15/31  | 1946000  | 2191683  |
|  IPALCO Enterprises, Inc. 3.7% 9/1/24  | 1224000  | 1186079  |
|  |  | 27038620  |
| Gas Utilities - 0.0%  |  |  |
|  Nakilat, Inc. 6.067% 12/31/33 (b)  | 915003  | 940337  |
| Independent Power and Renewable Electricity Producers - 0.3%  |  |  |
|  Emera U.S. Finance LP 3.55% 6/15/26  | 1074000  | 1006016  |
|  The AES Corp.:  |  |  |
|  2.45% 1/15/31  | 1088000  | 865527  |
|  3.3% 7/15/25 (b)  | 4877000  | 4598526  |
|  3.95% 7/15/30 (b)  | 4253000  | 3751146  |
|  |  | 10221215  |
| Multi-Utilities - 0.5%  |  |  |
|  Berkshire Hathaway Energy Co. 4.05% 4/15/25  | 7058000  | 6949359  |
|  Consolidated Edison Co. of New York, Inc. 3.35% 4/1/30  | 449000  | 403814  |
|  NiSource, Inc.:  |  |  |
|  2.95% 9/1/29  | 4856000  | 4211574  |
|  3.6% 5/1/30  | 2477000  | 2205570  |
|  Puget Energy, Inc.:  |  |  |
|  4.1% 6/15/30  | 1909000  | 1704663  |
|  4.224% 3/15/32  | 3417000  | 3032411  |
|  WEC Energy Group, Inc. 3 month U.S. LIBOR + 2.610% 6.7186% 5/15/67 (c)(d)  | 810000  | 677597  |
|  |  | 19184988  |
|  TOTAL UTILITIES  |  | 57385160  |
| <br> **TOTAL NONCONVERTIBLE BONDS** <br> (Cost $1,537,332,216)  |  | <br> **1312249895**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Treasury Obligations - 28.8%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 28.8%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 28.8%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  U.S. Treasury Bonds:  |  |  |
|  1.125% 5/15/40  | 22865200  | 14310400  |
|  1.75% 8/15/41  | 80591100  | 55151386  |
|  1.875% 11/15/51  | 50329100  | 31876408  |
|  2% 11/15/41 (e)(f)  | 13838700  | 9881156  |
|  2% 8/15/51  | 200421400  | 131229042  |
|  2.25% 2/15/52  | 38732200  | 26934009  |
|  3% 2/15/47  | 55093200  | 45096797  |
|  3.25% 5/15/42 (e)(f)(g)  | 2740000  | 2402209  |
|  3.375% 8/15/42  | 58000000  | 51837500  |
|  U.S. Treasury Notes:  |  |  |
|  0.25% 7/31/25  | 58207100  | 52525086  |
|  0.75% 3/31/26  | 75087100  | 67299746  |
|  0.875% 9/30/26  | 17031000  | 15122331  |
|  1.125% 10/31/26  | 34061900  | 30465442  |
|  1.125% 8/31/28  | 70526300  | 60217338  |
|  1.25% 5/31/28  | 220752000  | 191122945  |
|  1.25% 9/30/28  | 15938200  | 13688174  |
|  1.5% 1/31/27  | 5077000  | 4583777  |
|  1.5% 11/30/28 (e)(f)(g)  | 1637700  | 1422176  |
|  1.625% 9/30/26  | 58426000  | 53455226  |
|  1.75% 1/31/29  | 27595700  | 24238942  |
|  2.625% 7/31/29  | 37400000  | 34438680  |
|  2.75% 4/30/27  | 43645400  | 41360836  |
|  2.875% 5/15/32  | 105403000  | 97135452  |
|  4.375% 10/31/24  | 3500000  | 3490020  |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS** <br> (Cost $1,306,292,659)  |  | **1059285078**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government Agency - Mortgage Securities - 28.7%**  | &nbsp;&nbsp; **U.S. Government Agency - Mortgage Securities - 28.7%**  | &nbsp;&nbsp; **U.S. Government Agency - Mortgage Securities - 28.7%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
| Fannie Mae - 7.1%  |  |  |
|  12 month U.S. LIBOR + 1.480% 3.787% 7/1/34 (c)(d)  | 3392  | 3401  |
|  12 month U.S. LIBOR + 1.550% 3.803% 6/1/36 (c)(d)  | 4063  | 4098  |
|  12 month U.S. LIBOR + 1.630% 3.28% 11/1/36 (c)(d)  | 46777  | 46985  |
|  12 month U.S. LIBOR + 1.700% 3.186% 6/1/42 (c)(d)  | 32041  | 32417  |
|  12 month U.S. LIBOR + 1.730% 3.105% 5/1/36 (c)(d)  | 31786  | 32078  |
|  12 month U.S. LIBOR + 1.750% 2.617% 7/1/35 (c)(d)  | 3206  | 3212  |
|  12 month U.S. LIBOR + 1.780% 2.163% 2/1/36 (c)(d)  | 12782  | 12819  |
|  12 month U.S. LIBOR + 1.800% 4.05% 7/1/41 (c)(d)  | 14838  | 15012  |
|  12 month U.S. LIBOR + 1.810% 3.999% 7/1/41 (c)(d)  | 20764  | 21077  |
|  12 month U.S. LIBOR + 1.810% 4.068% 9/1/41 (c)(d)  | 10638  | 10745  |
|  12 month U.S. LIBOR + 1.820% 2.195% 12/1/35 (c)(d)  | 12783  | 12872  |
|  12 month U.S. LIBOR + 1.830% 4.08% 10/1/41 (c)(d)  | 10389  | 10331  |
|  12 month U.S. LIBOR + 1.950% 3.556% 9/1/36 (c)(d)  | 23678  | 23731  |
|  12 month U.S. LIBOR + 1.950% 3.771% 7/1/37 (c)(d)  | 8931  | 9077  |
|  6 month U.S. LIBOR + 1.310% 3.438% 5/1/34 (c)(d)  | 19375  | 19219  |
|  6 month U.S. LIBOR + 1.420% 2.572% 9/1/33 (c)(d)  | 33662  | 33250  |
|  6 month U.S. LIBOR + 1.550% 4.011% 10/1/33 (c)(d)  | 2213  | 2237  |
|  6 month U.S. LIBOR + 1.560% 3.64% 7/1/35 (c)(d)  | 3753  | 3816  |
|  U.S. TREASURY 1 YEAR INDEX + 1.940% 3.87% 10/1/33 (c)(d)  | 34617  | 35004  |
|  U.S. TREASURY 1 YEAR INDEX + 2.200% 2.583% 3/1/35 (c)(d)  | 3095  | 3137  |
|  U.S. TREASURY 1 YEAR INDEX + 2.220% 2.443% 8/1/36 (c)(d)  | 40080  | 40824  |
|  U.S. TREASURY 1 YEAR INDEX + 2.280% 4.407% 10/1/33 (c)(d)  | 5821  | 5939  |
|  U.S. TREASURY 1 YEAR INDEX + 2.420% 3.598% 5/1/35 (c)(d)  | 8821  | 8992  |
|  1.5% 1/1/36 to 11/1/41  | 8221776  | 6879298  |
|  2% 10/1/35 to 3/1/52  | 54069339  | 44746726  |
|  2.5% 7/1/31 to 6/1/52  | 54482407  | 47121086  |
|  3% 8/1/32 to 3/1/52  | 65455783  | 58649388  |
|  3.5% 8/1/37 to 4/1/52 (e)(f)  | 37368477  | 34525420  |
|  4% 7/1/39 to 11/1/52  | 30695224  | 29315192  |
|  4.5% to 4.5% 5/1/25 to 7/1/52  | 14675351  | 14462002  |
|  5% 3/1/23 to 1/1/53  | 16698733  | 16637391  |
|  5.5% 10/1/52 to 11/1/52  | 5785158  | 5817870  |
|  6% 10/1/34 to 11/1/52  | 3057987  | 3156917  |
|  6.5% 12/1/23 to 8/1/36  | 326343  | 341358  |
|  7% to 7% 11/1/23 to 8/1/32  | 47470  | 48661  |
|  7.5% to 7.5% 9/1/25 to 11/1/31  | 57156  | 59563  |
|  8% 1/1/30  | 227  | 241  |
|  8.5% 3/1/25  | 32  | 33  |
|  TOTAL FANNIE MAE  |  | 262151419  |
| Freddie Mac - 4.3%  |  |  |
|  12 month U.S. LIBOR + 1.370% 3.141% 3/1/36 (c)(d)  | 26189  | 25930  |
|  12 month U.S. LIBOR + 1.880% 3.255% 4/1/41 (c)(d)  | 4006  | 4037  |
|  12 month U.S. LIBOR + 1.880% 4.13% 9/1/41 (c)(d)  | 16015  | 16069  |
|  12 month U.S. LIBOR + 1.910% 3.22% 5/1/41 (c)(d)  | 32320  | 32582  |
|  12 month U.S. LIBOR + 1.910% 3.568% 5/1/41 (c)(d)  | 33833  | 34169  |
|  12 month U.S. LIBOR + 1.910% 3.774% 6/1/41 (c)(d)  | 41979  | 42423  |
|  12 month U.S. LIBOR + 1.910% 4.16% 6/1/41 (c)(d)  | 10576  | 10710  |
|  12 month U.S. LIBOR + 2.030% 4.158% 3/1/33 (c)(d)  | 333  | 332  |
|  12 month U.S. LIBOR + 2.160% 4.41% 11/1/35 (c)(d)  | 5252  | 5295  |
|  6 month U.S. LIBOR + 1.650% 4.177% 4/1/35 (c)(d)  | 22603  | 22807  |
|  6 month U.S. LIBOR + 2.680% 4.983% 10/1/35 (c)(d)  | 3762  | 3858  |
|  U.S. TREASURY 1 YEAR INDEX + 2.240% 2.372% 1/1/35 (c)(d)  | 3367  | 3407  |
|  1.5% 7/1/35 to 4/1/41  | 1210514  | 1011238  |
|  2% 4/1/41 to 4/1/52  | 32011463  | 26310087  |
|  2.5% 8/1/32 to 4/1/52 (e)  | 40009794  | 34393115  |
|  3% 6/1/31 to 4/1/52  | 29771390  | 26563211  |
|  3.5% 3/1/32 to 3/1/52  | 31725487  | 29795300  |
|  4% 5/1/37 to 6/1/48  | 13155312  | 12708181  |
|  4.5% 7/1/25 to 12/1/52  | 14461945  | 14139857  |
|  5% 1/1/40 to 12/1/52  | 10067489  | 10067436  |
|  5.5% 10/1/52  | 948497  | 953861  |
|  6% 4/1/32 to 8/1/37  | 183896  | 190146  |
|  7.5% 8/1/26 to 11/1/31  | 7364  | 7788  |
|  8% 4/1/27 to 5/1/27  | 628  | 650  |
|  8.5% 5/1/27 to 1/1/28  | 1071  | 1109  |
|  TOTAL FREDDIE MAC  |  | 156343598  |
| Ginnie Mae - 6.6%  |  |  |
|  3% 12/20/42 to 4/20/50  | 8092026  | 7304510  |
|  3.5% 12/20/40 to 1/20/50  | 2886181  | 2689662  |
|  4% 2/15/40 to 4/20/48  | 12011711  | 11559640  |
|  4.5% 5/15/39 to 5/20/41  | 2422889  | 2388663  |
|  5% 3/15/39 to 4/20/48  | 1382985  | 1397993  |
|  6.5% 4/15/35 to 11/15/35  | 28224  | 29685  |
|  7% 1/15/28 to 7/15/32  | 177077  | 184050  |
|  7.5% to 7.5% 1/15/24 to 10/15/28  | 30228  | 31185  |
|  8% 3/15/30 to 9/15/30  | 4015  | 4248  |
|  2% 1/20/51 to 4/20/51  | 3134299  | 2644821  |
|  2% 1/1/53 (h)  | 11100000  | 9312567  |
|  2% 1/1/53 (h)  | 3700000  | 3104189  |
|  2% 1/1/53 (h)  | 3650000  | 3062241  |
|  2% 1/1/53 (h)  | 3600000  | 3020292  |
|  2% 1/1/53 (h)  | 7250000  | 6082533  |
|  2% 1/1/53 (h)  | 5300000  | 4446541  |
|  2% 1/1/53 (h)  | 4550000  | 3817314  |
|  2% 1/1/53 (h)  | 5850000  | 4907975  |
|  2% 1/1/53 (h)  | 2900000  | 2433013  |
|  2% 1/1/53 (h)  | 5750000  | 4824078  |
|  2% 1/1/53 (h)  | 19050000  | 15982379  |
|  2% 2/1/53 (h)  | 15200000  | 12766000  |
|  2% 2/1/53 (h)  | 19050000  | 15999493  |
|  2% 3/1/53 (h)  | 3800000  | 3194023  |
|  2.5% 12/20/51  | 151224  | 131173  |
|  2.5% 1/1/53 (h)  | 8450000  | 7319755  |
|  2.5% 1/1/53 (h)  | 4250000  | 3681534  |
|  2.5% 1/1/53 (h)  | 4200000  | 3638221  |
|  2.5% 1/1/53 (h)  | 8500000  | 7363067  |
|  2.5% 1/1/53 (h)  | 4150000  | 3594909  |
|  2.5% 1/1/53 (h)  | 4200000  | 3638221  |
|  2.5% 1/1/53 (h)  | 1050000  | 909555  |
|  2.5% 1/1/53 (h)  | 11900000  | 10308294  |
|  2.5% 1/1/53 (h)  | 1500000  | 1299365  |
|  2.5% 2/1/53 (h)  | 16150000  | 14001183  |
|  3% 1/1/53 (h)  | 6750000  | 6012066  |
|  3% 1/1/53 (h)  | 4050000  | 3607240  |
|  3% 1/1/53 (h)  | 5250000  | 4676052  |
|  3% 1/1/53 (h)  | 1125000  | 1002011  |
|  3% 1/1/53 (h)  | 3100000  | 2761097  |
|  3% 1/1/53 (h)  | 7700000  | 6858209  |
|  3% 1/1/53 (h)  | 3475000  | 3095101  |
|  3% 2/1/53 (h)  | 12300000  | 10961567  |
|  3% 2/1/53 (h)  | 3100000  | 2762671  |
|  3.5% 1/1/53 (h)  | 7600000  | 6982728  |
|  3.5% 1/1/53 (h)  | 5450000  | 5007351  |
|  3.5% 1/1/53 (h)  | 4200000  | 3858876  |
|  3.5% 2/1/53 (h)  | 9150000  | 8410769  |
|  TOTAL GINNIE MAE  |  | 243068110  |
| Uniform Mortgage Backed Securities - 10.7%  |  |  |
|  1.5% 1/1/38 (h)  | 1650000  | 1432290  |
|  1.5% 1/1/38 (h)  | 6550000  | 5685758  |
|  1.5% 1/1/38 (h)  | 1650000  | 1432290  |
|  1.5% 1/1/38 (h)  | 1500000  | 1302082  |
|  1.5% 1/1/38 (h)  | 3150000  | 2734372  |
|  1.5% 2/1/38 (h)  | 4900000  | 4259785  |
|  1.5% 2/1/38 (h)  | 3300000  | 2868835  |
|  1.5% 1/1/53 (h)  | 12900000  | 9956412  |
|  1.5% 1/1/53 (h)  | 3000000  | 2315445  |
|  1.5% 1/1/53 (h)  | 4750000  | 3666121  |
|  2% 1/1/38 (h)  | 4100000  | 3652075  |
|  2% 1/1/38 (h)  | 6850000  | 6101638  |
|  2% 1/1/38 (h)  | 2050000  | 1826038  |
|  2% 1/1/38 (h)  | 2050000  | 1826038  |
|  2% 1/1/38 (h)  | 4150000  | 3696613  |
|  2% 1/1/38 (h)  | 750000  | 668063  |
|  2% 1/1/38 (h)  | 900000  | 801675  |
|  2% 1/1/38 (h)  | 1450000  | 1291588  |
|  2% 2/1/38 (h)  | 5450000  | 4860974  |
|  2% 2/1/38 (h)  | 4750000  | 4236629  |
|  2% 2/1/38 (h)  | 3300000  | 2943342  |
|  2% 1/1/53 (h)  | 8750000  | 7141915  |
|  2% 1/1/53 (h)  | 17500000  | 14283829  |
|  2% 1/1/53 (h)  | 4350000  | 3550552  |
|  2% 1/1/53 (h)  | 4400000  | 3591363  |
|  2% 1/1/53 (h)  | 900000  | 734597  |
|  2% 1/1/53 (h)  | 4350000  | 3550552  |
|  2% 1/1/53 (h)  | 17600000  | 14365451  |
|  2% 1/1/53 (h)  | 8700000  | 7101104  |
|  2% 1/1/53 (h)  | 10350000  | 8447865  |
|  2% 1/1/53 (h)  | 17100000  | 13957341  |
|  2% 2/1/53 (h)  | 8600000  | 7027544  |
|  2% 2/1/53 (h)  | 17100000  | 13973373  |
|  2% 2/1/53 (h)  | 850000  | 694583  |
|  2% 2/1/53 (h)  | 8550000  | 6986686  |
|  2% 2/1/53 (h)  | 8550000  | 6986686  |
|  2.5% 1/1/38 (h)  | 7200000  | 6595875  |
|  2.5% 1/1/53 (h)  | 14000000  | 11869375  |
|  2.5% 1/1/53 (h)  | 4650000  | 3942328  |
|  2.5% 1/1/53 (h)  | 17850000  | 15133453  |
|  2.5% 1/1/53 (h)  | 2500000  | 2119531  |
|  2.5% 1/1/53 (h)  | 4500000  | 3815156  |
|  2.5% 1/1/53 (h)  | 1900000  | 1610844  |
|  2.5% 1/1/53 (h)  | 4650000  | 3942328  |
|  2.5% 1/1/53 (h)  | 9900000  | 8393344  |
|  2.5% 1/1/53 (h)  | 7250000  | 6146641  |
|  2.5% 1/1/53 (h)  | 1900000  | 1610844  |
|  2.5% 1/1/53 (h)  | 4100000  | 3476031  |
|  2.5% 1/1/53 (h)  | 1500000  | 1271719  |
|  2.5% 2/1/53 (h)  | 17900000  | 15189829  |
|  2.5% 2/1/53 (h)  | 9900000  | 8401079  |
|  2.5% 2/1/53 (h)  | 9550000  | 8104071  |
|  3% 1/1/53 (h)  | 2050000  | 1800957  |
|  3% 1/1/53 (h)  | 4050000  | 3557988  |
|  3% 1/1/53 (h)  | 7100000  | 6237461  |
|  3.5% 1/1/53 (h)  | 1500000  | 1364179  |
|  3.5% 1/1/53 (h)  | 29100000  | 26465071  |
|  3.5% 1/1/53 (h)  | 10450000  | 9503780  |
|  3.5% 1/1/53 (h)  | 18650000  | 16961291  |
|  3.5% 2/1/53 (h)  | 18650000  | 16970034  |
|  4% 1/1/53 (h)  | 3950000  | 3708061  |
|  4.5% 1/1/53 (h)  | 4450000  | 4289383  |
|  5% 1/1/53 (h)  | 5450000  | 5374213  |
|  5.5% 1/1/53 (h)  | 3600000  | 3610689  |
|  5.5% 1/1/53 (h)  | 1500000  | 1504454  |
|  5.5% 1/1/53 (h)  | 1600000  | 1604751  |
|  5.5% 1/1/53 (h)  | 1600000  | 1604751  |
|  5.5% 1/1/53 (h)  | 1600000  | 1604751  |
|  5.5% 1/1/53 (h)  | 1600000  | 1604751  |
|  5.5% 1/1/53 (h)  | 5400000  | 5416034  |
|  TOTAL UNIFORM MORTGAGE BACKED SECURITIES  |  | 394756551  |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES** <br> (Cost $1,115,782,477)  |  | <br> **1056319678**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Asset-Backed Securities - 6.8%**  | &nbsp;&nbsp; **Asset-Backed Securities - 6.8%**  | &nbsp;&nbsp; **Asset-Backed Securities - 6.8%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  AASET Trust:  |  |  |
|  Series 2018-1A Class A, 3.844% 1/16/38 (b)  | 1462352  | 886062  |
|  Series 2019-1 Class A, 3.844% 5/15/39 (b)  | 1180626  | 770381  |
|  Series 2019-2:  |  |  |
|  Class A, 3.376% 10/16/39 (b) <br>| 2899128  | 2145435  |
|  Class B, 4.458% 10/16/39 (b) <br>| 713637  | 228385  |
|  Series 2021-1A Class A, 2.95% 11/16/41 (b)  | 3159927  | 2526612  |
|  Series 2021-2A Class A, 2.798% 1/15/47 (b)  | 6273114  | 5056831  |
|  Aimco Series 2021-BA Class AR, 3 month U.S. LIBOR + 1.100% 5.1791% 1/15/32 (b)(c)(d)  | 1196595  | 1175763  |
|  AIMCO CLO Ltd. Series 2021-11A Class AR, 3 month U.S. LIBOR + 1.130% 5.2091% 10/17/34 (b)(c)(d)  | 2370709  | 2307669  |
|  AIMCO CLO Ltd. / AIMCO CLO LLC Series 2021-14A Class A, 3 month U.S. LIBOR + 0.990% 5.2326% 4/20/34 (b)(c)(d)  | 5797905  | 5619967  |
|  Allegro CLO XV, Ltd. / Allegro CLO VX LLC Series 2022-1A Class A, CME TERM SOFR 3 MONTH INDEX + 1.500% 3.1807% 7/20/35 (b)(c)(d)  | 3019149  | 2937013  |
|  Allegro CLO, Ltd. Series 2021-1A Class A, 3 month U.S. LIBOR + 1.140% 5.3826% 7/20/34 (b)(c)(d)  | 2835654  | 2755932  |
|  Apollo Aviation Securitization Equity Trust Series 2020-1A:  |  |  |
|  Class A, 3.351% 1/16/40 (b)  | 858355  | 687570  |
|  Class B, 4.335% 1/16/40 (b)  | 268430  | 115668  |
|  Ares CLO Series 2019-54A Class A, 3 month U.S. LIBOR + 1.320% 5.3991% 10/15/32 (b)(c)(d)  | 3103607  | 3044129  |
|  Ares LIX CLO Ltd. Series 2021-59A Class A, 3 month U.S. LIBOR + 1.030% 5.3884% 4/25/34 (b)(c)(d)  | 1923930  | 1865100  |
|  Ares LV CLO Ltd. Series 2021-55A Class A1R, 3 month U.S. LIBOR + 1.130% 5.2091% 7/15/34 (b)(c)(d)  | 3574230  | 3492981  |
|  Ares LVIII CLO LLC Series 2022-58A Class AR, CME TERM SOFR 3 MONTH INDEX + 1.330% 5.1936% 1/15/35 (b)(c)(d)  | 4768241  | 4576367  |
|  Ares XLI CLO Ltd. / Ares XLI CLO LLC Series 2021-41A Class AR2, 3 month U.S. LIBOR + 1.070% 5.1491% 4/15/34 (b)(c)(d)  | 4022144  | 3903471  |
|  Ares XXXIV CLO Ltd. Series 2020-2A Class AR2, 3 month U.S. LIBOR + 1.250% 5.3291% 4/17/33 (b)(c)(d)  | 1232474  | 1207386  |
|  Babson CLO Ltd. Series 2021-1A Class AR, 3 month U.S. LIBOR + 1.150% 5.2291% 10/15/36 (b)(c)(d)  | 2392281  | 2327721  |
|  Barings CLO Ltd.:  |  |  |
|  Series 2021-1A Class A, 3 month U.S. LIBOR + 1.020% 5.3784% 4/25/34 (b)(c)(d)  | 4224812  | 4104422  |
|  Series 2021-4A Class A, 3 month U.S. LIBOR + 1.220% 5.4626% 1/20/32 (b)(c)(d)  | 3831965  | 3771002  |
|  Beechwood Park CLO Ltd. Series 2022-1A Class A1R, CME TERM SOFR 3 MONTH INDEX + 1.300% 5.1636% 1/17/35 (b)(c)(d)  | 4846852  | 4769535  |
|  BETHP Series 2021-1A Class A, 3 month U.S. LIBOR + 1.130% 5.2091% 1/15/35 (b)(c)(d)  | 3615104  | 3508310  |
|  Blackbird Capital Aircraft:  |  |  |
|  Series 2016-1A:  |  |  |
|  Class A, 4.213% 12/16/41 (b) <br>| 3595500  | 2941952  |
|  Class AA, 2.487% 12/16/41 (b)(c) <br>| 345058  | 314381  |
|  Series 2021-1A Class A, 2.443% 7/15/46 (b)  | 4441918  | 3648620  |
|  Bristol Park CLO, Ltd. Series 2020-1A Class AR, 3 month U.S. LIBOR + 0.990% 5.0691% 4/15/29 (b)(c)(d)  | 3535101  | 3485935  |
|  Castlelake Aircraft Securitization Trust Series 2019-1A:  |  |  |
|  Class A, 3.967% 4/15/39 (b)  | 2285143  | 1931250  |
|  Class B, 5.095% 4/15/39 (b)  | 1232658  | 913617  |
|  Castlelake Aircraft Structured Trust:  |  |  |
|  Series 2018-1 Class A, 4.125% 6/15/43 (b)  | 1468699  | 1287296  |
|  Series 2021-1A Class A, 3.474% 1/15/46 (b)  | 910608  | 764948  |
|  Cedar Funding Ltd.:  |  |  |
|  Series 2021-10A Class AR, 3 month U.S. LIBOR + 1.100% 5.3426% 10/20/32 (b)(c)(d)  | 2890154  | 2820212  |
|  Series 2022-15A Class A, CME TERM SOFR 3 MONTH INDEX + 1.320% 5.2833% 4/20/35 (b)(c)(d)  | 4498016  | 4332030  |
|  Cedar Funding XII CLO Ltd. / Cedar Funding XII CLO LLC Series 2021-12A Class A1R, 3 month U.S. LIBOR + 1.130% 5.4884% 10/25/34 (b)(c)(d)  | 2218566  | 2153542  |
|  CEDF Series 2021-6A Class ARR, 3 month U.S. LIBOR + 1.050% 5.2926% 4/20/34 (b)(c)(d)  | 3494185  | 3379691  |
|  Cent CLO Ltd. / Cent CLO Series 2021-29A Class AR, 3 month U.S. LIBOR + 1.170% 5.4126% 10/20/34 (b)(c)(d)  | 3598073  | 3490242  |
|  Columbia Cent CLO 31 Ltd. Series 2021-31A Class A1, 3 month U.S. LIBOR + 1.200% 5.4426% 4/20/34 (b)(c)(d)  | 3860350  | 3749079  |
|  Columbia Cent Clo 32 Ltd. / Coliseum Series 2022-32A Class A1, CME TERM SOFR 3 MONTH INDEX + 1.700% 4.197% 7/24/34 (b)(c)(d)  | 4457000  | 4280940  |
|  Columbia Cent CLO Ltd. / Columbia Cent CLO Corp. Series 2021-30A Class A1, 3 month U.S. LIBOR + 1.310% 5.5526% 1/20/34 (b)(c)(d)  | 5052517  | 4946571  |
|  DB Master Finance LLC Series 2017-1A Class A2II, 4.03% 11/20/47 (b)  | 3259455  | 2961084  |
|  Dryden 98 CLO Ltd. Series 2022-98A Class A, CME TERM SOFR 3 MONTH INDEX + 1.300% 5.2633% 4/20/35 (b)(c)(d)  | 2526193  | 2439353  |
|  Dryden CLO, Ltd.:  |  |  |
|  Series 2021-76A Class A1R, 3 month U.S. LIBOR + 1.150% 5.3926% 10/20/34 (b)(c)(d)  | 2388876  | 2322721  |
|  Series 2021-83A Class A, 3 month U.S. LIBOR + 1.220% 5.4137% 1/18/32 (b)(c)(d)  | 2929325  | 2881609  |
|  Dryden Senior Loan Fund:  |  |  |
|  Series 2020-78A Class A, 3 month U.S. LIBOR + 1.180% 5.2591% 4/17/33 (b)(c)(d)  | 2441104  | 2389116  |
|  Series 2021-85A Class AR, 3 month U.S. LIBOR + 1.150% 5.2291% 10/15/35 (b)(c)(d)  | 3177977  | 3086817  |
|  Series 2021-90A Class A1A, 3 month U.S. LIBOR + 1.130% 5.8054% 2/20/35 (b)(c)(d)  | 1889869  | 1832893  |
|  Eaton Vance CLO, Ltd.:  |  |  |
|  Series 2021-1A Class AR, 3 month U.S. LIBOR + 1.100% 5.1791% 4/15/31 (b)(c)(d)  | 1638378  | 1606915  |
|  Series 2021-2A Class AR, 3 month U.S. LIBOR + 1.150% 5.2291% 1/15/35 (b)(c)(d)  | 4330149  | 4225381  |
|  Eaton Vance CLO, Ltd. / Eaton Vance CLO LLC Series 2021-1A Class A13R, 3 month U.S. LIBOR + 1.250% 5.3291% 1/15/34 (b)(c)(d)  | 1005251  | 980444  |
|  Flatiron CLO Ltd. Series 2021-1A:  |  |  |
|  Class A1, 3 month U.S. LIBOR + 1.110% 5.3366% 7/19/34 (b)(c)(d)  | 2577919  | 2514881  |
|  Class AR, 3 month U.S. LIBOR + 1.080% 5.7239% 11/16/34 (b)(c)(d)  | 3690041  | 3600432  |
|  Flatiron CLO Ltd. / Flatiron CLO LLC Series 2020-1A Class A, 3 month U.S. LIBOR + 1.300% 5.9754% 11/20/33 (b)(c)(d)  | 4601553  | 4497107  |
|  Horizon Aircraft Finance I Ltd. Series 2018-1 Class A, 4.458% 12/15/38 (b)  | 1368708  | 1120971  |
|  Horizon Aircraft Finance Ltd. Series 2019-1 Class A, 3.721% 7/15/39 (b)  | 1311571  | 1031720  |
|  Invesco CLO Ltd. Series 2021-3A Class A, 3 month U.S. LIBOR + 1.130% 5.4546% 10/22/34 (b)(c)(d)  | 2531935  | 2456311  |
|  KKR CLO Ltd. Series 2022-41A Class A1, CME TERM SOFR 3 MONTH INDEX + 1.330% 5.1936% 4/15/35 (b)(c)(d)  | 5870431  | 5654229  |
|  Lucali CLO Ltd. Series 2021-1A Class A, 3 month U.S. LIBOR + 1.210% 5.2891% 1/15/33 (b)(c)(d)  | 1816635  | 1791891  |
|  Madison Park Funding Series 2020-19A Class A1R2, 3 month U.S. LIBOR + 0.920% 5.2446% 1/22/28 (b)(c)(d)  | 2442695  | 2415637  |
|  Madison Park Funding L Ltd. / Madison Park Funding L LLC Series 2021-50A Class A, 3 month U.S. LIBOR + 1.140% 5.3666% 4/19/34 (b)(c)(d)  | 4047691  | 3959350  |
|  Madison Park Funding LII Ltd. / Madison Park Funding LII LLC Series 2021-52A Class A, 3 month U.S. LIBOR + 1.100% 5.4246% 1/22/35 (b)(c)(d)  | 4115814  | 3984026  |
|  Madison Park Funding XLV Ltd./Madison Park Funding XLV LLC Series 2021-45A Class AR, 3 month U.S. LIBOR + 1.120% 5.1991% 7/15/34 (b)(c)(d)  | 2572810  | 2508199  |
|  Madison Park Funding XXXII, Ltd. / Madison Park Funding XXXII LLC Series 2021-32A Class A2R, 3 month U.S. LIBOR + 1.200% 5.5246% 1/22/31 (b)(c)(d)  | 1296427  | 1256561  |
|  Magnetite CLO Ltd. Series 2021-27A Class AR, 3 month U.S. LIBOR + 1.140% 5.3826% 10/20/34 (b)(c)(d)  | 1041994  | 1014236  |
|  Magnetite IX, Ltd. / Magnetite IX LLC Series 2021-30A Class A, 3 month U.S. LIBOR + 1.130% 5.4884% 10/25/34 (b)(c)(d)  | 4363331  | 4248488  |
|  Magnetite XXI Ltd. Series 2021-21A Class AR, 3 month U.S. LIBOR + 1.020% 5.2626% 4/20/34 (b)(c)(d)  | 3374400  | 3288518  |
|  Magnetite XXIX, Ltd. / Magnetite XXIX LLC Series 2021-29A Class A, 3 month U.S. LIBOR + 0.990% 5.0691% 1/15/34 (b)(c)(d)  | 3525408  | 3457741  |
|  Marlette Funding Trust Series 2022-1A Class A, 1.36% 4/15/32 (b)  | 2560598  | 2509873  |
|  Milos CLO, Ltd. Series 2020-1A Class AR, 3 month U.S. LIBOR + 1.070% 5.3126% 10/20/30 (b)(c)(d)  | 3696853  | 3643995  |
|  Park Place Securities, Inc. Series 2005-WCH1 Class M4, 1 month U.S. LIBOR + 1.240% 5.6337% 1/25/36 (c)(d)  | 91081  | 89016  |
|  Peace Park CLO, Ltd. Series 2021-1A Class A, 3 month U.S. LIBOR + 1.130% 5.3726% 10/20/34 (b)(c)(d)  | 1408460  | 1371385  |
|  Planet Fitness Master Issuer LLC:  |  |  |
|  Series 2019-1A Class A2, 3.858% 12/5/49 (b)  | 2668470  | 2190683  |
|  Series 2022-1A:  |  |  |
|  Class A2I, 3.251% 12/5/51 (b) <br>| 2925890  | 2542961  |
|  Class A2II, 4.008% 12/5/51 (b) <br>| 2614245  | 2041919  |
|  Project Silver Series 2019-1 Class A, 3.967% 7/15/44 (b)  | 2465574  | 1942415  |
|  Rockland Park CLO Ltd. Series 2021-1A Class A, 3 month U.S. LIBOR + 1.120% 5.3626% 4/20/34 (b)(c)(d)  | 4820896  | 4704529  |
|  RR 7 Ltd. Series 2022-7A Class A1AB, CME TERM SOFR 3 MONTH INDEX + 1.340% 5.2036% 1/15/37 (b)(c)(d)  | 4874693  | 4753864  |
|  Sapphire Aviation Finance Series 2020-1A:  |  |  |
|  Class A, 3.228% 3/15/40 (b)  | 2593795  | 1963050  |
|  Class B, 4.335% 3/15/40 (b)  | 521805  | 305526  |
|  SBA Tower Trust:  |  |  |
|  Series 2019, 2.836% 1/15/50 (b)  | 3520000  | 3319531  |
|  1.884% 7/15/50 (b)  | 1356000  | 1193746  |
|  2.328% 7/15/52 (b)  | 1037000  | 869574  |
|  SYMP Series 2022-32A Class A1, CME TERM SOFR 3 MONTH INDEX + 1.320% 5.3575% 4/23/35 (b)(c)(d)  | 5044198  | 4928429  |
|  Symphony CLO XXI, Ltd. Series 2021-21A Class AR, 3 month U.S. LIBOR + 1.060% 5.1391% 7/15/32 (b)(c)(d)  | 580272  | 568096  |
|  Symphony CLO XXV Ltd. / Symphony CLO XXV LLC Series 2021-25A Class A, 3 month U.S. LIBOR + 0.980% 5.2066% 4/19/34 (b)(c)(d)  | 4282717  | 4155139  |
|  Symphony CLO XXVI Ltd. / Symphony CLO XXVI LLC Series 2021-26A Class AR, 3 month U.S. LIBOR + 1.080% 5.3226% 4/20/33 (b)(c)(d)  | 3959716  | 3846068  |
|  Terwin Mortgage Trust Series 2003-4HE Class A1, 1 month U.S. LIBOR + 0.860% 5.2487% 9/25/34 (c)(d)  | 3946  | 3721  |
|  Thunderbolt Aircraft Lease Ltd. Series 2018-A Class A, 4.147% 9/15/38 (b)(c)  | 2864391  | 2169862  |
|  Thunderbolt III Aircraft Lease Ltd. Series 2019-1 Class A, 3.671% 11/15/39 (b)  | 3921415  | 3078428  |
|  Upstart Securitization Trust 3.12% 3/20/32 (b)  | 1161758  | 1119485  |
|  Voya CLO Ltd. Series 2019-2A Class A, 3 month U.S. LIBOR + 1.270% 5.5126% 7/20/32 (b)(c)(d)  | 3719561  | 3654100  |
|  Voya CLO Ltd./Voya CLO LLC:  |  |  |
|  Series 2021-2A Class A1R, 3 month U.S. LIBOR + 1.160% 5.3866% 7/19/34 (b)(c)(d)  | 2363896  | 2313212  |
|  Series 2021-3A Class AR, 3 month U.S. LIBOR + 1.150% 5.3926% 10/20/34 (b)(c)(d)  | 4837926  | 4706900  |
|  Voya CLO, Ltd. Series 2021-1A Class AR, 3 month U.S. LIBOR + 1.150% 5.2291% 7/16/34 (b)(c)(d)  | 2387172  | 2326726  |
| <br> **TOTAL ASSET-BACKED SECURITIES** <br> (Cost $265,245,800)  |  | **248062882**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Collateralized Mortgage Obligations - 0.9%**  | &nbsp;&nbsp; **Collateralized Mortgage Obligations - 0.9%**  | &nbsp;&nbsp; **Collateralized Mortgage Obligations - 0.9%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
| Private Sponsor - 0.9%  |  |  |
|  Binom Securitization Trust 202 Series 2022-RPL1 Class A1, 3% 2/25/61 (b)  | 3163563  | 2825577  |
|  BRAVO Residential Funding Trust sequential payer Series 2022-RPL1 Class A1, 2.75% 9/25/61 (b)  | 4650533  | 3840454  |
|  Cascade Funding Mortgage Trust:  |  |  |
|  sequential payer Series 2022-EBO2 Class A, 3.169% 7/25/54 (b)  | 1645348  | 1588598  |
|  Series 2021-HB6 Class A, 0.8983% 6/25/36 (b)  | 2005429  | 1897259  |
|  CFMT Series 2022-HB10 Class A, 3.25% 11/25/35 (b)  | 7400000  | 7042572  |
|  CFMT 2022-Hb8 LLC sequential payer Series 2022-HB8 Class A, 3.75% 4/25/25 (b)  | 4102308  | 3939249  |
|  Finance of America HECM Buyout sequential payer Series 2022-HB1 Class A, 2.6948% 2/25/32 (b)(c)  | 4788743  | 4615046  |
|  NYMT Loan Trust sequential payer Series 2021-CP1 Class A1, 2.0424% 7/25/61 (b)  | 1749352  | 1541424  |
|  Preston Ridge Partners Mortgage Trust Series 2021-2 Class A1, 2.115% 3/25/26 (b)  | 2954367  | 2682014  |
|  RMF Buyout Issuance Trust sequential payer Series 2022-HB1 Class A, 4.272% 4/25/32 (b)  | 1248331  | 1203567  |
|  Sequoia Mortgage Trust floater Series 2004-6 Class A3B, 6 month U.S. LIBOR + 0.880% 6.0669% 7/20/34 (c)(d)  | 1074  | 948  |
|  Towd Point Mortgage Trust sequential payer Series 2022-K147 Class A2, 3.75% 7/25/62 (b)  | 2247802  | 2030303  |
|  TOTAL PRIVATE SPONSOR  |  | 33207011  |
| U.S. Government Agency - 0.0%  |  |  |
|  Fannie Mae planned amortization class:  |  |  |
|  Series 1999-54 Class PH, 6.5% 11/18/29  | 14350  | 14400  |
|  Series 1999-57 Class PH, 6.5% 12/25/29  | 39877  | 40392  |
|  Ginnie Mae guaranteed REMIC pass-thru certificates Series 2007-35 Class SC, 40.200% - 1 month U.S. LIBOR 14.2423% 6/16/37 (c)(i)  | 8542  | 9973  |
|  TOTAL U.S. GOVERNMENT AGENCY  |  | 64765  |
| <br> **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br> (Cost $35,520,784)  |  | <br> **33271776**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Commercial Mortgage Securities - 6.7%**  | &nbsp;&nbsp; **Commercial Mortgage Securities - 6.7%**  | &nbsp;&nbsp; **Commercial Mortgage Securities - 6.7%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  BAMLL Commercial Mortgage Securities Trust:  |  |  |
|  floater Series 2022-DKLX:  |  |  |
|  Class A, CME Term SOFR 1 Month Index + 1.150% 5.486% 1/15/39 (b)(c)(d) <br>| 2741961  | 2653120  |
|  Class B, CME Term SOFR 1 Month Index + 1.550% 5.886% 1/15/39 (b)(c)(d) <br>| 618000  | 591671  |
|  Class C, CME Term SOFR 1 Month Index + 2.150% 6.486% 1/15/39 (b)(c)(d) <br>| 437000  | 414582  |
|  sequential payer Series 2019-BPR Class ANM, 3.112% 11/5/32 (b)  | 2189000  | 2023488  |
|  Series 2019-BPR:  |  |  |
|  Class BNM, 3.465% 11/5/32 (b) <br>| 491000  | 433975  |
|  Class CNM, 3.7186% 11/5/32 (b)(c) <br>| 248000  | 207743  |
|  BANK:  |  |  |
|  sequential payer:  |  |  |
|  Series 2018-BN10 Class A5, 3.688% 2/15/61 <br>| 218564  | 203921  |
|  Series 2019-BN21 Class A5, 2.851% 10/17/52 <br>| 373546  | 323542  |
|  Series 2022-BNK42, Class A5, 4.493% 6/15/55 (c) <br>| 4995066  | 4788556  |
|  Series 2021-BN33 Class XA, 1.0579% 5/15/64 (c)(j)  | 13453658  | 785936  |
|  Benchmark Mortgage Trust:  |  |  |
|  sequential payer:  |  |  |
|  Series 2018-B4 Class A5, 4.121% 7/15/51 <br>| 778315  | 741966  |
|  Series 2019-B10 Class A4, 3.717% 3/15/62 <br>| 721545  | 667728  |
|  Series 2018-B8 Class A5, 4.2317% 1/15/52  | 5335798  | 5098707  |
|  BFLD Trust floater sequential payer Series 2020-OBRK Class A, 1 month U.S. LIBOR + 2.050% 6.368% 11/15/28 (b)(c)(d)  | 1998000  | 1974633  |
|  BPR Trust floater Series 2022-OANA:  |  |  |
|  Class A, CME Term SOFR 1 Month Index + 1.890% 6.2336% 4/15/37 (b)(c)(d)  | 8749555  | 8539541  |
|  Class B, CME Term SOFR 1 Month Index + 2.440% 6.7826% 4/15/37 (b)(c)(d)  | 2324753  | 2184156  |
|  BX Commercial Mortgage Trust floater:  |  |  |
|  Series 2021-PAC:  |  |  |
|  Class A, 1 month U.S. LIBOR + 0.680% 5.0071% 10/15/36 (b)(c)(d) <br>| 5017787  | 4816420  |
|  Class B, 1 month U.S. LIBOR + 0.890% 5.2168% 10/15/36 (b)(c)(d) <br>| 733467  | 693916  |
|  Class C, 1 month U.S. LIBOR + 1.090% 5.4166% 10/15/36 (b)(c)(d) <br>| 981551  | 922470  |
|  Class D, 1 month U.S. LIBOR + 1.290% 5.6163% 10/15/36 (b)(c)(d) <br>| 952598  | 886302  |
|  Class E, 1 month U.S. LIBOR + 1.940% 6.2655% 10/15/36 (b)(c)(d) <br>| 3312521  | 3094456  |
|  Series 2021-VINO Class A, 1 month U.S. LIBOR + 0.650% 4.9703% 5/15/38 (b)(c)(d)  | 450000  | 433204  |
|  Series 2022-LP2:  |  |  |
|  Class A, CME Term SOFR 1 Month Index + 1.010% 5.3485% 2/15/39 (b)(c)(d) <br>| 7203374  | 6940754  |
|  Class B, CME Term SOFR 1 Month Index + 1.310% 5.6479% 2/15/39 (b)(c)(d) <br>| 1862550  | 1766426  |
|  Class C, CME Term SOFR 1 Month Index + 1.560% 5.8973% 2/15/39 (b)(c)(d) <br>| 1862550  | 1753911  |
|  Class D, CME Term SOFR 1 Month Index + 1.960% 6.2964% 2/15/39 (b)(c)(d) <br>| 1862550  | 1734367  |
|  BX Trust:  |  |  |
|  floater:  |  |  |
|  Series 2018-EXCL Class D, 1 month U.S. LIBOR + 2.620% 6.943% 9/15/37 (b)(c)(d) <br>| 842862  | 751574  |
|  Series 2019-IMC: <br>|  |  |
|  Class B, 1 month U.S. LIBOR + 1.300% 5.618% 4/15/34 (b)(c)(d)  | 1864321  | 1798811  |
|  Class C, 1 month U.S. LIBOR + 1.600% 5.918% 4/15/34 (b)(c)(d)  | 1232474  | 1179332  |
|  Class D, 1 month U.S. LIBOR + 1.900% 6.218% 4/15/34 (b)(c)(d)  | 1293785  | 1213988  |
|  Series 2019-XL: <br>|  |  |
|  Class B, CME Term SOFR 1 Month Index + 1.190% 5.5301% 10/15/36 (b)(c)(d)  | 4508712  | 4429235  |
|  Class C, CME Term SOFR 1 Month Index + 1.360% 5.7001% 10/15/36 (b)(c)(d)  | 1877095  | 1829828  |
|  Class D, CME Term SOFR 1 Month Index + 1.560% 5.9001% 10/15/36 (b)(c)(d)  | 2998333  | 2903017  |
|  Class E, CME Term SOFR 1 Month Index + 1.910% 6.2501% 10/15/36 (b)(c)(d)  | 3735372  | 3604873  |
|  Series 2022-GPA Class A, CME Term SOFR 1 Month Index + 2.160% 6.5006% 10/15/39 (b)(c)(d) <br>| 2303000  | 2288578  |
|  Series 2022-IND: <br>|  |  |
|  Class A, CME Term SOFR 1 Month Index + 1.490% 5.8167% 4/15/37 (b)(c)(d)  | 4410285  | 4316362  |
|  Class B, CME Term SOFR 1 Month Index + 1.940% 6.2657% 4/15/37 (b)(c)(d)  | 2248335  | 2176517  |
|  Class C, CME Term SOFR 1 Month Index + 2.290% 6.6157% 4/15/37 (b)(c)(d)  | 507614  | 484088  |
|  Class D, CME Term SOFR 1 Month Index + 2.830% 7.1647% 4/15/37 (b)(c)(d)  | 425051  | 401093  |
|  floater sequential payer Series 2021-SOAR Class A, 4.988% 6/15/38 (b)(c)  | 7082741  | 6821891  |
|  floater, sequential payer:  |  |  |
|  Series 2019-IMC Class A, 1 month U.S. LIBOR + 1.000% 5.318% 4/15/34 (b)(c)(d) <br>| 5401930  | 5275623  |
|  Series 2019-XL Class A, CME Term SOFR 1 Month Index + 1.030% 5.3701% 10/15/36 (b)(c)(d) <br>| 4069256  | 4019085  |
|  CAMB Commercial Mortgage Trust floater Series 2019-LIFE Class A, 1 month U.S. LIBOR + 1.070% 5.388% 12/15/37 (b)(c)(d)  | 300000  | 295474  |
|  CF Hippolyta Issuer LLC sequential payer Series 2021-1A Class A1, 1.53% 3/15/61 (b)  | 5454771  | 4721554  |
|  CHC Commercial Mortgage Trust floater Series 2019-CHC:  |  |  |
|  Class A, 1 month U.S. LIBOR + 1.120% 5.438% 6/15/34 (b)(c)(d)  | 4478252  | 4370087  |
|  Class B, 1 month U.S. LIBOR + 1.500% 5.818% 6/15/34 (b)(c)(d)  | 881790  | 838944  |
|  Class C, 1 month U.S. LIBOR + 1.750% 6.068% 6/15/34 (b)(c)(d)  | 996169  | 924516  |
|  CIM Retail Portfolio Trust floater Series 2021-RETL:  |  |  |
|  Class C, 1 month U.S. LIBOR + 2.300% 6.618% 8/15/36 (b)(c)(d)  | 47320  | 46885  |
|  Class D, 1 month U.S. LIBOR + 3.050% 7.368% 8/15/36 (b)(c)(d)  | 651750  | 634530  |
|  COMM Mortgage Trust:  |  |  |
|  sequential payer Series 2014-CR18 Class A5, 3.828% 7/15/47  | 717571  | 696305  |
|  Series 2013-CR13 Class AM, 4.449% 11/10/46  | 3340144  | 3275991  |
|  Series 2013-LC13 Class AM, 4.557% 8/10/46 (b)  | 2047158  | 2012832  |
|  Series 2014-CR14 Class AM, 4.526% 2/10/47 (c)  | 4110694  | 4014325  |
|  Credit Suisse Mortgage Trust:  |  |  |
|  floater Series 2019-ICE4:  |  |  |
|  Class A, 1 month U.S. LIBOR + 0.980% 5.298% 5/15/36 (b)(c)(d) <br>| 495000  | 489539  |
|  Class B, 1 month U.S. LIBOR + 1.230% 5.548% 5/15/36 (b)(c)(d) <br>| 2360000  | 2318303  |
|  Class C, 1 month U.S. LIBOR + 1.430% 5.748% 5/15/36 (b)(c)(d) <br>| 1765000  | 1729635  |
|  sequential payer Series 2020-NET Class A, 2.2569% 8/15/37 (b)  | 1094111  | 978075  |
|  Series 2018-SITE:  |  |  |
|  Class A, 4.284% 4/15/36 (b) <br>| 2090266  | 1994180  |
|  Class B, 4.5349% 4/15/36 (b) <br>| 642635  | 604907  |
|  Class C, 4.782% 4/15/36 (b)(c) <br>| 526890  | 494083  |
|  Class D, 4.782% 4/15/36 (b)(c) <br>| 862334  | 794698  |
|  ELP Commercial Mortgage Trust floater Series 2021-ELP:  |  |  |
|  Class A, 1 month U.S. LIBOR + 0.700% 5.019% 11/15/38 (b)(c)(d)  | 6770941  | 6499127  |
|  Class B, 1 month U.S. LIBOR + 1.120% 5.4382% 11/15/38 (b)(c)(d)  | 500000  | 476175  |
|  Extended Stay America Trust floater Series 2021-ESH:  |  |  |
|  Class A, 1 month U.S. LIBOR + 1.080% 5.398% 7/15/38 (b)(c)(d)  | 2191552  | 2128324  |
|  Class B, 1 month U.S. LIBOR + 1.380% 5.698% 7/15/38 (b)(c)(d)  | 1247574  | 1199063  |
|  Class C, 1 month U.S. LIBOR + 1.700% 6.018% 7/15/38 (b)(c)(d)  | 920549  | 883601  |
|  Class D, 1 month U.S. LIBOR + 2.250% 6.568% 7/15/38 (b)(c)(d)  | 1853789  | 1774735  |
|  Freddie Mac:  |  |  |
|  sequential payer Series 2021-K136 Class A2, 2.127% 11/25/31  | 3300019  | 2738409  |
|  Series 2022-K150 Class A2, 3.71% 11/25/32  | 1500000  | 1410656  |
|  GS Mortgage Securities Trust:  |  |  |
|  floater:  |  |  |
|  Series 2018-3PCK Class A, 1 month U.S. LIBOR + 1.700% 6.268% 9/15/31 (b)(c)(d) <br>| 1726068  | 1692146  |
|  Series 2021-IP: <br>|  |  |
|  Class A, 1 month U.S. LIBOR + 0.950% 5.268% 10/15/36 (b)(c)(d)  | 3667747  | 3419472  |
|  Class B, 1 month U.S. LIBOR + 1.150% 5.468% 10/15/36 (b)(c)(d)  | 544915  | 504623  |
|  Class C, 1 month U.S. LIBOR + 1.550% 5.868% 10/15/36 (b)(c)(d)  | 449243  | 412588  |
|  Series 2013-GC12 Class A/S, 3.375% 6/10/46  | 3211582  | 3171634  |
|  Intown Mortgage Trust floater sequential payer Series 2022-STAY Class A, CME Term SOFR 1 Month Index + 2.480% 6.8246% 8/15/39 (b)(c)(d)  | 4756000  | 4724728  |
|  J.P. Morgan Chase Commercial Mortgage Securities Trust floater Series 2012-NLP Class A, CME Term SOFR 1 Month Index + 0.590% 4.9321% 4/15/37 (b)(c)(d)  | 1467171  | 1356875  |
|  JPMBB Commercial Mortgage Securities Trust Series 2013-C17 Class A/S, 4.4584% 1/15/47  | 4667521  | 4559198  |
|  JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class ASB, 3.4743% 12/15/49  | 2947863  | 2833619  |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-WPT:  |  |  |
|  Class AFX, 4.2475% 7/5/33 (b)  | 277000  | 258747  |
|  Class CFX, 4.9498% 7/5/33 (b)  | 505398  | 443930  |
|  Class DFX, 5.3503% 7/5/33 (b)  | 715868  | 623154  |
|  Class EFX, 5.3635% 7/5/33 (b)(c)  | 870282  | 750564  |
|  Life Financial Services Trust floater Series 2022-BMR2:  |  |  |
|  Class A1, CME Term SOFR 1 Month Index + 1.290% 5.6309% 5/15/39 (b)(c)(d)  | 6900561  | 6727683  |
|  Class B, CME Term SOFR 1 Month Index + 1.790% 6.1295% 5/15/39 (b)(c)(d)  | 4064838  | 3937548  |
|  Class C, CME Term SOFR 1 Month Index + 2.090% 6.4287% 5/15/39 (b)(c)(d)  | 2311651  | 2236368  |
|  Class D, CME Term SOFR 1 Month Index + 2.540% 6.8775% 5/15/39 (b)(c)(d)  | 2054528  | 1967370  |
|  LIFE Mortgage Trust floater Series 2021-BMR:  |  |  |
|  Class A, 1 month U.S. LIBOR + 0.700% 5.018% 3/15/38 (b)(c)(d)  | 5486932  | 5313074  |
|  Class B, 1 month U.S. LIBOR + 0.880% 5.198% 3/15/38 (b)(c)(d)  | 982134  | 938383  |
|  Class C, 1 month U.S. LIBOR + 1.100% 5.418% 3/15/38 (b)(c)(d)  | 617740  | 587122  |
|  Class D, 1 month U.S. LIBOR + 1.400% 5.718% 3/15/38 (b)(c)(d)  | 859367  | 814078  |
|  Class E, 1 month U.S. LIBOR + 1.750% 6.068% 3/15/38 (b)(c)(d)  | 751109  | 710584  |
|  MHC Commercial Mortgage Trust floater sequential payer Series 2021-MHC Class A, 1 month U.S. LIBOR + 0.800% 5.119% 4/15/38 (b)(c)(d)  | 4671615  | 4530609  |
|  Morgan Stanley Capital I Trust:  |  |  |
|  floater Series 2018-BOP:  |  |  |
|  Class B, 1 month U.S. LIBOR + 1.250% 5.568% 8/15/33 (b)(c)(d) <br>| 1961058  | 1840816  |
|  Class C, 1 month U.S. LIBOR + 1.500% 5.818% 8/15/33 (b)(c)(d) <br>| 4723251  | 4400014  |
|  sequential payer Series 2019-MEAD Class A, 3.17% 11/10/36 (b)  | 4757881  | 4417839  |
|  Series 2018-H4 Class A4, 4.31% 12/15/51  | 3507809  | 3329785  |
|  Series 2019-MEAD:  |  |  |
|  Class B, 3.1771% 11/10/36 (b)(c) <br>| 687483  | 621000  |
|  Class C, 3.1771% 11/10/36 (b)(c) <br>| 659666  | 575719  |
|  Natixis Commercial Mortgage Securities Trust sequential payer Series 2020-2PAC Class A, 2.966% 12/15/38 (b)  | 2402749  | 2220168  |
|  OPG Trust floater Series 2021-PORT Class A, 1 month U.S. LIBOR + 0.480% 4.802% 10/15/36 (b)(c)(d)  | 5922075  | 5658424  |
|  Prima Capital Ltd. floater sequential payer Series 2021-9A Class A, 1 month U.S. LIBOR + 1.450% 5.3886% 12/15/37 (b)(c)(d)  | 257834  | 254632  |
|  Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (b)  | 1789080  | 1825956  |
|  SPGN Mortgage Trust floater Series 2022-TFLM:  |  |  |
|  Class B, CME Term SOFR 1 Month Index + 2.000% 6.3356% 2/15/39 (b)(c)(d)  | 1190000  | 1119494  |
|  Class C, CME Term SOFR 1 Month Index + 2.650% 6.9856% 2/15/39 (b)(c)(d)  | 619000  | 578001  |
|  SREIT Trust floater:  |  |  |
|  Series 2021-FLWR Class A, 1 month U.S. LIBOR + 0.570% 4.8946% 7/15/36 (b)(c)(d)  | 1392068  | 1336190  |
|  Series 2021-MFP:  |  |  |
|  Class A, 1 month U.S. LIBOR + 0.730% 5.0487% 11/15/38 (b)(c)(d) <br>| 4572244  | 4397370  |
|  Class B, 1 month U.S. LIBOR + 1.070% 5.3977% 11/15/38 (b)(c)(d) <br>| 2618793  | 2494008  |
|  Class C, 1 month U.S. LIBOR + 1.320% 5.6469% 11/15/38 (b)(c)(d) <br>| 1626457  | 1544879  |
|  Class D, 1 month U.S. LIBOR + 1.570% 5.8961% 11/15/38 (b)(c)(d) <br>| 1068976  | 1010000  |
|  VLS Commercial Mortgage Trust:  |  |  |
|  sequential payer Series 2020-LAB Class A, 2.13% 10/10/42 (b)  | 3269943  | 2522795  |
|  Series 2020-LAB Class B, 2.453% 10/10/42 (b)  | 256512  | 194986  |
|  Wells Fargo Commercial Mortgage Trust:  |  |  |
|  floater Series 2021-FCMT Class A, 1 month U.S. LIBOR + 1.200% 5.518% 5/15/31 (b)(c)(d)  | 2496000  | 2345781  |
|  sequential payer Series 2015-C26 Class A4, 3.166% 2/15/48  | 1900655  | 1807683  |
|  Series 2018-C48 Class A5, 4.302% 1/15/52  | 1574228  | 1495901  |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES** <br> (Cost $259,378,627)  |  | **245019877**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Municipal Securities - 0.8%**  | &nbsp;&nbsp; **Municipal Securities - 0.8%**  | &nbsp;&nbsp; **Municipal Securities - 0.8%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  California Gen. Oblig. Series 2009:  |  |  |
|  7.35% 11/1/39  | 460000  | 561509  |
|  7.55% 4/1/39  | 2035000  | 2547071  |
|  Chicago Gen. Oblig. (Taxable Proj.) Series 2010 C1, 7.781% 1/1/35  | 1670000  | 1812350  |
|  Illinois Gen. Oblig.:  |  |  |
|  Series 2003:  |  |  |
|  4.95% 6/1/23 <br>| 766364  | 766763  |
|  5.1% 6/1/33 <br>| 2725000  | 2615289  |
|  Series 2010-1, 6.63% 2/1/35  | 6975000  | 7070613  |
|  Series 2010-3:  |  |  |
|  6.725% 4/1/35 <br>| 5380000  | 5480490  |
|  7.35% 7/1/35 <br>| 2920357  | 3072288  |
|  New Jersey Econ. Dev. Auth. State Pension Fdg. Rev. Series 1997, 7.425% 2/15/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured)  | 4110000  | 4424425  |
| <br> **TOTAL MUNICIPAL SECURITIES** <br> (Cost $34,213,748)  |  | **28350798**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Foreign Government and Government Agency Obligations - 0.3%**  | &nbsp;&nbsp; **Foreign Government and Government Agency Obligations - 0.3%**  | &nbsp;&nbsp; **Foreign Government and Government Agency Obligations - 0.3%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  Emirate of Abu Dhabi 3.875% 4/16/50 (b)  | 3236000  | 2726937  |
|  Kingdom of Saudi Arabia:  |  |  |
|  3.25% 10/22/30 (b)  | 1788000  | 1624622  |
|  4.5% 4/22/60 (b)  | 1363000  | 1203955  |
|  State of Qatar 4.4% 4/16/50 (b)  | 4036000  | 3673517  |
| <br> **TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS** <br> (Cost $12,077,905)  |  | **9229031**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Supranational Obligations - 0.1%**  | &nbsp;&nbsp; **Supranational Obligations - 0.1%**  | &nbsp;&nbsp; **Supranational Obligations - 0.1%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  Corporacion Andina de Fomento 2.375% 5/12/23 <br>(Cost $3,367,576) <br>| 3349000  | **3311022**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Bank Notes - 0.2%**  | &nbsp;&nbsp; **Bank Notes - 0.2%**  | &nbsp;&nbsp; **Bank Notes - 0.2%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  Discover Bank:  |  |  |
|  3.35% 2/6/23  | 1820000  | 1816633  |
|  4.682% 8/9/28 (c)  | 1567000  | 1503975  |
|  KeyBank NA 6.95% 2/1/28  | 800000  | 842919  |
|  Regions Bank 6.45% 6/26/37  | 4383000  | 4557459  |
| <br> **TOTAL BANK NOTES** <br> (Cost $10,491,034)  |  | **8720986**  |

---

---

| | | |
|:---|:---|:---|
| &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 (k) <br>(Cost $71,915,218) <br>| 775794  | **64235771**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 4.4%**  | &nbsp;&nbsp; **Money Market Funds - 4.4%**  | &nbsp;&nbsp; **Money Market Funds - 4.4%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (l) <br>(Cost $162,014,424) <br>| 161982388  | **162014784**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 115.1%** <br> (Cost $4,813,632,468) <br>| <br>**4230071578**  |
| **NET OTHER ASSETS (LIABILITIES) - (15.1)%**  | **(554706214)**  |
| **NET ASSETS - 100.0%**  | **3675365364**  |

---

---

| | | |
|:---|:---|:---|
| **TBA Sale Commitments**  | **TBA Sale Commitments**  | **TBA Sale Commitments**  |
|  | Principal <br> Amount (a)  | Value ($)  |
| Ginnie Mae  |  |  |
|  2% 1/1/53  | (15200000)  | (12752340)  |
|  2% 1/1/53  | (19050000)  | (15982379)  |
|  2% 1/1/53  | (5750000)  | (4824078)  |
|  2% 1/1/53  | (19050000)  | (15982379)  |
|  2% 2/1/53  | (3800000)  | (3191500)  |
|  2.5% 1/1/53  | (16150000)  | (13989828)  |
|  2.5% 1/1/53  | (11900000)  | (10308294)  |
|  3% 1/1/53  | (12300000)  | (10955321)  |
|  3% 1/1/53  | (3100000)  | (2761097)  |
|  3% 1/1/53  | (3100000)  | (2761097)  |
|  3% 1/1/53  | (7700000)  | (6858209)  |
|  3% 1/1/53  | (3475000)  | (3095101)  |
|  3.5% 1/1/53  | (9150000)  | (8406837)  |
| TOTAL GINNIE MAE  |  | (111868460)  |
| Uniform Mortgage Backed Securities  |  |  |
|  1.5% 1/1/38  | (4900000)  | (4253468)  |
|  1.5% 1/1/38  | (3150000)  | (2734372)  |
|  1.5% 1/1/38  | (3300000)  | (2864581)  |
|  2% 1/1/38  | (1450000)  | (1291588)  |
|  2% 1/1/38  | (1650000)  | (1469738)  |
|  2% 1/1/38  | (5450000)  | (4854588)  |
|  2% 1/1/38  | (4750000)  | (4231063)  |
|  2% 1/1/38  | (750000)  | (668063)  |
|  2% 1/1/38  | (900000)  | (801675)  |
|  2% 1/1/38  | (1450000)  | (1291588)  |
|  2% 1/1/38  | (3300000)  | (2939475)  |
|  2% 1/1/53  | (8600000)  | (7019482)  |
|  2% 1/1/53  | (17100000)  | (13957341)  |
|  2% 1/1/53  | (850000)  | (693786)  |
|  2% 1/1/53  | (17100000)  | (13957341)  |
|  2% 1/1/53  | (8550000)  | (6978671)  |
|  2% 1/1/53  | (8550000)  | (6978671)  |
|  2.5% 1/1/53  | (17900000)  | (15175844)  |
|  2.5% 1/1/53  | (9900000)  | (8393344)  |
|  2.5% 1/1/53  | (9900000)  | (8393344)  |
|  2.5% 1/1/53  | (4650000)  | (3942328)  |
|  2.5% 1/1/53  | (7250000)  | (6146641)  |
|  2.5% 1/1/53  | (1900000)  | (1610844)  |
|  2.5% 1/1/53  | (4100000)  | (3476031)  |
|  2.5% 1/1/53  | (9550000)  | (8096609)  |
|  2.5% 1/1/53  | (1500000)  | (1271719)  |
|  3.5% 1/1/53  | (1500000)  | (1364179)  |
|  3.5% 1/1/53  | (3350000)  | (3046666)  |
|  3.5% 1/1/53  | (7100000)  | (6457113)  |
|  3.5% 1/1/53  | (18650000)  | (16961291)  |
|  3.5% 1/1/53  | (10450000)  | (9503780)  |
|  3.5% 1/1/53  | (18650000)  | (16961291)  |
|  4% 1/1/53  | (1500000)  | (1408124)  |
|  4.5% 1/1/53  | (2700000)  | (2602547)  |
|  4.5% 1/1/53  | (1400000)  | (1349469)  |
| TOTAL UNIFORM MORTGAGE BACKED SECURITIES  |  | (193146655)  |
| **TOTAL TBA SALE COMMITMENTS** <br> (Proceeds $309,157,315)  |  | <br> **(305015115)**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  |
|  | Number <br> of contracts  | Expiration <br> Date  | Notional <br> Amount ($) <br>| Value ($) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| Purchased  |  |  |  |  |  |
| Treasury Contracts  |  |  |  |  |  |
| CBOT 2-Year U.S. Treasury Note Contracts (United States)  | 45  | Mar 2023  | 9228516  | 16563  | 16563  |
| CBOT 5-Year U.S. Treasury Note Contracts (United States)  | 66  | Mar 2023  | 7123359  | 3250  | 3250  |
| TOTAL PURCHASED  |  |  |  |  | 19813  |
| Sold  |  |  |  |  |  |
| Treasury Contracts  |  |  |  |  |  |
| CBOT 10-Year U.S. Treasury Note Contracts (United States)  | 85  | Mar 2023  | 9545234  | 67100  | 67100  |
| CBOT Long Term U.S. Treasury Bond Contracts (United States)  | 300  | Mar 2023  | 37603125  | 122871  | 122871  |
| CBOT Ultra Long Term U.S. Treasury Bond Contracts (United States)  | 20  | Mar 2023  | 2686250  | 153767  | 153767  |
| TOTAL SOLD  |  |  |  |  | 343738  |
| **TOTAL FUTURES CONTRACTS**  |  |  |  |  | **363551**  |
| The notional amount of futures purchased as a percentage of Net Assets is 0.5%  | The notional amount of futures purchased as a percentage of Net Assets is 0.5%  | The notional amount of futures purchased as a percentage of Net Assets is 0.5%  | The notional amount of futures purchased as a percentage of Net Assets is 0.5%  | The notional amount of futures purchased as a percentage of Net Assets is 0.5%  | The notional amount of futures purchased as a percentage of Net Assets is 0.5%  |
| The notional amount of futures sold as a percentage of Net Assets is 1.4%  | The notional amount of futures sold as a percentage of Net Assets is 1.4%  | The notional amount of futures sold as a percentage of Net Assets is 1.4%  | The notional amount of futures sold as a percentage of Net Assets is 1.4%  | The notional amount of futures sold as a percentage of Net Assets is 1.4%  | The notional amount of futures sold as a percentage of Net Assets is 1.4%  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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  | Fixed <br> Payment <br> Received/ <br> (Paid)  | Payment <br> Frequency  | Notional <br> Amount <sup>(1)</sup>  | Value ($)  | Upfront <br> Premium <br> Received/ <br> (Paid) ($)  | Unrealized <br> Appreciation/ <br> (Depreciation) ($)  |
| Buy Protection  |  |  |  |  |  |  |  |  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Morgan Stanley Capital Services LLC  | (0.5%)  | Monthly  | 1140000  | 13993  | (15453)  | (1460)  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Citigroup Global Markets Ltd.  | (0.5%)  | Monthly  | 1390000  | 17061  | (3368)  | 13693  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Citigroup Global Markets Ltd.  | (0.5%)  | Monthly  | 2070000  | 25408  | (7024)  | 18384  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Citigroup Global Markets Ltd.  | (0.5%)  | Monthly  | 3900000  | 47870  | (44117)  | 3753  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Citigroup Global Markets Ltd.  | (0.5%)  | Monthly  | 2850000  | 34982  | (26294)  | 8688  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Citigroup Global Markets Ltd.  | (0.5%)  | Monthly  | 1110000  | 13625  | (12268)  | 1357  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Citigroup Global Markets Ltd.  | (0.5%)  | Monthly  | 930000  | 11415  | (8326)  | 3089  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Citigroup Global Markets Ltd.  | (0.5%)  | Monthly  | 1570000  | 19271  | (30121)  | (10850)  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | JPMorgan Securities LLC  | (0.5%)  | Monthly  | 2460000  | 30195  | (14157)  | 16038  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | JPMorgan Securities LLC  | (0.5%)  | Monthly  | 710000  | 8715  | (2833)  | 5882  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | JPMorgan Securities LLC  | (0.5%)  | Monthly  | 440000  | 5401  | (6153)  | (752)  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Morgan Stanley Capital Services LLC  | (0.5%)  | Monthly  | 4680000  | 57444  | (32762)  | 24682  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Morgan Stanley Capital Services LLC  | (0.5%)  | Monthly  | 2150000  | 26390  | (35389)  | (8999)  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Morgan Stanley Capital Services LLC  | (0.5%)  | Monthly  | 550000  | 6751  | (7659)  | (908)  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Morgan Stanley Capital Services LLC  | (0.5%)  | Monthly  | 1120000  | 13747  | (8742)  | 5005  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Morgan Stanley Capital Services LLC  | (0.5%)  | Monthly  | 560000  | 6874  | (5303)  | 1571  |
| **TOTAL CREDIT DEFAULT SWAPS**  |  |  |  |  |  | **339142**  | **(259969)**  | **79173**  |

---

(1)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**  |
| Payment Received  | Payment <br> Frequency  | Payment Paid  | Payment <br> Frequency <br> Clearinghouse / <br> Counterparty <sup>(1)</sup>  | Maturity <br> Date  | Notional <br> Amount <sup>(2)</sup>  | Value ($) <br>| Upfront <br> Premium <br> Received/ <br> (Paid) ($) <sup>(3)</sup>  | Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| 4.5%  | Annual  | U.S. Secured Overnight Fin. Rate (SOFR) Index <sup>(4)</sup>  | Annual <br> LCH  | Mar 2025  | 18030000  | (97860)  | 0  | (97860)  |
| 4%  | Annual  | U.S. Secured Overnight Fin. Rate (SOFR) Index <sup>(4)</sup>  | Annual <br> LCH  | Mar 2028  | 13151000  | (208378)  | 0  | (208378)  |
| 3.75%  | Annual  | U.S. Secured Overnight Fin. Rate (SOFR) Index <sup>(4)</sup>  | Annual <br> LCH  | Mar 2030  | 754000  | (16764)  | 0  | (16764)  |
| **TOTAL INTEREST RATE SWAPS**  |  |  |  |  |  | **(323002)**  | **0**  | **(323002)**  |

---

(1)Swaps with LCH Clearnet Group (LCH) are centrally cleared over-the-counter (OTC) swaps.

(2)Notional amount is stated in U.S. Dollars unless otherwise noted.

(3)Any premiums for centrally cleared over-the-counter (OTC) swaps are recorded periodically throughout the term of the swap to variation margin and included in unrealized appreciation (depreciation).

(4)Represents floating rate.

**Legend**

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

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $683,854,509 or 18.6% of net assets.

(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 futures contracts. At period end, the value of securities pledged amounted to $1,697,436.

(f) Security or a portion of the security was pledged to cover margin requirements for centrally cleared OTC swaps. At period end, the value of securities pledged amounted to $753,218.

(g) Security or a portion of the security has been segregated as collateral for mortgage-backed or asset-backed securities purchased on a delayed delivery or when-issued basis. At period end, the value of securities pledged amounted to $1,094,839.

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

(i) Coupon is inversely indexed to a floating interest rate multiplied by a specified factor. The price may be considerably more volatile than the price of a comparable fixed rate security.

(j) Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

(k) 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.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 515408790  | 1248306157  | 1601700163  | 3041444  | -  | -  | 162014784  | 0.4%  |
|  Fidelity Securities Lending Cash Central Fund 4.37%  | 161494470  | 820618500  | 982112970  | 124324  | -  | -  | -  | 0.0%  |
|  Fidelity Specialized High Income Central Fund  | 87005374  | 3429676  | 14582827  | 3429676  | 734866  | (12351318)  | 64235771  | 19.2%  |
| Total  | 763908634  | 2072354333  | 2598395960  | 6595444  | 734866  | (12351318)  | 226250555  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Corporate Bonds  | 1312249895  | -  | 1312249895  | -  |
|  U.S. Government and Government Agency Obligations  | 1059285078  | -  | 1059285078  | -  |
|  U.S. Government Agency - Mortgage Securities  | 1056319678  | -  | 1056319678  | -  |
|  Asset-Backed Securities  | 248062882  | -  | 248062882  | -  |
|  Collateralized Mortgage Obligations  | 33271776  | -  | 33271776  | -  |
|  Commercial Mortgage Securities  | 245019877  | -  | 245019877  | -  |
|  Municipal Securities  | 28350798  | -  | 28350798  | -  |
|  Foreign Government and Government Agency Obligations  | 9229031  | -  | 9229031  | -  |
|  Supranational Obligations  | 3311022  | -  | 3311022  | -  |
|  Bank Notes  | 8720986  | -  | 8720986  | -  |
|  Fixed-Income Funds  | 64235771  | 64235771  | -  | -  |
|  Money Market Funds  | 162014784  | 162014784  | -  | -  |
| **Total Investments in Securities:**  | 4230071578  | 226250555  | 4003821023  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Futures Contracts  | 363551  | 363551  | -  | -  |
| Swaps  | 339142  | -  | 339142  | -  |
| Total Assets  | 702693  | 363551  | 339142  | -  |
|  **Liabilities**  |  |  |  |  |
| Swaps  | (323002)  | -  | (323002)  | -  |
| Total Liabilities  | (323002)  | -  | (323002)  | -  |
| **Total Derivative Instruments:**  | 379691  | 363551  | 16140  | -  |
| **<u>Other Financial Instruments:</u>**  |  |  |  |  |
|  TBA Sale Commitments  | (305015115)  | -  | (305015115)  | -  |
| **Total Other Financial Instruments:**  | (305015115)  | -  | (305015115)  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value**  | **Value**  |
|  | **Asset ($)**  | **Liability ($)**  |
| **Credit Risk**  |  |  |
| Swaps (a)  | 339142  | 0  |
| **Total Credit Risk**  | 339142  | 0  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts (b)  | 363551  | 0  |
| Swaps (c)  | 0  | (323002)  |
| **Total Interest Rate Risk**  | 363551  | (323002)  |
| **Total Value of Derivatives**  | 702693  | (323002)  |

---

(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-items.

(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)For centrally cleared over-the-counter (OTC) 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 OTC swaps is included in receivable or payable for daily variation margin on centrally cleared OTC swaps, and the net cumulative appreciation (depreciation) for centrally cleared OTC 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**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Unaffiliated issuers (cost $4,579,702,826)  | 4003821023  |  |
|  Fidelity Central Funds (cost $233,929,642)  | 226250555  |  |
|  Total Investment in Securities (cost $4,813,632,468)  |  | $4230071578  |
| Receivable for investments sold  |  | 26260444  |
|  Receivable for TBA sale commitments  |  | 309157315  |
|  Receivable for fund shares sold  |  | 2394180  |
|  Interest receivable  |  | 28424680  |
|  Distributions receivable from Fidelity Central Funds  |  | 550423  |
|  Receivable for daily variation margin on futures contracts  |  | 76204  |
|  Bi-lateral OTC swaps, at value  |  | 339142  |
|  Prepaid expenses  |  | 3890  |
| **Total assets**  |  | 4597277856  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  |  |  |
|  Delayed delivery  | $614132276  |  |
|  TBA sale commitments, at value  | 305015115  |  |
|  Payable for fund shares redeemed  | 993106  |  |
|  Accrued management fee  | 913500  |  |
|  Distribution and service plan fees payable  | 419932  |  |
|  Payable for daily variation margin on centrally cleared OTC swaps  | 49371  |  |
|  Other affiliated payables  | 321835  |  |
|  Other payables and accrued expenses  | 67357  |  |
| **Total Liabilities**  |  | 921912492  |
| **Net Assets**  |  | $3675365364  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $4350425735  |
|  Total accumulated earnings (loss)  |  | (675060371)  |
|  **Net Assets**  |  | $3675365364  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($533,203,553 ÷ 49,353,061 shares)  |  | $10.80  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($669,290,243 ÷ 62,838,374 shares)  |  | $10.65  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($1,747,983,855 ÷ 166,890,475 shares)  |  | $10.47  |
| **Investor Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($724,887,713 ÷ 67,441,935 shares)  |  | $10.75  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Interest  |  | $100749918  |
| Income from Fidelity Central Funds (including $124,324 from security lending)  |  | 6595444  |
| **Total Income**  |  | 107345362  |
|  **Expenses**  |  |  |
| Management fee  | $12936215  |  |
| Transfer agent fees  | 3278624  |  |
| Distribution and service plan fees  | 5390408  |  |
| Accounting fees  | 1145095  |  |
| Custodian fees and expenses  | 104178  |  |
| Independent trustees' fees and expenses  | 14334  |  |
| Registration fees  | 26922  |  |
| Audit  | 52268  |  |
| Legal  | 5089  |  |
| Miscellaneous  | 22680  |  |
| Total expenses before reductions  | 22975813  |  |
| Expense reductions  | (81529)  |  |
| Total expenses after reductions  |  | 22894284  |
| **Net Investment income (loss)**  |  | 84451078  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (100986948)  |  |
| Redemptions in-kind with affiliated entities  | (80700871)  |  |
| Fidelity Central Funds  | 734866  |  |
| Futures contracts  | 5572104  |  |
| Swaps  | (710130)  |  |
| Total net realized gain (loss)  |  | (176090979)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (566157254)  |  |
| Fidelity Central Funds  | (12351318)  |  |
| Futures contracts  | 62487  |  |
| Swaps  | (243829)  |  |
| TBA Sale commitments  | 4319367  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (574370547)  |
| **Net gain (loss)**  |  | (750461526)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(666010448)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $84451078  | $85191726  |
| &nbsp;&nbsp; Net realized gain (loss)  | (176090979) <br>| 308284560 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (574370547)  | (432476248) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (666010448) <br>| (38999962) <br>|
| Distributions to shareholders  | (348049601) <br>| (259145498) <br>|
| Share transactions - net increase (decrease)  | (881360968) <br>| 478920867 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (1895421017) <br>| 180775407 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 5570786381  | 5390010974 <br>|
| &nbsp;&nbsp; End of period  | $3675365364  | $5570786381  |

---

**Financial Highlights** 

 **VIP Investment Grade Bond Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.35  | $14.09  | $13.17  | $12.34  | $12.80  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .245  | .228  | .328  | .382  | .311  |
| Net realized and unrealized gain (loss)  | (1.903)  | (.313)  | .903  | .806  | (.381)  |
| Total from investment operations  | (1.658)  | (.085)  | 1.231  | 1.188  | (.070)  |
| Distributions from net investment income  | (.264)  | (.282)  | (.306)  | (.358)  | (.313)  |
| Distributions from net realized gain  | (.628)  | (.373)  | (.005)  | -  | (.077)  |
| Total distributions  | (.892)  | (.655)  | (.311)  | (.358)  | (.390)  |
| Net asset value, end of period  | $10.80  | $13.35  | $14.09  | $13.17  | $12.34  |
| **Total Return** <sup>C,D</sup>  | (12.96)%  | (.61)%  | 9.39%  | 9.67%  | (.53)%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | .40%  | .39%  | .39%  | .40%  | .40%  |
| Expenses net of fee waivers, if any  | .40%  | .39%  | .39%  | .40%  | .40%  |
| Expenses net of all reductions  | .40%  | .39%  | .39%  | .40%  | .40%  |
| Net investment income (loss)  | 2.08%  | 1.66%  | 2.38%  | 2.93%  | 2.49%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $533204  | $1347145  | $1322750  | $1146767  | $928285  |
| Portfolio turnover rate <sup>G</sup>  | 183% <sup>H</sup>  | 125%  | 11%  | 5%  | 8%  |

---

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

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

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

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

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

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

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

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

 **VIP Investment Grade Bond Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.18  | $13.93  | $13.02  | $12.20  | $12.66  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .226  | .212  | .310  | .364  | .295  |
| Net realized and unrealized gain (loss)  | (1.870)  | (.322)  | .899  | .800  | (.377)  |
| Total from investment operations  | (1.644)  | (.110)  | 1.209  | 1.164  | (.082)  |
| Distributions from net investment income  | (.258)  | (.267)  | (.294)  | (.344)  | (.301)  |
| Distributions from net realized gain  | (.628)  | (.373)  | (.005)  | -  | (.077)  |
| Total distributions  | (.886)  | (.640)  | (.299)  | (.344)  | (.378)  |
| Net asset value, end of period  | $10.65  | $13.18  | $13.93  | $13.02  | $12.20  |
| **Total Return** <sup>C,D</sup>  | (13.03)%  | (.79)%  | 9.33%  | 9.58%  | (.63)%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | .50%  | .49%  | .49%  | .50%  | .50%  |
| Expenses net of fee waivers, if any  | .50%  | .49%  | .49%  | .50%  | .50%  |
| Expenses net of all reductions  | .50%  | .49%  | .49%  | .50%  | .50%  |
| Net investment income (loss)  | 1.98%  | 1.56%  | 2.28%  | 2.83%  | 2.39%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $669290  | $732762  | $692787  | $582182  | $553442  |
| Portfolio turnover rate <sup>G</sup>  | 183% <sup>H</sup>  | 125%  | 11%  | 5%  | 8%  |

---

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

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

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

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

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

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

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

<sup>H</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **VIP Investment Grade Bond Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.98  | $13.72  | $12.83  | $12.03  | $12.49  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .206  | .188  | .285  | .340  | .272  |
| Net realized and unrealized gain (loss)  | (1.848)  | (.310)  | .885  | .787  | (.372)  |
| Total from investment operations  | (1.642)  | (.122)  | 1.170  | 1.127  | (.100)  |
| Distributions from net investment income  | (.240)  | (.245)  | (.275)  | (.327)  | (.283)  |
| Distributions from net realized gain  | (.628)  | (.373)  | (.005)  | -  | (.077)  |
| Total distributions  | (.868)  | (.618)  | (.280)  | (.327)  | (.360)  |
| Net asset value, end of period  | $10.47  | $12.98  | $13.72  | $12.83  | $12.03  |
| **Total Return** <sup>C,D</sup>  | (13.21)%  | (.90)%  | 9.16%  | 9.40%  | (.79)%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | .65%  | .64%  | .64%  | .65%  | .65%  |
| Expenses net of fee waivers, if any  | .65%  | .64%  | .64%  | .65%  | .65%  |
| Expenses net of all reductions  | .65%  | .64%  | .64%  | .65%  | .65%  |
| Net investment income (loss)  | 1.83%  | 1.41%  | 2.13%  | 2.68%  | 2.24%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $1747984  | $2135986  | $1935645  | $1698902  | $1505566  |
| Portfolio turnover rate <sup>G</sup>  | 183% <sup>H</sup>  | 125%  | 11%  | 5%  | 8%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>H</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **VIP Investment Grade Bond Portfolio Investor Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.29  | $14.03  | $13.12  | $12.29  | $12.75  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .238  | .223  | .322  | .376  | .305  |
| Net realized and unrealized gain (loss)  | (1.888)  | (.313)  | .896  | .808  | (.380)  |
| Total from investment operations  | (1.650)  | (.090)  | 1.218  | 1.184  | (.075)  |
| Distributions from net investment income  | (.262)  | (.277)  | (.303)  | (.354)  | (.308)  |
| Distributions from net realized gain  | (.628)  | (.373)  | (.005)  | -  | (.077)  |
| Total distributions  | (.890)  | (.650)  | (.308)  | (.354)  | (.385)  |
| Net asset value, end of period  | $10.75  | $13.29  | $14.03  | $13.12  | $12.29  |
| **Total Return** <sup>C,D</sup>  | (12.96)%  | (.64)%  | 9.33%  | 9.67%  | (.57)%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | .43%  | .42%  | .43%  | .43%  | .44%  |
| Expenses net of fee waivers, if any  | .43%  | .42%  | .43%  | .43%  | .44%  |
| Expenses net of all reductions  | .43%  | .42%  | .43%  | .43%  | .44%  |
| Net investment income (loss)  | 2.05%  | 1.63%  | 2.34%  | 2.90%  | 2.46%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $724888  | $1354894  | $1438829  | $1157666  | $879703  |
| Portfolio turnover rate <sup>G</sup>  | 183% <sup>H</sup>  | 125%  | 11%  | 5%  | 8%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>G</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>H</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended December 31, 2022

**1. Organization.**

VIP 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 Ratio** <sup>A</sup>  |
| 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.  | Loans & Direct Debt Instruments <br> Restricted Securities  | 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%  |

---

<sup>A</sup> *Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies* . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

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, supranational 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2022 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. 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, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures transactions, swap agreements, redemptions in-kind, 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**  | $6685714  |
| **Gross unrealized depreciation**  | <u>(586376990)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$(579691276)</u>  |
| **Tax Cost**  | <u>$4813921194</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Capital loss carryforward**  | <u>$(95369094)</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(579691276)</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  | $(93198538)  |
| Long-term  | <u>(2170556)</u>  |
| Total capital loss carryforward  | $(95369094)  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022**  | **December 31, 2021**  |
| **Ordinary Income**  | $84369053  | $167565613  |
| **Long-term Capital Gains**  | <u>263680548</u>  | <u>91579885</u>  |
| **Total**  | <u>$348049601</u>  | <u>$259145498</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 proceeds and value of these commitments are reflected in the Statement of Assets and Liabilities as "Receivable for TBA sale commitments" and "TBA sale commitments, at value," respectively.

**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 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 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 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. 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 OTC 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>$(70512)</u>  | <u>$79173</u>  |
| **Total Credit Risk**  | <u>(70512)</u>  | <u>79173</u>  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts  | 5572104  | 62487  |
| Swaps  | <u>(639618)</u>  | <u>(323002)</u>  |
| **Total Interest Rate Risk**  | <u>4932486</u>  | <u>(260515)</u>  |
| Totals  | <u>$4861974</u>  | <u>$(181342)</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 unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**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 OTC 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 net unrealized appreciation (depreciation) 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 OTC 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 OTC 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 OTC swaps in the Statement of Assets and Liabilities. Any premiums for centrally cleared OTC 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 OTC 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 unless an average notional amount is presented.

**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**  | 4919249327  | 4584079053  |

---

**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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .30% of the Fund's average net assets.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's average net assets.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:

---

| | |
|:---|:---|
| **Service Class**  | $663857  |
| **Service Class 2**  | <u>4726551</u>  |
|  | <u>$5390408</u>  |

---

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class pays a fee for transfer agent services, typesetting and printing and mailing of shareholder reports, excluding mailing of proxy statements. For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets**  |
| **Initial Class**  | $567033  | .07  |
| **Service Class**  | 451423  | .07  |
| **Service Class 2**  | 1285622  | .07  |
| **Investor Class**  | <u>974546</u>  | .10  |
|  | <u>$3278624</u>  |  |

---

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **VIP Investment Grade Bond Portfolio**  | .03  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**Affiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares**  | **Total net realized gain or loss** <br> **($)**  | **Total Proceeds** <br> **($)**  | **Participating classes**  |
| **VIP Investment Grade Bond Portfolio**  | 76985281  | (80700871)  | 894442739  | Initial Class & Investor Class  |

---

**Prior Fiscal Year Affiliated Exchanges In-Kind.** During the prior period, the Fund redeemed 48,402,199 shares of Fidelity VIP Investment Grade Central Fund in exchange for investments, including accrued interest and cash, if any, with a value of $5,391,666,950. The Fund had a net realized gain of $211,422,352 on the Fund's redemptions of Fidelity VIP Investment Grade Central Fund shares. The Fund recognized net gain on the exchanges for federal income tax purposes.

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

---

| | |
|:---|:---|
|  | **Amount**  |
| **VIP Investment Grade Bond Portfolio**  | $8202  |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS**  | **Security Lending Income From Securities Loaned to NFS**  | **Value of Securities Loaned to NFS at Period End**  |
| **VIP Investment Grade Bond Portfolio**  | $13320  | $-  | $-  |

---

**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 $1,173.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $80,356.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **VIP Investment Grade Bond Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $74321920  | $63573154  |
| Service Class  | 49755778  | 33731276  |
| Service Class 2  | 144060973  | 96642003  |
| Investor Class  | <u>79910930</u>  | <u>65199065</u>  |
| Total  | <u>$348049601</u>  | <u>$259145498</u>  |

---

**11. Share Transactions.**

Transactions for each class of shares were as follows and may contain in-kind transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares**  | **Shares**  | **Dollars**  | **Dollars**  |
|  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  |
| **VIP Investment Grade Bond Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 37368851  | 23787330  | $433838083  | $326447227  |
| Reinvestment of distributions  | 6137013  | 4685105  | 74321920  | 63573154  |
| Shares redeemed  | <u>(95052032)</u>  | <u>(21419922)</u>  | <u>(1108282686)</u>  | <u>(294255196)</u>  |
| Net increase (decrease)  | <u>(51546168)</u>  | <u>7052513</u>  | <u>$(600122683)</u>  | <u>$95765185</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 19724587  | 14736969  | $223794668  | $200617709  |
| Reinvestment of distributions  | 4226683  | 2517896  | 49755778  | 33731276  |
| Shares redeemed  | <u>(16691802)</u>  | <u>(11426710)</u>  | <u>(192486132)</u>  | <u>(154576440)</u>  |
| Net increase (decrease)  | <u>7259468</u>  | <u>5828155</u>  | <u>$81064314</u>  | <u>$79772545</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 12583019  | 29363179  | $146254732  | $392701313  |
| Reinvestment of distributions  | 12403199  | 7325672  | 144060973  | 96642003  |
| Shares redeemed  | <u>(22672103)</u>  | <u>(13231365)</u>  | <u>(254831966)</u>  | <u>(177343438)</u>  |
| Net increase (decrease)  | <u>2314115</u>  | <u>23457486</u>  | <u>$35483739</u>  | <u>$311999878</u>  |
| **Investor Class**  |  |  |  |  |
| Shares sold  | 4458846  | 11506591  | $52423191  | $157377309  |
| Reinvestment of distributions  | 6663720  | 4825246  | 79910930  | 65199065  |
| Shares redeemed  | <u>(45621139)</u>  | <u>(16917270)</u>  | <u>(530120459)</u>  | <u>(231193115)</u>  |
| Net increase (decrease)  | <u>(34498573)</u>  | <u>(585433)</u>  | <u>$(397786338)</u>  | <u>$(8616741)</u>  |

---

**12. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Affiliated %**  | **Number ofUnaffiliated Shareholders**  | **Unaffiliated Shareholders %**  |
| **VIP Investment Grade Bond Portfolio**  | 23%  | 1  | 41%  |

---

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund 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, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers, when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 14, 2023

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 295 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity <sup>®</sup> funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity <sup>®</sup> funds (2001-2005), and managed a number of Fidelity <sup>®</sup> funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity <sup>®</sup> funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2013-2016).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity <sup>®</sup> funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Mr. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity <sup>®</sup> funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity <sup>®</sup> funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Laura M. Bishop (1961)

Year of Election or Appointment: 2022

Member of the Advisory Board

Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Christopher M. Gouveia (1973)

Year of Election or Appointment: 2023

Chief Compliance Officer

Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia serves as Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jamie Pagliocco (1964)

Year of Election or Appointment: 2020

Vice President

Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer - Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **VIP Investment Grade Bond Portfolio**  |  |  |  |  |
| **Initial Class**  | .40%  |  |  |  |
| **Actual**  |  | $1000  | $973.40  | $1.99  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.19  | $2.04  |
| **Service Class**  | .50%  |  |  |  |
| **Actual**  |  | $1000  | $973.40  | $2.49  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.68  | $2.55  |
| **Service Class 2**  | .64%  |  |  |  |
| **Actual**  |  | $1000  | $972.20  | $3.18  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.98  | $3.26  |
| **Investor Class**  | .43%  |  |  |  |
| **Actual**  |  | $1000  | $973.90  | $2.14  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.04  | $2.19  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

A total of 22.96% 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 $85,298,788 of distributions paid in the calendar year 2021 as qualifying to be taxed as section 163(j) interest dividends.

**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), votes on the renewal of the 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 has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The 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 funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class); (iii) the total costs of the services provided by and the profits realized by 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.

In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

**Nature, Extent, and Quality of Services Provided.** The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. 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. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

<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 the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services.</u> The Board considered (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, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual 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, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

<u>Investment Performance.</u> The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about 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 considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also receives and considers 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 for specific 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 fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to appropriate peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the potential for incremental return versus the fund's benchmark index weighed against the risks involved in obtaining that incremental return, including the risk of diminished or negative total returns; and fund cash flows and other factors. 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.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the representative class (Initial Class) and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year 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 considered the fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparison of management fees and total expense ratios by broadening the competitive group used for such comparison.

<u>Management Fee.</u> The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

![](img88145_9.jpg)

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2021.

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.

<u>Total Expense Ratio.</u> In its review of the total expense ratio of the representative class (Initial Class) of the fund, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. 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 the fund. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the total net expense ratio of Initial Class ranked below the similar sales load structure group competitive median for 2021 and below the ASPG competitive median for 2021.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and 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 and the full Board approves such changes.

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 mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. 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 "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, 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 Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board also considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale 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) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) 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. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.

![](img88145_2.jpg) <br>

1.540025.125 VIPIGB-ANN-0323

**Fidelity® Variable Insurance Products:**

**Asset Manager: Growth Portfolio**

**Annual Report**

**December 31, 2022**

![](img88172_1.jpg)

![](img88172_2.jpg)

**Contents**

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| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary159)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments159)** |
| **[Financial Statements](#Sec_FinancialStatements159)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |
| **[Board Approval of Investment Advisory Contracts and Management Fees](#Sec_Board Approval of Investment Advisory Contracts and Management Fees)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2023 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total returns would have been lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

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| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Initial Class  | &nbsp;&nbsp; -16.88%  | &nbsp;&nbsp; 4.73%  | &nbsp;&nbsp; 7.11%  |
| Service Class  | &nbsp;&nbsp; -16.95%  | &nbsp;&nbsp; 4.63%  | &nbsp;&nbsp; 7.01%  |
| Service Class 2  | &nbsp;&nbsp; -17.05%  | &nbsp;&nbsp; 4.47%  | &nbsp;&nbsp; 6.84%  |
| Investor Class  | &nbsp;&nbsp; -16.93%  | &nbsp;&nbsp; 4.65%  | &nbsp;&nbsp; 7.03%  |

---

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| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Asset Manager: Growth Portfolio - Initial Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img88172_5.jpg)  |

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**Management's Discussion of Fund Performance**

**Market Recap:** 

Asset prices around the world experienced a synchronous downturn for most of 2022, as a multitude of crosscurrents challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy. This led to a broad retreat from risk and declining prices for stocks and bonds through September. In Q4, markets experienced a sharp reversal amid optimism on inflation and policy easing, and riskier assets rallied to cap a tumultuous year. International equities returned -15.86% in 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. By region, emerging markets (-20%) and Europe ex U.K. (-17%) notably lagged. Conversely, the U.K. (-4%) held up best, followed by Asia Pacific ex Japan (-8%). Among the 11 sectors, information technology (-34%) fared worst. Communication services and consumer discretionary (-21% each) also trailed the broader market. In contrast, energy gained 9% amid elevated prices for oil and natural gas. U.S. stocks returned -19.53% for the year, as measured by the Dow Jones U.S. Total Stock Market Index. Among sectors, communication services (-41%) lagged most, followed by consumer discretionary (-37%). Conversely, energy (+63%) led by a wide margin. The defensive utilities (+1%) sector also notably outperformed. Value stocks handily outpaced growth among all market capitalizations. Commodities gained 16.09%, according to the Bloomberg Commodity Index Total Return. U.S. taxable investment-grade bonds returned -13.01% in 2022, per the Bloomberg U.S. Aggregate Bond Index, amid soaring inflation and rising interest rates. The Fed raised its benchmark rate seven times, by 4.25 percentage points, while allowing up to billions in U.S. Treasuries and mortgage bonds to mature monthly without investing the proceeds. U.S. investment-grade corporate bonds (-15.26%) trailed U.S. Treasuries (-12.46%), while commercial mortgage-backed securities (-10.91%) and agencies (-7.87%) also lost ground. Outside the index, leveraged loans (-0.61%) bested the returns for Treasury Inflation-Protected Securities (-11.85%), U.S. high-yield bonds (-11.21%) and emerging-markets debt (-16.45%).

**Comments from Lead Portfolio Manager Geoff Stein and Co-Portfolio Manager Avishek Hazrachoudhury:**

For the year, the fund's share classes returned about -17%, trailing the -15.71% result of the Fidelity Asset Manager 70% Composite Index <sup>SM</sup> . Against the backdrop of an extremely challenging period for risk assets, asset class positioning aided the fund's relative return. However, security selection detracted and was the primary reason why the fund trailed its benchmark. The fund's core equity allocation strategy - overweighting the U.S., underweighting international developed markets (DM) and a roughly equal weighting in emerging markets (EM) - aided relative performance, led by our U.S. positioning. Despite negative absolute returns from U.S. stocks, our overweighting helped due to the timing of adjustments we made to fund's relative weight, and also because of favorable exposure to more defensive equities via the iShares <sup>®</sup> MSCI USA Minimum Volatility Factor exchange-traded fund. Out-of-benchmark exposure to commodity-related securities added the most value. Our fixed-income strategy of underweighting investment-grade (IG) bonds, as well as cash, in favor of non-Composite allocations to riskier segments of the debt market modestly detracted overall. In terms of security selection, international DM and EM stocks notably detracted, while U.S. equities and bonds - both IG and high yield - contributed.

**Note to shareholders:**

On June 1, 2022, the fund's Composite benchmark began transitioning to a new domestic equity neutral allocation of 42% and new international equity neutral allocation of 28%. The fund reached its new neutral allocations during the third quarter of 2022.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary December 31, 2022 (Unaudited)**

The information in the following table 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.

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| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| iShares MSCI USA Minimum Volatility ETF  | 2.5  |
| Microsoft Corp.  | 2.4  |
| Apple, Inc.  | 2.4  |
| Alphabet, Inc. Class A  | 1.3  |
| Amazon.com, Inc.  | 0.9  |
| Exxon Mobil Corp.  | 0.8  |
| iShares 20+ Year Treasury Bond ETF  | 0.7  |
| UnitedHealth Group, Inc.  | 0.7  |
| Bank of America Corp.  | 0.6  |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 0.6  |
|  | 12.9  |

---

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| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Financials  | 15.4  |
| Information Technology  | 14.0  |
| Health Care  | 9.5  |
| Consumer Discretionary  | 8.1  |
| Industrials  | 7.8  |
| Consumer Staples  | 5.3  |
| Communication Services  | 5.1  |
| Energy  | 4.5  |
| Materials  | 3.3  |
| Real Estate  | 3.1  |
| Utilities  | 2.3  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Quality Diversification (% of Fund's net assets)**  |
| ![](img88172_6.jpg) <br>|
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |
| 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.  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88172_7.jpg)  |
| *Short-Term Class - (2.1)%*  |

---

*Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.*

*Asset allocations in the pie chart reflects the categorization of assets as defined in the Fund's prospectus in effect as of the time periods indicated above. Financial Statement categorizations conform to accounting standards and will differ from the pie chart. Percentages are adjusted for the effect of future contracts and swap contracts, if applicable.*

*An unaudited holdings listing for the 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at institutional.fidelity.com.*

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img88172_8.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.*  |

---

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Treasury Obligations - 0.4%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.4%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.4%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  U.S. Treasury Bills, yield at date of purchase 3.29% to 4.39% 1/5/23 to 3/30/23 (b) <br>(Cost $894,626) <br>| 900000  | **894792**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Fixed-Income Funds - 27.3%**  | &nbsp;&nbsp; **Fixed-Income Funds - 27.3%**  | &nbsp;&nbsp; **Fixed-Income Funds - 27.3%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Emerging Markets Debt Central Fund (c)  | 134945  | 1017487  |
|  Fidelity Emerging Markets Debt Local Currency Central Fund (c)  | 7403  | 630323  |
|  Fidelity Floating Rate Central Fund (c)  | 62074  | 5905133  |
|  Fidelity High Income Central Fund (c)  | 18488  | 1860990  |
|  Fidelity Inflation-Protected Bond Index Central Fund (c)  | 51845  | 4551976  |
|  Fidelity International Credit Central Fund (c)  | 28002  | 2170428  |
|  Fidelity VIP Investment Grade Central Fund (c)  | 459956  | 42200984  |
|  iShares 20+ Year Treasury Bond ETF (d)  | 15993  | 1592263  |
| <br> **TOTAL FIXED-INCOME FUNDS** <br> (Cost $65,706,982)  |  | **59929584**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 1.1%**  | &nbsp;&nbsp; **Money Market Funds - 1.1%**  | &nbsp;&nbsp; **Money Market Funds - 1.1%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (e)  | 869664  | 869838  |
|  Fidelity Securities Lending Cash Central Fund 4.37% (e)(f)  | 1633562  | 1633725  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $2,503,563)  |  | **2503563**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Equity Funds - 71.7%**  | &nbsp;&nbsp; **Equity Funds - 71.7%**  | &nbsp;&nbsp; **Equity Funds - 71.7%**  |
|  | Shares  | Value ($) <br>|
| Domestic Equity Funds - 47.4%  |  |  |
|  Fidelity Commodity Strategy Central Fund (c)  | 44116  | 4488794  |
|  Fidelity Real Estate Equity Central Fund (c)  | 12826  | 1479261  |
|  Fidelity U.S. Equity Central Fund (c)  | 894630  | 92468949  |
|  iShares MSCI USA Minimum Volatility ETF  | 75551  | 5447228  |
|  TOTAL DOMESTIC EQUITY FUNDS  |  | 103884232  |
| International Equity Funds - 24.3%  |  |  |
|  Fidelity Emerging Markets Equity Central Fund (c)  | 94788  | 17365118  |
|  Fidelity International Equity Central Fund (c)  | 427612  | 35786830  |
|  TOTAL INTERNATIONAL EQUITY FUNDS  |  | 53151948  |
| <br> **TOTAL EQUITY FUNDS** <br> (Cost $126,343,600)  |  | <br> **157036180**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.5%** <br> (Cost $195,448,771) <br>| <br>**220364119**  |
| **NET OTHER ASSETS (LIABILITIES) - (0.5)%**  | **(1187841)**  |
| **NET ASSETS - 100.0%**  | **219176278**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  |
|  | Number <br> of contracts  | Expiration <br> Date  | Notional <br> Amount ($) <br>| Value ($) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| Purchased  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| MSCI EAFE Index Future (United States)  | 68  | Mar 2023  | 6627960  | (117820)  | (117820)  |
| Treasury Contracts  |  |  |  |  |  |
| CBOT 5-Year U.S. Treasury Note Contracts (United States)  | 39  | Mar 2023  | 4209258  | 531  | 531  |
| TOTAL PURCHASED  |  |  |  |  | (117289)  |
| Sold  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| CME Micro E-mini S&P 500 Index Contracts (United States)  | 37  | Mar 2023  | 7142850  | 199503  | 199503  |
| **TOTAL FUTURES CONTRACTS**  |  |  |  |  | **82214**  |
| The notional amount of futures purchased as a percentage of Net Assets is 4.9%  | The notional amount of futures purchased as a percentage of Net Assets is 4.9%  | The notional amount of futures purchased as a percentage of Net Assets is 4.9%  | The notional amount of futures purchased as a percentage of Net Assets is 4.9%  | The notional amount of futures purchased as a percentage of Net Assets is 4.9%  | The notional amount of futures purchased as a percentage of Net Assets is 4.9%  |
| The notional amount of futures sold as a percentage of Net Assets is 3.3%  | The notional amount of futures sold as a percentage of Net Assets is 3.3%  | The notional amount of futures sold as a percentage of Net Assets is 3.3%  | The notional amount of futures sold as a percentage of Net Assets is 3.3%  | The notional amount of futures sold as a percentage of Net Assets is 3.3%  | The notional amount of futures sold as a percentage of Net Assets is 3.3%  |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) 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 $894,792.

(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) Security or a portion of the security is on loan at period end.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(f) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 253014  | 21344268  | 20727444  | 15012  | -  | -  | 869838  | 0.0%  |
|  Fidelity Commodity Strategy Central Fund  | 4419654  | 3186232  | 2678029  | 1136065  | 45193  | (484256)  | 4488794  | 0.6%  |
|  Fidelity Emerging Markets Debt Central Fund  | 1229893  | 118782  | 135454  | 55625  | (22746)  | (172988)  | 1017487  | 0.0%  |
|  Fidelity Emerging Markets Debt Local Currency Central Fund  | 683888  | 7056  | -  | 7057  | -  | (60621)  | 630323  | 0.7%  |
|  Fidelity Emerging Markets Equity Central Fund  | 14633657  | 9560218  | 2049010  | 378847  | (376245)  | (4403502)  | 17365118  | 0.9%  |
|  Fidelity Floating Rate Central Fund  | 10232956  | 774212  | 4612374  | 442417  | (128596)  | (361065)  | 5905133  | 0.3%  |
|  Fidelity High Income Central Fund  | 2077275  | 194918  | 145042  | 124438  | 4457  | (270618)  | 1860990  | 0.1%  |
|  Fidelity Inflation-Protected Bond Index Central Fund  | 7906056  | 700729  | 3176348  | 496309  | (23048)  | (855413)  | 4551976  | 0.7%  |
|  Fidelity International Credit Central Fund  | 4155499  | 285475  | 1468248  | 171339  | (217898)  | (584400)  | 2170428  | 0.6%  |
|  Fidelity International Equity Central Fund  | 37206841  | 10513452  | 4319869  | 647750  | (612477)  | (7001117)  | 35786830  | 0.9%  |
|  Fidelity Real Estate Equity Central Fund  | 5673564  | 161772  | 3184535  | 45211  | (9533)  | (1162007)  | 1479261  | 0.1%  |
|  Fidelity Securities Lending Cash Central Fund 4.37%  | -  | 54661937  | 53028212  | 3249  | -  | -  | 1633725  | 0.0%  |
|  Fidelity U.S. Equity Central Fund  | 147070309  | 6810296  | 31229502  | 2787939  | (709421)  | (29472733)  | 92468949  | 0.6%  |
|  Fidelity VIP Investment Grade Central Fund  | 28998612  | 22454874  | 3751962  | 1239147  | (118235)  | (5382305)  | 42200984  | 1.7%  |
| Total  | 264541218  | 130774221  | 130506029  | 7550405  | (2168549)  | (50211025)  | 212429836  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  U.S. Government and Government Agency Obligations  | 894792  | -  | 894792  | -  |
|  Fixed-Income Funds  | 59929584  | 59929584  | -  | -  |
|  Money Market Funds  | 2503563  | 2503563  | -  | -  |
|  Equity Funds  | 157036180  | 157036180  | -  | -  |
| **Total Investments in Securities:**  | 220364119  | 219469327  | 894792  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Futures Contracts  | 200034  | 200034  | -  | -  |
| Total Assets  | 200034  | 200034  | -  | -  |
|  **Liabilities**  |  |  |  |  |
| Futures Contracts  | (117820)  | (117820)  | -  | -  |
| Total Liabilities  | (117820)  | (117820)  | -  | -  |
| **Total Derivative Instruments:**  | 82214  | 82214  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value**  | **Value**  |
|  | **Asset ($)**  | **Liability ($)**  |
| **Equity Risk**  |  |  |
| Futures Contracts (a)  | 199503  | (117820)  |
| **Total Equity Risk**  | 199503  | (117820)  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts (a)  | 531  | 0  |
| **Total Interest Rate Risk**  | 531  | 0  |
| **Total Value of Derivatives**  | 200034  | (117820)  |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,583,004) - See accompanying schedule:  | $— |  |
|  Unaffiliated issuers (cost $8,464,816)  | 7934283  |  |
|  Fidelity Central Funds (cost $186,983,955)  | 212429836  |  |
|  Total Investment in Securities (cost $195,448,771)  |  | $220364119  |
|  Cash  |  | 75  |
| Receivable for investments sold  |  | 663467  |
|  Receivable for fund shares sold  |  | 816  |
|  Dividends receivable  |  | 1530  |
|  Distributions receivable from Fidelity Central Funds  |  | 3443  |
|  Prepaid expenses  |  | 225  |
| Other receivables  |  | 4661  |
| **Total assets**  |  | 221038336  |
| **Liabilities**  |  |  |
|  Payable for fund shares redeemed  | $21923  |  |
|  Accrued management fee  | 97918  |  |
|  Distribution and service plan fees payable  | 1088  |  |
|  Payable for daily variation margin on futures contracts  | 38907  |  |
|  Other affiliated payables  | 28616  |  |
|  Other payables and accrued expenses  | 39881  |  |
|  Collateral on securities loaned  | 1633725  |  |
| **Total Liabilities**  |  | 1862058  |
| **Net Assets**  |  | $219176278  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $193778018  |
|  Total accumulated earnings (loss)  |  | 25398260  |
|  **Net Assets**  |  | $219176278  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($85,619,874 ÷ 4,573,308 shares)  |  | $18.72  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($2,883,364 ÷ 155,551 shares)  |  | $18.54  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($4,015,400 ÷ 218,383 shares)  |  | $18.39  |
| **Investor Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($126,657,640 ÷ 6,817,563 shares)  |  | $18.58  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $164671  |
| Interest  |  | 11594  |
| Income from Fidelity Central Funds (including $3,249 from security lending)  |  | 5782257  |
| **Total Income**  |  | 5958522  |
|  **Expenses**  |  |  |
| Management fee  | $1233109  |  |
| Transfer agent fees  | 247023  |  |
| Distribution and service plan fees  | 12331  |  |
| Accounting fees  | 112649  |  |
| Custodian fees and expenses  | 21247  |  |
| Independent trustees' fees and expenses  | 763  |  |
| Audit  | 50469  |  |
| Legal  | 2305  |  |
| Miscellaneous  | 999  |  |
| Total expenses before reductions  | 1680895  |  |
| Expense reductions  | (7938)  |  |
| Total expenses after reductions  |  | 1672957  |
| **Net Investment income (loss)**  |  | 4285565  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (1712376)  |  |
| Fidelity Central Funds  | (2168549)  |  |
| Foreign currency transactions  | (19)  |  |
| Futures contracts  | 2217020  |  |
| Capital gain distributions from Fidelity Central Funds  | 1768148  |  |
| Total net realized gain (loss)  |  | 104224  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (313624)  |  |
| Fidelity Central Funds  | (50211025)  |  |
| Assets and liabilities in foreign currencies  | (111)  |  |
| Futures contracts  | 194145  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (50330615)  |
| **Net gain (loss)**  |  | (50226391)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(45940826)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $4285565  | $3737846  |
| &nbsp;&nbsp; Net realized gain (loss)  | 104224 <br>| 17208890 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (50330615)  | 12938904 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (45940826) <br>| 33885640 <br>|
| Distributions to shareholders  | (19197473) <br>| (7380601) <br>|
| Share transactions - net increase (decrease)  | 10942702 <br>| 1589433 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (54195597) <br>| 28094472 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 273371875  | 245277403 <br>|
| &nbsp;&nbsp; End of period  | $219176278  | $273371875  |

---

**Financial Highlights** 

 **VIP Asset Manager: Growth Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.38  | $22.00  | $19.20  | $16.76  | $19.21  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .38  | .35  | .21  | .28  | .26  |
| Net realized and unrealized gain (loss)  | (4.33)  | 2.71  | 3.09  | 3.42  | (1.69)  |
| Total from investment operations  | (3.95)  | 3.06  | 3.30  | 3.70  | (1.43)  |
| Distributions from net investment income  | (.37)  | (.34)  | (.22)  | (.29)  | (.28)  |
| Distributions from net realized gain  | (1.34)  | (.34)  | (.27)  | (.97)  | (.74)  |
| Total distributions  | (1.71)  | (.68)  | (.50) <sup>C</sup>  | (1.26)  | (1.02)  |
| Net asset value, end of period  | $18.72  | $24.38  | $22.00  | $19.20  | $16.76  |
| **Total Return** <sup>D,E</sup>  | (16.88)%  | 13.96%  | 17.27%  | 22.83%  | (7.65)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .67%  | .67%  | .67%  | .68%  | .68%  |
| Expenses net of fee waivers, if any  | .67%  | .66%  | .67%  | .68%  | .68%  |
| Expenses net of all reductions  | .67%  | .66%  | .67%  | .68%  | .68%  |
| Net investment income (loss)  | 1.88%  | 1.46%  | 1.12%  | 1.58%  | 1.40%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $85620  | $111781  | $106148  | $99971  | $89477  |
| Portfolio turnover rate <sup>H</sup>  | 26%  | 25%  | 23%  | 35%  | 32%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP Asset Manager Growth Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.16  | $21.80  | $19.04  | $16.63  | $19.07  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .35  | .32  | .19  | .26  | .24  |
| Net realized and unrealized gain (loss)  | (4.28)  | 2.70  | 3.05  | 3.39  | (1.68)  |
| Total from investment operations  | (3.93)  | 3.02  | 3.24  | 3.65  | (1.44)  |
| Distributions from net investment income  | (.35)  | (.32)  | (.20)  | (.27)  | (.26)  |
| Distributions from net realized gain  | (1.34)  | (.34)  | (.27)  | (.97)  | (.74)  |
| Total distributions  | (1.69)  | (.66)  | (.48) <sup>C</sup>  | (1.24)  | (1.00)  |
| Net asset value, end of period  | $18.54  | $24.16  | $21.80  | $19.04  | $16.63  |
| **Total Return** <sup>D,E</sup>  | (16.95)%  | 13.89%  | 17.09%  | 22.72%  | (7.75)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .77%  | .77%  | .77%  | .78%  | .78%  |
| Expenses net of fee waivers, if any  | .77%  | .76%  | .77%  | .78%  | .78%  |
| Expenses net of all reductions  | .77%  | .76%  | .77%  | .78%  | .78%  |
| Net investment income (loss)  | 1.78%  | 1.36%  | 1.02%  | 1.48%  | 1.30%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $2883  | $3609  | $3363  | $3009  | $2621  |
| Portfolio turnover rate <sup>H</sup>  | 26%  | 25%  | 23%  | 35%  | 32%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP Asset Manager Growth Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.98  | $21.65  | $18.91  | $16.53  | $18.95  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .32  | .28  | .16  | .24  | .21  |
| Net realized and unrealized gain (loss)  | (4.24)  | 2.67  | 3.03  | 3.36  | (1.67)  |
| Total from investment operations  | (3.92)  | 2.95  | 3.19  | 3.60  | (1.46)  |
| Distributions from net investment income  | (.33)  | (.29)  | (.17)  | (.24)  | (.22)  |
| Distributions from net realized gain  | (1.34)  | (.34)  | (.27)  | (.97)  | (.74)  |
| Total distributions  | (1.67)  | (.62) <sup>C</sup>  | (.45) <sup>C</sup>  | (1.22) <sup>C</sup>  | (.96)  |
| Net asset value, end of period  | $18.39  | $23.98  | $21.65  | $18.91  | $16.53  |
| **Total Return** <sup>D,E</sup>  | (17.05)%  | 13.69%  | 16.95%  | 22.49%  | (7.88)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .92%  | .92%  | .92%  | .93%  | .93%  |
| Expenses net of fee waivers, if any  | .92%  | .91%  | .92%  | .93%  | .93%  |
| Expenses net of all reductions  | .92%  | .91%  | .92%  | .93%  | .93%  |
| Net investment income (loss)  | 1.63%  | 1.21%  | .87%  | 1.33%  | 1.15%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $4015  | $3948  | $3359  | $3199  | $2904  |
| Portfolio turnover rate <sup>H</sup>  | 26%  | 25%  | 23%  | 35%  | 32%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP Asset Manager Growth Portfolio Investor Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.21  | $21.85  | $19.07  | $16.66  | $19.10  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .36  | .33  | .20  | .27  | .25  |
| Net realized and unrealized gain (loss)  | (4.29)  | 2.69  | 3.06  | 3.39  | (1.69)  |
| Total from investment operations  | (3.93)  | 3.02  | 3.26  | 3.66  | (1.44)  |
| Distributions from net investment income  | (.36)  | (.33)  | (.21)  | (.28)  | (.26)  |
| Distributions from net realized gain  | (1.34)  | (.34)  | (.27)  | (.97)  | (.74)  |
| Total distributions  | (1.70)  | (.66) <sup>C</sup>  | (.48)  | (1.25)  | (1.00)  |
| Net asset value, end of period  | $18.58  | $24.21  | $21.85  | $19.07  | $16.66  |
| **Total Return** <sup>D,E</sup>  | (16.93)%  | 13.89%  | 17.19%  | 22.70%  | (7.72)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .75%  | .74%  | .75%  | .76%  | .76%  |
| Expenses net of fee waivers, if any  | .74%  | .74%  | .75%  | .76%  | .76%  |
| Expenses net of all reductions  | .74%  | .74%  | .75%  | .76%  | .76%  |
| Net investment income (loss)  | 1.80%  | 1.38%  | 1.04%  | 1.50%  | 1.32%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $126658  | $154034  | $132407  | $121229  | $104010  |
| Portfolio turnover rate <sup>H</sup>  | 26%  | 25%  | 23%  | 35%  | 32%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Notes to Financial Statements**

For the period ended December 31, 2022

**1. Organization.**

VIP Asset Manager: Growth 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 Ratio** <sup>A</sup>  |
| 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> Futures <br> Swaps <br>| Less than .005%  |
| Fidelity Emerging Markets Debt Central Fund  | Fidelity Management & Research Company LLC (FMR)  | Seeks high total return by normally investing in debt securities of issuers in emerging markets and other debt investments that are tied economically to emerging markets.  | Foreign Securities <br> Restricted Securities <br>| Less than .005%  |
| 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.  | Foreign <br> Securities <br> Futures <br>| .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 <br> Securities <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 <br>| Less than .005%  |
| 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.  | Loans & Direct Debt Instruments <br> Restricted Securities <br>| .04%  |
| 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> Restricted Securities  | 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> Options <br> Restricted Securities <br> Swaps <br>| Less than .005%  |
| 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> Restricted Securities <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%  |

---

<sup>A</sup> *Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

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. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows. 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.

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, 2022, is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. 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, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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, foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $34499470  |
| **Gross unrealized depreciation**  | <u>(8855075)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$25644395</u>  |
| **Tax Cost**  | <u>$194719724</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$173347</u>  |
| **Capital loss carryforward**  | <u>$(14)</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$25644323</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  | <u>$(14)</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022**  | **December 31, 2021**  |
| **Ordinary Income**  | $4188652  | $5916975  |
| **Long-term Capital Gains**  | <u>15008821</u>  | <u>1463626</u>  |
| **Total**  | <u>$19197473</u>  | <u>$7380601</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: Growth Portfolio**  |  |  |
| **Equity Risk**  |  |  |
| Futures Contracts  | <u>$2202612</u>  | <u>$193614</u>  |
| **Total Equity Risk**  | <u>2202612</u>  | <u>193614</u>  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts  | <u>14408</u>  | <u>531</u>  |
| **Total Interest Rate Risk**  | <u>14408</u>  | <u>531</u>  |
| Totals  | <u>$2217020</u>  | <u>$194145</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 unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **VIP Asset Manager: Growth Portfolio**  | 61005451  | 61266605  |

---

**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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .53% of the Fund's average net assets.

The investment adviser pays a portion of the management fees received from the Fund to the Fidelity Central Funds' investment advisers, who are also affiliates, for managing the assets of the Fidelity Central Funds.

**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**  | $3086  |
| **Service Class 2**  | <u>9245</u>  |
|  | <u>$12331</u>  |

---

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class pays a fee for transfer agent services, typesetting and printing and mailing of shareholder reports, excluding mailing of proxy statements. For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets**  |
| **Initial Class**  | $58308  | .06  |
| **Service Class**  | 1926  | .06  |
| **Service Class 2**  | 2310  | .06  |
| **Investor Class**  | <u>184479</u>  | .14  |
|  | <u>$247023</u>  |  |

---

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **VIP Asset Manager: Growth Portfolio**  | .05  |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount**  |
| **VIP Asset Manager: Growth Portfolio**  | $1  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  | **Realized Gain (Loss) ($)**  |
| **VIP Asset Manager: Growth Portfolio**  | -  | 34277  | (10879)  |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

---

| | |
|:---|:---|
|  | **Amount**  |
| **VIP Asset Manager: Growth Portfolio**  | $421  |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS**  | **Security Lending Income From Securities Loaned to NFS**  | **Value of Securities Loaned to NFS at Period End**  |
| **VIP Asset Manager: Growth Portfolio**  | $348  | $-  | $-  |

---

**9. Expense Reductions.** 

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $7,938.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **VIP Asset Manager: Growth Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $7763184  | $3092818  |
| Service Class  | 254131  | 96780  |
| Service Class 2  | 291077  | 99648  |
| Investor Class  | <u>10889081</u>  | <u>4091355</u>  |
| Total  | <u>$19197473</u>  | <u>$7380601</u>  |

---

**11. Share Transactions.**

Transactions for each class of shares were as follows and may contain in-kind transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares**  | **Shares**  | **Dollars**  | **Dollars**  |
|  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  |
| **VIP Asset Manager: Growth Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 129702  | 261912  | $2658128  | $6122934  |
| Reinvestment of distributions  | 368721  | 128495  | 7763184  | 3092818  |
| Shares redeemed  | <u>(510121)</u>  | <u>(631037)</u>  | <u>(10323870)</u>  | <u>(15106667)</u>  |
| Net increase (decrease)  | <u>(11698)</u>  | <u>(240630)</u>  | <u>$97442</u>  | <u>$(5890915)</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 22578  | 1020  | $461974  | $23871  |
| Reinvestment of distributions  | 12181  | 4059  | 254131  | 96780  |
| Shares redeemed  | <u>(28614)</u>  | <u>(9938)</u>  | <u>(570089)</u>  | <u>(227423)</u>  |
| Net increase (decrease)  | <u>6145</u>  | <u>(4859)</u>  | <u>$146016</u>  | <u>$(106772)</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 104969  | 21643  | $2037279  | $511878  |
| Reinvestment of distributions  | 14130  | 4208  | 291077  | 99648  |
| Shares redeemed  | <u>(65328)</u>  | <u>(16357)</u>  | <u>(1299244)</u>  | <u>(386029)</u>  |
| Net increase (decrease)  | <u>53771</u>  | <u>9494</u>  | <u>$1029112</u>  | <u>$225497</u>  |
| **Investor Class**  |  |  |  |  |
| Shares sold  | 391066  | 607150  | $7772724  | $14266762  |
| Reinvestment of distributions  | 521578  | 171004  | 10889081  | 4091355  |
| Shares redeemed  | <u>(458110)</u>  | <u>(475699)</u>  | <u>(8991673)</u>  | <u>(10996494)</u>  |
| Net increase (decrease)  | <u>454534</u>  | <u>302455</u>  | <u>$9670132</u>  | <u>$7361623</u>  |

---

**12. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

---

| | |
|:---|:---|
| **Fund**  | **Affiliated %**  |
| VIP Asset Manager: Growth Portfolio  | 87%  |

---

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund V and the Shareholders of 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: Growth Portfolio (the "Fund"), a fund of Variable Insurance Products Fund V, including the schedule of investments, as of December 31, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers, when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 14, 2023

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 295 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity <sup>®</sup> funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity <sup>®</sup> funds (2001-2005), and managed a number of Fidelity <sup>®</sup> funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity <sup>®</sup> funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2013-2016).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity <sup>®</sup> funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Mr. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity <sup>®</sup> funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity <sup>®</sup> funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Laura M. Bishop (1961)

Year of Election or Appointment: 2022

Member of the Advisory Board

Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Christopher M. Gouveia (1973)

Year of Election or Appointment: 2023

Chief Compliance Officer

Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia serves as Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

William Irving (1964)

Year of Election or Appointment: 2023

Vice President

Mr. Irving also serves as Vice President of other funds. Mr. Irving serves as Head of Fidelity Asset Management Solutions (2022-present) and is an employee of Fidelity Investments. Mr. Irving serves as President and Director of Fidelity Diversifying Solutions LLC (investment adviser firm, 2023-present) and President, Director, or Vice President of certain other Fidelity entities. Previously, Mr. Irving served as Chief Investment Officer (CIO) in the Global Asset Allocation division (2020-2022). Prior to that, he was Managing Director of Research in the Global Asset Allocation division (2018-2020) and portfolio manager of certain Fidelity <sup>®</sup> funds (2004-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **VIP Asset Manager: Growth Portfolio**  |  |  |  |  |
| **Initial Class**  | .67%  |  |  |  |
| **Actual**  |  | $1000  | $1015.60  | $3.40  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.83  | $3.41  |
| **Service Class**  | .77%  |  |  |  |
| **Actual**  |  | $1000  | $1015.20  | $3.91  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.32  | $3.92  |
| **Service Class 2**  | .92%  |  |  |  |
| **Actual**  |  | $1000  | $1014.20  | $4.67  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.57  | $4.69  |
| **Investor Class**  | .75%  |  |  |  |
| **Actual**  |  | $1000  | $1015.50  | $3.81  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.42  | $3.82  |

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*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

A total of 11.64% 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 $1,020,933 of distributions paid in the calendar year 2021 as qualifying to be taxed as section 163(j) interest dividends.

Initial Class designates 3% and 27%; Service Class designates 3% and 29%; Service Class 2 designates 3% and 31%; and Investor Class designates 3% and 28%; 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:

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| | | | |
|:---|:---|:---|:---|
|  | **Pay Date**  | **Income**  | **Taxes**  |
| **VIP Asset Manager Growth Portfolio**  |  |  |  |
| Initial Class  | 12/29/2022  | $0.1052  | $0.0138  |
| Service Class  | 12/29/2022  | $0.0997  | $0.0138  |
| Service Class 2  | 12/29/2022  | $0.0938  | $0.0138  |
| Investor Class  | 12/29/2022  | $0.1013  | $0.0138  |

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**Board Approval of Investment Advisory Contracts and Management Fees**

**VIP Asset Manager: Growth Portfolio** 

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the 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 has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The 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 funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class); (iii) the total costs of the services provided by and the profits realized by 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.

In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

**Nature, Extent, and Quality of Services Provided.** The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. 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. The Board also considered the steps Fidelity had taken to ensure the continued provision of high-quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

<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 the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services.</u> The Board considered (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, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. 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 noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u> . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual 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, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

<u>Investment Performance.</u> The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about 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 considers annualized return information for the fund for different time periods, measured against one or more appropriate securities market 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 receives and considers 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 for specific 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 fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to appropriate peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; and fund cash flows and other factors. 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.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the representative class (Initial Class) and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year 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 considered the fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparison of management fees and total expense ratios by broadening the competitive group used for such comparison.

<u>Management Fee.</u> The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

![](img88172_9.jpg)

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2021.

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.

<u>Total Expense Ratio.</u> In its review of the total expense ratio of the representative class (Initial Class) of the fund, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. 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 the fund. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the total net expense ratio of the Initial Class ranked below the similar sales load structure group competitive median for 2021 and below the ASPG competitive median for 2021.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and 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 and the full Board approves such changes.

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 mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. 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 "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, 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 Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board also considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale 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) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) 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. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.

![](img88172_2.jpg) <br>

1.540207.125 VIPAMG-ANN-0323

**Fidelity® Variable Insurance Products:**

**Government Money Market Portfolio**

**Annual Report**

**December 31, 2022**

![](img88155_1.jpg)

![](img88155_2.jpg)

**Contents**

---

| |
|:---|
| **[Investment Summary/Performance](#Sec_InvestmentSummary20)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments20)** |
| **[Financial Statements](#Sec_FinancialStatements20)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |
| **[Board Approval of Investment Advisory Contracts and Management Fees](#Sec_Board Approval of Investment Advisory Contracts and Management Fees)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2023 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Investment Summary/Performance December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Current 7-Day Yields**  | &nbsp;&nbsp; **Current 7-Day Yields**  |
| Initial Class  | 4.02%  |
| Service Class  | 3.93%  |
| Service Class 2  | 3.78%  |
| Investor Class  | 4.00%  |
| *Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund.*  | *Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund.*  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Effective Maturity Diversification (% of Fund's Investments)**  | &nbsp;&nbsp; **Effective Maturity Diversification (% of Fund's Investments)**  |
| <br> **Days**  | <br> **Days**  |
| 1 - 7  | 93.0  |
| 8 - 30  | 2.4  |
| 31 - 60  | 2.5  |
| 61 - 90  | 2.0  |
| 91 - 180  | 0.1  |
| <br> *Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.*  | <br> *Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88155_5.jpg)  |

---

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Treasury Debt - 5.7%**  | &nbsp;&nbsp; **U.S. Treasury Debt - 5.7%**  | &nbsp;&nbsp; **U.S. Treasury Debt - 5.7%**  | &nbsp;&nbsp; **U.S. Treasury Debt - 5.7%**  |
|  | Yield (%)(a)  | Principal <br> Amount (b) <br>| Value ($) <br>|
| U.S. Treasury Inflation Protected Obligations - 0.2%  |  |  |  |
|  U.S. Treasury Notes  |  |  |  |
|  1/15/23  | 4.62 to 4.64  | 14201990  | 14188981  |
| U.S. Treasury Obligations - 5.5%  |  |  |  |
|  U.S. Treasury Bills  |  |  |  |
|  1/3/23 to 5/4/23  | 0.63 to 4.56  | 43605000  | 43396163  |
|  U.S. Treasury Notes  |  |  |  |
|  1/31/23 to 7/31/24 (c)  | 0.68 to 4.45  | 331609000  | 331565091  |
|  TOTAL U.S. TREASURY OBLIGATIONS  |  |  | 374961254  |
| <br> **TOTAL U.S. TREASURY DEBT** <br> (Cost $389,150,235)  |  |  | <br> **389150235**  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government Agency Debt - 16.3%**  | &nbsp;&nbsp; **U.S. Government Agency Debt - 16.3%**  | &nbsp;&nbsp; **U.S. Government Agency Debt - 16.3%**  | &nbsp;&nbsp; **U.S. Government Agency Debt - 16.3%**  |
|  | Yield (%)(a)  | Principal <br> Amount (b) <br>| Value ($) <br>|
| Federal Agencies - 16.3%  |  |  |  |
|  Federal Farm Credit Bank  |  |  |  |
|  3/3/23 to 12/5/24 (c)  | 2.59 to 4.50  | 79000000  | 78992562  |
|  Federal Home Loan Bank  |  |  |  |
|  1/3/23 to 11/22/24 (c)  | 0.60 to 4.55  | 1004600000  | 1002957753  |
|  Federal Home Loan Bank  |  |  |  |
|  3/30/23  | 1.98  | 9000000  | 9000000  |
|  Freddie Mac  |  |  |  |
|  5/3/24 (c)(d)  | 4.43  | 22000000  | 22000000  |
| <br> **TOTAL U.S. GOVERNMENT AGENCY DEBT** <br> (Cost $1,112,950,315)  |  |  | <br> **1112950315**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government Agency Repurchase Agreement - 10.4%**  | &nbsp;&nbsp; **U.S. Government Agency Repurchase Agreement - 10.4%**  | &nbsp;&nbsp; **U.S. Government Agency Repurchase Agreement - 10.4%**  |
|  | Maturity <br> Amount ($) <br>| Value ($) <br>|
|  In a joint trading account at 4.3% dated 12/30/22 due 1/3/23 (Collateralized by U.S. Government Obligations) #  | 269726919  | 269598000  |
|  With:  |  |  |
|  ABN AMRO Bank NV at 4.3%, dated 12/30/22 due 1/3/23 (Collateralized by U.S. Government Obligations valued at $11,225,444, 2.00% - 4.50%, 5/15/27 - 5/1/52)  | 11005256  | 11000000  |
|  BMO Harris Bank NA at:  |  |  |
|  4.31%, dated 12/28/22 due 1/6/23 (Collateralized by U.S. Treasury Obligations valued at $4,082,994, 2.38%, 5/15/27) <br>| 4014367  | 4000000  |
|  4.32%, dated 12/29/22 due 1/6/23 (Collateralized by U.S. Government Obligations valued at $10,206,113, 5.80%, 5/20/72) <br>| 10041951  | 10000000  |
|  BNP Paribas, SA at:  |  |  |
|  4.08%, dated 11/14/22 due 1/6/23 (Collateralized by U.S. Government Obligations valued at $15,388,307, 0.00% - 6.50%, 4/30/24 - 12/20/52) <br>| 15108800  | 15000000  |
|  4.15%, dated 11/21/22 due 1/6/23 (Collateralized by U.S. Government Obligations valued at $42,035,610, 0.00% - 5.50%, 3/9/23 - 12/1/52) <br>| 41297763  | 41000000  |
|  4.23%, dated 12/9/22 due 1/6/23 (Collateralized by U.S. Government Obligations valued at $3,069,318, 0.00% - 4.48%, 5/15/24 - 11/15/52) <br>| 3010928  | 3000000  |
|  4.3%, dated 12/6/22 due 1/6/23 (Collateralized by U.S. Government Obligations valued at $37,994,630, 0.00% - 6.00%, 8/31/23 - 12/20/52) <br>| 37274006  | 37000000  |
|  4.32%, dated: <br>|  |  |
|  12/19/22 due 1/6/23 (Collateralized by U.S. Government Obligations valued at $8,175,436, 0.00% - 6.50%, 10/31/24 - 12/20/52)  | 8029760  | 8000000  |
|  12/28/22 due 1/6/23 (Collateralized by U.S. Government Obligations valued at $6,124,407, 0.00% - 6.00%, 2/15/30 - 11/1/52)  | 6023760  | 6000000  |
|  12/29/22 due 1/6/23 (Collateralized by U.S. Government Obligations valued at $26,535,912, 2.50% - 6.00%, 2/1/42 - 12/20/52)  | 26099840  | 26000000  |
|  CIBC Bank U.S.A. at 4.37%, dated 12/15/22 due 2/2/23 (Collateralized by U.S. Government Obligations valued at $1,051,308, 0.00% - 7.50%, 5/15/24 - 11/1/52)  | 1005948  | 1000000  |
|  Citibank NA at 4.31%, dated 12/29/22 due 1/5/23 (Collateralized by U.S. Treasury Obligations valued at $14,288,577, 0.00% - 4.63%, 6/1/23 - 8/15/31)  | 14011733  | 14000000  |
|  Citigroup Global Capital Markets, Inc. at:  |  |  |
|  4.31%, dated 12/29/22 due 1/5/23 (Collateralized by U.S. Government Obligations valued at $11,226,789, 0.13% - 6.50%, 8/31/23 - 10/20/52) <br>| 11009219  | 11000000  |
|  4.32%, dated 12/15/22 due 1/6/23 (Collateralized by U.S. Government Obligations valued at $13,290,268, 0.13% - 6.50%, 8/31/23 - 10/20/52) <br>| 13051480  | 13000000  |
|  Deutsche Bank AG, New York at:  |  |  |
|  4.3%, dated 12/30/22 due 1/3/23 (Collateralized by U.S. Government Obligations valued at $3,091,476, 3.35%, 6/15/24) <br>| 3001433  | 3000000  |
|  4.31%, dated 12/29/22 due 1/5/23 (Collateralized by U.S. Government Obligations valued at $5,153,083, 3.35%, 6/15/24) <br>| 5004190  | 5000000  |
|  Deutsche Bank Securities, Inc. at 4.3%, dated 12/30/22 due 1/3/23 (Collateralized by U.S. Government Obligations valued at $11,335,414, 3.00% - 3.25%, 3/15/50 - 1/15/56)  | 11005256  | 11000000  |
|  Goldman Sachs & Co. at 4.3%, dated 12/28/22 due 1/4/23 (Collateralized by U.S. Government Obligations valued at $46,953,627, 4.00%, 8/1/59)  | 46038461  | 46000000  |
|  Mitsubishi UFJ Securities (U.S.A.), Inc. at 4.33%, dated 12/15/22 due 2/13/23 (Collateralized by U.S. Government Obligations valued at $17,379,629, 1.10% - 5.67%, 12/1/29 - 10/20/71)  | 17122683  | 17000000  |
|  Morgan Stanley & Co., LLC at 4.3%, dated 12/30/22 due 1/3/23 (Collateralized by U.S. Government Obligations valued at $3,061,638, 0.00% - 6.50%, 2/1/23 - 9/1/52)  | 3001433  | 3000000  |
|  RBC Dominion Securities at 4.3%, dated 12/28/22 due 1/4/23 (Collateralized by U.S. Government Obligations valued at $47,974,357, 2.00% - 2.50%, 12/1/51 - 2/1/52)  | 47039297  | 47000000  |
|  RBC Financial Group at 4.33%, dated 12/15/22 due 1/6/23 (Collateralized by U.S. Government Obligations valued at $80,771,803, 0.38% - 6.50%, 10/31/24 - 1/1/53)  | 79465595  | 79000000  |
|  TD Securities (U.S.A.) at 4.3%, dated 12/30/22 due 1/3/23 (Collateralized by U.S. Government Obligations valued at $27,553,159, 4.50%, 9/20/52)  | 27012900  | 27000000  |
| <br> **TOTAL U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENT** <br> (Cost $707,598,000)  |  | **707598000**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Treasury Repurchase Agreement - 66.7%**  | &nbsp;&nbsp; **U.S. Treasury Repurchase Agreement - 66.7%**  | &nbsp;&nbsp; **U.S. Treasury Repurchase Agreement - 66.7%**  |
|  | Maturity <br> Amount ($) <br>| Value ($) <br>|
|  With:  |  |  |
|  ABN AMRO Bank NV at 4.3%, dated 12/30/22 due 1/3/23 (Collateralized by U.S. Treasury Obligations valued at $5,102,574, 0.00% - 3.88%, 3/23/23 - 8/15/46)  | 5002389  | 5000000  |
|  Barclays Bank PLC at 4.3%, dated 12/30/22 due 1/3/23 (Collateralized by U.S. Treasury Obligations valued at $35,717,105, 2.00%, 11/15/41)  | 35016722  | 35000000  |
|  BMO Harris Bank NA at:  |  |  |
|  4.16%, dated 11/28/22 due 1/6/23 (Collateralized by U.S. Treasury Obligations valued at $5,121,265, 2.38%, 5/15/27) <br>| 5028889  | 5000000  |
|  4.26%, dated 12/8/22 due 1/6/23 (Collateralized by U.S. Treasury Obligations valued at $19,439,668, 2.88%, 5/15/32) <br>| 19105672  | 19000000  |
|  4.28%, dated 12/9/22 due 1/6/23 <br>|  |  |
|  (Collateralized by U.S. Treasury Obligations valued at $3,069,114, 2.38%, 5/15/27)  | 3016388  | 3000000  |
|  (Collateralized by U.S. Treasury Obligations valued at $12,276,363, 0.00%, 5/11/23)  | 12066975  | 12000000  |
|  BNP Paribas, SA at 3.27%, dated 9/9/22 due 1/6/23 (Collateralized by U.S. Treasury Obligations valued at $25,773,786, 0.38% - 4.48%, 4/30/24 - 5/15/51)  | 25277042  | 25000000  |
|  CIBC Bank U.S.A. at:  |  |  |
|  4.11%, dated 11/2/22 due 1/6/23 (Collateralized by U.S. Treasury Obligations valued at $12,326,643, 0.50% - 4.38%, 7/31/24 - 11/15/46) <br>| 12098640  | 12000000  |
|  4.12%, dated 12/1/22 due 1/3/23 (Collateralized by U.S. Treasury Obligations valued at $10,249,085, 0.00% - 4.38%, 2/21/23 - 11/15/50) <br>| 10037767  | 10000000  |
|  4.13%, dated 12/2/22 due 1/3/23 (Collateralized by U.S. Treasury Obligations valued at $1,023,783, 0.38% - 4.48%, 9/15/24 - 11/15/50) <br>| 1003671  | 1000000  |
|  4.19%, dated 12/6/22 due 1/6/23 (Collateralized by U.S. Treasury Obligations valued at $10,233,310, 0.00% - 4.38%, 2/21/23 - 2/15/47) <br>| 10036081  | 10000000  |
|  4.31%, dated 12/30/22 due 1/6/23 (Collateralized by U.S. Treasury Obligations valued at $18,368,818, 0.50% - 3.13%, 10/31/24 - 11/15/28) <br>| 18066805  | 18000000  |
|  Commerz Markets LLC at:  |  |  |
|  4.3%, dated 12/28/22 due 1/4/23 (Collateralized by U.S. Treasury Obligations valued at $13,269,555, 0.50% - 4.00%, 12/15/25 - 4/30/29) <br>| 13010869  | 13000000  |
|  4.31%, dated 12/29/22 due 1/5/23 (Collateralized by U.S. Treasury Obligations valued at $13,268,000, 2.88% - 4.13%, 4/30/29 - 11/15/32) <br>| 13010895  | 13000000  |
|  Credit AG at 4.34%, dated 12/19/22 due 1/19/23 (Collateralized by U.S. Treasury Obligations valued at $5,109,241, 4.13%, 10/31/27)  | 5018686  | 5000000  |
|  Federal Reserve Bank of New York at 4.3%, dated 12/30/22 due 1/3/23 (Collateralized by U.S. Treasury Obligations valued at $4,253,031,156, 0.13% - 2.00%, 8/15/23 - 11/15/31)  | 4253031033  | 4251000000  |
|  Fixed Income Clearing Corp. - SSB at 4.35%, dated 12/30/22 due 1/3/23 (Collateralized by U.S. Treasury Obligations valued at $16,431,983, 0.75%, 2/15/45)  | 16007733  | 16000000  |
|  Lloyds Bank Corp. Markets PLC at:  |  |  |
|  3.26%, dated 9/9/22 due 1/9/23 (Collateralized by U.S. Treasury Obligations valued at $5,167,219, 2.25% - 3.00%, 7/15/25 - 8/15/49) <br>| 5055239  | 5000000  |
|  4.1%, dated 11/10/22 due 1/10/23 (Collateralized by U.S. Treasury Obligations valued at $2,089,872, 2.25%, 8/15/49) <br>| 2013894  | 2000000  |
|  Lloyds Bank PLC at:  |  |  |
|  3.19%, dated 9/8/22 due 1/9/23 (Collateralized by U.S. Treasury Obligations valued at $3,097,996, 0.13% - 6.75%, 9/15/23 - 7/31/27) <br>| 3032698  | 3000000  |
|  3.23%, dated 9/9/22 due 1/9/23 (Collateralized by U.S. Treasury Obligations valued at $4,120,403, 3.00%, 9/30/25) <br>| 4043784  | 4000000  |
|  3.26%, dated 9/9/22 due 1/9/23 (Collateralized by U.S. Treasury Obligations valued at $3,092,784, 0.13% - 6.75%, 1/15/24 - 7/31/27) <br>| 3033143  | 3000000  |
|  3.34%, dated 9/13/22 due 1/13/23 (Collateralized by U.S. Treasury Obligations valued at $3,118,596, 0.13% - 6.75%, 1/15/24 - 7/31/27) <br>| 3033957  | 3000000  |
|  4.17%, dated 11/21/22 due 1/23/23 <br>|  |  |
|  (Collateralized by U.S. Treasury Obligations valued at $2,051,898, 2.38% - 6.00%, 8/15/24 - 5/15/27)  | 2014595  | 2000000  |
|  (Collateralized by U.S. Treasury Obligations valued at $5,130,799, 1.13% - 6.00%, 1/15/25 - 11/30/28)  | 5036488  | 5000000  |
|  4.19%, dated 11/25/22 due 1/25/23 (Collateralized by U.S. Treasury Obligations valued at $4,109,078, 2.50%, 1/31/25) <br>| 4028399  | 4000000  |
|  4.24%, dated 11/7/22 due 2/7/23 (Collateralized by U.S. Treasury Obligations valued at $2,068,881, 2.38% - 2.75%, 8/15/24 - 2/28/25) <br>| 2021671  | 2000000  |
|  4.28%, dated 12/2/22 due 2/2/23 (Collateralized by U.S. Treasury Obligations valued at $5,123,670, 0.13%, 9/15/23) <br>| 5036856  | 5000000  |
|  4.33%, dated 12/5/22 due 2/6/23 (Collateralized by U.S. Treasury Obligations valued at $4,095,070, 1.13% - 6.00%, 1/15/25 - 8/15/27) <br>| 4030310  | 4000000  |
|  4.43%, dated: <br>|  |  |
|  11/28/22 due 2/28/23 (Collateralized by U.S. Treasury Obligations valued at $2,048,359, 2.50%, 8/15/23)  | 2022642  | 2000000  |
|  11/29/22 due 2/28/23 (Collateralized by U.S. Treasury Obligations valued at $2,049,219, 0.13%, 10/15/23)  | 2022396  | 2000000  |
|  4.47%, dated 12/19/22 due 2/22/23 (Collateralized by U.S. Treasury Obligations valued at $4,089,698, 0.38% - 2.75%, 2/28/25 - 7/31/27) <br>| 4032283  | 4000000  |
|  MUFG Securities EMEA PLC at:  |  |  |
|  4.3%, dated 12/30/22 due 1/3/23 (Collateralized by U.S. Treasury Obligations valued at $23,465,065, 1.13% - 4.50%, 10/31/24 - 11/15/52) <br>| 23010989  | 23000000  |
|  4.31%, dated 1/3/23 due 1/4/23 (e) <br>| 12001437  | 12000000  |
|  4.32%, dated 12/30/22 due 1/3/23 (Collateralized by U.S. Treasury Obligations valued at $13,265,751, 0.75%, 8/31/26) <br>| 13006240  | 13000000  |
|  Royal Bank of Canada at:  |  |  |
|  4.31%, dated 12/16/22 due 1/6/23 (Collateralized by U.S. Treasury Obligations valued at $2,044,449, 1.13% - 2.50%, 8/15/23 - 8/15/49) <br>| 2005747  | 2000000  |
|  4.32%, dated 12/19/22 due 1/6/23 <br>|  |  |
|  (Collateralized by U.S. Treasury Obligations valued at $3,065,576, 1.13% - 2.75%, 2/15/24 - 8/31/28)  | 3007920  | 3000000  |
|  (Collateralized by U.S. Treasury Obligations valued at $2,043,705, 1.13% - 2.75%, 8/15/23 - 8/15/42)  | 2005520  | 2000000  |
|  (Collateralized by U.S. Treasury Obligations valued at $2,043,731, 1.13% - 2.50%, 8/15/23 - 8/15/49)  | 2005760  | 2000000  |
|  (Collateralized by U.S. Treasury Obligations valued at $3,065,578, 1.13% - 3.75%, 8/15/23 - 11/15/43)  | 3009000  | 3000000  |
| <br> **TOTAL U.S. TREASURY REPURCHASE AGREEMENT** <br> (Cost $4,563,000,000)  |  | **4563000000**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.1%** <br> (Cost $6,772,698,550) <br>| <br>**6772698550**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.9%**  | **64124483**  |
| **NET ASSETS - 100.0%**  | **6836823033**  |

---

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) 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.

(b) Amount is stated in United States dollars unless otherwise noted.

(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) 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.

**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.

---

| | |
|:---|:---|
| <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 ($)**  |
| **$269,598,000 due 1/03/23 at 4.30%**  |  |
| BNY Mellon Capital Markets LLC  | 14695000  |
| Bank Of America, N.A.  | 32910000  |
| Bank of America Securities, Inc.  | 16963000  |
| Citigroup Global Markets, Inc.  | 22854000  |
| HSBC Securities (USA), Inc.  | 4114000  |
| JPMorgan Securities LLC  | 2285000  |
| Mitsubishi UFJ Securities Holdings Ltd.  | 4571000  |
| Mizuho Securities USA, Inc.  | 2285000  |
| Nomura Securities Internationa  | 54953000  |
| RBC Dominion Securities, Inc.  | 32060000  |
| Sumitomo Mitsui Banking Corporation NY (DI)  | 20658000  |
| Sumitomo Mitsui Banking Corporation (REPO)  | 49366000  |
| Wells Fargo Securities LLC  | 11884000  |
|  | 269598000  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
|  Investment in securities, at value (including repurchase agreements of $5,270,598,000) - See accompanying schedule <br>Unaffiliated issuers (cost $6,772,698,550): <br>|  | $6772698550  |
|  Cash  |  | 9  |
| Receivable for investments sold  |  | 13129190  |
|  Receivable for fund shares sold  |  | 73240227  |
|  Interest receivable  |  | 9371340  |
|  Prepaid expenses  |  | 6192  |
| **Total assets**  |  | 6868445508  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $24000000  |  |
|  Payable for fund shares redeemed  | 5112233  |  |
|  Distributions payable  | 740510  |  |
|  Accrued management fee  | 1046173  |  |
|  Distribution and service plan fees payable  | 198665  |  |
|  Other affiliated payables  | 469104  |  |
|  Other payables and accrued expenses  | 55790  |  |
| **Total Liabilities**  |  | 31622475  |
| **Net Assets**  |  | $6836823033  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $6836547027  |
|  Total accumulated earnings (loss)  |  | 276006  |
|  **Net Assets**  |  | $6836823033  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($2,210,497,824 ÷ 2,210,617,021 shares)  |  | $1.00  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($1,796,083,849 ÷ 1,796,119,865 shares)  |  | $1.00  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($238,428,340 ÷ 238,429,509 shares)  |  | $1.00  |
| **Investor Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($2,591,813,020 ÷ 2,591,191,832 shares)  |  | $1.00  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Interest  |  | $104268441  |
|  **Expenses**  |  |  |
| Management fee  | $9945260  |  |
| Transfer agent fees  | 4639668  |  |
| Distribution and service plan fees  | 2252666  |  |
| Accounting fees and expenses  | 506154  |  |
| Custodian fees and expenses  | 53532  |  |
| Independent trustees' fees and expenses  | 18873  |  |
| Audit  | 47996  |  |
| Legal  | 5928  |  |
| Miscellaneous  | 14565  |  |
| Total expenses before reductions  | 17484642  |  |
| Expense reductions  | (2275813)  |  |
| Total expenses after reductions  |  | 15208829  |
| **Net Investment income (loss)**  |  | 89059612  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 15635  |  |
| Total net realized gain (loss)  |  | 15635  |
| **Net increase in net assets resulting from operations**  |  | $89075247  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $89059612  | $573891  |
| &nbsp;&nbsp; Net realized gain (loss)  | 15635 <br>| (912) <br>|
| **Net increase in net assets resulting from operations**  | 89075247 <br>| 572979 <br>|
| Distributions to shareholders  | (89092946) <br>| (542266) <br>|
| Share transactions - net increase (decrease)  | 1738898144 <br>| (1115001983) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 1738880445 <br>| (1114971270) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 5097942588  | 6212913858 <br>|
| &nbsp;&nbsp; End of period  | $6836823033  | $5097942588  |

---

**Financial Highlights** 

 **VIP Government Money Market Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **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) <sup>A</sup>  | .014  | - <sup>B</sup>  | .003  | .020  | .016  |
| Net realized and unrealized gain (loss) <sup>B</sup>  | -  | -  | -  | -  | -  |
| Total from investment operations  | .014  | - <sup>B</sup>  | .003  | .020  | .016  |
| Distributions from net investment income  | (.014)  | - <sup>B</sup>  | (.003)  | (.020)  | (.016)  |
| Total distributions  | (.014)  | - <sup>B</sup>  | (.003)  | (.020)  | (.016)  |
| Net asset value, end of period  | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  |
| **Total Return** <sup>C,D</sup>  | 1.44%  | .01%  | .32%  | 2.02%  | 1.65%  |
| **Ratios to Average Net Assets** <sup>A,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | .24%  | .23%  | .24%  | .26%  | .26%  |
| Expenses net of fee waivers, if any  | .22%  | .08%  | .20%  | .26%  | .26%  |
| Expenses net of all reductions  | .22%  | .08%  | .20%  | .26%  | .26%  |
| Net investment income (loss)  | 1.52%  | .01%  | .29%  | 1.99%  | 1.65%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $2210498  | $1477559  | $2255440  | $2182100  | $2166787  |

---

<sup>A</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>B</sup> *Amount represents less than $.0005 per share.*

<sup>C</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

 **VIP Government Money Market Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **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) <sup>A</sup>  | .013  | - <sup>B</sup>  | .003  | .019  | .015  |
| Net realized and unrealized gain (loss)  | .001  | - <sup>B</sup>  | - <sup>B</sup>  | - <sup>B</sup>  | - <sup>B</sup>  |
| Total from investment operations  | .014  | - <sup>B</sup>  | .003  | .019  | .015  |
| Distributions from net investment income  | (.014)  | - <sup>B</sup>  | (.003)  | (.019)  | (.015)  |
| Total distributions  | (.014)  | - <sup>B</sup>  | (.003)  | (.019)  | (.015)  |
| Net asset value, end of period  | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  |
| **Total Return** <sup>C,D</sup>  | 1.36%  | .01%  | .28%  | 1.92%  | 1.55%  |
| **Ratios to Average Net Assets** <sup>A,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | .34%  | .33%  | .34%  | .36%  | .36%  |
| Expenses net of fee waivers, if any  | .30%  | .08%  | .23%  | .36%  | .36%  |
| Expenses net of all reductions  | .29%  | .08%  | .23%  | .36%  | .36%  |
| Net investment income (loss)  | 1.44%  | .01%  | .26%  | 1.89%  | 1.55%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $1796084  | $1447279  | $1641207  | $1179143  | $1191142  |

---

<sup>A</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>B</sup> *Amount represents less than $.0005 per share.*

<sup>C</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

 **VIP Government Money Market Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **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) <sup>A</sup>  | .013  | - <sup>B</sup>  | .002  | .017  | .014  |
| Net realized and unrealized gain (loss) <sup>B</sup>  | -  | -  | -  | -  | -  |
| Total from investment operations  | .013  | - <sup>B</sup>  | .002  | .017  | .014  |
| Distributions from net investment income  | (.013)  | - <sup>B</sup>  | (.002)  | (.017)  | (.014)  |
| Total distributions  | (.013)  | - <sup>B</sup>  | (.002)  | (.017)  | (.014)  |
| Net asset value, end of period  | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  |
| **Total Return** <sup>C,D</sup>  | 1.26%  | .01%  | .24%  | 1.76%  | 1.40%  |
| **Ratios to Average Net Assets** <sup>A,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | .49%  | .48%  | .49%  | .51%  | .51%  |
| Expenses net of fee waivers, if any  | .40%  | .08%  | .28%  | .51%  | .51%  |
| Expenses net of all reductions  | .40%  | .08%  | .28%  | .51%  | .51%  |
| Net investment income (loss)  | 1.34%  | .01%  | .21%  | 1.74%  | 1.40%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $238428  | $203035  | $221428  | $220990  | $220358  |

---

<sup>A</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>B</sup> *Amount represents less than $.0005 per share.*

<sup>C</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

 **VIP Government Money Market Portfolio Investor Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **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) <sup>A</sup>  | .014  | - <sup>B</sup>  | .003  | .020  | .016  |
| Net realized and unrealized gain (loss) <sup>B</sup>  | -  | -  | -  | -  | -  |
| Total from investment operations  | .014  | - <sup>B</sup>  | .003  | .020  | .016  |
| Distributions from net investment income  | (.014)  | - <sup>B</sup>  | (.003)  | (.020)  | (.016)  |
| Total distributions  | (.014)  | - <sup>B</sup>  | (.003)  | (.020)  | (.016)  |
| Net asset value, end of period  | $1.00  | $1.00  | $1.00  | $1.00  | $1.00  |
| **Total Return** <sup>C,D</sup>  | 1.42%  | .01%  | .31%  | 1.99%  | 1.63%  |
| **Ratios to Average Net Assets** <sup>A,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | .27%  | .25%  | .26%  | .28%  | .28%  |
| Expenses net of fee waivers, if any  | .24%  | .08%  | .21%  | .28%  | .28%  |
| Expenses net of all reductions  | .24%  | .08%  | .21%  | .28%  | .28%  |
| Net investment income (loss)  | 1.50%  | .01%  | .28%  | 1.97%  | 1.62%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $2591813  | $1970069  | $2094839  | $1939981  | $1764836  |

---

<sup>A</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>B</sup> *Amount represents less than $.0005 per share.*

<sup>C</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

<sup>F</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

**Notes to Financial Statements**

For the period ended December 31, 2022

**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. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** 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.** 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, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded 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)**  | $-  |
| **Tax Cost**  | <u>$6772698550</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$257768</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022**  | **December 31, 2021**  |
| **Ordinary Income**  | <u>$89092946</u>  | <u>$542266</u>  |

---

**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.

**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 management fee is calculated on the basis of a group fee rate plus a total income-based component. The annualized group fee rate averaged .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. The total income-based component is comprised of an income-based fee and an asset-based fee, and is calculated according to a graduated schedule providing for different rates based on the Fund's gross annualized yield. The rate increases as the Fund's gross yield increases.

During the period the income-based portion of this fee was $4,058,566 or an annual rate of .07% of the Fund's average net assets. For the reporting period, the Fund's total annual management fee rate was .17% of the Fund's average net assets.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's average net assets.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:

---

| | |
|:---|:---|
| **Service Class**  | $1678285  |
| **Service Class 2**  | <u>574381</u>  |
|  | <u>$2252666</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. For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets**  |
| **Initial Class**  | $1168521  | .07  |
| **Service Class**  | 1141234  | .07  |
| **Service Class 2**  | 156232  | .07  |
| **Investor Class**  | <u>2173681</u>  | .09  |
|  | <u>$4639668</u>  |  |

---

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **VIP Government Money Market Portfolio**  | .01  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  | **Realized Gain (Loss) ($)**  |
| **VIP Government Money Market Portfolio**  | -  | 12600000  | -  |

---

**4. Expense Reductions.** 

The investment adviser or its affiliates voluntarily agreed to waive certain fees in order to avoid a negative yield. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver for each class was as follows:

---

| | |
|:---|:---|
| **Initial Class**  | $455466  |
| **Service Class**  | 803603  |
| **Service Class 2**  | 220252  |
| **Investor Class**  | 686134  |

---

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 $9,472.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $100,886.

**5. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **VIP Government Money Market Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $26100871  | $167465  |
| Service Class  | 23891059  | 154032  |
| Service Class 2  | 3030060  | 21336  |
| Investor Class  | <u>36070956</u>  | <u>199433</u>  |
| Total  | <u>$89092946</u>  | <u>$542266</u>  |

---

**6. 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 December 31, 2022**  | **Year ended December 31, 2021**  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  |
| **VIP Government Money Market Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 2312880114  | 1267173146  | $2312880114  | $1267173146  |
| Reinvestment of distributions  | 25861990  | 167465  | 25861990  | 167465  |
| Shares redeemed  | <u>(1605727372)</u>  | <u>(2045259356)</u>  | <u>(1605727372)</u>  | <u>(2045259356)</u>  |
| Net increase (decrease)  | <u>733014732</u>  | <u>(777918745)</u>  | <u>$733014732</u>  | <u>$(777918745)</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 1578838852  | 1374883334  | $1578838852  | $1374883335  |
| Reinvestment of distributions  | 23697767  | 154033  | 23697767  | 154032  |
| Shares redeemed  | <u>(1253691448)</u>  | <u>(1568971979)</u>  | <u>(1253691448)</u>  | <u>(1568971979)</u>  |
| Net increase (decrease)  | <u>348845171</u>  | <u>(193934612)</u>  | <u>$348845171</u>  | <u>$(193934612)</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 176575026  | 189188159  | $176575026  | $189188157  |
| Reinvestment of distributions  | 3004386  | 21334  | 3004386  | 21336  |
| Shares redeemed  | <u>(144180470)</u>  | <u>(207603643)</u>  | <u>(144180470)</u>  | <u>(207603643)</u>  |
| Net increase (decrease)  | <u>35398942</u>  | <u>(18394150)</u>  | <u>$35398942</u>  | <u>$</u> <u>(18394150)</u>  |
| **Investor Class**  |  |  |  |  |
| Shares sold  | 1286781944  | 545811804  | $1286781944  | $545811804  |
| Reinvestment of distributions  | 35784583  | 197608  | 35784583  | 197608  |
| Shares redeemed  | <u>(700927228)</u>  | <u>(670763888)</u>  | <u>(700927228)</u>  | <u>(670763888)</u>  |
| Net increase (decrease)  | <u>621639299</u>  | <u>(124754476)</u>  | <u>$621639299</u>  | <u>$(124754476)</u>  |

---

**7. 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**  | 42%  | 1  | 15%  |

---

**8. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund 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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 10, 2023

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 295 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity <sup>®</sup> funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity <sup>®</sup> funds (2001-2005), and managed a number of Fidelity <sup>®</sup> funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity <sup>®</sup> funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2013-2016).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity <sup>®</sup> funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Mr. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity <sup>®</sup> funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity <sup>®</sup> funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Laura M. Bishop (1961)

Year of Election or Appointment: 2022

Member of the Advisory Board

Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Christopher M. Gouveia (1973)

Year of Election or Appointment: 2023

Chief Compliance Officer

Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia serves as Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jamie Pagliocco (1964)

Year of Election or Appointment: 2020

Vice President

Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer - Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **VIP Government Money Market Portfolio**  |  |  |  |  |
| **Initial Class**  | .25%  |  |  |  |
| **Actual**  |  | $1000  | $1013.10  | $1.27  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.95  | $1.28  |
| **Service Class**  | .35%  |  |  |  |
| **Actual**  |  | $1000  | $1012.60  | $1.78  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.44  | $1.79  |
| **Service Class 2**  | .50%  |  |  |  |
| **Actual**  |  | $1000  | $1011.90  | $2.54  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.68  | $2.55  |
| **Investor Class**  | .27%  |  |  |  |
| **Actual**  |  | $1000  | $1013.00  | $1.37  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.84  | $1.38  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2022, $17,012, or, if subsequently determined to be different, the net capital gain of such year.

A total of 23.97% 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 $232,486 of distributions paid in the calendar year 2021 as qualifying to be taxed as section 163(j) interest dividends.

**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), votes on the renewal of the 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 has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The 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 funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class); (iii) the total costs of the services provided by and the profits realized by 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.

In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

**Nature, Extent, and Quality of Services Provided** . The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. 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. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

<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, managing, training, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u> . The Board considered (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 the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u> . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual 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, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

<u>Investment Performance</u> . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about 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 considers annualized return information for the fund for different time periods, measured against an appropriate peer group of funds with similar objectives (peer group).

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 fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to the gross performance of appropriate peer groups, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the fund's market value NAV over time and its resilience under various stressed conditions; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods.

The Board recognizes that in interest rate environments where many competitors waive fees to maintain a minimum yield, relative money market fund performance on a net basis (after fees and expenses) may not be particularly meaningful due to miniscule performance differences among competitor funds. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its peer group for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the representative class (Initial Class) and an appropriate peer group for the most recent one-, three-, and five-year 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 considered the fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparison of management fees and total expense ratios by broadening the competitive group used for such comparison.

<u>Management Fee</u> . The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board. The Board also recognized that the income-based component of the fund's management fee, which few 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.

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The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2021.

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.

<u>Total Expense Ratio</u> . In its review of the total expense ratio of the representative class (Initial Class) of the fund, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. 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 the fund. The representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the total net expense ratio of the Initial Class ranked below the similar sales load structure group competitive median for 2021 and below the ASPG competitive median for 2021.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability** . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and 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 and the full Board approves such changes.

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 mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. 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 "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, 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 Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board also considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale 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) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) 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. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.

![](img88155_2.jpg) <br>

1.701157.125 VIPMM-ANN-0323

**Fidelity® Variable Insurance Products:**

**Asset Manager Portfolio**

**Annual Report**

**December 31, 2022**

![](img88173_1.jpg)

![](img88173_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary228)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments228)** |
| **[Financial Statements](#Sec_FinancialStatements228)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |
| **[Board Approval of Investment Advisory Contracts and Management Fees](#Sec_Board Approval of Investment Advisory Contracts and Management Fees)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2023 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total returns would have been lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Initial Class  | &nbsp;&nbsp; -14.94%  | &nbsp;&nbsp; 3.75%  | &nbsp;&nbsp; 5.66%  |
| Service Class  | &nbsp;&nbsp; -15.03%  | &nbsp;&nbsp; 3.64%  | &nbsp;&nbsp; 5.54%  |
| Service Class 2  | &nbsp;&nbsp; -15.15%  | &nbsp;&nbsp; 3.49%  | &nbsp;&nbsp; 5.38%  |
| Investor Class  | &nbsp;&nbsp; -15.00%  | &nbsp;&nbsp; 3.67%  | &nbsp;&nbsp; 5.57%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Asset Manager Portfolio - Initial Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img88173_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

Asset prices around the world experienced a synchronous downturn for most of 2022, as a multitude of crosscurrents challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy. This led to a broad retreat from risk and declining prices for stocks and bonds through September. In Q4, markets experienced a sharp reversal amid optimism on inflation and policy easing, and riskier assets rallied to cap a tumultuous year. International equities returned -15.86% in 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. By region, emerging markets (-20%) and Europe ex U.K. (-17%) notably lagged. Conversely, the U.K. (-4%) held up best, followed by Asia Pacific ex Japan (-8%). Among the 11 sectors, information technology (-34%) fared worst. Communication services and consumer discretionary (-21% each) also trailed the broader market. In contrast, energy gained 9% amid elevated prices for oil and natural gas. U.S. stocks returned -19.53% for the year, as measured by the Dow Jones U.S. Total Stock Market Index. Among sectors, communication services (-41%) lagged most, followed by consumer discretionary (-37%). Conversely, energy (+63%) led by a wide margin. The defensive utilities (+1%) sector also notably outperformed. Value stocks handily outpaced growth among all market capitalizations. Commodities gained 16.09%, according to the Bloomberg Commodity Index Total Return. U.S. taxable investment-grade bonds returned -13.01% in 2022, per the Bloomberg U.S. Aggregate Bond Index, amid soaring inflation and rising interest rates. The Fed raised its benchmark rate seven times, by 4.25 percentage points, while allowing up to billions in U.S. Treasuries and mortgage bonds to mature monthly without investing the proceeds. U.S. investment-grade corporate bonds (-15.26%) trailed U.S. Treasuries (-12.46%), while commercial mortgage-backed securities (-10.91%) and agencies (-7.87%) also lost ground. Outside the index, leveraged loans (-0.61%) bested the returns for Treasury Inflation-Protected Securities (-11.85%), U.S. high-yield bonds (-11.21%) and emerging-markets debt (-16.45%).

**Comments from Lead Portfolio Manager Geoff Stein and Co-Portfolio Manager Avishek Hazrachoudhury:**

For the year, the fund's share classes returned about -15%, trailing the -13.96% result of the Fidelity Asset Manager 50% Composite Index <sup>SM</sup> . Against the backdrop of an extremely challenging period for risk assets, asset class positioning aided the fund's relative return. However, security selection detracted and was the primary reason why the fund trailed its benchmark. The fund's core equity allocation strategy - overweighting the U.S., underweighting international developed markets (DM) and a roughly equal weighting in emerging markets (EM) - aided relative performance, led by our U.S. positioning. Despite negative absolute returns from U.S. stocks, our overweighting helped due to the timing of adjustments we made to fund's relative weight, and also because of favorable exposure to more defensive equities via the iShares <sup>®</sup> MSCI USA Minimum Volatility Factor exchange-traded fund. Out-of-benchmark exposure to commodity-related securities added the most value. Our fixed-income strategy of underweighting investment-grade (IG) bonds, as well as cash, in favor of non-Composite allocations to riskier segments of the debt market modestly detracted overall. In terms of security selection, international DM and EM stocks notably detracted, while U.S. equities and bonds - both IG and high yield - contributed.

**Note to shareholders:**

On June 1, 2022, the fund's Composite index began transitioning to a new U.S. equity neutral allocation of 30% and an international equity neutral allocation of 20%. The fund reached its new neutral allocations during the third quarter of 2022.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary December 31, 2022 (Unaudited)**

The information in the following table 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| iShares MSCI USA Minimum Volatility ETF  | 2.6  |
| Microsoft Corp.  | 1.9  |
| Apple, Inc.  | 1.8  |
| Alphabet, Inc. Class A  | 1.0  |
| Amazon.com, Inc.  | 0.7  |
| Exxon Mobil Corp.  | 0.6  |
| UnitedHealth Group, Inc.  | 0.5  |
| Bank of America Corp.  | 0.5  |
| The Travelers Companies, Inc.  | 0.5  |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 0.4  |
|  | 10.5  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Bond Issuers (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Bond Issuers (% of Fund's net assets)**  |
| (with maturities greater than one year)  | (with maturities greater than one year)  |
| U.S. Treasury Obligations  | 16.1  |
| Uniform Mortgage Backed Securities  | 2.0  |
| Freddie Mac  | 1.7  |
| Fannie Mae  | 1.7  |
| Ginnie Mae  | 1.3  |
| JPMorgan Chase & Co.  | 0.6  |
| Bank of America Corp.  | 0.5  |
| Morgan Stanley  | 0.5  |
| Petroleos Mexicanos  | 0.5  |
| Goldman Sachs Group, Inc.  | 0.3  |
|  | 25.2  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Financials  | 15.2  |
| Information Technology  | 10.9  |
| Health Care  | 7.5  |
| Consumer Discretionary  | 6.4  |
| Industrials  | 6.1  |
| Communication Services  | 4.6  |
| Consumer Staples  | 4.5  |
| Energy  | 4.3  |
| Real Estate  | 3.2  |
| Investment Companies  | 2.6  |
| Materials  | 2.5  |
| Utilities  | 2.2  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Quality Diversification (% of Fund's net assets)**  |
| ![](img88173_6.jpg) <br>|
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |
| 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.  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88173_7.jpg)  |
| *Foreign investments - 24.4%*  |

---

*Asset allocations in the pie chart reflects the categorization of assets as defined in the Fund's prospectus in effect as of the time periods indicated above. Financial Statement categorizations conform to accounting standards and will differ from the pie chart. Percentages are adjusted for the effect of future contracts and swap contracts, if applicable.*

*An unaudited holdings listing for the 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at institutional.fidelity.com.*

*Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.*

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img88173_8.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.*  |

---

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Treasury Obligations - 0.4%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.4%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.4%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  U.S. Treasury Bills, yield at date of purchase 3.33% to 4.27% 1/5/23 to 3/9/23 (b) <br>(Cost $3,725,339) <br>| 3740000  | **3726060**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Fixed-Income Funds - 43.3%**  | &nbsp;&nbsp; **Fixed-Income Funds - 43.3%**  | &nbsp;&nbsp; **Fixed-Income Funds - 43.3%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Emerging Markets Debt Central Fund (c)  | 257342  | 1940360  |
|  Fidelity Emerging Markets Debt Local Currency Central Fund (c)  | 31297  | 2664658  |
|  Fidelity Floating Rate Central Fund (c)  | 288920  | 27484957  |
|  Fidelity High Income Central Fund (c)  | 77320  | 7782988  |
|  Fidelity Inflation-Protected Bond Index Central Fund (c)  | 210431  | 18475824  |
|  Fidelity International Credit Central Fund (c)  | 119101  | 9231536  |
|  Fidelity VIP Investment Grade Central Fund (c)  | 3635101  | 333520507  |
|  iShares 20+ Year Treasury Bond ETF (d)  | 22195  | 2209734  |
| <br> **TOTAL FIXED-INCOME FUNDS** <br> (Cost $445,802,839)  |  | **403310564**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 1.1%**  | &nbsp;&nbsp; **Money Market Funds - 1.1%**  | &nbsp;&nbsp; **Money Market Funds - 1.1%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (e)  | 7454468  | 7455959  |
|  Fidelity Securities Lending Cash Central Fund 4.37% (e)(f)  | 2514724  | 2514975  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $9,970,934)  |  | **9970934**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Equity Funds - 55.2%**  | &nbsp;&nbsp; **Equity Funds - 55.2%**  | &nbsp;&nbsp; **Equity Funds - 55.2%**  |
|  | Shares  | Value ($) <br>|
| Domestic Equity Funds - 37.4%  |  |  |
|  Fidelity Commodity Strategy Central Fund (c)  | 162437  | 16528012  |
|  Fidelity Real Estate Equity Central Fund (c)  | 54299  | 6262297  |
|  Fidelity U.S. Equity Central Fund (c)  | 2912616  | 301048011  |
|  iShares MSCI USA Minimum Volatility ETF (d)  | 335678  | 24202385  |
|  TOTAL DOMESTIC EQUITY FUNDS  |  | 348040705  |
| International Equity Funds - 17.8%  |  |  |
|  Fidelity Emerging Markets Equity Central Fund (c)  | 280394  | 51368089  |
|  Fidelity International Equity Central Fund (c)  | 1361968  | 113983095  |
|  TOTAL INTERNATIONAL EQUITY FUNDS  |  | 165351184  |
| <br> **TOTAL EQUITY FUNDS** <br> (Cost $403,819,384)  |  | <br> **513391889**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $863,318,496) <br>| <br>**930399447**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(215103)**  |
| **NET ASSETS - 100.0%**  | **930184344**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  |
|  | Number <br> of contracts  | Expiration <br> Date  | Notional <br> Amount ($) <br>| Value ($) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| Purchased  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| MSCI EAFE Index Future (United States)  | 85  | Mar 2023  | 8284950  | (122621)  | (122621)  |
| Treasury Contracts  |  |  |  |  |  |
| CBOT 5-Year U.S. Treasury Note Contracts (United States)  | 166  | Mar 2023  | 17916328  | 2261  | 2261  |
| TOTAL PURCHASED  |  |  |  |  | (120360)  |
| Sold  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| CME Micro E-mini S&P 500 Index Contracts (United States)  | 255  | Mar 2023  | 49227750  | 1374950  | 1374950  |
| **TOTAL FUTURES CONTRACTS**  |  |  |  |  | **1254590**  |
| The notional amount of futures purchased as a percentage of Net Assets is 2.8%  | The notional amount of futures purchased as a percentage of Net Assets is 2.8%  | The notional amount of futures purchased as a percentage of Net Assets is 2.8%  | The notional amount of futures purchased as a percentage of Net Assets is 2.8%  | The notional amount of futures purchased as a percentage of Net Assets is 2.8%  | The notional amount of futures purchased as a percentage of Net Assets is 2.8%  |
| The notional amount of futures sold as a percentage of Net Assets is 5.3%  | The notional amount of futures sold as a percentage of Net Assets is 5.3%  | The notional amount of futures sold as a percentage of Net Assets is 5.3%  | The notional amount of futures sold as a percentage of Net Assets is 5.3%  | The notional amount of futures sold as a percentage of Net Assets is 5.3%  | The notional amount of futures sold as a percentage of Net Assets is 5.3%  |

---

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $69,018,483.

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) 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 $3,726,060.

(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) Security or a portion of the security is on loan at period end.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(f) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 28742301  | 116732652  | 138018994  | 157587  | -  | -  | 7455959  | 0.0%  |
|  Fidelity Commodity Strategy Central Fund  | 14352238  | 17937904  | 13300098  | 4346757  | (445253)  | (2016779)  | 16528012  | 2.3%  |
|  Fidelity Emerging Markets Debt Central Fund  | 2751017  | 559424  | 944182  | 114190  | (179620)  | (246279)  | 1940360  | 0.1%  |
|  Fidelity Emerging Markets Debt Local Currency Central Fund  | 2891098  | 29831  | -  | 29831  | -  | (256271)  | 2664658  | 3.1%  |
|  Fidelity Emerging Markets Equity Central Fund  | 52970146  | 26973863  | 12812836  | 1143914  | (1978102)  | (13784982)  | 51368089  | 2.8%  |
|  Fidelity Floating Rate Central Fund  | 42133576  | 5263944  | 17700517  | 1957076  | (488121)  | (1723925)  | 27484957  | 1.2%  |
|  Fidelity High Income Central Fund  | 9153490  | 1199180  | 1416285  | 531244  | 53179  | (1206576)  | 7782988  | 0.4%  |
|  Fidelity Inflation-Protected Bond Index Central Fund  | 35033428  | 3811376  | 16711423  | 2019372  | 518110  | (4175667)  | 18475824  | 3.0%  |
|  Fidelity International Credit Central Fund  | 17000205  | 1831347  | 6307950  | 717356  | (918269)  | (2373797)  | 9231536  | 2.6%  |
|  Fidelity International Equity Central Fund  | 118930889  | 41208611  | 22065683  | 2007511  | (2676919)  | (21413803)  | 113983095  | 2.8%  |
|  Fidelity Real Estate Equity Central Fund  | 24974660  | 1492325  | 15104367  | 193043  | 157237  | (5257558)  | 6262297  | 0.6%  |
|  Fidelity Securities Lending Cash Central Fund 4.37%  | -  | 368367034  | 365852059  | 7435  | -  | -  | 2514975  | 0.0%  |
|  Fidelity U.S. Equity Central Fund  | 482710833  | 41507537  | 125838594  | 9115606  | 738985  | (98070750)  | 301048011  | 2.0%  |
|  Fidelity VIP Investment Grade Central Fund  | 328747739  | 125269487  | 65074509  | 12050680  | (3000015)  | (52422195)  | 333520507  | 13.6%  |
| Total  | 1160391620  | 752184515  | 801147497  | 34391602  | (8218788)  | (202948582)  | 900261268  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  U.S. Government and Government Agency Obligations  | 3726060  | -  | 3726060  | -  |
|  Fixed-Income Funds  | 403310564  | 403310564  | -  | -  |
|  Money Market Funds  | 9970934  | 9970934  | -  | -  |
|  Equity Funds  | 513391889  | 513391889  | -  | -  |
| **Total Investments in Securities:**  | 930399447  | 926673387  | 3726060  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Futures Contracts  | 1377211  | 1377211  | -  | -  |
| Total Assets  | 1377211  | 1377211  | -  | -  |
|  **Liabilities**  |  |  |  |  |
| Futures Contracts  | (122621)  | (122621)  | -  | -  |
| Total Liabilities  | (122621)  | (122621)  | -  | -  |
| **Total Derivative Instruments:**  | 1254590  | 1254590  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value**  | **Value**  |
|  | **Asset ($)**  | **Liability ($)**  |
| **Equity Risk**  |  |  |
| Futures Contracts (a)  | 1374950  | (122621)  |
| **Total Equity Risk**  | 1374950  | (122621)  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts (a)  | 2261  | 0  |
| **Total Interest Rate Risk**  | 2261  | 0  |
| **Total Value of Derivatives**  | 1377211  | (122621)  |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,438,206) - See accompanying schedule:  | $— |  |
|  Unaffiliated issuers (cost $30,990,593)  | 30138179  |  |
|  Fidelity Central Funds (cost $832,327,903)  | 900261268  |  |
|  Total Investment in Securities (cost $863,318,496)  |  | $930399447  |
|  Cash  |  | 541  |
| Receivable for investments sold  |  | 2813560  |
|  Receivable for fund shares sold  |  | 64696  |
|  Distributions receivable from Fidelity Central Funds  |  | 29084  |
|  Receivable for daily variation margin on futures contracts  |  | 88959  |
|  Prepaid expenses  |  | 981  |
| Other receivables  |  | 29651  |
| **Total assets**  |  | 933426919  |
| **Liabilities**  |  |  |
|  Payable for fund shares redeemed  | $194135  |  |
|  Accrued management fee  | 375821  |  |
|  Distribution and service plan fees payable  | 3371  |  |
|  Other affiliated payables  | 95989  |  |
|  Other payables and accrued expenses  | 58284  |  |
|  Collateral on securities loaned  | 2514975  |  |
| **Total Liabilities**  |  | 3242575  |
| **Net Assets**  |  | $930184344  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $855923803  |
|  Total accumulated earnings (loss)  |  | 74260541  |
|  **Net Assets**  |  | $930184344  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($688,648,797 ÷ 48,100,811 shares)  |  | $14.32  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($2,480,154 ÷ 175,126 shares)  |  | $14.16  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($14,924,853 ÷ 1,075,471 shares)  |  | $13.88  |
| **Investor Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($224,130,540 ÷ 15,785,845 shares)  |  | $14.20  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $639010  |
| Interest  |  | 53305  |
| Income from Fidelity Central Funds (including $7,435 from security lending)  |  | 26392072  |
| **Total Income**  |  | 27084387  |
|  **Expenses**  |  |  |
| Management fee  | $4843281  |  |
| Transfer agent fees  | 816740  |  |
| Distribution and service plan fees  | 44587  |  |
| Accounting fees  | 417172  |  |
| Custodian fees and expenses  | 22375  |  |
| Independent trustees' fees and expenses  | 3321  |  |
| Audit  | 54402  |  |
| Legal  | 3188  |  |
| Miscellaneous  | 4826  |  |
| Total expenses before reductions  | 6209892  |  |
| Expense reductions  | (34770)  |  |
| Total expenses after reductions  |  | 6175122  |
| **Net Investment income (loss)**  |  | 20909265  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (7877504)  |  |
| Fidelity Central Funds  | (8218788)  |  |
| Futures contracts  | 11984238  |  |
| Capital gain distributions from Fidelity Central Funds  | 7999530  |  |
| Total net realized gain (loss)  |  | 3887476  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 345622  |  |
| Fidelity Central Funds  | (202948582)  |  |
| Futures contracts  | 2064297  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (200538663)  |
| **Net gain (loss)**  |  | (196651187)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(175741922)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $20909265  | $19261641  |
| &nbsp;&nbsp; Net realized gain (loss)  | 3887476 <br>| 78253720 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (200538663)  | 15737810 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (175741922) <br>| 113253171 <br>|
| Distributions to shareholders  | (89791253) <br>| (25440391) <br>|
| Share transactions - net increase (decrease)  | (3782308) <br>| (57468969) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (269315483) <br>| 30343811 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 1199499827  | 1169156016 <br>|
| &nbsp;&nbsp; End of period  | $930184344  | $1199499827  |

---

**Financial Highlights** 

 **VIP Asset Manager Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.33  | $17.04  | $15.23  | $13.68  | $15.23  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .32  | .29  | .22  | .27  | .24  |
| Net realized and unrealized gain (loss)  | (2.94)  | 1.40  | 2.03  | 2.16  | (1.04)  |
| Total from investment operations  | (2.62)  | 1.69  | 2.25  | 2.43  | (.80)  |
| Distributions from net investment income  | (.32)  | (.30)  | (.24)  | (.27)  | (.26) <sup>C</sup>  |
| Distributions from net realized gain  | (1.07)  | (.10)  | (.21)  | (.61)  | (.49) <sup>C</sup>  |
| Total distributions  | (1.39)  | (.40)  | (.44) <sup>D</sup>  | (.88)  | (.75)  |
| Net asset value, end of period  | $14.32  | $18.33  | $17.04  | $15.23  | $13.68  |
| **Total Return** <sup>E,F</sup>  | (14.94)%  | 9.92%  | 14.87%  | 18.25%  | (5.35)%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | .59%  | .59%  | .59%  | .60%  | .60%  |
| Expenses net of fee waivers, if any  | .59%  | .58%  | .59%  | .60%  | .60%  |
| Expenses net of all reductions  | .59%  | .58%  | .59%  | .60%  | .60%  |
| Net investment income (loss)  | 2.08%  | 1.62%  | 1.41%  | 1.88%  | 1.64%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $688649  | $889923  | $889473  | $843000  | $788193  |
| Portfolio turnover rate <sup>I</sup>  | 29%  | 20%  | 20%  | 30%  | 27%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>H</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP Asset Manager Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.14  | $16.86  | $15.08  | $13.55  | $15.09  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .30  | .27  | .20  | .26  | .23  |
| Net realized and unrealized gain (loss)  | (2.91)  | 1.38  | 2.01  | 2.13  | (1.03)  |
| Total from investment operations  | (2.61)  | 1.65  | 2.21  | 2.39  | (.80)  |
| Distributions from net investment income  | (.31)  | (.27)  | (.23)  | (.25)  | (.25) <sup>C</sup>  |
| Distributions from net realized gain  | (1.07)  | (.10)  | (.21)  | (.61)  | (.49) <sup>C</sup>  |
| Total distributions  | (1.37) <sup>D</sup>  | (.37)  | (.43) <sup>D</sup>  | (.86)  | (.74)  |
| Net asset value, end of period  | $14.16  | $18.14  | $16.86  | $15.08  | $13.55  |
| **Total Return** <sup>E,F</sup>  | (15.03)%  | 9.80%  | 14.74%  | 18.16%  | (5.44)%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | .69%  | .69%  | .69%  | .70%  | .70%  |
| Expenses net of fee waivers, if any  | .69%  | .69%  | .69%  | .70%  | .70%  |
| Expenses net of all reductions  | .69%  | .69%  | .69%  | .70%  | .70%  |
| Net investment income (loss)  | 1.98%  | 1.52%  | 1.31%  | 1.78%  | 1.54%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $2480  | $3627  | $5108  | $3923  | $4378  |
| Portfolio turnover rate <sup>I</sup>  | 29%  | 20%  | 20%  | 30%  | 27%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>H</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP Asset Manager Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.81  | $16.56  | $14.82  | $13.33  | $14.86  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .27  | .24  | .17  | .23  | .20  |
| Net realized and unrealized gain (loss)  | (2.85)  | 1.36  | 1.97  | 2.11  | (1.02)  |
| Total from investment operations  | (2.58)  | 1.60  | 2.14  | 2.34  | (.82)  |
| Distributions from net investment income  | (.28)  | (.25)  | (.20)  | (.23)  | (.22) <sup>C</sup>  |
| Distributions from net realized gain  | (1.07)  | (.10)  | (.21)  | (.61)  | (.49) <sup>C</sup>  |
| Total distributions  | (1.35)  | (.35)  | (.40) <sup>D</sup>  | (.85) <sup>D</sup>  | (.71)  |
| Net asset value, end of period  | $13.88  | $17.81  | $16.56  | $14.82  | $13.33  |
| **Total Return** <sup>E,F</sup>  | (15.15)%  | 9.68%  | 14.54%  | 18.01%  | (5.61)%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | .84%  | .84%  | .84%  | .85%  | .85%  |
| Expenses net of fee waivers, if any  | .84%  | .83%  | .84%  | .85%  | .85%  |
| Expenses net of all reductions  | .84%  | .83%  | .84%  | .85%  | .85%  |
| Net investment income (loss)  | 1.83%  | 1.37%  | 1.16%  | 1.63%  | 1.39%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $14925  | $20038  | $19943  | $19343  | $18211  |
| Portfolio turnover rate <sup>I</sup>  | 29%  | 20%  | 20%  | 30%  | 27%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>H</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP Asset Manager Portfolio Investor Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.19  | $16.91  | $15.12  | $13.59  | $15.13  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .31  | .28  | .20  | .26  | .23  |
| Net realized and unrealized gain (loss)  | (2.92)  | 1.39  | 2.02  | 2.14  | (1.03)  |
| Total from investment operations  | (2.61)  | 1.67  | 2.22  | 2.40  | (.80)  |
| Distributions from net investment income  | (.31)  | (.28)  | (.23)  | (.25)  | (.25) <sup>C</sup>  |
| Distributions from net realized gain  | (1.07)  | (.10)  | (.21)  | (.61)  | (.49) <sup>C</sup>  |
| Total distributions  | (1.38)  | (.39) <sup>D</sup>  | (.43) <sup>D</sup>  | (.87) <sup>D</sup>  | (.74)  |
| Net asset value, end of period  | $14.20  | $18.19  | $16.91  | $15.12  | $13.59  |
| **Total Return** <sup>E,F</sup>  | (15.00)%  | 9.85%  | 14.77%  | 18.14%  | (5.39)%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | .66%  | .66%  | .67%  | .68%  | .68%  |
| Expenses net of fee waivers, if any  | .66%  | .66%  | .67%  | .68%  | .68%  |
| Expenses net of all reductions  | .66%  | .66%  | .67%  | .68%  | .68%  |
| Net investment income (loss)  | 2.01%  | 1.55%  | 1.33%  | 1.80%  | 1.56%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $224131  | $285912  | $254632  | $229330  | $202182  |
| Portfolio turnover rate <sup>I</sup>  | 29%  | 20%  | 20%  | 30%  | 27%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>H</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Notes to Financial Statements**

For the period ended December 31, 2022

**1. Organization.**

VIP Asset Manager 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 Ratio** <sup>A</sup>  |
| 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> Futures <br> Swaps  | Less than .005%  |
| Fidelity Emerging Markets Debt Central Fund  | Fidelity Management & Research Company LLC (FMR)  | Seeks high total return by normally investing in debt securities of issuers in emerging markets and other debt investments that are tied economically to emerging markets.  | Foreign Securities <br> Restricted Securities  | Less than .005%  |
| 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.  | Foreign Securities <br> Futures <br>| .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>| .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  | Less than .005%  |
| 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.  | Loans & Direct Debt Instruments <br> Restricted Securities  | .04%  |
| 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> Restricted Securities  | 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> Options <br> Restricted Securities <br> Swaps  | Less than .005%  |
| 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> Restricted Securities  | 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%  |

---

<sup>A</sup> *Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

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. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows. 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.

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, 2022, is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **VIP Asset Manager Portfolio**  | $15412  |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to the short-term gain distributions from the underlying mutual funds or exchange-traded funds (ETFs), futures contracts, foreign currency transactions 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**  | $118726522  |
| **Gross unrealized depreciation**  | <u>(46476819)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$72249703</u>  |
| **Tax Cost**  | <u>$858149745</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$997021</u>  |
| **Undistributed long-term capital gain**  | <u>$10222089</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$72249703</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022**  | **December 31, 2021**  |
| **Ordinary Income**  | $20458476  | $25440391  |
| **Long-term Capital Gains**  | <u>69332777</u>  | <u>-</u>  |
| **Total**  | <u>$89791253</u>  | <u>$25440391</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 Portfolio**  |  |  |
| **Equity Risk**  |  |  |
| Futures Contracts  | <u>$11922356</u>  | <u>$2062036</u>  |
| **Total Equity Risk**  | <u>11922356</u>  | <u>2062036</u>  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts  | 61882  | 2261  |
| **Total Interest Rate Risk**  | <u>61882</u>  | <u>2261</u>  |
| Totals  | <u>$11984238</u>  | <u>$2064297</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 marketbond 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. 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 Portfolio**  | 291221023  | 317586028  |

---

**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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .48% of the Fund's average net assets.

The investment adviser pays a portion of the management fees received from the Fund to the Fidelity Central Funds' investment advisers, who are also affiliates, for managing the assets of the Fidelity Central Funds.

**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**  | $2974  |
| **Service Class 2**  | <u>41613</u>  |
|  | <u>$44587</u>  |

---

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class pays a fee for transfer agent services, typesetting and printing and mailing of shareholder reports, excluding mailing of proxy statements. For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets**  |
| **Initial Class**  | $470937  | .06  |
| **Service Class**  | 1855  | .06  |
| **Service Class 2**  | 10386  | .06  |
| **Investor Class**  | <u>333562</u>  | .14  |
|  | <u>$816740</u>  |  |

---

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **VIP Asset Manager Portfolio**  | .04  |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount**  |
| **VIP Asset Manager Portfolio**  | $4  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  | **Realized Gain (Loss) ($)**  |
| **VIP Asset Manager Portfolio**  | -  | 68554  | (21758)  |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

---

| | |
|:---|:---|
|  | **Amount**  |
| **VIP Asset Manager Portfolio**  | $1842  |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS**  | **Security Lending Income From Securities Loaned to NFS**  | **Value of Securities Loaned to NFS at Period End**  |
| **VIP Asset Manager Portfolio**  | $789  | $-  | $-  |

---

**9. Expense Reductions.** 

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $34,770.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **VIP Asset Manager Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $66577504  | $19036251  |
| Service Class  | 263506  | 73125  |
| Service Class 2  | 1491304  | 389732  |
| Investor Class  | <u>21458939</u>  | <u>5941283</u>  |
| Total  | <u>$89791253</u>  | <u>$25440391</u>  |

---

**11. Share Transactions.**

Transactions for each class of shares were as follows and may contain in-kind transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares**  | **Shares**  | **Dollars**  | **Dollars**  |
|  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  |
| **VIP Asset Manager Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 1206877  | 1565172  | $18518559  | $28027268  |
| Reinvestment of distributions  | 4181615  | 1038999  | 66577504  | 19036251  |
| Shares redeemed  | <u>(5843233)</u>  | <u>(6257413)</u>  | <u>(89425484)</u>  | <u>(112836037)</u>  |
| Net increase (decrease)  | <u>(454741)</u>  | <u>(3653242)</u>  | <u>$(4329421)</u>  | <u>$(65772518)</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 54671  | 11808  | $841893  | $207827  |
| Reinvestment of distributions  | 16666  | 4031  | 263506  | 73125  |
| Shares redeemed  | <u>(96133)</u>  | <u>(118919)</u>  | <u>(1451771)</u>  | <u>(2149060)</u>  |
| Net increase (decrease)  | <u>(24796)</u>  | <u>(103080)</u>  | <u>$(346372)</u>  | <u>$(1868108)</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 111874  | 115026  | $1658202  | $2006571  |
| Reinvestment of distributions  | 96283  | 21888  | 1491304  | 389732  |
| Shares redeemed  | <u>(257921)</u>  | <u>(215790)</u>  | <u>(3831281)</u>  | <u>(3753491)</u>  |
| Net increase (decrease)  | <u>(49764)</u>  | <u>(78876)</u>  | <u>$(681775)</u>  | <u>$(1357188)</u>  |
| **Investor Class**  |  |  |  |  |
| Shares sold  | 528213  | 1293616  | $7816663  | $22760339  |
| Reinvestment of distributions  | 1358600  | 326549  | 21458939  | 5941283  |
| Shares redeemed  | <u>(1820313)</u>  | <u>(958777)</u>  | <u>(27700342)</u>  | <u>(17172777)</u>  |
| Net increase (decrease)  | <u>66500</u>  | <u>661388</u>  | <u>$1575260</u>  | <u>$11528845</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 Portfolio**  | 44%  | 2  | 27%  |

---

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund V and the Shareholders of 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 Portfolio (the "Fund"), a fund of Variable Insurance Products Fund V, including the schedule of investments, as of December 31, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers, when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 15, 2023

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 295 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity <sup>®</sup> funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity <sup>®</sup> funds (2001-2005), and managed a number of Fidelity <sup>®</sup> funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity <sup>®</sup> funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2013-2016).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity <sup>®</sup> funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Mr. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity <sup>®</sup> funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity <sup>®</sup> funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Laura M. Bishop (1961)

Year of Election or Appointment: 2022

Member of the Advisory Board

Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Christopher M. Gouveia (1973)

Year of Election or Appointment: 2023

Chief Compliance Officer

Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia serves as Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

William Irving (1964)

Year of Election or Appointment: 2023

Vice President

Mr. Irving also serves as Vice President of other funds. Mr. Irving serves as Head of Fidelity Asset Management Solutions (2022-present) and is an employee of Fidelity Investments. Mr. Irving serves as President and Director of Fidelity Diversifying Solutions LLC (investment adviser firm, 2023-present) and President, Director, or Vice President of certain other Fidelity entities. Previously, Mr. Irving served as Chief Investment Officer (CIO) in the Global Asset Allocation division (2020-2022). Prior to that, he was Managing Director of Research in the Global Asset Allocation division (2018-2020) and portfolio manager of certain Fidelity <sup>®</sup> funds (2004-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **VIP Asset Manager Portfolio**  |  |  |  |  |
| **Initial Class**  | .59%  |  |  |  |
| **Actual**  |  | $1000  | $1006.50  | $2.98  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.23  | $3.01  |
| **Service Class**  | .69%  |  |  |  |
| **Actual**  |  | $1000  | $1006.00  | $3.49  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.73  | $3.52  |
| **Service Class 2**  | .84%  |  |  |  |
| **Actual**  |  | $1000  | $1005.30  | $4.25  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.97  | $4.28  |
| **Investor Class**  | .66%  |  |  |  |
| **Actual**  |  | $1000  | $1005.80  | $3.34  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.88  | $3.36  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2022, $10,241,054, or, if subsequently determined to be different, the net capital gain of such year.

A total of 14.81% 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.

Initial Class designates 2% and 19%; Service Class designates 2% and 20%; Service Class 2 designates 2%, and 22%; and Investor Class designates 2%, and 20%; 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 Portfolio**  |  |  |  |
| Initial Class  | 12/29/2022  | $0.0577  | $0.0077  |
| Service Class  | 12/29/2022  | $0.0545  | $0.0077  |
| Service Class 2  | 12/29/2022  | $0.0507  | $0.0077  |
| Investor Class  | 12/29/2022  | $0.0557  | $0.0077  |

---

**Board Approval of Investment Advisory Contracts and Management Fees**

**VIP Asset Manager Portfolio** 

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the 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 has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The 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 funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class); (iii) the total costs of the services provided by and the profits realized by 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.

In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

**Nature, Extent, and Quality of Services Provided.** The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. 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. The Board also considered the steps Fidelity had taken to ensure the continued provision of high-quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

<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 the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services.</u> The Board considered (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, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. 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 noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual 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, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

<u>Investment Performance.</u> The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about 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 considers annualized return information for the fund for different time periods, measured against one or more appropriate securities market 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 receives and considers 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 for specific 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 fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to appropriate peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; and fund cash flows and other factors. 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.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the representative class (Initial Class) and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year 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 considered the fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparison of management fees and total expense ratios by broadening the competitive group used for such comparison.

<u>Management Fee.</u> The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

![](img88173_9.jpg)

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2021.

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.

<u>Total Expense Ratio.</u> In its review of the total expense ratio of the representative class (Initial Class) of the fund, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. 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 the fund. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the total net expense ratio of the Initial Class ranked below the similar sales load structure group competitive median for 2021 and below the ASPG competitive median for 2021.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability** . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and 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 and the full Board approves such changes.

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 mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. 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 "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, 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 Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board also considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale 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) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) 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. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.

![](img88173_2.jpg) <br>

1.540206.125 VIPAM-ANN-0323

**Fidelity® Variable Insurance Products:**

**VIP Investment Grade Bond II Portfolio**

**Annual Report**

**December 31, 2022**

![](img88228_1.jpg)

![](img88228_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary6571)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments6571)** |
| **[Financial Statements](#Sec_FinancialStatements6571)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2023 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total returns would have been lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average annual total returns for VIP Investment Grade Bond II Portfolio will be reported once the fund is a year old.

---

| |
|:---|
| **$10,000 Over Life of Fund**  |
| Let's say hypothetically that $10,000 was invested in VIP Investment Grade Bond II Portfolio - Initial Class, a class of the fund, on May 27, 2022, when the fund started. <br>The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Aggregate Bond Index performed over the same period.  |
| ![](img88228_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

U.S. taxable investment-grade bonds notably declined in 2022, as a multitude of crosscurrents challenged the global economy and financial markets. The Bloomberg U.S. Aggregate Bond Index returned -13.01% for the year, its worst annual return on record and the first time it ever ceded ground in back-to-back calendar years. In late 2021, the Federal Reserve began its pivot to a tighter monetary policy, tapering the large-scale asset purchases it initially started in 2008, and dramatically expanded in 2020 amid the COVID-19 pandemic. In early 2022, the Fed, faced with persistent inflationary pressure, began implementing an aggressive series of rate hikes, raising its benchmark interest rate seven times, by a total of 4.25 percentage points, between March and December. This represented the fastest-ever pace of monetary tightening and helped push nominal and real (inflation-adjusted) U.S. bond yields to their highest level in more than a decade. Bond prices, which move inversely to yields, fell sharply. Credit spreads significantly widened, as investors demanded more yield for buying corporate debt and other credit-sensitive assets. In November and December, the bond market staged a broad rally (+3.21%) when comments by Fed Chair Jerome Powell pointed to a slowdown in the size and pace of rate hikes, but all major market segments lost ground for the 12 months, with higher-quality, shorter-term bonds holding up best. Spread sectors broadly trailed Treasuries on a duration-adjusted basis.

**Comments from Co-Portfolio Managers Celso Munoz and Ford O'Neil:**

From its inception on May 27, 2022, through December 31, 2022, the fund's share classes (excluding sales charges, if any) returned -5.33% to -5.31%, modestly lagging the -4.96% result of the benchmark, the Bloomberg U.S. Aggregate Bond Index. Versus the benchmark, positioning among investment-grade corporate bonds crimped the fund's results. Specifically, the fund had more exposure to BBB-rated bonds, which underperformed their higher-quality counterparts as credit spreads widened. Elsewhere, overweighting commercial mortgage-backed securities and asset-backed securities, including collateralized loan obligations (CLOs), two segments that lagged the benchmark, also hindered the relative result. In contrast, the fund had less interest rate sensitivity, as measured by its shorter duration, during much of the reporting period, which boosted the relative result as interest rates and bond yields climbed. Underweighting mortgage-backed securities also contributed to the fund's relative performance. MBS generally lagged the index, hurt by rapidly declining loan prepayment activity that extended their duration. Additionally, the U.S. Federal Reserve, the biggest buyer of MBS, scaled back its purchases of the securities and planned to eventually sell its holdings in the sector. The fund's exposure to high-yield bonds had no material impact on its relative performance this period.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary December 31, 2022 (Unaudited)**

---

| |
|:---|
| &nbsp;&nbsp; **Quality Diversification (% of Fund's net assets)**  |
| ![](img88228_6.jpg) <br>|
| *Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%\**  |
| *\*Short-term investments and Net Other Assets (Liabilities) are not available in the pie chart.*  |
| 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.  |

---

Securities rated BB or below were rated investment grade at the time of acquisition.

The information in the above tables is based on the combined investments of the Fund and its pro-rata share of investments of Fidelity's fixed-income central funds.

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88228_7.jpg)  |
| *Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%\**  |
| *Foreign investments - 10.0%*  |
| *Futures and Swaps - 0.1%*  |
| *\*Short-Term Investments and Net Other Assets (Liabilities) are not available in the pie chart.*  |
| *Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.*  |

---

*The information in the above table is based on the combined investments of the fund and its pro-rata share of the investments in each non-money market Fidelity Central Fund.* 

*An unaudited holdings listing for the 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.*

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img88228_8.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.*  |

---

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Nonconvertible Bonds - 30.9%**  | &nbsp;&nbsp; **Nonconvertible Bonds - 30.9%**  | &nbsp;&nbsp; **Nonconvertible Bonds - 30.9%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
| COMMUNICATION SERVICES - 2.7%  |  |  |
| Diversified Telecommunication Services - 0.6%  |  |  |
|  AT&T, Inc.:  |  |  |
|  1.65% 2/1/28  | 284000  | 239853  |
|  2.25% 2/1/32  | 467000  | 366045  |
|  2.55% 12/1/33  | 1877000  | 1442493  |
|  2.75% 6/1/31  | 509000  | 421815  |
|  2.95% 7/15/26  | 219000  | 203770  |
|  3.3% 2/1/52  | 484000  | 321925  |
|  3.5% 6/1/41  | 261000  | 194637  |
|  3.5% 9/15/53  | 864000  | 583145  |
|  3.55% 9/15/55  | 1880000  | 1254418  |
|  3.65% 6/1/51  | 400000  | 281725  |
|  3.65% 9/15/59  | 1076000  | 720200  |
|  3.8% 2/15/27  | 247000  | 235720  |
|  3.8% 12/1/57  | 1915000  | 1321222  |
|  4.35% 6/15/45  | 175000  | 140755  |
|  4.5% 3/9/48  | 224000  | 182381  |
|  4.65% 6/1/44  | 216000  | 181313  |
|  Orange SA 5.5% 2/6/44  | 82000  | 79937  |
|  Telefonica Emisiones S.A.U.:  |  |  |
|  4.103% 3/8/27  | 367000  | 348199  |
|  5.213% 3/8/47  | 180000  | 144539  |
|  7.045% 6/20/36  | 71000  | 72794  |
|  Verizon Communications, Inc.:  |  |  |
|  1.5% 9/18/30  | 110000  | 85518  |
|  1.68% 10/30/30  | 92000  | 71711  |
|  2.1% 3/22/28  | 751000  | 651777  |
|  2.355% 3/15/32  | 1607000  | 1273872  |
|  2.55% 3/21/31  | 2142000  | 1761492  |
|  2.987% 10/30/56  | 2392000  | 1459360  |
|  3% 3/22/27  | 163000  | 151458  |
|  3.55% 3/22/51  | 299000  | 212994  |
|  4.125% 3/16/27  | 192000  | 186997  |
|  4.272% 1/15/36  | 666000  | 592863  |
|  4.329% 9/21/28  | 419000  | 402862  |
|  4.4% 11/1/34  | 103000  | 94580  |
|  4.75% 11/1/41  | 27000  | 24616  |
|  4.862% 8/21/46  | 934000  | 837197  |
|  5.012% 4/15/49  | 67000  | 60857  |
|  5.012% 8/21/54  | 344000  | 311807  |
|  |  | 16916847  |
| Entertainment - 0.2%  |  |  |
|  The Walt Disney Co.:  |  |  |
|  2% 9/1/29  | 286000  | 239754  |
|  2.65% 1/13/31  | 435000  | 371301  |
|  2.75% 9/1/49  | 286000  | 189159  |
|  3.5% 5/13/40  | 187000  | 150537  |
|  3.6% 1/13/51  | 186000  | 141627  |
|  3.7% 10/15/25  | 192000  | 186561  |
|  3.8% 3/22/30  | 2891000  | 2694472  |
|  3.8% 5/13/60  | 187000  | 142443  |
|  4.7% 3/23/50  | 1046000  | 960180  |
|  5.4% 10/1/43  | 106000  | 105773  |
|  6.15% 3/1/37  | 108000  | 115886  |
|  6.15% 2/15/41  | 288000  | 311603  |
|  |  | 5609296  |
| Interactive Media & Services - 0.1%  |  |  |
|  Alphabet, Inc.:  |  |  |
|  0.45% 8/15/25  | 204000  | 184157  |
|  1.1% 8/15/30  | 404000  | 316161  |
|  1.998% 8/15/26  | 63000  | 57921  |
|  2.05% 8/15/50  | 404000  | 236121  |
|  Baidu, Inc. 3.425% 4/7/30  | 334000  | 288806  |
|  |  | 1083166  |
| Media - 1.4%  |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital Corp.:  |  |  |
|  2.8% 4/1/31  | 701000  | 545734  |
|  3.5% 6/1/41  | 924000  | 602073  |
|  3.7% 4/1/51  | 243000  | 147760  |
|  3.85% 4/1/61  | 2000000  | 1156721  |
|  3.9% 6/1/52  | 4000000  | 2511306  |
|  4.2% 3/15/28  | 302000  | 277572  |
|  4.4% 4/1/33  | 318000  | 272100  |
|  4.8% 3/1/50  | 6000000  | 4355694  |
|  4.908% 7/23/25  | 704000  | 689991  |
|  5.05% 3/30/29  | 167000  | 157120  |
|  5.125% 7/1/49  | 339000  | 256339  |
|  5.25% 4/1/53  | 318000  | 245446  |
|  5.375% 5/1/47  | 2438000  | 1912471  |
|  5.5% 4/1/63  | 318000  | 242478  |
|  5.75% 4/1/48  | 143000  | 117073  |
|  6.384% 10/23/35  | 369000  | 359696  |
|  6.484% 10/23/45  | 474000  | 427441  |
|  6.834% 10/23/55  | 3000000  | 2767611  |
|  Comcast Corp.:  |  |  |
|  1.5% 2/15/31  | 390000  | 303654  |
|  1.95% 1/15/31  | 70000  | 56580  |
|  2.35% 1/15/27  | 653000  | 593314  |
|  2.45% 8/15/52  | 390000  | 227222  |
|  2.65% 2/1/30  | 216000  | 186866  |
|  2.8% 1/15/51  | 224000  | 141367  |
|  3.15% 3/1/26  | 137000  | 130406  |
|  3.3% 2/1/27  | 327000  | 308150  |
|  3.375% 8/15/25  | 376000  | 362669  |
|  3.4% 4/1/30  | 200000  | 182368  |
|  3.45% 2/1/50  | 204000  | 147950  |
|  3.7% 4/15/24  | 284000  | 279671  |
|  3.75% 4/1/40  | 160000  | 131956  |
|  3.9% 3/1/38  | 135000  | 116338  |
|  3.969% 11/1/47  | 143000  | 114240  |
|  4% 3/1/48  | 329000  | 263798  |
|  4.15% 10/15/28  | 517000  | 495776  |
|  4.65% 7/15/42  | 319000  | 288012  |
|  Discovery Communications LLC:  |  |  |
|  3.625% 5/15/30  | 765000  | 630428  |
|  4% 9/15/55  | 314000  | 188674  |
|  4.65% 5/15/50  | 1508000  | 1037076  |
|  5.2% 9/20/47  | 230000  | 170849  |
|  Fox Corp.:  |  |  |
|  4.03% 1/25/24  | 288000  | 284660  |
|  4.709% 1/25/29  | 515000  | 497633  |
|  5.476% 1/25/39  | 331000  | 301185  |
|  5.576% 1/25/49  | 406000  | 362230  |
|  Magallanes, Inc.:  |  |  |
|  3.428% 3/15/24 (b)  | 513000  | 498004  |
|  3.638% 3/15/25 (b)  | 281000  | 267220  |
|  3.755% 3/15/27 (b)  | 853000  | 768152  |
|  4.054% 3/15/29 (b)  | 190000  | 164373  |
|  4.279% 3/15/32 (b)  | 4437000  | 3655044  |
|  5.05% 3/15/42 (b)  | 692000  | 529437  |
|  5.141% 3/15/52 (b)  | 7416000  | 5391183  |
|  Time Warner Cable LLC:  |  |  |
|  4.5% 9/15/42  | 418000  | 306020  |
|  5.5% 9/1/41  | 214000  | 177593  |
|  5.875% 11/15/40  | 188000  | 163791  |
|  6.55% 5/1/37  | 2538000  | 2416331  |
|  7.3% 7/1/38  | 585000  | 580304  |
|  TWDC Enterprises 18 Corp.:  |  |  |
|  1.85% 7/30/26  | 140000  | 126515  |
|  3% 7/30/46  | 123000  | 85883  |
|  3.15% 9/17/25  | 260000  | 249105  |
|  4.125% 6/1/44  | 156000  | 133557  |
|  |  | 40360210  |
| Wireless Telecommunication Services - 0.4%  |  |  |
|  America Movil S.A.B. de CV:  |  |  |
|  3.625% 4/22/29  | 230000  | 208481  |
|  6.125% 11/15/37  | 229000  | 238346  |
|  Rogers Communications, Inc.:  |  |  |
|  2.9% 11/15/26  | 69000  | 63269  |
|  3.2% 3/15/27 (b)  | 594000  | 549608  |
|  3.625% 12/15/25  | 55000  | 52687  |
|  3.7% 11/15/49  | 167000  | 113100  |
|  3.8% 3/15/32 (b)  | 1320000  | 1139099  |
|  4.1% 10/1/23  | 132000  | 130867  |
|  5.45% 10/1/43  | 158000  | 142364  |
|  T-Mobile U.S.A., Inc.:  |  |  |
|  2.05% 2/15/28  | 412000  | 353839  |
|  2.25% 11/15/31  | 5000000  | 3932996  |
|  3.3% 2/15/51  | 412000  | 274945  |
|  3.5% 4/15/25  | 241000  | 231771  |
|  3.75% 4/15/27  | 997000  | 939066  |
|  3.875% 4/15/30  | 1339000  | 1212886  |
|  4.375% 4/15/40  | 396000  | 337946  |
|  4.5% 4/15/50  | 723000  | 594405  |
|  Vodafone Group PLC:  |  |  |
|  5.125% 6/19/59  | 180000  | 153779  |
|  5.25% 5/30/48  | 655000  | 576878  |
|  |  | 11246332  |
|  TOTAL COMMUNICATION SERVICES  |  | 75215851  |
| CONSUMER DISCRETIONARY - 1.1%  |  |  |
| Automobiles - 0.2%  |  |  |
|  American Honda Finance Corp.:  |  |  |
|  1.2% 7/8/25  | 321000  | 293409  |
|  2.3% 9/9/26  | 137000  | 125212  |
|  3.55% 1/12/24  | 669000  | 659818  |
|  General Motors Co.:  |  |  |
|  5% 10/1/28  | 189000  | 181012  |
|  5.2% 4/1/45  | 117000  | 95094  |
|  5.95% 4/1/49  | 173000  | 150772  |
|  6.6% 4/1/36  | 160000  | 156704  |
|  6.75% 4/1/46  | 196000  | 187906  |
|  6.8% 10/1/27  | 364000  | 377826  |
|  General Motors Financial Co., Inc.:  |  |  |
|  3.25% 1/5/23  | 197000  | 196988  |
|  3.85% 1/5/28  | 192000  | 175217  |
|  4% 1/15/25  | 169000  | 163980  |
|  4% 10/6/26  | 101000  | 95067  |
|  4.25% 5/15/23  | 261000  | 259921  |
|  4.3% 7/13/25  | 340000  | 329279  |
|  4.35% 1/17/27  | 219000  | 208091  |
|  5.65% 1/17/29  | 587000  | 576582  |
|  Honda Motor Co. Ltd. 2.534% 3/10/27  | 489000  | 446759  |
|  Toyota Motor Corp.:  |  |  |
|  0.681% 3/25/24  | 760000  | 720901  |
|  2.358% 7/2/24  | 170000  | 163575  |
|  2.362% 3/25/31  | 367000  | 309319  |
|  Volkswagen Group of America Finance LLC 3.125% 5/12/23 (b)  | 627000  | 621991  |
|  |  | 6495423  |
| Diversified Consumer Services - 0.1%  |  |  |
|  American University 3.672% 4/1/49  | 66000  | 50608  |
|  Duke University 2.832% 10/1/55  | 128000  | 86340  |
|  George Washington University:  |  |  |
|  4.126% 9/15/48  | 192000  | 159105  |
|  4.3% 9/15/44  | 55000  | 46182  |
|  Ingersoll-Rand Global Holding Co. Ltd.:  |  |  |
|  3.75% 8/21/28  | 127000  | 118924  |
|  4.25% 6/15/23  | 368000  | 367147  |
|  4.3% 2/21/48  | 136000  | 104465  |
|  Massachusetts Institute of Technology:  |  |  |
|  2.989% 7/1/50  | 128000  | 93049  |
|  3.885% 7/1/2116  | 78000  | 56079  |
|  3.959% 7/1/38  | 130000  | 118844  |
|  Northwestern University:  |  |  |
|  3.662% 12/1/57  | 152000  | 115593  |
|  4.643% 12/1/44  | 92000  | 87944  |
|  President and Fellows of Harvard College:  |  |  |
|  3.3% 7/15/56  | 133000  | 99403  |
|  3.619% 10/1/37  | 27000  | 23140  |
|  Rice University 3.774% 5/15/55  | 50000  | 40524  |
|  Trustees of Princeton Univ. 5.7% 3/1/39  | 27000  | 29217  |
|  University Notre Dame du Lac 3.438% 2/15/45  | 91000  | 72473  |
|  University of Chicago 3% 10/1/52  | 173000  | 118989  |
|  University of Southern California:  |  |  |
|  2.945% 10/1/51  | 314000  | 210475  |
|  5.25% 10/1/2111  | 55000  | 53340  |
|  |  | 2051841  |
| Hotels, Restaurants & Leisure - 0.1%  |  |  |
|  Expedia, Inc. 3.25% 2/15/30  | 237000  | 201046  |
|  McDonald's Corp.:  |  |  |
|  3.3% 7/1/25  | 165000  | 159604  |
|  3.5% 7/1/27  | 475000  | 450570  |
|  3.6% 7/1/30  | 448000  | 410886  |
|  3.625% 9/1/49  | 339000  | 255009  |
|  3.7% 1/30/26  | 463000  | 450149  |
|  4.2% 4/1/50  | 164000  | 136446  |
|  4.45% 3/1/47  | 156000  | 135229  |
|  4.875% 12/9/45  | 149000  | 137698  |
|  6.3% 3/1/38  | 193000  | 210149  |
|  Metropolitan Museum of Art 3.4% 7/1/45  | 82000  | 64270  |
|  Starbucks Corp.:  |  |  |
|  2% 3/12/27  | 328000  | 293041  |
|  2.45% 6/15/26  | 274000  | 253761  |
|  3% 2/14/32  | 100000  | 85261  |
|  3.5% 11/15/50  | 113000  | 81530  |
|  3.8% 8/15/25  | 191000  | 186714  |
|  3.85% 10/1/23  | 51000  | 50661  |
|  4% 11/15/28  | 192000  | 182773  |
|  4.5% 11/15/48  | 129000  | 110598  |
|  |  | 3855395  |
| Household Durables - 0.0%  |  |  |
|  Lennar Corp. 4.75% 11/29/27  | 217000  | 209191  |
| Internet & Direct Marketing Retail - 0.2%  |  |  |
|  Alibaba Group Holding Ltd.:  |  |  |
|  2.125% 2/9/31  | 572000  | 451171  |
|  3.15% 2/9/51  | 589000  | 366488  |
|  Amazon.com, Inc.:  |  |  |
|  0.8% 6/3/25  | 302000  | 275775  |
|  1% 5/12/26  | 176000  | 155880  |
|  1.5% 6/3/30  | 534000  | 429090  |
|  2.1% 5/12/31  | 181000  | 147814  |
|  2.4% 2/22/23  | 435000  | 433585  |
|  2.5% 6/3/50  | 175000  | 110287  |
|  2.8% 8/22/24  | 178000  | 172479  |
|  3.1% 5/12/51  | 181000  | 128909  |
|  3.15% 8/22/27  | 287000  | 269685  |
|  3.875% 8/22/37  | 301000  | 266662  |
|  4.05% 8/22/47  | 522000  | 447586  |
|  4.25% 8/22/57  | 249000  | 213870  |
|  4.8% 12/5/34  | 165000  | 164597  |
|  |  | 4033878  |
| Leisure Products - 0.0%  |  |  |
|  Hasbro, Inc. 3% 11/19/24  | 552000  | 530344  |
| Multiline Retail - 0.1%  |  |  |
|  Dollar Tree, Inc. 4% 5/15/25  | 219000  | 213803  |
|  Kohl's Corp.:  |  |  |
|  4.25% 7/17/25  | 100000  | 93750  |
|  9.5% 5/15/25  | 43000  | 45333  |
|  Macy's Retail Holdings LLC 4.3% 2/15/43  | 130000  | 78351  |
|  Nordstrom, Inc.:  |  |  |
|  4% 3/15/27  | 124000  | 103242  |
|  5% 1/15/44  | 55000  | 33413  |
|  Target Corp.:  |  |  |
|  3.9% 11/15/47  | 405000  | 329946  |
|  4% 7/1/42  | 192000  | 167400  |
|  |  | 1065238  |
| Specialty Retail - 0.4%  |  |  |
|  AutoNation, Inc.:  |  |  |
|  3.85% 3/1/32  | 2004000  | 1599546  |
|  4.75% 6/1/30  | 96000  | 85651  |
|  AutoZone, Inc.:  |  |  |
|  3.125% 7/15/23  | 105000  | 103753  |
|  3.25% 4/15/25  | 110000  | 105420  |
|  3.625% 4/15/25  | 461000  | 446038  |
|  3.75% 6/1/27  | 159000  | 151641  |
|  4% 4/15/30  | 996000  | 922244  |
|  Lowe's Companies, Inc.:  |  |  |
|  1.3% 4/15/28  | 220000  | 182821  |
|  1.7% 10/15/30  | 334000  | 261189  |
|  3.35% 4/1/27  | 85000  | 79795  |
|  3.65% 4/5/29  | 294000  | 271636  |
|  3.7% 4/15/46  | 96000  | 71083  |
|  3.75% 4/1/32  | 899000  | 799695  |
|  4.05% 5/3/47  | 315000  | 246370  |
|  4.25% 4/1/52  | 1065000  | 844335  |
|  4.45% 4/1/62  | 1098000  | 853581  |
|  4.5% 4/15/30  | 811000  | 777222  |
|  O'Reilly Automotive, Inc.:  |  |  |
|  3.85% 6/15/23  | 77000  | 76582  |
|  4.2% 4/1/30  | 148000  | 139639  |
|  The Home Depot, Inc.:  |  |  |
|  2.375% 3/15/51  | 180000  | 107382  |
|  2.5% 4/15/27  | 333000  | 306419  |
|  2.8% 9/14/27  | 137000  | 126896  |
|  2.95% 6/15/29  | 574000  | 519280  |
|  3% 4/1/26  | 275000  | 261710  |
|  3.125% 12/15/49  | 183000  | 129573  |
|  3.3% 4/15/40  | 167000  | 132966  |
|  3.75% 2/15/24  | 184000  | 182121  |
|  3.9% 12/6/28  | 158000  | 152098  |
|  3.9% 6/15/47  | 235000  | 193181  |
|  4.2% 4/1/43  | 43000  | 37624  |
|  4.25% 4/1/46  | 90000  | 77923  |
|  4.5% 12/6/48  | 205000  | 185891  |
|  4.875% 2/15/44  | 79000  | 75536  |
|  5.875% 12/16/36  | 405000  | 433113  |
|  |  | 10939954  |
| Textiles, Apparel & Luxury Goods - 0.0%  |  |  |
|  NIKE, Inc.:  |  |  |
|  2.4% 3/27/25  | 171000  | 163329  |
|  2.85% 3/27/30  | 165000  | 147451  |
|  3.25% 3/27/40  | 334000  | 271320  |
|  3.375% 11/1/46  | 123000  | 95173  |
|  3.375% 3/27/50  | 165000  | 129084  |
|  Tapestry, Inc. 3.05% 3/15/32  | 80000  | 62264  |
|  |  | 868621  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 30049885  |
| CONSUMER STAPLES - 2.1%  |  |  |
| Beverages - 1.0%  |  |  |
|  Anheuser-Busch Companies LLC / Anheuser-Busch InBev Worldwide, Inc. 4.9% 2/1/46  | 10000000  | 9090752  |
|  Anheuser-Busch InBev Finance, Inc.:  |  |  |
|  4.625% 2/1/44  | 158000  | 142002  |
|  4.7% 2/1/36  | 1297000  | 1224942  |
|  4.9% 2/1/46  | 1943000  | 1766333  |
|  Anheuser-Busch InBev Worldwide, Inc.:  |  |  |
|  3.5% 6/1/30  | 465000  | 423302  |
|  4.35% 6/1/40  | 443000  | 389285  |
|  4.439% 10/6/48  | 203000  | 173367  |
|  4.5% 6/1/50  | 628000  | 549273  |
|  4.6% 4/15/48  | 514000  | 446641  |
|  4.6% 6/1/60  | 465000  | 403321  |
|  4.75% 4/15/58  | 722000  | 633767  |
|  5.45% 1/23/39  | 589000  | 587709  |
|  5.55% 1/23/49  | 2509000  | 2480392  |
|  5.8% 1/23/59 (Reg. S)  | 1804000  | 1845249  |
|  8.2% 1/15/39  | 77000  | 96205  |
|  Constellation Brands, Inc.:  |  |  |
|  3.5% 5/9/27  | 274000  | 256530  |
|  3.7% 12/6/26  | 207000  | 196834  |
|  5.25% 11/15/48  | 199000  | 186428  |
|  Diageo Capital PLC:  |  |  |
|  1.375% 9/29/25  | 380000  | 348423  |
|  2% 4/29/30  | 407000  | 334303  |
|  2.125% 4/29/32  | 367000  | 292279  |
|  Dr. Pepper Snapple Group, Inc. 3.8% 5/1/50  | 87000  | 65329  |
|  Molson Coors Beverage Co.:  |  |  |
|  3% 7/15/26  | 1419000  | 1316906  |
|  4.2% 7/15/46  | 363000  | 281458  |
|  5% 5/1/42  | 1644000  | 1458190  |
|  PepsiCo, Inc.:  |  |  |
|  1.4% 2/25/31  | 430000  | 338713  |
|  1.625% 5/1/30  | 1184000  | 963035  |
|  2.375% 10/6/26  | 185000  | 172114  |
|  3% 10/15/27  | 499000  | 467938  |
|  3.6% 8/13/42  | 82000  | 68169  |
|  3.875% 3/19/60  | 167000  | 142188  |
|  4.25% 10/22/44  | 165000  | 146779  |
|  4.45% 4/14/46  | 159000  | 148653  |
|  The Coca-Cola Co.:  |  |  |
|  1.375% 3/15/31  | 334000  | 260481  |
|  1.45% 6/1/27  | 230000  | 203038  |
|  1.65% 6/1/30  | 230000  | 188171  |
|  2.5% 6/1/40  | 230000  | 167595  |
|  2.5% 3/15/51  | 167000  | 108049  |
|  2.6% 6/1/50  | 230000  | 152345  |
|  2.75% 6/1/60  | 230000  | 153543  |
|  3.375% 3/25/27  | 713000  | 683789  |
|  3.45% 3/25/30  | 436000  | 405455  |
|  |  | 29759275  |
| Food & Staples Retailing - 0.2%  |  |  |
|  Costco Wholesale Corp.:  |  |  |
|  1.375% 6/20/27  | 483000  | 423035  |
|  2.75% 5/18/24  | 165000  | 160702  |
|  Kroger Co.:  |  |  |
|  1.7% 1/15/31  | 145000  | 111789  |
|  2.65% 10/15/26  | 78000  | 71593  |
|  3.5% 2/1/26  | 110000  | 105020  |
|  3.95% 1/15/50  | 100000  | 77627  |
|  5.15% 8/1/43  | 75000  | 69023  |
|  5.4% 1/15/49  | 178000  | 169829  |
|  Sysco Corp.:  |  |  |
|  3.3% 7/15/26  | 90000  | 84895  |
|  3.3% 2/15/50  | 387000  | 265091  |
|  3.75% 10/1/25  | 156000  | 150954  |
|  6.6% 4/1/40  | 270000  | 289330  |
|  Walgreens Boots Alliance, Inc.:  |  |  |
|  3.2% 4/15/30  | 344000  | 297692  |
|  3.45% 6/1/26  | 137000  | 130240  |
|  4.65% 6/1/46  | 151000  | 119870  |
|  Walmart, Inc.:  |  |  |
|  2.95% 9/24/49  | 173000  | 125386  |
|  3.3% 4/22/24  | 521000  | 510389  |
|  3.4% 6/26/23  | 257000  | 255286  |
|  3.7% 6/26/28  | 337000  | 325603  |
|  4.05% 6/29/48  | 498000  | 441954  |
|  4.3% 4/22/44  | 165000  | 150201  |
|  5.625% 4/1/40  | 55000  | 58730  |
|  5.625% 4/15/41  | 126000  | 135893  |
|  6.5% 8/15/37  | 227000  | 265307  |
|  |  | 4795439  |
| Food Products - 0.4%  |  |  |
|  Campbell Soup Co. 4.8% 3/15/48  | 384000  | 338688  |
|  Conagra Brands, Inc.:  |  |  |
|  3.2% 1/25/23  | 126000  | 125906  |
|  4.3% 5/1/24  | 246000  | 242613  |
|  4.85% 11/1/28  | 374000  | 364699  |
|  5.3% 11/1/38  | 136000  | 128066  |
|  5.4% 11/1/48  | 246000  | 227310  |
|  General Mills, Inc.:  |  |  |
|  2.875% 4/15/30  | 289000  | 249675  |
|  3% 2/1/51  | 168000  | 114873  |
|  4.2% 4/17/28  | 472000  | 456108  |
|  JBS U.S.A. Lux SA / JBS Food Co.:  |  |  |
|  2.5% 1/15/27 (b)  | 1107000  | 968315  |
|  3% 5/15/32 (b)  | 991000  | 759949  |
|  3.625% 1/15/32 (b)  | 381000  | 308610  |
|  5.125% 2/1/28 (b)  | 1205000  | 1141584  |
|  5.5% 1/15/30 (b)  | 159000  | 151292  |
|  5.75% 4/1/33 (b)  | 2485000  | 2370143  |
|  Kraft Heinz Foods Co.:  |  |  |
|  3.875% 5/15/27  | 1001000  | 956352  |
|  4.375% 6/1/46  | 500000  | 406301  |
|  Tyson Foods, Inc.:  |  |  |
|  3.95% 8/15/24  | 208000  | 204649  |
|  4% 3/1/26  | 202000  | 195724  |
|  4.35% 3/1/29  | 247000  | 235508  |
|  5.1% 9/28/48  | 256000  | 236177  |
|  Unilever Capital Corp. 1.375% 9/14/30  | 503000  | 392897  |
|  |  | 10575439  |
| Household Products - 0.1%  |  |  |
|  Colgate-Palmolive Co. 3.25% 3/15/24  | 274000  | 269428  |
|  Kimberly-Clark Corp.:  |  |  |
|  1.05% 9/15/27  | 579000  | 493725  |
|  2.4% 6/1/23  | 219000  | 216801  |
|  3.1% 3/26/30  | 116000  | 104349  |
|  3.2% 7/30/46  | 69000  | 49384  |
|  3.95% 11/1/28  | 234000  | 225522  |
|  Procter & Gamble Co.:  |  |  |
|  1% 4/23/26  | 315000  | 282146  |
|  1.95% 4/23/31  | 500000  | 415940  |
|  2.85% 8/11/27  | 123000  | 114888  |
|  3% 3/25/30  | 272000  | 248505  |
|  3.1% 8/15/23  | 274000  | 270858  |
|  |  | 2691546  |
| Personal Products - 0.0%  |  |  |
|  Estee Lauder Companies, Inc. 1.95% 3/15/31  | 467000  | 377682  |
| Tobacco - 0.4%  |  |  |
|  Altria Group, Inc.:  |  |  |
|  3.8% 2/14/24  | 127000  | 124877  |
|  3.875% 9/16/46  | 274000  | 183209  |
|  4.25% 8/9/42  | 963000  | 713669  |
|  4.5% 5/2/43  | 466000  | 349847  |
|  4.8% 2/14/29  | 491000  | 471128  |
|  5.375% 1/31/44  | 422000  | 371951  |
|  5.8% 2/14/39  | 256000  | 236049  |
|  5.95% 2/14/49  | 452000  | 401932  |
|  BAT Capital Corp.:  |  |  |
|  3.222% 8/15/24  | 282000  | 271534  |
|  3.557% 8/15/27  | 580000  | 529866  |
|  4.39% 8/15/37  | 298000  | 231695  |
|  4.54% 8/15/47  | 459000  | 324318  |
|  4.758% 9/6/49  | 334000  | 241905  |
|  Imperial Tobacco Finance PLC:  |  |  |
|  4.25% 7/21/25 (b)  | 1945000  | 1857496  |
|  6.125% 7/27/27 (b)  | 1309000  | 1302669  |
|  Philip Morris International, Inc.:  |  |  |
|  2.125% 5/10/23  | 85000  | 84168  |
|  2.75% 2/25/26  | 103000  | 96479  |
|  3.6% 11/15/23  | 101000  | 99861  |
|  3.875% 8/21/42  | 132000  | 100213  |
|  4.125% 3/4/43  | 274000  | 216496  |
|  4.875% 11/15/43  | 165000  | 144245  |
|  6.375% 5/16/38  | 40000  | 42579  |
|  Reynolds American, Inc.:  |  |  |
|  4.45% 6/12/25  | 488000  | 477390  |
|  4.85% 9/15/23  | 49000  | 48893  |
|  5.7% 8/15/35  | 153000  | 138107  |
|  5.85% 8/15/45  | 116000  | 98808  |
|  6.15% 9/15/43  | 502000  | 447750  |
|  7.25% 6/15/37  | 570000  | 582814  |
|  |  | 10189948  |
|  TOTAL CONSUMER STAPLES  |  | 58389329  |
| ENERGY - 3.0%  |  |  |
| Energy Equipment & Services - 0.1%  |  |  |
|  Baker Hughes Co.:  |  |  |
|  4.08% 12/15/47  | 659000  | 513999  |
|  5.125% 9/15/40  | 55000  | 50712  |
|  Halliburton Co.:  |  |  |
|  2.92% 3/1/30  | 264000  | 226332  |
|  3.8% 11/15/25  | 14000  | 13617  |
|  4.85% 11/15/35  | 270000  | 249781  |
|  5% 11/15/45  | 207000  | 183287  |
|  7.45% 9/15/39  | 41000  | 46233  |
|  |  | 1283961  |
| Oil, Gas & Consumable Fuels - 2.9%  |  |  |
|  Apache Corp. 5.1% 9/1/40  | 82000  | 67954  |
|  Boardwalk Pipelines LP 4.95% 12/15/24  | 130000  | 128429  |
|  BP Capital Markets PLC 3.279% 9/19/27  | 349000  | 328152  |
|  Canadian Natural Resources Ltd.:  |  |  |
|  3.8% 4/15/24  | 852000  | 834919  |
|  3.9% 2/1/25  | 51000  | 49568  |
|  4.95% 6/1/47  | 175000  | 151803  |
|  5.85% 2/1/35  | 644000  | 619576  |
|  6.25% 3/15/38  | 188000  | 185992  |
|  Cenovus Energy, Inc.:  |  |  |
|  2.65% 1/15/32  | 196000  | 156486  |
|  5.4% 6/15/47  | 258000  | 230765  |
|  6.75% 11/15/39  | 25000  | 25939  |
|  Chevron Corp.:  |  |  |
|  1.141% 5/11/23  | 214000  | 211227  |
|  1.554% 5/11/25  | 204000  | 189773  |
|  1.995% 5/11/27  | 171000  | 153570  |
|  2.236% 5/11/30  | 204000  | 174808  |
|  2.895% 3/3/24  | 645000  | 630422  |
|  2.954% 5/16/26  | 302000  | 286424  |
|  2.978% 5/11/40  | 171000  | 127775  |
|  3.078% 5/11/50  | 204000  | 146402  |
|  Chevron U.S.A., Inc.:  |  |  |
|  4.2% 10/15/49  | 120000  | 99412  |
|  4.95% 8/15/47  | 378000  | 348641  |
|  Columbia Pipeline Group, Inc. 4.5% 6/1/25  | 259000  | 255041  |
|  ConocoPhillips Co.:  |  |  |
|  5.95% 3/15/46  | 165000  | 176052  |
|  6.5% 2/1/39  | 206000  | 230829  |
|  DCP Midstream Operating LP:  |  |  |
|  3.875% 3/15/23  | 325000  | 323154  |
|  5.6% 4/1/44  | 154000  | 143586  |
|  6.45% 11/3/36 (b)  | 311000  | 304756  |
|  6.75% 9/15/37 (b)  | 1205000  | 1214626  |
|  Devon Energy Corp.:  |  |  |
|  5% 6/15/45  | 456000  | 393719  |
|  5.6% 7/15/41  | 79000  | 73702  |
|  Eastern Gas Transmission & Storage, Inc. 3.9% 11/15/49  | 334000  | 235908  |
|  Empresa Nacional de Petroleo 4.375% 10/30/24 (b)  | 445000  | 431594  |
|  Enbridge, Inc.:  |  |  |
|  3.5% 6/10/24  | 77000  | 74877  |
|  4% 10/1/23  | 353000  | 350157  |
|  4.25% 12/1/26  | 223000  | 214395  |
|  5.5% 12/1/46  | 397000  | 373237  |
|  Energy Transfer LP:  |  |  |
|  3.6% 2/1/23  | 234000  | 233550  |
|  3.75% 5/15/30  | 750000  | 661264  |
|  3.9% 5/15/24 (c)  | 166000  | 161671  |
|  3.9% 7/15/26  | 206000  | 194632  |
|  4.2% 9/15/23  | 149000  | 148065  |
|  4.25% 3/15/23  | 128000  | 127687  |
|  4.5% 4/15/24  | 158000  | 155751  |
|  4.95% 6/15/28  | 767000  | 741678  |
|  5% 5/15/50  | 3892000  | 3109439  |
|  5.15% 3/15/45  | 219000  | 181262  |
|  5.25% 4/15/29  | 258000  | 249475  |
|  5.3% 4/1/44  | 159000  | 134241  |
|  5.4% 10/1/47  | 420000  | 355764  |
|  5.8% 6/15/38  | 523000  | 478812  |
|  6% 6/15/48  | 923000  | 832036  |
|  6.125% 12/15/45  | 120000  | 111029  |
|  6.25% 4/15/49  | 257000  | 238978  |
|  Enterprise Products Operating LP:  |  |  |
|  3.3% 2/15/53  | 104000  | 69179  |
|  3.7% 2/15/26  | 652000  | 628388  |
|  3.95% 2/15/27  | 710000  | 680952  |
|  4.2% 1/31/50  | 163000  | 128162  |
|  4.25% 2/15/48  | 547000  | 438920  |
|  4.8% 2/1/49  | 201000  | 171275  |
|  4.85% 8/15/42  | 69000  | 60951  |
|  4.85% 3/15/44  | 137000  | 120758  |
|  4.9% 5/15/46  | 117000  | 101737  |
|  5.7% 2/15/42  | 55000  | 53271  |
|  7.55% 4/15/38  | 55000  | 61385  |
|  EOG Resources, Inc. 4.15% 1/15/26  | 154000  | 150971  |
|  Equinor ASA:  |  |  |
|  2.375% 5/22/30  | 316000  | 268745  |
|  3.125% 4/6/30  | 274000  | 246008  |
|  3.625% 9/10/28  | 331000  | 313210  |
|  3.7% 3/1/24  | 100000  | 98561  |
|  3.7% 4/6/50  | 438000  | 345415  |
|  5.1% 8/17/40  | 55000  | 54009  |
|  Exxon Mobil Corp.:  |  |  |
|  1.571% 4/15/23  | 1001000  | 991616  |
|  2.726% 3/1/23  | 274000  | 273160  |
|  3.043% 3/1/26  | 228000  | 217458  |
|  3.452% 4/15/51  | 114000  | 85823  |
|  3.482% 3/19/30  | 2355000  | 2196279  |
|  3.567% 3/6/45  | 182000  | 143164  |
|  Hess Corp.:  |  |  |
|  3.5% 7/15/24  | 104000  | 100971  |
|  4.3% 4/1/27  | 614000  | 586403  |
|  5.6% 2/15/41  | 2043000  | 1931185  |
|  5.8% 4/1/47  | 117000  | 111696  |
|  7.125% 3/15/33  | 126000  | 135709  |
|  7.3% 8/15/31  | 168000  | 182398  |
|  7.875% 10/1/29  | 551000  | 610690  |
|  Kinder Morgan Energy Partners LP:  |  |  |
|  3.45% 2/15/23  | 548000  | 546816  |
|  3.5% 9/1/23  | 55000  | 54413  |
|  4.25% 9/1/24  | 411000  | 403979  |
|  4.7% 11/1/42  | 104000  | 85915  |
|  5% 3/1/43  | 27000  | 23062  |
|  5.5% 3/1/44  | 192000  | 173617  |
|  5.625% 9/1/41  | 27000  | 24768  |
|  6.55% 9/15/40  | 140000  | 140314  |
|  Kinder Morgan, Inc.:  |  |  |
|  4.3% 3/1/28  | 273000  | 261514  |
|  5.2% 3/1/48  | 241000  | 207945  |
|  5.3% 12/1/34  | 234000  | 218990  |
|  5.55% 6/1/45  | 573000  | 522468  |
|  Magellan Midstream Partners LP:  |  |  |
|  4.25% 9/15/46  | 151000  | 114038  |
|  5% 3/1/26  | 82000  | 81453  |
|  Marathon Oil Corp. 5.2% 6/1/45  | 137000  | 117252  |
|  Marathon Petroleum Corp.:  |  |  |
|  4.5% 4/1/48  | 160000  | 127774  |
|  4.7% 5/1/25  | 601000  | 591810  |
|  6.5% 3/1/41  | 27000  | 27735  |
|  MPLX LP:  |  |  |
|  4.125% 3/1/27  | 259000  | 244629  |
|  4.5% 7/15/23  | 248000  | 246997  |
|  4.7% 4/15/48  | 535000  | 422185  |
|  4.8% 2/15/29  | 393000  | 376077  |
|  4.875% 12/1/24  | 344000  | 341187  |
|  4.95% 9/1/32  | 2488000  | 2332963  |
|  5.2% 3/1/47  | 168000  | 142588  |
|  5.5% 2/15/49  | 662000  | 581826  |
|  Occidental Petroleum Corp.:  |  |  |
|  6.2% 3/15/40  | 214000  | 209419  |
|  6.45% 9/15/36  | 578000  | 589560  |
|  6.6% 3/15/46  | 717000  | 737786  |
|  7.5% 5/1/31  | 964000  | 1030005  |
|  ONEOK, Inc.:  |  |  |
|  4.45% 9/1/49  | 160000  | 118891  |
|  4.95% 7/13/47  | 160000  | 128868  |
|  5.2% 7/15/48  | 83000  | 69137  |
|  Ovintiv, Inc. 6.5% 2/1/38  | 244000  | 241742  |
|  Petroleos Mexicanos:  |  |  |
|  4.5% 1/23/26  | 668000  | 605876  |
|  5.95% 1/28/31  | 457000  | 345492  |
|  6.35% 2/12/48  | 1658000  | 1006510  |
|  6.49% 1/23/27  | 481000  | 439153  |
|  6.5% 3/13/27  | 607000  | 551611  |
|  6.5% 1/23/29  | 698000  | 595994  |
|  6.7% 2/16/32  | 634000  | 496898  |
|  6.75% 9/21/47  | 1520000  | 968058  |
|  6.84% 1/23/30  | 2319000  | 1917813  |
|  6.95% 1/28/60  | 989000  | 625790  |
|  7.69% 1/23/50  | 2036000  | 1407385  |
|  8.75% 6/2/29  | 15000000  | 14037188  |
|  Phillips 66 Co.:  |  |  |
|  3.85% 4/9/25  | 77000  | 75107  |
|  4.875% 11/15/44  | 27000  | 24669  |
|  5.875% 5/1/42  | 260000  | 266324  |
|  Plains All American Pipeline LP/PAA Finance Corp.:  |  |  |
|  3.55% 12/15/29  | 166000  | 143933  |
|  3.6% 11/1/24  | 371000  | 358689  |
|  4.65% 10/15/25  | 336000  | 328784  |
|  4.9% 2/15/45  | 52000  | 40283  |
|  6.65% 1/15/37  | 77000  | 75756  |
|  Sabine Pass Liquefaction LLC 4.5% 5/15/30  | 1002000  | 928771  |
|  Shell International Finance BV:  |  |  |
|  2% 11/7/24  | 270000  | 256689  |
|  2.375% 11/7/29  | 907000  | 783870  |
|  3.125% 11/7/49  | 384000  | 269861  |
|  3.25% 5/11/25  | 388000  | 375963  |
|  3.5% 11/13/23  | 192000  | 189718  |
|  3.875% 11/13/28  | 234000  | 225342  |
|  4% 5/10/46  | 110000  | 89695  |
|  4.375% 5/11/45  | 365000  | 318936  |
|  6.375% 12/15/38  | 115000  | 126439  |
|  Spectra Energy Partners LP:  |  |  |
|  3.375% 10/15/26  | 447000  | 415943  |
|  4.75% 3/15/24  | 132000  | 131107  |
|  Suncor Energy, Inc.:  |  |  |
|  4% 11/15/47  | 137000  | 103860  |
|  6.8% 5/15/38  | 232000  | 243023  |
|  6.85% 6/1/39  | 55000  | 57722  |
|  The Williams Companies, Inc.:  |  |  |
|  3.5% 11/15/30  | 1068000  | 933730  |
|  3.75% 6/15/27  | 640000  | 602402  |
|  3.9% 1/15/25  | 250000  | 243458  |
|  4.3% 3/4/24  | 684000  | 675727  |
|  4.5% 11/15/23  | 220000  | 218377  |
|  4.55% 6/24/24  | 1831000  | 1810963  |
|  4.65% 8/15/32  | 2571000  | 2393354  |
|  4.85% 3/1/48  | 231000  | 195229  |
|  5.3% 8/15/52  | 581000  | 519499  |
|  5.75% 6/24/44  | 52000  | 49508  |
|  Total Capital International SA:  |  |  |
|  2.7% 1/25/23  | 52000  | 51934  |
|  3.127% 5/29/50  | 98000  | 69209  |
|  3.455% 2/19/29  | 585000  | 542285  |
|  3.461% 7/12/49  | 179000  | 133743  |
|  3.75% 4/10/24  | 55000  | 54228  |
|  TransCanada PipeLines Ltd.:  |  |  |
|  4.75% 5/15/38  | 288000  | 256698  |
|  4.875% 1/15/26  | 137000  | 136136  |
|  4.875% 5/15/48  | 135000  | 117886  |
|  5.1% 3/15/49  | 96000  | 87032  |
|  6.1% 6/1/40  | 184000  | 184961  |
|  Transcontinental Gas Pipe Line Co. LLC:  |  |  |
|  3.25% 5/15/30  | 288000  | 249925  |
|  3.95% 5/15/50  | 572000  | 434945  |
|  4.45% 8/1/42  | 212000  | 179802  |
|  4.6% 3/15/48  | 110000  | 91423  |
|  Valero Energy Corp. 6.625% 6/15/37  | 149000  | 158556  |
|  Western Gas Partners LP:  |  |  |
|  3.95% 6/1/25  | 109000  | 103175  |
|  4.5% 3/1/28  | 251000  | 230293  |
|  4.65% 7/1/26  | 1137000  | 1079081  |
|  4.75% 8/15/28  | 145000  | 132427  |
|  |  | 81919414  |
|  TOTAL ENERGY  |  | 83203375  |
| FINANCIALS - 13.5%  |  |  |
| Banks - 6.4%  |  |  |
|  Banco Santander SA:  |  |  |
|  1.849% 3/25/26  | 400000  | 353056  |
|  2.958% 3/25/31  | 400000  | 317962  |
|  3.225% 11/22/32 (c)  | 200000  | 151021  |
|  Bank of America Corp.:  |  |  |
|  3 month U.S. LIBOR + 0.640% 2.015% 2/13/26 (c)(d)  | 692000  | 642328  |
|  U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.650% 1.53% 12/6/25 (c)(d)  | 1351000  | 1246028  |
|  1.658% 3/11/27 (c)  | 532000  | 470662  |
|  1.734% 7/22/27 (c)  | 690000  | 604520  |
|  2.087% 6/14/29 (c)  | 157000  | 132115  |
|  2.299% 7/21/32 (c)  | 2174000  | 1674212  |
|  2.651% 3/11/32 (c)  | 506000  | 405016  |
|  2.676% 6/19/41 (c)  | 340000  | 228718  |
|  2.687% 4/22/32 (c)  | 246000  | 196894  |
|  2.831% 10/24/51 (c)  | 276000  | 169199  |
|  2.972% 7/21/52 (c)  | 268000  | 167397  |
|  3.194% 7/23/30 (c)  | 1318000  | 1133590  |
|  3.248% 10/21/27  | 103000  | 95102  |
|  3.3% 1/11/23  | 545000  | 544814  |
|  3.366% 1/23/26 (c)  | 724000  | 690321  |
|  3.419% 12/20/28 (c)  | 3213000  | 2909466  |
|  3.5% 4/19/26  | 631000  | 602190  |
|  3.593% 7/21/28 (c)  | 304000  | 279859  |
|  3.705% 4/24/28 (c)  | 241000  | 223020  |
|  3.846% 3/8/37 (c)  | 197000  | 163128  |
|  3.864% 7/23/24 (c)  | 1215000  | 1203992  |
|  3.95% 4/21/25  | 518000  | 504122  |
|  3.97% 3/5/29 (c)  | 601000  | 554558  |
|  3.974% 2/7/30 (c)  | 388000  | 352393  |
|  4% 1/22/25  | 165000  | 161495  |
|  4.083% 3/20/51 (c)  | 173000  | 135383  |
|  4.1% 7/24/23  | 192000  | 191164  |
|  4.183% 11/25/27  | 425000  | 403113  |
|  4.2% 8/26/24  | 2742000  | 2699579  |
|  4.25% 10/22/26  | 645000  | 623037  |
|  4.271% 7/23/29 (c)  | 494000  | 460655  |
|  4.33% 3/15/50 (c)  | 359000  | 294448  |
|  4.443% 1/20/48 (c)  | 418000  | 352514  |
|  4.45% 3/3/26  | 547000  | 535987  |
|  4.571% 4/27/33 (c)  | 10000000  | 9147028  |
|  5% 1/21/44  | 147000  | 135151  |
|  5.015% 7/22/33 (c)  | 2951000  | 2801656  |
|  5.875% 2/7/42  | 90000  | 91708  |
|  6.11% 1/29/37  | 194000  | 196204  |
|  7.75% 5/14/38  | 114000  | 132517  |
|  Bank of Montreal:  |  |  |
|  3.3% 2/5/24  | 444000  | 435678  |
|  3.803% 12/15/32 (c)  | 320000  | 281767  |
|  Bank of Nova Scotia:  |  |  |
|  3.4% 2/11/24  | 1109000  | 1090638  |
|  4.5% 12/16/25  | 435000  | 426320  |
|  Barclays PLC:  |  |  |
|  2.279% 11/24/27 (c)  | 500000  | 432188  |
|  2.852% 5/7/26 (c)  | 1383000  | 1285118  |
|  2.894% 11/24/32 (c)  | 520000  | 396023  |
|  3.932% 5/7/25 (c)  | 435000  | 421836  |
|  4.375% 1/12/26  | 781000  | 755767  |
|  4.836% 5/9/28  | 263000  | 242485  |
|  4.95% 1/10/47  | 443000  | 377066  |
|  5.088% 6/20/30 (c)  | 923000  | 850139  |
|  5.2% 5/12/26  | 781000  | 759519  |
|  BB&T Corp. 3.75% 12/6/23  | 482000  | 476872  |
|  BNP Paribas SA 2.219% 6/9/26 (b)(c)  | 947000  | 869477  |
|  Canadian Imperial Bank of Commerce 3.6% 4/7/32  | 398000  | 350741  |
|  Citigroup, Inc.:  |  |  |
|  3 month U.S. LIBOR + 1.150% 3.52% 10/27/28 (c)(d)  | 632000  | 576634  |
|  1.122% 1/28/27 (c)  | 487000  | 424413  |
|  2.561% 5/1/32 (c)  | 414000  | 326838  |
|  3.106% 4/8/26 (c)  | 854000  | 808382  |
|  3.352% 4/24/25 (c)  | 623000  | 604110  |
|  3.668% 7/24/28 (c)  | 1119000  | 1027678  |
|  3.7% 1/12/26  | 305000  | 293386  |
|  3.875% 3/26/25  | 1193000  | 1159914  |
|  3.887% 1/10/28 (c)  | 123000  | 114940  |
|  3.98% 3/20/30 (c)  | 976000  | 880240  |
|  4.125% 7/25/28  | 423000  | 393706  |
|  4.3% 11/20/26  | 218000  | 210880  |
|  4.4% 6/10/25  | 110000  | 107965  |
|  4.412% 3/31/31 (c)  | 1601000  | 1470193  |
|  4.45% 9/29/27  | 3118000  | 2972727  |
|  4.6% 3/9/26  | 441000  | 433159  |
|  4.65% 7/23/48  | 389000  | 334549  |
|  4.75% 5/18/46  | 216000  | 179487  |
|  4.91% 5/24/33 (c)  | 11248000  | 10532998  |
|  5.3% 5/6/44  | 55000  | 49529  |
|  5.5% 9/13/25  | 831000  | 836086  |
|  5.875% 1/30/42  | 149000  | 149824  |
|  8.125% 7/15/39  | 219000  | 269147  |
|  Citizens Financial Group, Inc. 2.638% 9/30/32  | 662000  | 491371  |
|  Comerica, Inc. 3.8% 7/22/26  | 100000  | 95456  |
|  Commonwealth Bank of Australia 3.61% 9/12/34 (b)(c)  | 328000  | 271492  |
|  Discover Bank 4.2% 8/8/23  | 358000  | 355670  |
|  Export-Import Bank of Korea:  |  |  |
|  0.625% 2/9/26  | 719000  | 633537  |
|  2.875% 1/21/25  | 208000  | 199472  |
|  Fifth Third Bancorp:  |  |  |
|  2.55% 5/5/27  | 407000  | 365400  |
|  8.25% 3/1/38  | 57000  | 70537  |
|  First Citizens Bank & Trust Co. 3.929% 6/19/24 (c)  | 210000  | 208175  |
|  HSBC Holdings PLC:  |  |  |
|  2.013% 9/22/28 (c)  | 1336000  | 1116636  |
|  2.099% 6/4/26 (c)  | 500000  | 454998  |
|  3.803% 3/11/25 (c)  | 891000  | 866166  |
|  3.9% 5/25/26  | 302000  | 287630  |
|  4.25% 3/14/24  | 276000  | 271101  |
|  4.292% 9/12/26 (c)  | 1276000  | 1220567  |
|  4.375% 11/23/26  | 787000  | 755776  |
|  4.95% 3/31/30  | 398000  | 379573  |
|  6.5% 9/15/37  | 288000  | 277085  |
|  6.8% 6/1/38  | 167000  | 167690  |
|  HSBC U.S.A., Inc. 3.5% 6/23/24  | 192000  | 187174  |
|  ING Groep NV:  |  |  |
|  1.726% 4/1/27 (c)  | 253000  | 223267  |
|  2.727% 4/1/32 (c)  | 256000  | 203962  |
|  Intesa Sanpaolo SpA:  |  |  |
|  5.017% 6/26/24 (b)  | 545000  | 524119  |
|  5.71% 1/15/26 (b)  | 1614000  | 1551054  |
|  Japan Bank International Cooperation:  |  |  |
|  0.625% 5/22/23  | 778000  | 765274  |
|  1.25% 1/21/31  | 1072000  | 834434  |
|  2.375% 4/20/26  | 358000  | 331998  |
|  2.875% 6/1/27  | 208000  | 193543  |
|  3.25% 7/20/28  | 246000  | 229144  |
|  3.375% 10/31/23  | 890000  | 877157  |
|  JPMorgan Chase & Co.:  |  |  |
|  0.768% 8/9/25 (c)  | 1241000  | 1145377  |
|  1.47% 9/22/27 (c)  | 821000  | 710791  |
|  1.953% 2/4/32 (c)  | 440000  | 336567  |
|  2.083% 4/22/26 (c)  | 1010000  | 937579  |
|  2.522% 4/22/31 (c)  | 329000  | 269216  |
|  2.545% 11/8/32 (c)  | 642000  | 507457  |
|  2.95% 10/1/26  | 692000  | 645377  |
|  2.956% 5/13/31 (c)  | 884000  | 728377  |
|  3.109% 4/22/51 (c)  | 409000  | 267971  |
|  3.22% 3/1/25 (c)  | 478000  | 464586  |
|  3.3% 4/1/26  | 247000  | 234140  |
|  3.509% 1/23/29 (c)  | 867000  | 786829  |
|  3.54% 5/1/28 (c)  | 466000  | 428820  |
|  3.559% 4/23/24 (c)  | 274000  | 272195  |
|  3.797% 7/23/24 (c)  | 1098000  | 1087090  |
|  3.875% 9/10/24  | 6391000  | 6255955  |
|  3.882% 7/24/38 (c)  | 123000  | 102090  |
|  3.9% 7/15/25  | 592000  | 578754  |
|  3.96% 1/29/27 (c)  | 334000  | 318384  |
|  3.964% 11/15/48 (c)  | 258000  | 201240  |
|  4.005% 4/23/29 (c)  | 563000  | 520852  |
|  4.125% 12/15/26  | 1929000  | 1863870  |
|  4.203% 7/23/29 (c)  | 1198000  | 1116300  |
|  4.323% 4/26/28 (c)  | 326000  | 311326  |
|  4.452% 12/5/29 (c)  | 335000  | 314685  |
|  4.493% 3/24/31 (c)  | 1607000  | 1500868  |
|  4.586% 4/26/33 (c)  | 8275000  | 7660690  |
|  4.85% 2/1/44  | 137000  | 124837  |
|  4.912% 7/25/33 (c)  | 5778000  | 5501389  |
|  4.95% 6/1/45  | 262000  | 234083  |
|  5.5% 10/15/40  | 156000  | 153716  |
|  5.6% 7/15/41  | 41000  | 40985  |
|  5.625% 8/16/43  | 137000  | 133020  |
|  5.717% 9/14/33 (c)  | 2300000  | 2244923  |
|  Korea Development Bank:  |  |  |
|  0.4% 6/19/24  | 300000  | 280747  |
|  1.625% 1/19/31  | 367000  | 288498  |
|  Lloyds Banking Group PLC:  |  |  |
|  4.344% 1/9/48  | 411000  | 299596  |
|  4.582% 12/10/25  | 320000  | 309855  |
|  4.65% 3/24/26  | 236000  | 225977  |
|  Mitsubishi UFJ Financial Group, Inc.:  |  |  |
|  1.538% 7/20/27 (c)  | 309000  | 267884  |
|  2.309% 7/20/32 (c)  | 300000  | 230881  |
|  2.801% 7/18/24  | 224000  | 215269  |
|  3.195% 7/18/29  | 390000  | 340536  |
|  3.455% 3/2/23  | 503000  | 501928  |
|  3.751% 7/18/39  | 217000  | 176279  |
|  3.961% 3/2/28  | 603000  | 572829  |
|  Mizuho Financial Group, Inc.:  |  |  |
|  1.554% 7/9/27 (c)  | 317000  | 276153  |
|  2.226% 5/25/26 (c)  | 374000  | 343509  |
|  2.26% 7/9/32 (c)  | 314000  | 239295  |
|  2.591% 5/25/31 (c)  | 454000  | 364722  |
|  3.549% 3/5/23  | 329000  | 328262  |
|  NatWest Group PLC:  |  |  |
|  3 month U.S. LIBOR + 1.750% 4.892% 5/18/29 (c)(d)  | 234000  | 221402  |
|  3.073% 5/22/28 (c)  | 584000  | 521891  |
|  3.754% 11/1/29 (c)  | 354000  | 328334  |
|  4.8% 4/5/26  | 358000  | 350099  |
|  5.125% 5/28/24  | 2577000  | 2552673  |
|  NatWest Markets PLC 2.375% 5/21/23 (b)  | 1092000  | 1078091  |
|  Oesterreichische Kontrollbank AG 0.375% 9/17/25  | 299000  | 268143  |
|  PNC Financial Services Group, Inc.:  |  |  |
|  U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.000% 4.626% 6/6/33 (c)(d)  | 15000000  | 13857272  |
|  1.15% 8/13/26  | 345000  | 302832  |
|  2.2% 11/1/24  | 185000  | 176762  |
|  2.6% 7/23/26  | 667000  | 617423  |
|  3.5% 1/23/24  | 479000  | 471897  |
|  3.9% 4/29/24  | 155000  | 153101  |
|  Rabobank Nederland:  |  |  |
|  3.75% 7/21/26  | 528000  | 495761  |
|  4.375% 8/4/25  | 936000  | 913585  |
|  5.25% 5/24/41  | 82000  | 82053  |
|  Rabobank Nederland New York Branch 2.75% 1/10/23  | 466000  | 465824  |
|  Royal Bank of Canada:  |  |  |
|  1.2% 4/27/26  | 308000  | 273852  |
|  2.05% 1/21/27  | 567000  | 512078  |
|  4.65% 1/27/26  | 356000  | 351244  |
|  Santander Holdings U.S.A., Inc. 2.49% 1/6/28 (c)  | 717000  | 615174  |
|  Santander UK Group Holdings PLC 2.469% 1/11/28 (c)  | 334000  | 285222  |
|  Societe Generale:  |  |  |
|  1.038% 6/18/25 (b)(c)  | 1987000  | 1839439  |
|  1.488% 12/14/26 (b)(c)  | 1222000  | 1062118  |
|  Sumitomo Mitsui Financial Group, Inc.:  |  |  |
|  1.474% 7/8/25  | 390000  | 355355  |
|  2.142% 9/23/30  | 380000  | 292362  |
|  2.174% 1/14/27  | 781000  | 692312  |
|  2.348% 1/15/25  | 247000  | 233712  |
|  2.75% 1/15/30  | 234000  | 196348  |
|  3.05% 1/14/42  | 400000  | 279537  |
|  3.102% 1/17/23  | 1046000  | 1045325  |
|  3.936% 10/16/23  | 430000  | 425204  |
|  The Toronto-Dominion Bank:  |  |  |
|  2.65% 6/12/24  | 637000  | 616209  |
|  3.25% 3/11/24  | 834000  | 816457  |
|  3.5% 7/19/23  | 274000  | 272029  |
|  Truist Financial Corp. 1.267% 3/2/27 (c)  | 899000  | 796424  |
|  U.S. Bancorp:  |  |  |
|  1.375% 7/22/30  | 334000  | 258147  |
|  3% 7/30/29  | 297000  | 260759  |
|  3.1% 4/27/26  | 247000  | 233296  |
|  Wells Fargo & Co.:  |  |  |
|  2.164% 2/11/26 (c)  | 1018000  | 949013  |
|  2.188% 4/30/26 (c)  | 806000  | 750110  |
|  2.406% 10/30/25 (c)  | 1970000  | 1862982  |
|  2.572% 2/11/31 (c)  | 644000  | 533275  |
|  3% 10/23/26  | 557000  | 514788  |
|  3.068% 4/30/41 (c)  | 487000  | 347372  |
|  3.35% 3/2/33 (c)  | 157000  | 132256  |
|  3.526% 3/24/28 (c)  | 1167000  | 1080643  |
|  3.584% 5/22/28 (c)  | 287000  | 266478  |
|  3.9% 5/1/45  | 130000  | 100131  |
|  4.1% 6/3/26  | 88000  | 85206  |
|  4.4% 6/14/46  | 196000  | 157432  |
|  4.478% 4/4/31 (c)  | 1796000  | 1683581  |
|  4.75% 12/7/46  | 439000  | 367639  |
|  4.897% 7/25/33 (c)  | 6935000  | 6585012  |
|  4.9% 11/17/45  | 265000  | 228131  |
|  5.013% 4/4/51 (c)  | 2815000  | 2495869  |
|  5.375% 11/2/43  | 184000  | 171060  |
|  5.606% 1/15/44  | 312000  | 302482  |
|  Westpac Banking Corp.:  |  |  |
|  1.953% 11/20/28  | 200000  | 170079  |
|  2.85% 5/13/26  | 130000  | 121917  |
|  3.3% 2/26/24  | 891000  | 875134  |
|  4.11% 7/24/34 (c)  | 800000  | 685895  |
|  4.421% 7/24/39  | 160000  | 132068  |
|  Zions Bancorp NA 4.5% 6/13/23  | 6000  | 5989  |
|  |  | 180832046  |
| Capital Markets - 3.3%  |  |  |
|  Affiliated Managers Group, Inc.:  |  |  |
|  3.5% 8/1/25  | 826000  | 791877  |
|  4.25% 2/15/24  | 538000  | 531274  |
|  Ares Capital Corp.:  |  |  |
|  2.15% 7/15/26  | 705000  | 596904  |
|  3.25% 7/15/25  | 173000  | 159190  |
|  3.875% 1/15/26  | 1565000  | 1434246  |
|  4.2% 6/10/24  | 1118000  | 1079273  |
|  Bank of New York Mellon Corp.:  |  |  |
|  1.8% 7/28/31  | 574000  | 443025  |
|  2.8% 5/4/26  | 154000  | 144432  |
|  2.95% 1/29/23  | 411000  | 410502  |
|  BlackRock, Inc.:  |  |  |
|  2.1% 2/25/32  | 397000  | 319425  |
|  3.5% 3/18/24  | 80000  | 78693  |
|  Brookfield Finance, Inc. 2.724% 4/15/31  | 690000  | 553430  |
|  Charles Schwab Corp.:  |  |  |
|  0.75% 3/18/24  | 768000  | 729882  |
|  2% 3/20/28  | 579000  | 508898  |
|  2.45% 3/3/27  | 667000  | 608059  |
|  CME Group, Inc.:  |  |  |
|  2.65% 3/15/32  | 97000  | 81251  |
|  5.3% 9/15/43  | 170000  | 176120  |
|  Credit Suisse AG 3.625% 9/9/24  | 272000  | 253623  |
|  Credit Suisse Group AG:  |  |  |
|  2.593% 9/11/25 (b)(c)  | 1329000  | 1174916  |
|  3.75% 3/26/25  | 585000  | 526523  |
|  3.8% 6/9/23  | 1626000  | 1583318  |
|  3.869% 1/12/29 (b)(c)  | 505000  | 404782  |
|  4.194% 4/1/31 (b)(c)  | 1208000  | 937763  |
|  4.55% 4/17/26  | 323000  | 284877  |
|  4.875% 5/15/45  | 310000  | 211998  |
|  6.537% 8/12/33 (b)(c)  | 7000000  | 6141753  |
|  Deutsche Bank AG:  |  |  |
|  4.1% 1/13/26  | 330000  | 316756  |
|  4.5% 4/1/25  | 1502000  | 1427169  |
|  Deutsche Bank AG New York Branch:  |  |  |
|  2.311% 11/16/27 (c)  | 171000  | 144988  |
|  3.7% 5/30/24  | 269000  | 261402  |
|  3.95% 2/27/23  | 473000  | 471366  |
|  4.1% 1/13/26  | 598000  | 574714  |
|  Goldman Sachs Group, Inc.:  |  |  |
|  0.855% 2/12/26 (c)  | 471000  | 425889  |
|  1.093% 12/9/26 (c)  | 1144000  | 1008466  |
|  2.383% 7/21/32 (c)  | 1960000  | 1520781  |
|  2.6% 2/7/30  | 334000  | 278729  |
|  2.615% 4/22/32 (c)  | 848000  | 676272  |
|  2.65% 10/21/32 (c)  | 434000  | 342673  |
|  3.102% 2/24/33 (c)  | 6994000  | 5678992  |
|  3.2% 2/23/23  | 1533000  | 1529155  |
|  3.272% 9/29/25 (c)  | 167000  | 160926  |
|  3.436% 2/24/43 (c)  | 137000  | 100664  |
|  3.5% 1/23/25  | 1432000  | 1383305  |
|  3.691% 6/5/28 (c)  | 5717000  | 5311842  |
|  3.8% 3/15/30  | 1945000  | 1748505  |
|  3.85% 1/26/27  | 829000  | 789311  |
|  4.25% 10/21/25  | 422000  | 411849  |
|  4.411% 4/23/39 (c)  | 130000  | 112324  |
|  4.75% 10/21/45  | 433000  | 379630  |
|  5.95% 1/15/27  | 411000  | 421811  |
|  6.75% 10/1/37  | 843000  | 899501  |
|  Intercontinental Exchange, Inc.:  |  |  |
|  1.85% 9/15/32  | 310000  | 233565  |
|  2.65% 9/15/40  | 310000  | 215170  |
|  3.75% 12/1/25  | 158000  | 153524  |
|  3.75% 9/21/28  | 256000  | 241886  |
|  4.25% 9/21/48  | 290000  | 243806  |
|  Jefferies Financial Group, Inc.:  |  |  |
|  2.625% 10/15/31  | 67000  | 51110  |
|  4.15% 1/23/30  | 387000  | 345496  |
|  Moody's Corp.:  |  |  |
|  3.25% 1/15/28  | 737000  | 679338  |
|  3.75% 3/24/25  | 637000  | 619334  |
|  4.875% 2/15/24  | 281000  | 280095  |
|  4.875% 12/17/48  | 284000  | 256350  |
|  Morgan Stanley:  |  |  |
|  3 month U.S. LIBOR + 1.430% 4.457% 4/22/39 (c)(d)  | 207000  | 181721  |
|  1.164% 10/21/25 (c)  | 390000  | 359000  |
|  1.512% 7/20/27 (c)  | 270000  | 234303  |
|  1.593% 5/4/27 (c)  | 393000  | 344753  |
|  2.188% 4/28/26 (c)  | 672000  | 624466  |
|  2.239% 7/21/32 (c)  | 255000  | 195634  |
|  2.511% 10/20/32 (c)  | 137000  | 107211  |
|  2.72% 7/22/25 (c)  | 520000  | 497130  |
|  3.125% 1/23/23  | 4943000  | 4938463  |
|  3.125% 7/27/26  | 2912000  | 2716232  |
|  3.217% 4/22/42 (c)  | 498000  | 368508  |
|  3.591% 7/22/28 (c)  | 984000  | 902575  |
|  3.622% 4/1/31 (c)  | 1260000  | 1099984  |
|  3.625% 1/20/27  | 1381000  | 1302304  |
|  3.737% 4/24/24 (c)  | 628000  | 624605  |
|  3.75% 2/25/23  | 186000  | 185618  |
|  3.772% 1/24/29 (c)  | 337000  | 308609  |
|  3.875% 1/27/26  | 144000  | 139395  |
|  3.95% 4/23/27  | 937000  | 884896  |
|  3.971% 7/22/38 (c)  | 171000  | 143974  |
|  4.3% 1/27/45  | 55000  | 46878  |
|  4.375% 1/22/47  | 304000  | 257265  |
|  4.431% 1/23/30 (c)  | 552000  | 513748  |
|  4.889% 7/20/33 (c)  | 10161000  | 9546476  |
|  5% 11/24/25  | 1838000  | 1832460  |
|  5.597% 3/24/51 (c)  | 355000  | 352949  |
|  6.342% 10/18/33 (c)  | 10200000  | 10687607  |
|  6.375% 7/24/42  | 80000  | 86770  |
|  7.25% 4/1/32  | 27000  | 30379  |
|  Nomura Holdings, Inc. 3.103% 1/16/30  | 660000  | 550468  |
|  Northern Trust Corp. 1.95% 5/1/30  | 592000  | 486340  |
|  Peachtree Corners Funding Trust 3.976% 2/15/25 (b)  | 628000  | 606196  |
|  S&P Global, Inc.:  |  |  |
|  2.9% 3/1/32 (b)  | 1181000  | 1007339  |
|  2.95% 1/22/27  | 167000  | 156226  |
|  State Street Corp.:  |  |  |
|  1.684% 11/18/27 (c)  | 548000  | 485399  |
|  2.65% 5/19/26  | 207000  | 194496  |
|  UBS Group AG:  |  |  |
|  1.494% 8/10/27 (b)(c)  | 732000  | 629783  |
|  4.125% 9/24/25 (b)  | 661000  | 642707  |
|  |  | 94135595  |
| Consumer Finance - 2.0%  |  |  |
|  AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:  |  |  |
|  1.65% 10/29/24  | 2018000  | 1861404  |
|  2.45% 10/29/26  | 878000  | 767760  |
|  2.875% 8/14/24  | 1146000  | 1085014  |
|  3% 10/29/28  | 730000  | 611576  |
|  3.3% 1/30/32  | 567000  | 443258  |
|  3.4% 10/29/33  | 204000  | 154672  |
|  3.5% 1/15/25  | 1042000  | 992379  |
|  3.85% 10/29/41  | 204000  | 144223  |
|  3.875% 1/23/28  | 430000  | 386719  |
|  4.125% 7/3/23  | 526000  | 522324  |
|  4.45% 10/1/25  | 270000  | 259534  |
|  4.45% 4/3/26  | 393000  | 375093  |
|  4.875% 1/16/24  | 864000  | 855757  |
|  6.5% 7/15/25  | 455000  | 461041  |
|  Ally Financial, Inc.:  |  |  |
|  1.45% 10/2/23  | 277000  | 268526  |
|  2.2% 11/2/28  | 330000  | 257291  |
|  3.05% 6/5/23  | 1381000  | 1365371  |
|  5.125% 9/30/24  | 268000  | 265348  |
|  5.8% 5/1/25  | 1168000  | 1161876  |
|  7.1% 11/15/27  | 2990000  | 3041915  |
|  8% 11/1/31  | 5339000  | 5511697  |
|  American Express Co.:  |  |  |
|  2.5% 7/30/24  | 1065000  | 1024226  |
|  4.05% 12/3/42  | 191000  | 164021  |
|  Capital One Financial Corp.:  |  |  |
|  2.6% 5/11/23  | 938000  | 930393  |
|  2.636% 3/3/26 (c)  | 612000  | 573228  |
|  3.2% 1/30/23  | 382000  | 382000  |
|  3.273% 3/1/30 (c)  | 783000  | 669441  |
|  3.3% 10/30/24  | 398000  | 384129  |
|  3.65% 5/11/27  | 1693000  | 1592796  |
|  3.75% 7/28/26  | 267000  | 251384  |
|  3.75% 3/9/27  | 970000  | 921704  |
|  3.8% 1/31/28  | 1242000  | 1160864  |
|  3.9% 1/29/24  | 468000  | 462133  |
|  4.985% 7/24/26 (c)  | 2477000  | 2425997  |
|  5.247% 7/26/30 (c)  | 3190000  | 3037986  |
|  5.268% 5/10/33 (c)  | 8000000  | 7431368  |
|  Discover Financial Services:  |  |  |
|  3.95% 11/6/24  | 358000  | 348459  |
|  4.1% 2/9/27  | 358000  | 336876  |
|  4.5% 1/30/26  | 1105000  | 1068101  |
|  6.7% 11/29/32  | 644000  | 654611  |
|  Ford Motor Credit Co. LLC:  |  |  |
|  4.063% 11/1/24  | 2211000  | 2122719  |
|  5.584% 3/18/24  | 784000  | 773690  |
|  GE Capital International Funding Co. 3.373% 11/15/25  | 790000  | 755663  |
|  John Deere Capital Corp.:  |  |  |
|  2.65% 6/24/24  | 287000  | 278305  |
|  2.65% 6/10/26  | 137000  | 128228  |
|  2.7% 1/6/23  | 274000  | 273965  |
|  2.8% 1/27/23  | 137000  | 136842  |
|  2.8% 3/6/23  | 89000  | 88686  |
|  2.8% 9/8/27  | 192000  | 176837  |
|  3.45% 3/7/29  | 548000  | 508275  |
|  Synchrony Financial:  |  |  |
|  3.7% 8/4/26  | 129000  | 118668  |
|  3.95% 12/1/27  | 965000  | 860635  |
|  4.25% 8/15/24  | 840000  | 820710  |
|  4.375% 3/19/24  | 996000  | 978068  |
|  5.15% 3/19/29  | 1802000  | 1705179  |
|  Toyota Motor Credit Corp.:  |  |  |
|  0.5% 8/14/23  | 500000  | 486489  |
|  1.15% 8/13/27  | 577000  | 490818  |
|  1.9% 1/13/27  | 304000  | 271264  |
|  2.7% 1/11/23  | 274000  | 273866  |
|  2.9% 3/30/23  | 973000  | 969138  |
|  3.05% 3/22/27  | 330000  | 307675  |
|  3.35% 1/8/24  | 384000  | 378917  |
|  |  | 57517132  |
| Diversified Financial Services - 1.0%  |  |  |
|  AB Svensk Exportkredit 0.25% 9/29/23  | 466000  | 450037  |
|  Aon Corp. / Aon Global Holdings PLC 2.6% 12/2/31  | 547000  | 446466  |
|  Berkshire Hathaway, Inc.:  |  |  |
|  3.125% 3/15/26  | 315000  | 301853  |
|  4.5% 2/11/43  | 55000  | 51416  |
|  Blackstone Private Credit Fund:  |  |  |
|  2.7% 1/15/25  | 437000  | 403739  |
|  4.7% 3/24/25  | 2482000  | 2379220  |
|  7.05% 9/29/25 (b)  | 3077000  | 3052606  |
|  BP Capital Markets America, Inc.:  |  |  |
|  2.721% 1/12/32  | 1001000  | 834293  |
|  3% 2/24/50  | 384000  | 256117  |
|  3.017% 1/16/27  | 260000  | 242076  |
|  3.06% 6/17/41  | 234000  | 173214  |
|  Brixmor Operating Partnership LP:  |  |  |
|  3.9% 3/15/27  | 155000  | 141761  |
|  4.05% 7/1/30  | 804000  | 703343  |
|  4.125% 6/15/26  | 791000  | 745840  |
|  4.125% 5/15/29  | 819000  | 732236  |
|  Corebridge Financial, Inc.:  |  |  |
|  3.5% 4/4/25 (b)  | 254000  | 243503  |
|  3.65% 4/5/27 (b)  | 4362000  | 4066216  |
|  3.85% 4/5/29 (b)  | 355000  | 323337  |
|  3.9% 4/5/32 (b)  | 423000  | 369434  |
|  4.35% 4/5/42 (b)  | 96000  | 78754  |
|  4.4% 4/5/52 (b)  | 285000  | 225885  |
|  DH Europe Finance II SARL:  |  |  |
|  2.2% 11/15/24  | 227000  | 216288  |
|  2.6% 11/15/29  | 265000  | 232146  |
|  3.4% 11/15/49  | 287000  | 216727  |
|  Equitable Holdings, Inc.:  |  |  |
|  3.9% 4/20/23  | 85000  | 84719  |
|  4.35% 4/20/28  | 759000  | 723148  |
|  Jackson Financial, Inc.:  |  |  |
|  5.17% 6/8/27  | 1172000  | 1154696  |
|  5.67% 6/8/32  | 1479000  | 1388601  |
|  Japan International Cooperation Agency 1.75% 4/28/31  | 274000  | 221237  |
|  KfW:  |  |  |
|  0.25% 10/19/23  | 404000  | 389640  |
|  0.375% 7/18/25  | 472000  | 426896  |
|  0.625% 1/22/26  | 1471000  | 1317267  |
|  2% 5/2/25  | 105000  | 99335  |
|  2.5% 11/20/24  | 286000  | 275143  |
|  2.625% 2/28/24  | 559000  | 545239  |
|  2.875% 4/3/28  | 421000  | 395837  |
|  Landwirtschaftliche Rentenbank:  |  |  |
|  1.75% 7/27/26  | 233000  | 213126  |
|  2.5% 11/15/27  | 242000  | 223902  |
|  Park Aerospace Holdings Ltd. 5.5% 2/15/24 (b)  | 766000  | 756011  |
|  Pine Street Trust I 4.572% 2/15/29 (b)  | 717000  | 663053  |
|  Pine Street Trust II 5.568% 2/15/49 (b)  | 716000  | 630759  |
|  Voya Financial, Inc.:  |  |  |
|  3.65% 6/15/26  | 433000  | 408282  |
|  5.7% 7/15/43  | 103000  | 95464  |
|  |  | 26898862  |
| Insurance - 0.8%  |  |  |
|  ACE INA Holdings, Inc.:  |  |  |
|  1.375% 9/15/30  | 739000  | 573647  |
|  3.35% 5/3/26  | 116000  | 111042  |
|  4.35% 11/3/45  | 110000  | 95215  |
|  AFLAC, Inc.:  |  |  |
|  3.6% 4/1/30  | 167000  | 151154  |
|  4% 10/15/46  | 104000  | 80437  |
|  AIA Group Ltd.:  |  |  |
|  3.2% 9/16/40 (b)  | 438000  | 312616  |
|  3.375% 4/7/30 (b)  | 924000  | 812197  |
|  Allstate Corp.:  |  |  |
|  3.28% 12/15/26  | 129000  | 122475  |
|  4.2% 12/15/46  | 207000  | 171229  |
|  American International Group, Inc.:  |  |  |
|  2.5% 6/30/25  | 996000  | 937634  |
|  3.875% 1/15/35  | 74000  | 64726  |
|  3.9% 4/1/26  | 51000  | 49402  |
|  4.2% 4/1/28  | 509000  | 483115  |
|  4.375% 6/30/50  | 157000  | 132799  |
|  4.5% 7/16/44  | 243000  | 210884  |
|  4.7% 7/10/35  | 159000  | 144538  |
|  4.75% 4/1/48  | 269000  | 239874  |
|  Aon PLC:  |  |  |
|  3.5% 6/14/24  | 223000  | 217646  |
|  4% 11/27/23  | 82000  | 81190  |
|  4.6% 6/14/44  | 44000  | 37566  |
|  4.75% 5/15/45  | 161000  | 139461  |
|  Athene Holding Ltd. 3.5% 1/15/31  | 187000  | 153545  |
|  Baylor Scott & White Holdings:  |  |  |
|  Series 2021, 2.839% 11/15/50  | 484000  | 315440  |
|  3.967% 11/15/46  | 69000  | 55542  |
|  Berkshire Hathaway Finance Corp.:  |  |  |
|  1.45% 10/15/30  | 262000  | 208377  |
|  2.85% 10/15/50  | 367000  | 245113  |
|  4.2% 8/15/48  | 325000  | 285943  |
|  5.75% 1/15/40  | 387000  | 420179  |
|  Brighthouse Financial, Inc. 4.7% 6/22/47  | 260000  | 190192  |
|  Brown & Brown, Inc. 4.2% 3/17/32  | 217000  | 188131  |
|  Fairfax Financial Holdings Ltd. 4.625% 4/29/30  | 177000  | 160561  |
|  Five Corners Funding Trust II 2.85% 5/15/30 (b)  | 1385000  | 1160993  |
|  Hartford Financial Services Group, Inc.:  |  |  |
|  2.8% 8/19/29  | 195000  | 166936  |
|  3.6% 8/19/49  | 233000  | 167323  |
|  4.4% 3/15/48  | 266000  | 219388  |
|  Liberty Mutual Group, Inc. 4.569% 2/1/29 (b)  | 514000  | 480445  |
|  Lincoln National Corp.:  |  |  |
|  3.625% 12/12/26  | 165000  | 154560  |
|  4.35% 3/1/48  | 83000  | 62344  |
|  4.375% 6/15/50  | 167000  | 124297  |
|  Manulife Financial Corp. 4.15% 3/4/26  | 334000  | 325254  |
|  Markel Corp. 3.35% 9/17/29  | 167000  | 145047  |
|  Marsh & McLennan Companies, Inc.:  |  |  |
|  3.5% 6/3/24  | 52000  | 50877  |
|  3.875% 3/15/24  | 260000  | 256393  |
|  4.05% 10/15/23  | 186000  | 184002  |
|  4.2% 3/1/48  | 134000  | 110360  |
|  4.35% 1/30/47  | 77000  | 64609  |
|  4.375% 3/15/29  | 711000  | 686747  |
|  4.75% 3/15/39  | 229000  | 210425  |
|  4.9% 3/15/49  | 255000  | 234380  |
|  Massachusetts Mutual Life Insurance Co. 3.729% 10/15/70 (b)  | 730000  | 478409  |
|  MetLife, Inc.:  |  |  |
|  3.6% 11/13/25  | 334000  | 324529  |
|  4.125% 8/13/42  | 171000  | 144784  |
|  4.55% 3/23/30  | 1754000  | 1724115  |
|  4.6% 5/13/46  | 55000  | 49417  |
|  4.721% 12/15/44 (c)  | 137000  | 125259  |
|  Metropolitan Life Global Funding I 3% 1/10/23 (b)  | 331000  | 330887  |
|  Pacific LifeCorp 5.125% 1/30/43 (b)  | 660000  | 594603  |
|  Principal Financial Group, Inc. 4.3% 11/15/46  | 219000  | 175718  |
|  Progressive Corp.:  |  |  |
|  2.45% 1/15/27  | 130000  | 119014  |
|  2.5% 3/15/27  | 254000  | 233839  |
|  3% 3/15/32  | 478000  | 415036  |
|  4.2% 3/15/48  | 152000  | 127394  |
|  Prudential Financial, Inc.:  |  |  |
|  3.878% 3/27/28  | 114000  | 109309  |
|  3.905% 12/7/47  | 15000  | 11945  |
|  3.935% 12/7/49  | 294000  | 228960  |
|  4.35% 2/25/50  | 343000  | 290427  |
|  4.418% 3/27/48  | 174000  | 147691  |
|  5.125% 3/1/52 (c)  | 115000  | 104650  |
|  5.7% 12/14/36  | 10000  | 10326  |
|  Swiss Re Finance Luxembourg SA 5% 4/2/49 (b)(c)  | 200000  | 184148  |
|  Teachers Insurance & Annuity Association of America 4.9% 9/15/44 (b)  | 671000  | 613361  |
|  The Chubb Corp. 6.5% 5/15/38  | 96000  | 106821  |
|  The Travelers Companies, Inc.:  |  |  |
|  4.1% 3/4/49  | 167000  | 135792  |
|  4.3% 8/25/45  | 40000  | 34020  |
|  6.25% 6/15/37  | 229000  | 247368  |
|  TIAA Asset Management Finance LLC 4.125% 11/1/24 (b)  | 222000  | 216093  |
|  Unum Group:  |  |  |
|  3.875% 11/5/25  | 610000  | 582489  |
|  4% 6/15/29  | 554000  | 500447  |
|  5.75% 8/15/42  | 914000  | 821550  |
|  |  | 21384651  |
|  TOTAL FINANCIALS  |  | 380768286  |
| HEALTH CARE - 2.1%  |  |  |
| Biotechnology - 0.2%  |  |  |
|  AbbVie, Inc.:  |  |  |
|  2.6% 11/21/24  | 424000  | 405624  |
|  2.95% 11/21/26  | 310000  | 288295  |
|  3.2% 11/21/29  | 530000  | 477781  |
|  3.6% 5/14/25  | 247000  | 239379  |
|  3.8% 3/15/25  | 242000  | 235856  |
|  4.05% 11/21/39  | 310000  | 265344  |
|  4.25% 11/14/28  | 227000  | 218958  |
|  4.25% 11/21/49  | 514000  | 426561  |
|  4.3% 5/14/36  | 172000  | 154880  |
|  4.4% 11/6/42  | 131000  | 113632  |
|  4.45% 5/14/46  | 192000  | 165011  |
|  4.55% 3/15/35  | 182000  | 170184  |
|  4.7% 5/14/45  | 361000  | 320641  |
|  4.75% 3/15/45  | 174000  | 156260  |
|  4.875% 11/14/48  | 160000  | 145738  |
|  Amgen, Inc.:  |  |  |
|  1.65% 8/15/28  | 532000  | 443585  |
|  1.9% 2/21/25  | 224000  | 210151  |
|  2.6% 8/19/26  | 288000  | 266102  |
|  2.8% 8/15/41  | 544000  | 376889  |
|  3.125% 5/1/25  | 55000  | 52779  |
|  3.35% 2/22/32  | 160000  | 139740  |
|  3.375% 2/21/50  | 307000  | 213411  |
|  4.4% 5/1/45  | 272000  | 227887  |
|  4.663% 6/15/51  | 342000  | 294253  |
|  Gilead Sciences, Inc.:  |  |  |
|  1.65% 10/1/30  | 412000  | 326705  |
|  2.8% 10/1/50  | 408000  | 260849  |
|  3.65% 3/1/26  | 169000  | 162927  |
|  4.15% 3/1/47  | 341000  | 281639  |
|  4.75% 3/1/46  | 302000  | 271778  |
|  |  | 7312839  |
| Health Care Equipment & Supplies - 0.2%  |  |  |
|  Abbott Laboratories:  |  |  |
|  3.75% 11/30/26  | 191000  | 185944  |
|  4.75% 11/30/36  | 123000  | 121750  |
|  4.9% 11/30/46  | 285000  | 277857  |
|  Baxter International, Inc.:  |  |  |
|  1.915% 2/1/27  | 405000  | 359068  |
|  2.539% 2/1/32  | 446000  | 354299  |
|  Becton, Dickinson & Co.:  |  |  |
|  2.823% 5/20/30  | 241000  | 206840  |
|  3.363% 6/6/24  | 124000  | 121172  |
|  3.7% 6/6/27  | 761000  | 719012  |
|  4.685% 12/15/44  | 262000  | 234169  |
|  Boston Scientific Corp.:  |  |  |
|  3.45% 3/1/24  | 595000  | 583896  |
|  4% 3/1/29  | 296000  | 275144  |
|  4.7% 3/1/49  | 478000  | 427619  |
|  Stryker Corp.:  |  |  |
|  1.95% 6/15/30  | 255000  | 207615  |
|  2.9% 6/15/50  | 255000  | 170152  |
|  Zimmer Biomet Holdings, Inc. 3.55% 4/1/25  | 312000  | 301267  |
|  |  | 4545804  |
| Health Care Providers & Services - 1.2%  |  |  |
|  Aetna, Inc.:  |  |  |
|  2.8% 6/15/23  | 411000  | 406673  |
|  3.875% 8/15/47  | 143000  | 109806  |
|  4.125% 11/15/42  | 311000  | 253905  |
|  Allina Health System, Inc. 3.887% 4/15/49  | 182000  | 145020  |
|  Banner Health:  |  |  |
|  2.907% 1/1/42  | 45000  | 32651  |
|  2.913% 1/1/51  | 377000  | 248252  |
|  Baptist Healthcare System Obli 3.54% 8/15/50  | 368000  | 264134  |
|  Bon Secours Mercy Health, Inc. 2.095% 6/1/31  | 252000  | 196573  |
|  Cardinal Health, Inc. 4.368% 6/15/47  | 381000  | 298419  |
|  Centene Corp.:  |  |  |
|  2.45% 7/15/28  | 1232000  | 1038850  |
|  2.625% 8/1/31  | 575000  | 450872  |
|  3.375% 2/15/30  | 640000  | 541037  |
|  4.25% 12/15/27  | 721000  | 676199  |
|  4.625% 12/15/29  | 1121000  | 1024410  |
|  Children's Hospital Medical Center 4.268% 5/15/44  | 91000  | 80037  |
|  Children's Hospital of Philadelphia 2.704% 7/1/50  | 277000  | 176769  |
|  Cigna Corp.:  |  |  |
|  3% 7/15/23  | 274000  | 270997  |
|  3.05% 10/15/27  | 402000  | 367813  |
|  3.75% 7/15/23  | 185000  | 183779  |
|  4.125% 11/15/25  | 270000  | 263799  |
|  4.375% 10/15/28  | 1489000  | 1436042  |
|  4.5% 2/25/26  | 320000  | 315086  |
|  4.8% 8/15/38  | 1120000  | 1039397  |
|  4.8% 7/15/46  | 208000  | 185562  |
|  4.9% 12/15/48  | 707000  | 637015  |
|  6.125% 11/15/41  | 82000  | 84531  |
|  CommonSpirit Health:  |  |  |
|  3.91% 10/1/50  | 425000  | 314537  |
|  4.35% 11/1/42  | 55000  | 46403  |
|  CVS Health Corp.:  |  |  |
|  2.7% 8/21/40  | 415000  | 286711  |
|  2.875% 6/1/26  | 206000  | 192296  |
|  3% 8/15/26  | 532000  | 496915  |
|  3.25% 8/15/29  | 482000  | 431201  |
|  3.625% 4/1/27  | 225000  | 213514  |
|  3.875% 7/20/25  | 128000  | 124906  |
|  4.1% 3/25/25  | 113000  | 111345  |
|  4.3% 3/25/28  | 655000  | 633544  |
|  4.78% 3/25/38  | 749000  | 682290  |
|  4.875% 7/20/35  | 85000  | 80722  |
|  5.05% 3/25/48  | 751000  | 674056  |
|  5.125% 7/20/45  | 242000  | 220560  |
|  5.3% 12/5/43  | 120000  | 112040  |
|  Elevance Health, Inc.:  |  |  |
|  3.125% 5/15/50  | 234000  | 160391  |
|  3.3% 1/15/23  | 55000  | 54959  |
|  3.65% 12/1/27  | 952000  | 897649  |
|  4.375% 12/1/47  | 287000  | 245180  |
|  4.55% 3/1/48  | 129000  | 112604  |
|  4.625% 5/15/42  | 71000  | 64561  |
|  4.65% 1/15/43  | 55000  | 49844  |
|  Franciscan Missionaries of Our Lady Health System, Inc. 3.914% 7/1/49  | 292000  | 223011  |
|  HCA Holdings, Inc.:  |  |  |
|  3.5% 9/1/30  | 6450000  | 5562972  |
|  3.625% 3/15/32 (b)  | 333000  | 281769  |
|  5.25% 6/15/49  | 475000  | 404563  |
|  5.625% 9/1/28  | 1513000  | 1506364  |
|  5.875% 2/1/29  | 1674000  | 1668770  |
|  Humana, Inc.:  |  |  |
|  1.35% 2/3/27  | 346000  | 299150  |
|  2.15% 2/3/32  | 347000  | 270775  |
|  3.125% 8/15/29  | 223000  | 195470  |
|  3.7% 3/23/29  | 333000  | 304874  |
|  4.95% 10/1/44  | 69000  | 62301  |
|  INTEGRIS Baptist Medical Center, Inc. 3.875% 8/15/50  | 313000  | 226206  |
|  Kaiser Foundation Hospitals:  |  |  |
|  3.266% 11/1/49  | 251000  | 181278  |
|  4.15% 5/1/47  | 180000  | 152499  |
|  4.875% 4/1/42  | 49000  | 47059  |
|  Memorial Sloan-Kettring Cancer Center 4.2% 7/1/55  | 82000  | 66946  |
|  MidMichigan Health 3.409% 6/1/50  | 129000  | 88647  |
|  New York & Presbyterian Hospital:  |  |  |
|  4.024% 8/1/45  | 96000  | 79502  |
|  4.063% 8/1/56  | 72000  | 56643  |
|  Novant Health, Inc. 3.168% 11/1/51  | 227000  | 156774  |
|  NYU Hospitals Center 4.784% 7/1/44  | 208000  | 187044  |
|  Orlando Health Obligated Group 3.327% 10/1/50  | 208000  | 143925  |
|  Partners Healthcare System, Inc. 4.117% 7/1/55  | 96000  | 75944  |
|  Piedmont Healthcare, Inc. 2.719% 1/1/42  | 42000  | 28677  |
|  Providence St. Joseph Health Obligated Group 2.7% 10/1/51  | 74000  | 43758  |
|  Sabra Health Care LP 3.2% 12/1/31  | 1175000  | 874279  |
|  Sutter Health 3.361% 8/15/50  | 504000  | 341594  |
|  Toledo Hospital 5.325% 11/15/28  | 265000  | 206992  |
|  Trinity Health Corp. 2.632% 12/1/40  | 121000  | 83950  |
|  UnitedHealth Group, Inc.:  |  |  |
|  1.15% 5/15/26  | 109000  | 97345  |
|  1.25% 1/15/26  | 216000  | 195747  |
|  2% 5/15/30  | 100000  | 82508  |
|  2.3% 5/15/31  | 92000  | 76669  |
|  2.375% 8/15/24  | 270000  | 259631  |
|  2.9% 5/15/50  | 217000  | 146806  |
|  3.25% 5/15/51  | 105000  | 75131  |
|  3.375% 4/15/27  | 148000  | 140163  |
|  3.5% 6/15/23  | 244000  | 242622  |
|  3.7% 8/15/49  | 288000  | 227901  |
|  3.75% 7/15/25  | 96000  | 93846  |
|  3.75% 10/15/47  | 262000  | 208329  |
|  3.85% 6/15/28  | 318000  | 304533  |
|  3.875% 12/15/28  | 411000  | 391981  |
|  3.875% 8/15/59  | 344000  | 269112  |
|  4.2% 1/15/47  | 99000  | 84654  |
|  4.375% 3/15/42  | 324000  | 289494  |
|  4.75% 7/15/45  | 46000  | 43076  |
|  West Virginia University Health System Obligated Group 3.129% 6/1/50  | 170000  | 108948  |
|  |  | 34094088  |
| Life Sciences Tools & Services - 0.0%  |  |  |
|  Danaher Corp. 4.375% 9/15/45  | 65000  | 57668  |
|  PerkinElmer, Inc.:  |  |  |
|  0.85% 9/15/24  | 154000  | 142709  |
|  2.25% 9/15/31  | 191000  | 149654  |
|  Thermo Fisher Scientific, Inc.:  |  |  |
|  2.6% 10/1/29  | 447000  | 393801  |
|  5.3% 2/1/44  | 160000  | 161089  |
|  |  | 904921  |
| Pharmaceuticals - 0.5%  |  |  |
|  AstraZeneca Finance LLC:  |  |  |
|  1.2% 5/28/26  | 249000  | 221687  |
|  2.25% 5/28/31  | 242000  | 201296  |
|  AstraZeneca PLC:  |  |  |
|  4.375% 11/16/45  | 207000  | 185783  |
|  4.375% 8/17/48  | 339000  | 301002  |
|  6.45% 9/15/37  | 89000  | 100327  |
|  Bayer U.S. Finance II LLC:  |  |  |
|  2.85% 4/15/25 (b)  | 105000  | 98337  |
|  3.95% 4/15/45 (b)  | 38000  | 27500  |
|  4.25% 12/15/25 (b)  | 548000  | 530971  |
|  Bristol-Myers Squibb Co.:  |  |  |
|  2.9% 7/26/24  | 312000  | 302870  |
|  3.2% 6/15/26  | 73000  | 69595  |
|  3.25% 8/1/42  | 77000  | 58773  |
|  3.4% 7/26/29  | 156000  | 144369  |
|  3.55% 3/15/42  | 334000  | 271091  |
|  4.125% 6/15/39  | 78000  | 69402  |
|  4.25% 10/26/49  | 332000  | 285301  |
|  4.35% 11/15/47  | 183000  | 161220  |
|  4.55% 2/20/48  | 388000  | 348871  |
|  Elanco Animal Health, Inc. 6.4% 8/28/28 (c)  | 168000  | 159854  |
|  Eli Lilly & Co. 2.25% 5/15/50  | 592000  | 370872  |
|  GlaxoSmithKline Capital PLC 3% 6/1/24  | 320000  | 311298  |
|  GlaxoSmithKline Capital, Inc. 6.375% 5/15/38  | 198000  | 223979  |
|  GSK Consumer Healthcare Capital U.S. LLC:  |  |  |
|  3.375% 3/24/27  | 498000  | 463616  |
|  3.625% 3/24/32  | 499000  | 438061  |
|  Johnson & Johnson:  |  |  |
|  0.55% 9/1/25  | 221000  | 199582  |
|  1.3% 9/1/30  | 221000  | 178155  |
|  2.1% 9/1/40  | 221000  | 152055  |
|  2.45% 3/1/26  | 153000  | 143781  |
|  2.45% 9/1/60  | 221000  | 134891  |
|  3.4% 1/15/38  | 256000  | 217284  |
|  3.5% 1/15/48  | 165000  | 134380  |
|  3.625% 3/3/37  | 110000  | 97725  |
|  4.5% 12/5/43  | 182000  | 173436  |
|  4.85% 5/15/41  | 117000  | 114898  |
|  Merck & Co., Inc.:  |  |  |
|  2.45% 6/24/50  | 152000  | 96024  |
|  2.9% 3/7/24  | 315000  | 307747  |
|  3.6% 9/15/42  | 55000  | 45054  |
|  3.7% 2/10/45  | 175000  | 143930  |
|  3.9% 3/7/39  | 334000  | 293108  |
|  Mylan NV:  |  |  |
|  4.55% 4/15/28  | 502000  | 464390  |
|  5.2% 4/15/48  | 82000  | 61064  |
|  Novartis Capital Corp.:  |  |  |
|  1.75% 2/14/25  | 257000  | 242218  |
|  2.75% 8/14/50  | 377000  | 260750  |
|  3% 11/20/25  | 287000  | 275114  |
|  3.1% 5/17/27  | 162000  | 153500  |
|  3.7% 9/21/42  | 77000  | 64941  |
|  4% 11/20/45  | 144000  | 126332  |
|  Shire Acquisitions Investments Ireland DAC:  |  |  |
|  2.875% 9/23/23  | 104000  | 102205  |
|  3.2% 9/23/26  | 1074000  | 1007265  |
|  Utah Acquisition Sub, Inc.:  |  |  |
|  3.95% 6/15/26  | 398000  | 372076  |
|  5.25% 6/15/46  | 90000  | 68051  |
|  Viatris, Inc.:  |  |  |
|  1.65% 6/22/25  | 123000  | 111400  |
|  2.7% 6/22/30  | 1067000  | 834217  |
|  3.85% 6/22/40  | 273000  | 183046  |
|  4% 6/22/50  | 722000  | 444852  |
|  Zoetis, Inc.:  |  |  |
|  3.25% 2/1/23  | 344000  | 343498  |
|  3.95% 9/12/47  | 55000  | 44288  |
|  4.7% 2/1/43  | 36000  | 32281  |
|  |  | 12969613  |
|  TOTAL HEALTH CARE  |  | 59827265  |
| INDUSTRIALS - 1.2%  |  |  |
| Aerospace & Defense - 0.3%  |  |  |
|  BAE Systems PLC 3.4% 4/15/30 (b)  | 285000  | 251488  |
|  Lockheed Martin Corp. 3.55% 1/15/26  | 104000  | 101026  |
|  Northrop Grumman Corp.:  |  |  |
|  3.25% 1/15/28  | 230000  | 212117  |
|  3.85% 4/15/45  | 51000  | 40676  |
|  4.03% 10/15/47  | 516000  | 427600  |
|  4.75% 6/1/43  | 110000  | 101624  |
|  Raytheon Technologies Corp.:  |  |  |
|  1.9% 9/1/31  | 330000  | 259086  |
|  3.15% 12/15/24  | 244000  | 234936  |
|  3.65% 8/16/23  | 18000  | 17848  |
|  3.75% 11/1/46  | 205000  | 158221  |
|  4.05% 5/4/47  | 64000  | 52482  |
|  4.125% 11/16/28  | 403000  | 385714  |
|  4.35% 4/15/47  | 181000  | 153936  |
|  4.45% 11/16/38  | 145000  | 131707  |
|  4.5% 6/1/42  | 202000  | 181662  |
|  4.625% 11/16/48  | 362000  | 326187  |
|  4.875% 10/15/40  | 27000  | 25192  |
|  5.7% 4/15/40  | 55000  | 55917  |
|  The Boeing Co.:  |  |  |
|  2.5% 3/1/25  | 126000  | 118102  |
|  2.7% 2/1/27  | 217000  | 195877  |
|  2.8% 3/1/23  | 135000  | 134496  |
|  2.95% 2/1/30  | 278000  | 235444  |
|  3.625% 3/1/48  | 110000  | 71969  |
|  3.65% 3/1/47  | 76000  | 50982  |
|  3.75% 2/1/50  | 424000  | 291101  |
|  4.875% 5/1/25  | 479000  | 475332  |
|  5.04% 5/1/27  | 372000  | 367900  |
|  5.15% 5/1/30  | 706000  | 688801  |
|  5.705% 5/1/40  | 1466000  | 1397923  |
|  5.805% 5/1/50  | 869000  | 805716  |
|  5.93% 5/1/60  | 372000  | 338871  |
|  6.875% 3/15/39  | 90000  | 95034  |
|  |  | 8384967  |
| Air Freight & Logistics - 0.1%  |  |  |
|  FedEx Corp.:  |  |  |
|  3.1% 8/5/29  | 173000  | 152666  |
|  3.9% 2/1/35  | 162000  | 137726  |
|  4.05% 2/15/48  | 100000  | 75847  |
|  4.4% 1/15/47  | 219000  | 174645  |
|  4.55% 4/1/46  | 41000  | 33262  |
|  4.95% 10/17/48  | 216000  | 187759  |
|  5.25% 5/15/50  | 117000  | 106528  |
|  United Parcel Service, Inc.:  |  |  |
|  2.4% 11/15/26  | 206000  | 191054  |
|  3.4% 11/15/46  | 73000  | 56384  |
|  3.75% 11/15/47  | 236000  | 192907  |
|  4.25% 3/15/49  | 110000  | 96604  |
|  4.45% 4/1/30  | 167000  | 164378  |
|  5.3% 4/1/50  | 161000  | 167053  |
|  6.2% 1/15/38  | 69000  | 76285  |
|  |  | 1813098  |
| Airlines - 0.0%  |  |  |
|  American Airlines Pass Through Trust equipment trust certificate 2.875% 1/11/36  | 228000  | 183479  |
|  American Airlines pass-thru trust equipment trust certificate 4.95% 7/15/24  | 17238  | 17215  |
|  American Airlines, Inc. equipment trust certificate 3.2% 12/15/29  | 153973  | 133529  |
|  Southwest Airlines Co. 5.125% 6/15/27  | 167000  | 164890  |
|  United Airlines 2015-1 Class AA pass-thru trust 3.45% 6/1/29  | 13028  | 11585  |
|  United Airlines pass-thru trust equipment trust certificate 3.1% 1/7/30  | 315817  | 284706  |
|  United Airlines, Inc. equipment trust certificate Series 2012-2B 4% 4/29/26  | 71210  | 67944  |
|  |  | 863348  |
| Building Products - 0.1%  |  |  |
|  Carrier Global Corp.:  |  |  |
|  2.242% 2/15/25  | 347000  | 326851  |
|  2.493% 2/15/27  | 245000  | 220846  |
|  2.722% 2/15/30  | 427000  | 359489  |
|  3.377% 4/5/40  | 171000  | 129784  |
|  3.577% 4/5/50  | 387000  | 275952  |
|  Masco Corp.:  |  |  |
|  2% 2/15/31  | 255000  | 196196  |
|  3.125% 2/15/51  | 129000  | 80013  |
|  Owens Corning 3.95% 8/15/29  | 187000  | 169956  |
|  |  | 1759087  |
| Commercial Services & Supplies - 0.1%  |  |  |
|  Republic Services, Inc.:  |  |  |
|  1.45% 2/15/31  | 614000  | 473345  |
|  2.9% 7/1/26  | 116000  | 108055  |
|  3.2% 3/15/25  | 309000  | 296290  |
|  3.95% 5/15/28  | 288000  | 273564  |
|  Waste Management, Inc.:  |  |  |
|  2.4% 5/15/23  | 145000  | 143576  |
|  4.15% 7/15/49  | 352000  | 305355  |
|  |  | 1600185  |
| Electrical Equipment - 0.0%  |  |  |
|  Eaton Corp.:  |  |  |
|  4% 11/2/32  | 52000  | 47882  |
|  4.15% 11/2/42  | 52000  | 44438  |
|  |  | 92320  |
| Industrial Conglomerates - 0.1%  |  |  |
|  3M Co.:  |  |  |
|  2% 2/14/25  | 173000  | 163847  |
|  2.375% 8/26/29  | 305000  | 258683  |
|  2.65% 4/15/25  | 125000  | 119420  |
|  2.875% 10/15/27  | 110000  | 101515  |
|  3.05% 4/15/30  | 101000  | 88671  |
|  3.125% 9/19/46  | 76000  | 52043  |
|  3.25% 8/26/49  | 235000  | 163190  |
|  3.7% 4/15/50  | 124000  | 94919  |
|  General Electric Co.:  |  |  |
|  3.625% 5/1/30  | 328000  | 286447  |
|  6.875% 1/10/39  | 4000  | 4399  |
|  Honeywell International, Inc.:  |  |  |
|  1.35% 6/1/25  | 280000  | 258843  |
|  1.95% 6/1/30  | 304000  | 250852  |
|  2.5% 11/1/26  | 196000  | 180508  |
|  2.8% 6/1/50  | 282000  | 200402  |
|  3.812% 11/21/47  | 38000  | 31401  |
|  |  | 2255140  |
| Machinery - 0.1%  |  |  |
|  Caterpillar Financial Services Corp.:  |  |  |
|  0.45% 9/14/23  | 382000  | 370336  |
|  1.1% 9/14/27  | 394000  | 335979  |
|  2.4% 8/9/26  | 78000  | 72000  |
|  3.45% 5/15/23  | 384000  | 382212  |
|  Caterpillar, Inc.:  |  |  |
|  3.25% 9/19/49  | 456000  | 343635  |
|  3.803% 8/15/42  | 69000  | 58781  |
|  5.3% 9/15/35  | 192000  | 196054  |
|  Cummins, Inc. 1.5% 9/1/30  | 167000  | 130969  |
|  Deere & Co.:  |  |  |
|  2.875% 9/7/49  | 331000  | 235936  |
|  5.375% 10/16/29  | 27000  | 27966  |
|  Ingersoll-Rand Luxembourg Finance SA:  |  |  |
|  3.8% 3/21/29  | 393000  | 361708  |
|  4.65% 11/1/44  | 165000  | 138844  |
|  Otis Worldwide Corp.:  |  |  |
|  2.565% 2/15/30  | 367000  | 308353  |
|  3.362% 2/15/50  | 279000  | 195140  |
|  Parker Hannifin Corp.:  |  |  |
|  3.25% 3/1/27  | 155000  | 144769  |
|  4% 6/14/49  | 163000  | 128817  |
|  4.1% 3/1/47  | 155000  | 123550  |
|  |  | 3555049  |
| Professional Services - 0.0%  |  |  |
|  Thomson Reuters Corp.:  |  |  |
|  3.35% 5/15/26  | 192000  | 181633  |
|  3.85% 9/29/24  | 130000  | 125873  |
|  |  | 307506  |
| Road & Rail - 0.2%  |  |  |
|  Burlington Northern Santa Fe LLC:  |  |  |
|  3% 3/15/23  | 77000  | 76751  |
|  3.05% 2/15/51  | 121000  | 84074  |
|  3.25% 6/15/27  | 206000  | 194709  |
|  3.55% 2/15/50  | 167000  | 127864  |
|  3.9% 8/1/46  | 127000  | 103143  |
|  4.05% 6/15/48  | 462000  | 384839  |
|  4.125% 6/15/47  | 78000  | 66018  |
|  4.15% 4/1/45  | 47000  | 40134  |
|  4.375% 9/1/42  | 123000  | 109617  |
|  4.55% 9/1/44  | 82000  | 74136  |
|  4.9% 4/1/44  | 110000  | 103832  |
|  Canadian National Railway Co.:  |  |  |
|  2.45% 5/1/50  | 457000  | 283443  |
|  3.2% 8/2/46  | 90000  | 65989  |
|  Canadian Pacific Railway Co.:  |  |  |
|  1.75% 12/2/26  | 310000  | 276253  |
|  2.45% 12/2/31  | 654000  | 541650  |
|  3.1% 12/2/51  | 325000  | 218495  |
|  CSX Corp.:  |  |  |
|  3.25% 6/1/27  | 137000  | 127993  |
|  3.4% 8/1/24  | 127000  | 123907  |
|  3.8% 11/1/46  | 157000  | 123248  |
|  3.95% 5/1/50  | 98000  | 78093  |
|  4.1% 3/15/44  | 186000  | 155968  |
|  4.5% 3/15/49  | 378000  | 328753  |
|  4.75% 11/15/48  | 159000  | 143613  |
|  Norfolk Southern Corp.:  |  |  |
|  3.65% 8/1/25  | 329000  | 318423  |
|  3.8% 8/1/28  | 257000  | 244299  |
|  3.95% 10/1/42  | 52000  | 42703  |
|  4.05% 8/15/52  | 237000  | 189833  |
|  4.65% 1/15/46  | 89000  | 78609  |
|  Union Pacific Corp.:  |  |  |
|  2.15% 2/5/27  | 247000  | 223028  |
|  2.75% 3/1/26  | 183000  | 173046  |
|  2.8% 2/14/32  | 334000  | 288338  |
|  2.891% 4/6/36  | 252000  | 200281  |
|  3% 4/15/27  | 137000  | 127544  |
|  3.25% 2/5/50  | 370000  | 266607  |
|  3.35% 8/15/46  | 129000  | 94260  |
|  3.6% 9/15/37  | 90000  | 76066  |
|  3.799% 10/1/51  | 77000  | 61253  |
|  3.839% 3/20/60  | 386000  | 298178  |
|  |  | 6514990  |
| Trading Companies & Distributors - 0.1%  |  |  |
|  Air Lease Corp.:  |  |  |
|  2.2% 1/15/27  | 237000  | 206536  |
|  2.25% 1/15/23  | 166000  | 165842  |
|  2.75% 1/15/23  | 274000  | 273677  |
|  3% 9/15/23  | 110000  | 108134  |
|  3.125% 12/1/30  | 334000  | 276785  |
|  3.375% 7/1/25  | 809000  | 765169  |
|  3.625% 12/1/27  | 262000  | 236988  |
|  3.875% 7/3/23  | 701000  | 694669  |
|  4.25% 2/1/24  | 1082000  | 1063358  |
|  4.25% 9/15/24  | 448000  | 438322  |
|  |  | 4229480  |
| Transportation Infrastructure - 0.1%  |  |  |
|  Avolon Holdings Funding Ltd.:  |  |  |
|  3.95% 7/1/24 (b)  | 262000  | 250813  |
|  4.25% 4/15/26 (b)  | 198000  | 179497  |
|  4.375% 5/1/26 (b)  | 587000  | 534842  |
|  5.25% 5/15/24 (b)  | 479000  | 469458  |
|  |  | 1434610  |
|  TOTAL INDUSTRIALS  |  | 32809780  |
| INFORMATION TECHNOLOGY - 1.5%  |  |  |
| Communications Equipment - 0.0%  |  |  |
|  Cisco Systems, Inc.:  |  |  |
|  2.2% 9/20/23  | 206000  | 202353  |
|  2.5% 9/20/26  | 137000  | 127554  |
|  3.5% 6/15/25  | 117000  | 113698  |
|  5.9% 2/15/39  | 340000  | 364432  |
|  |  | 808037  |
| Electronic Equipment & Components - 0.1%  |  |  |
|  Dell International LLC/EMC Corp.:  |  |  |
|  4% 7/15/24  | 315000  | 309574  |
|  4.9% 10/1/26  | 259000  | 254933  |
|  5.3% 10/1/29  | 690000  | 674821  |
|  5.45% 6/15/23  | 217000  | 217137  |
|  5.85% 7/15/25  | 162000  | 163722  |
|  6.02% 6/15/26  | 638000  | 650859  |
|  6.1% 7/15/27  | 298000  | 306152  |
|  6.2% 7/15/30  | 258000  | 262289  |
|  8.1% 7/15/36  | 287000  | 321617  |
|  8.35% 7/15/46  | 329000  | 374817  |
|  Tyco Electronics Group SA:  |  |  |
|  3.45% 8/1/24  | 100000  | 97827  |
|  3.7% 2/15/26  | 147000  | 141076  |
|  7.125% 10/1/37  | 68000  | 77094  |
|  |  | 3851918  |
| IT Services - 0.2%  |  |  |
|  CDW LLC/CDW Finance Corp. 2.67% 12/1/26  | 394000  | 349800  |
|  Fidelity National Information Services, Inc.:  |  |  |
|  1.15% 3/1/26  | 585000  | 512983  |
|  2.25% 3/1/31  | 485000  | 380050  |
|  Fiserv, Inc.:  |  |  |
|  3.5% 7/1/29  | 304000  | 273879  |
|  4.4% 7/1/49  | 504000  | 408892  |
|  Global Payments, Inc. 1.2% 3/1/26  | 810000  | 706042  |
|  MasterCard, Inc.:  |  |  |
|  3.3% 3/26/27  | 198000  | 188570  |
|  3.35% 3/26/30  | 276000  | 253056  |
|  3.8% 11/21/46  | 104000  | 86888  |
|  3.85% 3/26/50  | 488000  | 407205  |
|  PayPal Holdings, Inc.:  |  |  |
|  1.65% 6/1/25  | 375000  | 348132  |
|  2.3% 6/1/30  | 434000  | 356532  |
|  The Western Union Co. 2.85% 1/10/25  | 300000  | 285641  |
|  Visa, Inc.:  |  |  |
|  1.1% 2/15/31  | 560000  | 428936  |
|  1.9% 4/15/27  | 393000  | 353926  |
|  2.05% 4/15/30  | 509000  | 430105  |
|  2.7% 4/15/40  | 327000  | 247706  |
|  2.75% 9/15/27  | 327000  | 302431  |
|  3.15% 12/14/25  | 247000  | 238126  |
|  4.3% 12/14/45  | 182000  | 166140  |
|  |  | 6725040  |
| Semiconductors & Semiconductor Equipment - 0.4%  |  |  |
|  Analog Devices, Inc. 2.8% 10/1/41  | 408000  | 298606  |
|  Applied Materials, Inc. 4.35% 4/1/47  | 354000  | 318309  |
|  Broadcom Corp./Broadcom Cayman LP:  |  |  |
|  3.5% 1/15/28  | 192000  | 174670  |
|  3.875% 1/15/27  | 105000  | 99318  |
|  Broadcom, Inc.:  |  |  |
|  1.95% 2/15/28 (b)  | 209000  | 176526  |
|  2.45% 2/15/31 (b)  | 2705000  | 2130509  |
|  2.6% 2/15/33 (b)  | 1777000  | 1333811  |
|  3.459% 9/15/26  | 346000  | 326013  |
|  3.469% 4/15/34 (b)  | 117000  | 93335  |
|  3.5% 2/15/41 (b)  | 1435000  | 1018898  |
|  3.75% 2/15/51 (b)  | 1267000  | 874710  |
|  4.3% 11/15/32  | 344000  | 303181  |
|  4.75% 4/15/29  | 469000  | 446732  |
|  Intel Corp.:  |  |  |
|  2% 8/12/31  | 246000  | 194831  |
|  2.45% 11/15/29  | 284000  | 243929  |
|  3.05% 8/12/51  | 246000  | 159284  |
|  3.25% 11/15/49  | 287000  | 195321  |
|  3.734% 12/8/47  | 90000  | 67448  |
|  3.9% 3/25/30  | 312000  | 292144  |
|  4.1% 5/19/46  | 192000  | 154503  |
|  4.1% 5/11/47  | 66000  | 53215  |
|  4.75% 3/25/50  | 328000  | 284669  |
|  Lam Research Corp. 2.875% 6/15/50  | 402000  | 268621  |
|  Micron Technology, Inc. 4.663% 2/15/30  | 227000  | 205883  |
|  NVIDIA Corp.:  |  |  |
|  2% 6/15/31  | 697000  | 558244  |
|  2.85% 4/1/30  | 297000  | 259075  |
|  3.5% 4/1/50  | 165000  | 124535  |
|  NXP BV/NXP Funding LLC/NXP U.S.A., Inc. 2.65% 2/15/32  | 609000  | 473802  |
|  Texas Instruments, Inc. 4.15% 5/15/48  | 191000  | 169018  |
|  |  | 11299140  |
| Software - 0.5%  |  |  |
|  Microsoft Corp.:  |  |  |
|  2.525% 6/1/50  | 1110000  | 730434  |
|  2.675% 6/1/60  | 184000  | 116732  |
|  2.7% 2/12/25  | 471000  | 452474  |
|  2.875% 2/6/24  | 320000  | 314325  |
|  2.921% 3/17/52  | 1274000  | 901356  |
|  3.041% 3/17/62  | 113000  | 78074  |
|  3.45% 8/8/36  | 80000  | 70775  |
|  3.625% 12/15/23  | 717000  | 709460  |
|  Oracle Corp.:  |  |  |
|  1.65% 3/25/26  | 1129000  | 1010705  |
|  2.3% 3/25/28  | 1288000  | 1115628  |
|  2.5% 4/1/25  | 296000  | 279091  |
|  2.625% 2/15/23  | 274000  | 273145  |
|  2.65% 7/15/26  | 247000  | 227023  |
|  2.8% 4/1/27  | 736000  | 669756  |
|  2.875% 3/25/31  | 1708000  | 1416149  |
|  2.95% 5/15/25  | 137000  | 129980  |
|  2.95% 4/1/30  | 393000  | 335073  |
|  3.25% 11/15/27  | 469000  | 430760  |
|  3.4% 7/8/24  | 130000  | 126827  |
|  3.6% 4/1/40  | 736000  | 539938  |
|  3.6% 4/1/50  | 427000  | 287485  |
|  3.85% 7/15/36  | 278000  | 227324  |
|  3.85% 4/1/60  | 497000  | 330224  |
|  3.95% 3/25/51  | 365000  | 260040  |
|  4% 7/15/46  | 269000  | 196031  |
|  4% 11/15/47  | 480000  | 350830  |
|  4.125% 5/15/45  | 82000  | 61842  |
|  4.3% 7/8/34  | 106000  | 93103  |
|  5.375% 7/15/40  | 343000  | 314752  |
|  Roper Technologies, Inc.:  |  |  |
|  1% 9/15/25  | 257000  | 230262  |
|  1.4% 9/15/27  | 250000  | 211489  |
|  1.75% 2/15/31  | 250000  | 192593  |
|  2% 6/30/30  | 494000  | 395889  |
|  3.8% 12/15/26  | 233000  | 223179  |
|  VMware, Inc. 1.4% 8/15/26  | 702000  | 611980  |
|  |  | 13914728  |
| Technology Hardware, Storage & Peripherals - 0.3%  |  |  |
|  Apple, Inc.:  |  |  |
|  0.55% 8/20/25  | 487000  | 439246  |
|  0.7% 2/8/26  | 377000  | 334617  |
|  1.25% 8/20/30  | 452000  | 355844  |
|  1.7% 8/5/31  | 272000  | 217458  |
|  2.375% 2/8/41  | 392000  | 277027  |
|  2.4% 1/13/23  | 822000  | 821609  |
|  2.45% 8/4/26  | 565000  | 523971  |
|  2.55% 8/20/60  | 178000  | 107708  |
|  2.65% 5/11/50  | 143000  | 94609  |
|  2.85% 8/5/61  | 272000  | 174904  |
|  2.9% 9/12/27  | 385000  | 358872  |
|  2.95% 9/11/49  | 733000  | 518922  |
|  3% 11/13/27  | 274000  | 255724  |
|  3.2% 5/13/25  | 288000  | 278259  |
|  3.2% 5/11/27  | 449000  | 425534  |
|  3.75% 9/12/47  | 167000  | 138702  |
|  3.75% 11/13/47  | 191000  | 157225  |
|  3.85% 5/4/43  | 356000  | 307007  |
|  4.25% 2/9/47  | 69000  | 63532  |
|  4.375% 5/13/45  | 129000  | 119215  |
|  4.5% 2/23/36  | 254000  | 251975  |
|  4.65% 2/23/46  | 155000  | 146742  |
|  Hewlett Packard Enterprise Co.:  |  |  |
|  4.9% 10/15/25 (c)  | 267000  | 264383  |
|  6.2% 10/15/35 (c)  | 107000  | 110292  |
|  6.35% 10/15/45 (c)  | 52000  | 51864  |
|  HP, Inc.:  |  |  |
|  2.2% 6/17/25  | 389000  | 363429  |
|  6% 9/15/41  | 41000  | 39338  |
|  |  | 7198008  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 43796871  |
| MATERIALS - 0.4%  |  |  |
| Chemicals - 0.2%  |  |  |
|  Air Products & Chemicals, Inc.:  |  |  |
|  1.5% 10/15/25  | 165000  | 151865  |
|  2.05% 5/15/30  | 180000  | 150673  |
|  2.7% 5/15/40  | 155000  | 115325  |
|  2.8% 5/15/50  | 184000  | 127379  |
|  Eastman Chemical Co. 4.65% 10/15/44  | 82000  | 67154  |
|  Ecolab, Inc.:  |  |  |
|  1.3% 1/30/31  | 219000  | 166674  |
|  2.7% 11/1/26  | 181000  | 167967  |
|  2.75% 8/18/55  | 303000  | 180812  |
|  LYB International Finance BV:  |  |  |
|  4% 7/15/23  | 87000  | 86351  |
|  4.875% 3/15/44  | 160000  | 133358  |
|  LYB International Finance II BV 3.5% 3/2/27  | 671000  | 621020  |
|  LYB International Finance III LLC:  |  |  |
|  3.375% 10/1/40  | 254000  | 180519  |
|  3.625% 4/1/51  | 254000  | 169946  |
|  LyondellBasell Industries NV 4.625% 2/26/55  | 103000  | 80182  |
|  Nutrien Ltd.:  |  |  |
|  4% 12/15/26  | 313000  | 300937  |
|  4.2% 4/1/29  | 142000  | 133381  |
|  5% 4/1/49  | 247000  | 221741  |
|  5.25% 1/15/45  | 96000  | 87706  |
|  5.625% 12/1/40  | 49000  | 47275  |
|  Sherwin-Williams Co.:  |  |  |
|  3.45% 6/1/27  | 608000  | 570266  |
|  3.8% 8/15/49  | 101000  | 74985  |
|  4.5% 6/1/47  | 234000  | 196369  |
|  The Dow Chemical Co.:  |  |  |
|  2.1% 11/15/30  | 237000  | 190449  |
|  3.6% 11/15/50  | 244000  | 174339  |
|  4.375% 11/15/42  | 134000  | 110955  |
|  4.8% 11/30/28  | 234000  | 230604  |
|  4.8% 5/15/49  | 211000  | 178081  |
|  9.4% 5/15/39  | 82000  | 108017  |
|  The Mosaic Co.:  |  |  |
|  4.05% 11/15/27  | 158000  | 148770  |
|  4.25% 11/15/23  | 298000  | 295514  |
|  5.625% 11/15/43  | 103000  | 95901  |
|  Westlake Corp. 5% 8/15/46  | 55000  | 45691  |
|  |  | 5610206  |
| Containers & Packaging - 0.0%  |  |  |
|  International Paper Co.:  |  |  |
|  4.4% 8/15/47  | 238000  | 193567  |
|  5.15% 5/15/46  | 50000  | 45236  |
|  WRKCo, Inc. 4.2% 6/1/32  | 167000  | 150444  |
|  |  | 389247  |
| Metals & Mining - 0.2%  |  |  |
|  BHP Billiton Financial (U.S.A.) Ltd. 5% 9/30/43  | 82000  | 79442  |
|  Freeport-McMoRan, Inc. 4.625% 8/1/30  | 1118000  | 1041562  |
|  Newmont Corp.:  |  |  |
|  2.25% 10/1/30  | 460000  | 369720  |
|  2.8% 10/1/29  | 93000  | 79063  |
|  5.45% 6/9/44  | 176000  | 167418  |
|  Nucor Corp.:  |  |  |
|  2.979% 12/15/55  | 110000  | 68043  |
|  6.4% 12/1/37  | 167000  | 178950  |
|  Rio Tinto Finance (U.S.A.) Ltd.:  |  |  |
|  5.2% 11/2/40  | 357000  | 355840  |
|  7.125% 7/15/28  | 55000  | 60553  |
|  Southern Copper Corp.:  |  |  |
|  3.875% 4/23/25  | 101000  | 97421  |
|  5.25% 11/8/42  | 158000  | 150574  |
|  7.5% 7/27/35  | 167000  | 192864  |
|  Vale Overseas Ltd. 3.75% 7/8/30  | 667000  | 582708  |
|  Vale SA 5.625% 9/11/42  | 181000  | 171022  |
|  |  | 3595180  |
| Paper & Forest Products - 0.0%  |  |  |
|  Suzano Austria GmbH:  |  |  |
|  2.5% 9/15/28  | 412000  | 345565  |
|  6% 1/15/29  | 330000  | 327896  |
|  |  | 673461  |
|  TOTAL MATERIALS  |  | 10268094  |
| REAL ESTATE - 1.5%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 1.2%  |  |  |
|  Alexandria Real Estate Equities, Inc.:  |  |  |
|  2% 5/18/32  | 254000  | 194491  |
|  3% 5/18/51  | 193000  | 122022  |
|  4.85% 4/15/49  | 316000  | 267553  |
|  4.9% 12/15/30  | 523000  | 509516  |
|  American Homes 4 Rent LP:  |  |  |
|  2.375% 7/15/31  | 95000  | 73276  |
|  3.625% 4/15/32  | 389000  | 327213  |
|  4.25% 2/15/28  | 264000  | 244111  |
|  AvalonBay Communities, Inc. 2.3% 3/1/30  | 167000  | 138683  |
|  Boston Properties, Inc.:  |  |  |
|  2.75% 10/1/26  | 192000  | 172912  |
|  3.125% 9/1/23  | 52000  | 51187  |
|  3.25% 1/30/31  | 1011000  | 835772  |
|  4.5% 12/1/28  | 489000  | 453321  |
|  6.75% 12/1/27  | 1962000  | 2023031  |
|  Corporate Office Properties LP:  |  |  |
|  2% 1/15/29  | 228000  | 174853  |
|  2.25% 3/15/26  | 209000  | 183235  |
|  2.75% 4/15/31  | 310000  | 232004  |
|  Crown Castle International Corp.:  |  |  |
|  1.35% 7/15/25  | 741000  | 674093  |
|  2.25% 1/15/31  | 199000  | 159644  |
|  3.25% 1/15/51  | 180000  | 117031  |
|  ERP Operating LP:  |  |  |
|  1.85% 8/1/31  | 500000  | 388878  |
|  3.25% 8/1/27  | 356000  | 326006  |
|  Healthcare Trust of America Holdings LP:  |  |  |
|  3.1% 2/15/30  | 165000  | 137769  |
|  3.5% 8/1/26  | 172000  | 160090  |
|  Healthpeak Properties, Inc.:  |  |  |
|  3% 1/15/30  | 343000  | 294977  |
|  3.25% 7/15/26  | 72000  | 67962  |
|  3.4% 2/1/25  | 13000  | 12507  |
|  3.5% 7/15/29  | 82000  | 72974  |
|  Hudson Pacific Properties LP 4.65% 4/1/29  | 972000  | 830430  |
|  Invitation Homes Operating Partnership LP 4.15% 4/15/32  | 799000  | 699034  |
|  Kimco Realty Corp.:  |  |  |
|  1.9% 3/1/28  | 284000  | 237786  |
|  3.8% 4/1/27  | 110000  | 102741  |
|  4.125% 12/1/46  | 274000  | 200718  |
|  4.45% 9/1/47  | 142000  | 109370  |
|  Kite Realty Group Trust:  |  |  |
|  4% 3/15/25  | 783000  | 744802  |
|  4.75% 9/15/30  | 1220000  | 1074010  |
|  LXP Industrial Trust (REIT):  |  |  |
|  2.375% 10/1/31  | 83000  | 62923  |
|  2.7% 9/15/30  | 230000  | 183207  |
|  4.4% 6/15/24  | 181000  | 175843  |
|  National Retail Properties, Inc. 3% 4/15/52  | 234000  | 139243  |
|  Omega Healthcare Investors, Inc.:  |  |  |
|  3.25% 4/15/33  | 786000  | 568257  |
|  3.375% 2/1/31  | 527000  | 406227  |
|  3.625% 10/1/29  | 742000  | 608728  |
|  4.375% 8/1/23  | 201000  | 199857  |
|  4.5% 1/15/25  | 556000  | 540244  |
|  4.5% 4/1/27  | 2294000  | 2148185  |
|  4.75% 1/15/28  | 801000  | 738068  |
|  4.95% 4/1/24  | 170000  | 167503  |
|  5.25% 1/15/26  | 714000  | 699154  |
|  Piedmont Operating Partnership LP 2.75% 4/1/32  | 184000  | 128786  |
|  Prologis LP:  |  |  |
|  1.625% 3/15/31  | 325000  | 251177  |
|  1.75% 2/1/31  | 807000  | 635265  |
|  2.125% 4/15/27  | 328000  | 293670  |
|  3.25% 10/1/26  | 128000  | 120169  |
|  Realty Income Corp.:  |  |  |
|  2.2% 6/15/28  | 100000  | 85637  |
|  2.85% 12/15/32  | 123000  | 99748  |
|  3.25% 1/15/31  | 128000  | 110997  |
|  3.4% 1/15/28  | 200000  | 184164  |
|  Retail Opportunity Investments Partnership LP:  |  |  |
|  4% 12/15/24  | 123000  | 117569  |
|  5% 12/15/23  | 93000  | 91953  |
|  Simon Property Group LP:  |  |  |
|  2.2% 2/1/31  | 731000  | 575845  |
|  2.45% 9/13/29  | 205000  | 171152  |
|  3.25% 9/13/49  | 320000  | 211808  |
|  3.375% 12/1/27  | 547000  | 505863  |
|  SITE Centers Corp.:  |  |  |
|  3.625% 2/1/25  | 284000  | 268037  |
|  4.25% 2/1/26  | 371000  | 349425  |
|  Store Capital Corp.:  |  |  |
|  2.75% 11/18/30  | 1096000  | 841165  |
|  4.625% 3/15/29  | 225000  | 201568  |
|  Sun Communities Operating LP:  |  |  |
|  2.3% 11/1/28  | 210000  | 174820  |
|  2.7% 7/15/31  | 542000  | 427812  |
|  UDR, Inc. 2.1% 6/15/33  | 446000  | 314709  |
|  Ventas Realty LP:  |  |  |
|  3% 1/15/30  | 958000  | 803693  |
|  3.25% 10/15/26  | 96000  | 88670  |
|  3.5% 2/1/25  | 919000  | 882609  |
|  3.85% 4/1/27  | 260000  | 244204  |
|  4% 3/1/28  | 876000  | 809965  |
|  4.125% 1/15/26  | 235000  | 227937  |
|  4.375% 2/1/45  | 178000  | 137969  |
|  4.75% 11/15/30  | 1258000  | 1174599  |
|  4.875% 4/15/49  | 78000  | 64593  |
|  VICI Properties LP:  |  |  |
|  4.375% 5/15/25  | 99000  | 96013  |
|  4.75% 2/15/28  | 964000  | 914516  |
|  4.95% 2/15/30  | 1228000  | 1168954  |
|  5.125% 5/15/32  | 823000  | 762057  |
|  Vornado Realty LP 2.15% 6/1/26  | 237000  | 200263  |
|  Welltower, Inc. 4.95% 9/1/48  | 274000  | 225406  |
|  Weyerhaeuser Co. 4% 4/15/30  | 317000  | 288635  |
|  WP Carey, Inc.:  |  |  |
|  2.4% 2/1/31  | 477000  | 380059  |
|  3.85% 7/15/29  | 160000  | 143723  |
|  4% 2/1/25  | 673000  | 655787  |
|  |  | 34482432  |
| Real Estate Management & Development - 0.3%  |  |  |
|  Brandywine Operating Partnership LP:  |  |  |
|  3.95% 11/15/27  | 579000  | 485986  |
|  4.1% 10/1/24  | 637000  | 606114  |
|  4.55% 10/1/29  | 734000  | 613628  |
|  7.55% 3/15/28  | 2672000  | 2620375  |
|  CBRE Group, Inc.:  |  |  |
|  2.5% 4/1/31  | 699000  | 550948  |
|  4.875% 3/1/26  | 156000  | 154011  |
|  Digital Realty Trust LP 3.7% 8/15/27  | 219000  | 203221  |
|  Essex Portfolio LP:  |  |  |
|  3% 1/15/30  | 51000  | 43129  |
|  4% 3/1/29  | 167000  | 152191  |
|  Mid-America Apartments LP 3.95% 3/15/29  | 190000  | 178332  |
|  Tanger Properties LP:  |  |  |
|  2.75% 9/1/31  | 551000  | 398979  |
|  3.125% 9/1/26  | 767000  | 696503  |
|  3.875% 7/15/27  | 170000  | 155075  |
|  |  | 6858492  |
|  TOTAL REAL ESTATE  |  | 41340924  |
| UTILITIES - 1.8%  |  |  |
| Electric Utilities - 1.1%  |  |  |
|  AEP Texas, Inc. 3.8% 10/1/47  | 117000  | 85011  |
|  AEP Transmission Co. LLC 2.75% 8/15/51  | 197000  | 124916  |
|  Alabama Power Co.:  |  |  |
|  1.45% 9/15/30  | 500000  | 389319  |
|  3.05% 3/15/32  | 828000  | 713404  |
|  3.7% 12/1/47  | 162000  | 123386  |
|  3.75% 3/1/45  | 27000  | 20976  |
|  4.15% 8/15/44  | 127000  | 105094  |
|  4.3% 7/15/48  | 161000  | 133871  |
|  5.2% 6/1/41  | 106000  | 98613  |
|  American Electric Power Co., Inc.:  |  |  |
|  3.25% 3/1/50  | 86000  | 57753  |
|  4.3% 12/1/28  | 480000  | 458406  |
|  Appalachian Power Co.:  |  |  |
|  4.45% 6/1/45  | 165000  | 135630  |
|  4.5% 3/1/49  | 251000  | 206809  |
|  Baltimore Gas & Electric Co.:  |  |  |
|  2.9% 6/15/50  | 220000  | 145381  |
|  3.35% 7/1/23  | 78000  | 77433  |
|  3.5% 8/15/46  | 69000  | 51170  |
|  CenterPoint Energy Houston Electric LLC:  |  |  |
|  3.35% 4/1/51  | 313000  | 230334  |
|  3.55% 8/1/42  | 52000  | 41026  |
|  4.25% 2/1/49  | 71000  | 61726  |
|  Cincinnati Gas & Electric Co. 4.3% 2/1/49  | 744000  | 606496  |
|  Cleco Corporate Holdings LLC:  |  |  |
|  3.375% 9/15/29  | 433000  | 368311  |
|  3.743% 5/1/26  | 1810000  | 1708832  |
|  Commonwealth Edison Co.:  |  |  |
|  3.1% 11/1/24  | 274000  | 264368  |
|  3.2% 11/15/49  | 467000  | 332028  |
|  3.65% 6/15/46  | 78000  | 59243  |
|  3.7% 3/1/45  | 85000  | 66092  |
|  3.75% 8/15/47  | 169000  | 131066  |
|  4% 3/1/48  | 187000  | 153613  |
|  4% 3/1/49  | 164000  | 132646  |
|  DTE Electric Co. 3.95% 3/1/49  | 100000  | 81944  |
|  Duke Energy Carolinas LLC:  |  |  |
|  2.85% 3/15/32  | 83000  | 70212  |
|  2.95% 12/1/26  | 165000  | 155295  |
|  3.2% 8/15/49  | 219000  | 153491  |
|  3.75% 6/1/45  | 55000  | 42670  |
|  3.875% 3/15/46  | 107000  | 84140  |
|  4% 9/30/42  | 103000  | 85214  |
|  Duke Energy Corp.:  |  |  |
|  2.45% 6/1/30  | 529000  | 434991  |
|  2.65% 9/1/26  | 366000  | 338043  |
|  3.75% 4/15/24  | 165000  | 162058  |
|  3.75% 9/1/46  | 250000  | 185492  |
|  3.95% 10/15/23  | 67000  | 66304  |
|  4.2% 6/15/49  | 260000  | 205185  |
|  4.8% 12/15/45  | 76000  | 66909  |
|  Duke Energy Florida LLC 3.4% 10/1/46  | 69000  | 49555  |
|  Duke Energy Progress LLC:  |  |  |
|  3.4% 4/1/32  | 334000  | 295183  |
|  4.15% 12/1/44  | 49000  | 40818  |
|  4.375% 3/30/44  | 55000  | 47291  |
|  Duquesne Light Holdings, Inc.:  |  |  |
|  2.532% 10/1/30 (b)  | 166000  | 131512  |
|  2.775% 1/7/32 (b)  | 574000  | 448966  |
|  Edison International 2.95% 3/15/23  | 225000  | 224115  |
|  Entergy Corp.:  |  |  |
|  0.9% 9/15/25  | 464000  | 413198  |
|  2.8% 6/15/30  | 359000  | 303225  |
|  2.95% 9/1/26  | 129000  | 119764  |
|  3.75% 6/15/50  | 113000  | 83198  |
|  Entergy Louisiana LLC 4.2% 9/1/48  | 87000  | 71186  |
|  Entergy, Inc.:  |  |  |
|  3.55% 9/30/49  | 111000  | 79640  |
|  4% 3/30/29  | 485000  | 457410  |
|  Eversource Energy:  |  |  |
|  2.55% 3/15/31  | 440000  | 362347  |
|  2.8% 5/1/23  | 642000  | 638732  |
|  2.9% 10/1/24  | 234000  | 225555  |
|  3.35% 3/15/26  | 181000  | 169350  |
|  3.45% 1/15/50  | 122000  | 88496  |
|  Exelon Corp.:  |  |  |
|  2.75% 3/15/27  | 183000  | 167826  |
|  3.35% 3/15/32  | 222000  | 192806  |
|  3.95% 6/15/25  | 539000  | 526383  |
|  4.05% 4/15/30  | 218000  | 202391  |
|  4.1% 3/15/52  | 165000  | 131846  |
|  4.7% 4/15/50  | 97000  | 84494  |
|  5.1% 6/15/45  | 30000  | 27896  |
|  FirstEnergy Corp.:  |  |  |
|  1.6% 1/15/26  | 344000  | 303580  |
|  2.25% 9/1/30  | 370000  | 293669  |
|  3.4% 3/1/50  | 100000  | 65980  |
|  4.4% 7/15/27  | 233000  | 216748  |
|  5.35% 7/15/47  | 129000  | 115170  |
|  7.375% 11/15/31  | 430000  | 484288  |
|  Florida Power & Light Co.:  |  |  |
|  3.125% 12/1/25  | 140000  | 134981  |
|  3.15% 10/1/49  | 192000  | 138293  |
|  3.25% 6/1/24  | 130000  | 127060  |
|  4.05% 10/1/44  | 149000  | 126105  |
|  4.125% 6/1/48  | 337000  | 286373  |
|  Indiana Michigan Power Co.:  |  |  |
|  3.2% 3/15/23  | 76000  | 75739  |
|  3.25% 5/1/51  | 133000  | 90471  |
|  Interstate Power and Light Co. 2.3% 6/1/30  | 381000  | 311312  |
|  IPALCO Enterprises, Inc.:  |  |  |
|  3.7% 9/1/24  | 271000  | 262604  |
|  4.25% 5/1/30  | 1025000  | 910583  |
|  NextEra Energy Capital Holdings, Inc.:  |  |  |
|  1.875% 1/15/27  | 474000  | 419517  |
|  1.9% 6/15/28  | 334000  | 285154  |
|  2.44% 1/15/32  | 470000  | 379245  |
|  Northern States Power Co.:  |  |  |
|  2.6% 6/1/51  | 360000  | 228186  |
|  2.9% 3/1/50  | 327000  | 223656  |
|  3.4% 8/15/42  | 55000  | 42712  |
|  4.125% 5/15/44  | 123000  | 103869  |
|  NSTAR Electric Co. 3.2% 5/15/27  | 210000  | 196955  |
|  Oncor Electric Delivery Co. LLC:  |  |  |
|  0.55% 10/1/25  | 878000  | 783644  |
|  3.1% 9/15/49  | 525000  | 371586  |
|  3.8% 9/30/47  | 267000  | 216180  |
|  Pacific Gas & Electric Co.:  |  |  |
|  3.15% 1/1/26  | 400355  | 372013  |
|  3.25% 6/1/31  | 167000  | 135746  |
|  3.45% 7/1/25  | 166815  | 157916  |
|  3.5% 6/15/25  | 334000  | 315110  |
|  4.2% 6/1/41  | 834000  | 617344  |
|  4.55% 7/1/30  | 1037586  | 940467  |
|  4.75% 2/15/44  | 33000  | 25248  |
|  PacifiCorp:  |  |  |
|  3.6% 4/1/24  | 110000  | 108068  |
|  4.125% 1/15/49  | 369000  | 301950  |
|  4.15% 2/15/50  | 100000  | 82001  |
|  6% 1/15/39  | 170000  | 176808  |
|  Potomac Electric Power Co. 6.5% 11/15/37  | 104000  | 113880  |
|  PPL Capital Funding, Inc. 3.1% 5/15/26  | 219000  | 204644  |
|  PPL Electric Utilities Corp.:  |  |  |
|  3% 10/1/49  | 364000  | 245450  |
|  4.15% 10/1/45  | 96000  | 79797  |
|  Progress Energy, Inc. 6% 12/1/39  | 143000  | 144559  |
|  Public Service Co. of Colorado:  |  |  |
|  2.9% 5/15/25  | 302000  | 287674  |
|  3.8% 6/15/47  | 127000  | 100020  |
|  Public Service Electric & Gas Co.:  |  |  |
|  2.45% 1/15/30  | 279000  | 239347  |
|  3.15% 1/1/50  | 315000  | 220267  |
|  3.65% 9/1/42  | 77000  | 61229  |
|  4% 6/1/44  | 137000  | 108528  |
|  Puget Sound Energy, Inc. 4.3% 5/20/45  | 176000  | 145603  |
|  Southern California Edison Co.:  |  |  |
|  2.25% 6/1/30  | 248000  | 204242  |
|  2.95% 2/1/51  | 550000  | 352347  |
|  4% 4/1/47  | 274000  | 214124  |
|  4.125% 3/1/48  | 194000  | 154807  |
|  Southern Co.:  |  |  |
|  3.25% 7/1/26  | 302000  | 283971  |
|  4.4% 7/1/46  | 201000  | 167632  |
|  Tampa Electric Co.:  |  |  |
|  4.45% 6/15/49  | 321000  | 264844  |
|  6.15% 5/15/37  | 172000  | 175815  |
|  Union Electric Co. 3.9% 9/15/42  | 101000  | 82654  |
|  Virginia Electric & Power Co.:  |  |  |
|  3.1% 5/15/25  | 110000  | 105634  |
|  3.3% 12/1/49  | 200000  | 142833  |
|  3.45% 2/15/24  | 75000  | 73661  |
|  3.8% 4/1/28  | 409000  | 385314  |
|  3.8% 9/15/47  | 225000  | 171996  |
|  4.2% 5/15/45  | 289000  | 234884  |
|  4.45% 2/15/44  | 75000  | 64300  |
|  4.6% 12/1/48  | 194000  | 168028  |
|  6% 5/15/37  | 55000  | 56891  |
|  Wisconsin Electric Power Co. 4.25% 6/1/44  | 129000  | 103208  |
|  Xcel Energy, Inc. 3.35% 12/1/26  | 82000  | 77007  |
|  |  | 30659605  |
| Gas Utilities - 0.0%  |  |  |
|  Dominion Gas Holdings LLC 2.5% 11/15/24  | 304000  | 289578  |
|  Nakilat, Inc. 6.067% 12/31/33 (b)  | 202443  | 208048  |
|  Southern California Gas Co. 2.6% 6/15/26  | 363000  | 336439  |
|  Southern Co. Gas Capital Corp. 3.95% 10/1/46  | 371000  | 278025  |
|  |  | 1112090  |
| Independent Power and Renewable Electricity Producers - 0.2%  |  |  |
|  Emera U.S. Finance LP:  |  |  |
|  3.55% 6/15/26  | 237000  | 221998  |
|  4.75% 6/15/46  | 143000  | 110332  |
|  Exelon Generation Co. LLC 3.25% 6/1/25  | 334000  | 319554  |
|  The AES Corp.:  |  |  |
|  1.375% 1/15/26  | 4000000  | 3551955  |
|  2.45% 1/15/31  | 807000  | 641986  |
|  3.3% 7/15/25 (b)  | 1079000  | 1017390  |
|  3.95% 7/15/30 (b)  | 941000  | 829962  |
|  |  | 6693177  |
| Multi-Utilities - 0.5%  |  |  |
|  Ameren Illinois Co. 4.5% 3/15/49  | 207000  | 188372  |
|  Berkshire Hathaway Energy Co.:  |  |  |
|  3.25% 4/15/28  | 274000  | 253487  |
|  3.7% 7/15/30  | 275000  | 250546  |
|  3.8% 7/15/48  | 274000  | 211339  |
|  4.05% 4/15/25  | 1561000  | 1536972  |
|  4.25% 10/15/50  | 237000  | 196516  |
|  4.5% 2/1/45  | 182000  | 158466  |
|  5.15% 11/15/43  | 212000  | 201716  |
|  CenterPoint Energy, Inc. 3.7% 9/1/49  | 167000  | 123837  |
|  CMS Energy Corp. 4.875% 3/1/44  | 137000  | 124263  |
|  Consolidated Edison Co. of New York, Inc.:  |  |  |
|  3.35% 4/1/30  | 99000  | 89037  |
|  3.875% 6/15/47  | 78000  | 59974  |
|  4.45% 3/15/44  | 219000  | 187820  |
|  4.5% 5/15/58  | 260000  | 215608  |
|  4.65% 12/1/48  | 287000  | 249829  |
|  5.5% 12/1/39  | 69000  | 67384  |
|  Consumers Energy Co.:  |  |  |
|  2.65% 8/15/52  | 344000  | 216298  |
|  3.5% 8/1/51  | 100000  | 75315  |
|  Delmarva Power & Light Co. 4% 6/1/42  | 110000  | 86238  |
|  Dominion Energy, Inc.:  |  |  |
|  3.375% 4/1/30  | 632000  | 556929  |
|  3.9% 10/1/25  | 354000  | 344748  |
|  4.9% 8/1/41  | 55000  | 48575  |
|  DTE Energy Co.:  |  |  |
|  2.85% 10/1/26  | 165000  | 152015  |
|  3.8% 3/15/27  | 370000  | 345207  |
|  NiSource, Inc.:  |  |  |
|  0.95% 8/15/25  | 374000  | 337159  |
|  1.7% 2/15/31  | 444000  | 338472  |
|  2.95% 9/1/29  | 1074000  | 931473  |
|  3.49% 5/15/27  | 210000  | 197800  |
|  3.6% 5/1/30  | 1800000  | 1602756  |
|  3.95% 3/30/48  | 274000  | 212534  |
|  4.375% 5/15/47  | 131000  | 109533  |
|  4.8% 2/15/44  | 151000  | 132685  |
|  Puget Energy, Inc.:  |  |  |
|  3.65% 5/15/25  | 221000  | 210199  |
|  4.1% 6/15/30  | 1710000  | 1526964  |
|  4.224% 3/15/32  | 756000  | 670911  |
|  San Diego Gas & Electric Co. 4.5% 8/15/40  | 27000  | 24284  |
|  Sempra Energy:  |  |  |
|  3.25% 6/15/27  | 167000  | 154471  |
|  3.8% 2/1/38  | 233000  | 191070  |
|  4% 2/1/48  | 604000  | 470683  |
|  6% 10/15/39  | 27000  | 27285  |
|  WEC Energy Group, Inc. 3 month U.S. LIBOR + 2.610% 6.7186% 5/15/67 (c)(d)  | 295000  | 246779  |
|  |  | 13325549  |
| Water Utilities - 0.0%  |  |  |
|  American Water Capital Corp.:  |  |  |
|  2.95% 9/1/27  | 167000  | 153965  |
|  3.45% 6/1/29  | 167000  | 152488  |
|  6.593% 10/15/37  | 179000  | 197955  |
|  |  | 504408  |
|  TOTAL UTILITIES  |  | 52294829  |
| <br> **TOTAL NONCONVERTIBLE BONDS** <br> (Cost $931,565,404)  |  | <br> **867964489**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government and Government Agency Obligations - 39.3%**  | &nbsp;&nbsp; **U.S. Government and Government Agency Obligations - 39.3%**  | &nbsp;&nbsp; **U.S. Government and Government Agency Obligations - 39.3%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
| U.S. Government Agency Obligations - 0.6%  |  |  |
|  Fannie Mae:  |  |  |
|  0.375% 8/25/25  | 981000  | 884749  |
|  0.5% 6/17/25  | 1103000  | 1003626  |
|  0.625% 4/22/25  | 1170000  | 1074930  |
|  0.75% 10/8/27  | 581000  | 500008  |
|  0.875% 8/5/30  | 1394000  | 1106545  |
|  1.625% 10/15/24  | 616000  | 585195  |
|  1.75% 7/2/24  | 791000  | 757182  |
|  1.875% 9/24/26  | 366000  | 337691  |
|  2.125% 4/24/26  | 110000  | 103082  |
|  2.625% 9/6/24  | 110000  | 106716  |
|  2.875% 9/12/23  | 211000  | 208288  |
|  6.625% 11/15/30  | 334000  | 387888  |
|  Federal Home Loan Bank:  |  |  |
|  0.375% 9/4/25  | 245000  | 220526  |
|  0.5% 4/14/25  | 1535000  | 1410760  |
|  1.5% 8/15/24  | 135000  | 128176  |
|  2.5% 2/13/24  | 135000  | 131681  |
|  3.25% 11/16/28  | 650000  | 624170  |
|  5.5% 7/15/36  | 40000  | 43932  |
|  Freddie Mac:  |  |  |
|  0.25% 8/24/23  | 577000  | 560200  |
|  0.25% 12/4/23  | 1462000  | 1401379  |
|  0.375% 7/21/25  | 724000  | 655184  |
|  0.375% 9/23/25  | 818000  | 736103  |
|  2.75% 6/19/23  | 664000  | 658397  |
|  6.25% 7/15/32  | 211000  | 246096  |
|  6.75% 3/15/31  | 713000  | 841408  |
|  Tennessee Valley Authority:  |  |  |
|  0.75% 5/15/25  | 946000  | 866366  |
|  4.25% 9/15/65  | 204000  | 177043  |
|  5.25% 9/15/39  | 548000  | 570164  |
|  5.375% 4/1/56  | 148000  | 156648  |
|  TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS  |  | 16484133  |
| U.S. Treasury Obligations - 38.7%  |  |  |
|  U.S. Treasury Bonds:  |  |  |
|  1.125% 5/15/40  | 15985600  | 10004738  |
|  1.75% 8/15/41  | 23171800  | 15857296  |
|  1.875% 11/15/51  | 14846000  | 9402853  |
|  2% 11/15/41 (e)  | 72500  | 51767  |
|  2% 8/15/51  | 52233600  | 34200765  |
|  2.25% 2/15/52  | 11359700  | 7899429  |
|  2.375% 11/15/49  | 6448000  | 4691005  |
|  2.375% 5/15/51  | 8558600  | 6140127  |
|  2.875% 5/15/52  | 15000000  | 12072651  |
|  3% 2/15/47  | 15804500  | 12936848  |
|  3% 8/15/52  | 57000000  | 47236037  |
|  3.25% 5/15/42 (e)(f)  | 1330000  | 1166036  |
|  3.375% 8/15/42  | 78200000  | 69891227  |
|  4% 11/15/42  | 14000000  | 13706875  |
|  U.S. Treasury Notes:  |  |  |
|  0.125% 6/30/23  | 6837100  | 6685402  |
|  0.125% 1/15/24  | 8692100  | 8287798  |
|  0.25% 9/30/23  | 6294000  | 6084774  |
|  0.25% 6/30/25  | 10067700  | 9120314  |
|  0.25% 7/31/25  | 32270100  | 29119984  |
|  0.25% 9/30/25  | 6026800  | 5411407  |
|  0.25% 10/31/25  | 6277200  | 5612945  |
|  0.375% 10/31/23  | 12586300  | 12137421  |
|  0.375% 11/30/25  | 12167400  | 10883169  |
|  0.375% 12/31/25  | 8362600  | 7473747  |
|  0.375% 7/31/27  | 8695100  | 7376570  |
|  0.5% 11/30/23  | 8625700  | 8298867  |
|  0.5% 3/31/25  | 14856100  | 13644399  |
|  0.5% 10/31/27  | 12237600  | 10350811  |
|  0.625% 10/15/24  | 6792700  | 6343480  |
|  0.625% 7/31/26  | 6372400  | 5630862  |
|  0.625% 5/15/30  | 13371300  | 10582653  |
|  0.75% 11/15/24  | 9198200  | 8585226  |
|  0.75% 3/31/26  | 16609700  | 14887092  |
|  0.75% 8/31/26  | 16677700  | 14766931  |
|  0.875% 1/31/24  | 8330800  | 7993338  |
|  0.875% 9/30/26  | 14753700  | 13100248  |
|  1% 12/15/24  | 14172600  | 13264668  |
|  1.125% 10/31/26  | 11868500  | 10615353  |
|  1.125% 2/29/28  | 9043800  | 7830306  |
|  1.125% 8/31/28  | 17817900  | 15213424  |
|  1.25% 12/31/26  | 10596100  | 9488890  |
|  1.25% 5/31/28  | 19521400  | 16901262  |
|  1.25% 6/30/28  | 12849100  | 11109954  |
|  1.375% 1/31/25  | 8268800  | 7771380  |
|  1.5% 10/31/24  | 7620500  | 7220126  |
|  1.5% 1/31/27  | 18609600  | 16801706  |
|  1.5% 11/30/28 (e)  | 362300  | 314621  |
|  1.5% 2/15/30  | 24988100  | 21294546  |
|  1.625% 9/30/26  | 12924100  | 11824542  |
|  1.75% 7/31/24  | 6198300  | 5928819  |
|  1.75% 12/31/24  | 11637400  | 11046438  |
|  2.25% 3/31/24  | 20141200  | 19541685  |
|  2.25% 4/30/24  | 12287400  | 11897659  |
|  2.25% 2/15/27  | 6285100  | 5848826  |
|  2.25% 8/15/27  | 18256900  | 16888346  |
|  2.25% 11/15/27  | 8316200  | 7663248  |
|  2.5% 1/31/24  | 13133500  | 12823118  |
|  2.625% 5/31/27  | 50000000  | 47130860  |
|  2.625% 7/31/29  | 30000000  | 27624609  |
|  2.75% 4/30/27  | 9654600  | 9149242  |
|  2.75% 7/31/27  | 25000000  | 23653320  |
|  2.75% 8/15/32  | 9228000  | 8403248  |
|  2.875% 9/30/23  | 7504500  | 7411280  |
|  2.875% 5/15/32  | 59102000  | 54466187  |
|  3.875% 11/30/27  | 4000000  | 3978125  |
|  3.875% 11/30/29  | 55000000  | 54630469  |
|  4% 10/31/29  | 60493000  | 60511904  |
|  4.125% 10/31/27  | 45000000  | 45165235  |
|  4.125% 11/15/32  | 35000000  | 35716406  |
|  4.375% 10/31/24  | 1300000  | 1296293  |
|  TOTAL U.S. TREASURY OBLIGATIONS  |  | 1088061187  |
| <br> **TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS** <br> (Cost $1,173,687,004)  |  | <br> **1104545320**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government Agency - Mortgage Securities - 24.8%**  | &nbsp;&nbsp; **U.S. Government Agency - Mortgage Securities - 24.8%**  | &nbsp;&nbsp; **U.S. Government Agency - Mortgage Securities - 24.8%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
| Fannie Mae - 5.7%  |  |  |
|  12 month U.S. LIBOR + 1.480% 3.787% 7/1/34 (c)(d)  | 750  | 752  |
|  12 month U.S. LIBOR + 1.510% 3.788% 11/1/34 (c)(d)  | 53690  | 53726  |
|  12 month U.S. LIBOR + 1.550% 3.803% 6/1/36 (c)(d)  | 899  | 907  |
|  12 month U.S. LIBOR + 1.630% 3.28% 11/1/36 (c)(d)  | 10347  | 10393  |
|  12 month U.S. LIBOR + 1.640% 2.534% 4/1/41 (c)(d)  | 12378  | 12415  |
|  12 month U.S. LIBOR + 1.700% 3.186% 6/1/42 (c)(d)  | 7088  | 7171  |
|  12 month U.S. LIBOR + 1.730% 3.105% 5/1/36 (c)(d)  | 7031  | 7096  |
|  12 month U.S. LIBOR + 1.750% 2.617% 7/1/35 (c)(d)  | 709  | 711  |
|  12 month U.S. LIBOR + 1.780% 2.163% 2/1/36 (c)(d)  | 2827  | 2836  |
|  12 month U.S. LIBOR + 1.800% 4.05% 7/1/41 (c)(d)  | 3282  | 3321  |
|  12 month U.S. LIBOR + 1.810% 3.999% 7/1/41 (c)(d)  | 4593  | 4662  |
|  12 month U.S. LIBOR + 1.810% 4.068% 9/1/41 (c)(d)  | 2353  | 2377  |
|  12 month U.S. LIBOR + 1.820% 2.195% 12/1/35 (c)(d)  | 2828  | 2847  |
|  12 month U.S. LIBOR + 1.830% 4.08% 10/1/41 (c)(d)  | 2298  | 2285  |
|  12 month U.S. LIBOR + 1.880% 3.672% 11/1/34 (c)(d)  | 4479  | 4500  |
|  12 month U.S. LIBOR + 1.950% 3.556% 9/1/36 (c)(d)  | 5238  | 5250  |
|  12 month U.S. LIBOR + 1.950% 3.771% 7/1/37 (c)(d)  | 1976  | 2008  |
|  6 month U.S. LIBOR + 1.310% 3.438% 5/1/34 (c)(d)  | 4286  | 4251  |
|  6 month U.S. LIBOR + 1.420% 2.572% 9/1/33 (c)(d)  | 7446  | 7355  |
|  6 month U.S. LIBOR + 1.550% 4.011% 10/1/33 (c)(d)  | 490  | 495  |
|  6 month U.S. LIBOR + 1.560% 3.64% 7/1/35 (c)(d)  | 830  | 844  |
|  U.S. TREASURY 1 YEAR INDEX + 1.940% 3.87% 10/1/33 (c)(d)  | 7658  | 7743  |
|  U.S. TREASURY 1 YEAR INDEX + 2.200% 2.583% 3/1/35 (c)(d)  | 685  | 694  |
|  U.S. TREASURY 1 YEAR INDEX + 2.220% 2.443% 8/1/36 (c)(d)  | 8866  | 9031  |
|  U.S. TREASURY 1 YEAR INDEX + 2.280% 4.407% 10/1/33 (c)(d)  | 1288  | 1314  |
|  U.S. TREASURY 1 YEAR INDEX + 2.420% 3.598% 5/1/35 (c)(d)  | 1951  | 1989  |
|  1.5% 9/1/35 to 6/1/51  | 9248750  | 7548520  |
|  2% 5/1/23 to 3/1/52  | 27589768  | 23377477  |
|  2.5% 7/1/26 to 2/1/52  | 31559462  | 27637623  |
|  3% 8/1/26 to 5/1/52  | 39996537  | 36174272  |
|  3.5% 5/1/28 to 6/1/52 (e)  | 21448353  | 19971992  |
|  4% 7/1/30 to 9/1/52  | 16841614  | 16087475  |
|  4.5% to 4.5% 3/1/23 to 8/1/52 (e)  | 12139450  | 11908732  |
|  5% 3/1/23 to 12/1/52  | 9993284  | 9982269  |
|  5.5% 12/1/23 to 11/1/52  | 3991974  | 4041260  |
|  6% to 6% 2/1/23 to 11/1/52  | 2005597  | 2060044  |
|  6.5% 12/1/23 to 10/1/39  | 203746  | 214418  |
|  7% to 7% 11/1/23 to 2/1/32  | 10244  | 10499  |
|  7.5% to 7.5% 9/1/25 to 11/1/31  | 12559  | 13088  |
|  TOTAL FANNIE MAE  |  | 159184642  |
| Freddie Mac - 3.2%  |  |  |
|  12 month U.S. LIBOR + 1.370% 3.141% 3/1/36 (c)(d)  | 5793  | 5736  |
|  12 month U.S. LIBOR + 1.880% 3.255% 4/1/41 (c)(d)  | 886  | 893  |
|  12 month U.S. LIBOR + 1.880% 4.13% 9/1/41 (c)(d)  | 3543  | 3554  |
|  12 month U.S. LIBOR + 1.910% 3.22% 5/1/41 (c)(d)  | 7149  | 7207  |
|  12 month U.S. LIBOR + 1.910% 3.568% 5/1/41 (c)(d)  | 7484  | 7558  |
|  12 month U.S. LIBOR + 1.910% 3.774% 6/1/41 (c)(d)  | 9286  | 9384  |
|  12 month U.S. LIBOR + 1.910% 4.16% 6/1/41 (c)(d)  | 2340  | 2369  |
|  12 month U.S. LIBOR + 1.940% 4.071% 9/1/37 (c)(d)  | 4915  | 4964  |
|  12 month U.S. LIBOR + 2.030% 4.158% 3/1/33 (c)(d)  | 74  | 74  |
|  12 month U.S. LIBOR + 2.160% 4.41% 11/1/35 (c)(d)  | 1162  | 1171  |
|  6 month U.S. LIBOR + 1.650% 4.177% 4/1/35 (c)(d)  | 5000  | 5045  |
|  6 month U.S. LIBOR + 2.680% 4.983% 10/1/35 (c)(d)  | 832  | 853  |
|  U.S. TREASURY 1 YEAR INDEX + 1.710% 2.088% 3/1/36 (c)(d)  | 47767  | 47711  |
|  U.S. TREASURY 1 YEAR INDEX + 2.230% 4.058% 12/1/35 (c)(d)  | 19187  | 19514  |
|  U.S. TREASURY 1 YEAR INDEX + 2.240% 2.372% 1/1/35 (c)(d)  | 745  | 754  |
|  U.S. TREASURY 1 YEAR INDEX + 2.250% 3.317% 3/1/35 (c)(d)  | 9867  | 9965  |
|  1.5% 7/1/35 to 12/1/50  | 3317847  | 2705046  |
|  2% 6/1/23 to 4/1/52  | 14128705  | 11850359  |
|  2% 9/1/35  | 270792  | 242216  |
|  2% 10/1/35  | 1761912  | 1575983  |
|  2.5% 2/1/27 to 3/1/52  | 24393391  | 21234821  |
|  3% 10/1/26 to 1/1/52  | 14122344  | 12825251  |
|  3% 8/1/47  | 5479  | 4913  |
|  3.5% 4/1/28 to 9/1/52  | 16556878  | 15489513  |
|  3.5% 8/1/47  | 6050  | 5621  |
|  3.5% 9/1/47  | 259897  | 243024  |
|  4% 8/1/33 to 8/1/52  | 7241527  | 6903679  |
|  4.5% 5/1/23 to 9/1/50  | 4525914  | 4459394  |
|  5% 4/1/23 to 1/1/53  | 9674258  | 9667822  |
|  5.5% 5/1/23 to 10/1/52  | 1068203  | 1082178  |
|  6% 4/1/32 to 8/1/37  | 53221  | 55009  |
|  6.5% 8/1/36 to 12/1/37  | 2473  | 2619  |
|  7.5% 8/1/26 to 9/1/31  | 1551  | 1640  |
|  8% 5/1/27  | 29  | 30  |
|  8.5% 5/1/27 to 1/1/28  | 237  | 245  |
|  TOTAL FREDDIE MAC  |  | 88476115  |
| Ginnie Mae - 4.4%  |  |  |
|  3.5% 12/15/40 to 6/20/51  | 14055540  | 13146473  |
|  4% 1/15/25 to 1/20/51  | 8996154  | 8643986  |
|  5% 1/20/39 to 4/20/49  | 1451521  | 1462346  |
|  6.5% 4/15/35 to 1/15/39  | 25192  | 26642  |
|  7% 1/15/28 to 7/15/32  | 37741  | 39227  |
|  7.5% to 7.5% 12/15/25 to 10/15/28  | 6152  | 6351  |
|  8% 3/15/30 to 9/15/30  | 888  | 940  |
|  1.5% 3/20/51 to 12/20/51  | 304623  | 244410  |
|  2% 10/20/50 to 11/20/51  | 25611773  | 21583429  |
|  2% 1/1/53 (g)  | 2100000  | 1761837  |
|  2% 1/1/53 (g)  | 700000  | 587279  |
|  2% 1/1/53 (g)  | 700000  | 587279  |
|  2% 1/1/53 (g)  | 950000  | 797022  |
|  2% 1/1/53 (g)  | 500000  | 419485  |
|  2% 1/1/53 (g)  | 400000  | 335588  |
|  2% 1/1/53 (g)  | 300000  | 251691  |
|  2% 1/1/53 (g)  | 2650000  | 2223271  |
|  2% 1/1/53 (g)  | 2000000  | 1677940  |
|  2% 1/1/53 (g)  | 3600000  | 3020292  |
|  2% 1/1/53 (g)  | 500000  | 419485  |
|  2% 2/1/53 (g)  | 3250000  | 2729572  |
|  2% 2/1/53 (g)  | 4100000  | 3443460  |
|  2% 3/1/53 (g)  | 800000  | 672426  |
|  2.5% 7/20/43 to 5/20/52  | 25734371  | 22411454  |
|  2.5% 1/1/53 (g)  | 850000  | 736307  |
|  2.5% 1/1/53 (g)  | 1100000  | 952868  |
|  2.5% 1/1/53 (g)  | 600000  | 519746  |
|  2.5% 1/1/53 (g)  | 1250000  | 1082804  |
|  2.5% 1/1/53 (g)  | 500000  | 433122  |
|  2.5% 2/1/53 (g)  | 1600000  | 1387114  |
|  3% 7/15/42 to 6/20/51  | 14721051  | 13307512  |
|  3% 1/1/53 (g)  | 2100000  | 1870421  |
|  3% 1/1/53 (g)  | 1300000  | 1157879  |
|  3% 1/1/53 (g)  | 1550000  | 1380549  |
|  3% 1/1/53 (g)  | 350000  | 311737  |
|  3% 1/1/53 (g)  | 950000  | 846143  |
|  3% 1/1/53 (g)  | 3400000  | 3028300  |
|  3% 1/1/53 (g)  | 50000  | 44534  |
|  3% 2/1/53 (g)  | 3800000  | 3386500  |
|  3% 2/1/53 (g)  | 950000  | 846625  |
|  3.5% 1/1/53 (g)  | 2650000  | 2434767  |
|  3.5% 2/1/53 (g)  | 1000000  | 919210  |
|  4.5% to 4.5% 11/20/33 to 5/20/51  | 3515562  | 3465182  |
|  5.5% 12/20/32 to 12/20/48  | 266643  | 273487  |
|  6% to 6% 5/20/34 to 12/15/40  | 99778  | 104130  |
|  TOTAL GINNIE MAE  |  | 124980822  |
| Uniform Mortgage Backed Securities - 11.5%  |  |  |
|  1.5% 1/1/38 (g)  | 1350000  | 1171874  |
|  1.5% 1/1/38 (g)  | 5300000  | 4600690  |
|  1.5% 1/1/38 (g)  | 1300000  | 1128471  |
|  1.5% 1/1/38 (g)  | 1250000  | 1085068  |
|  1.5% 1/1/38 (g)  | 2550000  | 2213539  |
|  1.5% 2/1/38 (g)  | 4000000  | 3477375  |
|  1.5% 2/1/38 (g)  | 2650000  | 2303761  |
|  1.5% 1/1/53 (g)  | 6750000  | 5209751  |
|  1.5% 1/1/53 (g)  | 1550000  | 1196313  |
|  1.5% 1/1/53 (g)  | 2450000  | 1890947  |
|  2% 1/1/38 (g)  | 1300000  | 1157975  |
|  2% 1/1/38 (g)  | 2150000  | 1915113  |
|  2% 1/1/38 (g)  | 650000  | 578988  |
|  2% 1/1/38 (g)  | 650000  | 578988  |
|  2% 1/1/38 (g)  | 1250000  | 1113438  |
|  2% 2/1/38 (g)  | 1300000  | 1159498  |
|  2% 2/1/38 (g)  | 1150000  | 1025710  |
|  2% 2/1/38 (g)  | 800000  | 713538  |
|  2% 1/1/53 (g)  | 7900000  | 6448129  |
|  2% 1/1/53 (g)  | 15750000  | 12855446  |
|  2% 1/1/53 (g)  | 3950000  | 3224064  |
|  2% 1/1/53 (g)  | 3950000  | 3224064  |
|  2% 1/1/53 (g)  | 800000  | 652975  |
|  2% 1/1/53 (g)  | 3950000  | 3224064  |
|  2% 1/1/53 (g)  | 15850000  | 12937068  |
|  2% 1/1/53 (g)  | 7850000  | 6407318  |
|  2% 1/1/53 (g)  | 12050000  | 9835437  |
|  2% 1/1/53 (g)  | 250000  | 204055  |
|  2% 1/1/53 (g)  | 15750000  | 12855446  |
|  2% 2/1/53 (g)  | 8050000  | 6578108  |
|  2% 2/1/53 (g)  | 16000000  | 13074501  |
|  2% 2/1/53 (g)  | 800000  | 653725  |
|  2% 2/1/53 (g)  | 8000000  | 6537250  |
|  2% 2/1/53 (g)  | 8000000  | 6537250  |
|  2.5% 1/1/53 (g)  | 11750000  | 9961797  |
|  2.5% 1/1/53 (g)  | 3900000  | 3306469  |
|  2.5% 1/1/53 (g)  | 15400000  | 13056313  |
|  2.5% 1/1/53 (g)  | 15300000  | 12971531  |
|  2.5% 1/1/53 (g)  | 1300000  | 1102156  |
|  2.5% 1/1/53 (g)  | 250000  | 211953  |
|  2.5% 1/1/53 (g)  | 11100000  | 9410719  |
|  2.5% 1/1/53 (g)  | 15400000  | 13056313  |
|  2.5% 1/1/53 (g)  | 650000  | 551078  |
|  2.5% 2/1/53 (g)  | 16050000  | 13619930  |
|  2.5% 2/1/53 (g)  | 11350000  | 9631540  |
|  2.5% 2/1/53 (g)  | 11000000  | 9334532  |
|  3% 1/1/53 (g)  | 1050000  | 922441  |
|  3% 1/1/53 (g)  | 2100000  | 1844883  |
|  3% 1/1/53 (g)  | 13950000  | 12255293  |
|  3.5% 1/1/38 (g)  | 975000  | 933867  |
|  3.5% 1/1/53 (g)  | 2050000  | 1864378  |
|  3.5% 1/1/53 (g)  | 10500000  | 9549252  |
|  3.5% 1/1/53 (g)  | 5525000  | 5024726  |
|  3.5% 1/1/53 (g)  | 1000000  | 909453  |
|  3.5% 1/1/53 (g)  | 6525000  | 5934178  |
|  3.5% 1/1/53 (g)  | 10500000  | 9549252  |
|  3.5% 2/1/53 (g)  | 18300000  | 16651562  |
|  4% 1/1/38 (g)  | 350000  | 341523  |
|  4% 1/1/53 (g)  | 2900000  | 2722374  |
|  4% 1/1/53 (g)  | 3250000  | 3050936  |
|  4.5% 1/1/53 (g)  | 2350000  | 2265180  |
|  4.5% 1/1/53 (g)  | 5450000  | 5253289  |
|  5% 1/1/53 (g)  | 3050000  | 3007587  |
|  5.5% 1/1/53 (g)  | 2200000  | 2206532  |
|  5.5% 1/1/53 (g)  | 2100000  | 2106235  |
|  5.5% 1/1/53 (g)  | 3200000  | 3209501  |
|  TOTAL UNIFORM MORTGAGE BACKED SECURITIES  |  | 323586710  |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES** <br> (Cost $723,601,280)  |  | <br> **696228289**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Asset-Backed Securities - 3.7%**  | &nbsp;&nbsp; **Asset-Backed Securities - 3.7%**  | &nbsp;&nbsp; **Asset-Backed Securities - 3.7%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  AASET Trust:  |  |  |
|  Series 2018-1A Class A, 3.844% 1/16/38 (b)  | 323283  | 195882  |
|  Series 2019-1 Class A, 3.844% 5/15/39 (b)  | 261123  | 170388  |
|  Series 2019-2 Class A, 3.376% 10/16/39 (b)  | 641516  | 474739  |
|  Series 2021-1A Class A, 2.95% 11/16/41 (b)  | 699375  | 559206  |
|  Series 2021-2A Class A, 2.798% 1/15/47 (b)  | 1388073  | 1118942  |
|  AASET, Ltd. Series 2022-1A Class A, 6% 5/16/47 (b)  | 12712301  | 11777212  |
|  AIMCO CLO Series 2021-AA Class AR2, 3 month U.S. LIBOR + 1.140% 5.2191% 10/17/34 (b)(c)(d)  | 313000  | 303763  |
|  AIMCO CLO Ltd. Series 2021-11A Class AR, 3 month U.S. LIBOR + 1.130% 5.2091% 10/17/34 (b)(c)(d)  | 524413  | 510468  |
|  AIMCO CLO Ltd. / AIMCO CLO LLC Series 2021-14A Class A, 3 month U.S. LIBOR + 0.990% 5.2326% 4/20/34 (b)(c)(d)  | 1282526  | 1243165  |
|  Allegro CLO XV, Ltd. / Allegro CLO VX LLC Series 2022-1A Class A, CME TERM SOFR 3 MONTH INDEX + 1.500% 3.1807% 7/20/35 (b)(c)(d)  | 667851  | 649682  |
|  Allegro CLO, Ltd. Series 2021-1A Class A, 3 month U.S. LIBOR + 1.140% 5.3826% 7/20/34 (b)(c)(d)  | 627261  | 609626  |
|  Apollo Aviation Securitization Equity Trust Series 2020-1A Class A, 3.351% 1/16/40 (b)  | 189805  | 152040  |
|  Ares CLO Series 2019-54A Class A, 3 month U.S. LIBOR + 1.320% 5.3991% 10/15/32 (b)(c)(d)  | 686534  | 673377  |
|  Ares LIX CLO Ltd. Series 2021-59A Class A, 3 month U.S. LIBOR + 1.030% 5.3884% 4/25/34 (b)(c)(d)  | 425583  | 412570  |
|  Ares LV CLO Ltd. Series 2021-55A Class A1R, 3 month U.S. LIBOR + 1.130% 5.2091% 7/15/34 (b)(c)(d)  | 790637  | 772664  |
|  Ares LVIII CLO LLC Series 2022-58A Class AR, CME TERM SOFR 3 MONTH INDEX + 1.330% 5.1936% 1/15/35 (b)(c)(d)  | 1304759  | 1252256  |
|  Ares XLI CLO Ltd. / Ares XLI CLO LLC Series 2021-41A Class AR2, 3 month U.S. LIBOR + 1.070% 5.1491% 4/15/34 (b)(c)(d)  | 889718  | 863467  |
|  Ares XXXIV CLO Ltd. Series 2020-2A Class AR2, 3 month U.S. LIBOR + 1.250% 5.3291% 4/17/33 (b)(c)(d)  | 964629  | 944993  |
|  Babson CLO Ltd. Series 2021-1A Class AR, 3 month U.S. LIBOR + 1.150% 5.2291% 10/15/36 (b)(c)(d)  | 14190185  | 13807234  |
|  Barings CLO Ltd.:  |  |  |
|  Series 2021-1A Class A, 3 month U.S. LIBOR + 1.020% 5.3784% 4/25/34 (b)(c)(d)  | 934550  | 907919  |
|  Series 2021-4A Class A, 3 month U.S. LIBOR + 1.220% 5.4626% 1/20/32 (b)(c)(d)  | 847650  | 834165  |
|  Beechwood Park CLO Ltd. Series 2022-1A Class A1R, CME TERM SOFR 3 MONTH INDEX + 1.300% 5.1636% 1/17/35 (b)(c)(d)  | 1072148  | 1055045  |
|  BETHP Series 2021-1A Class A, 3 month U.S. LIBOR + 1.130% 5.2091% 1/15/35 (b)(c)(d)  | 799679  | 776056  |
|  Blackbird Capital Aircraft:  |  |  |
|  Series 2016-1A:  |  |  |
|  Class A, 4.213% 12/16/41 (b) <br>| 795072  | 650553  |
|  Class AA, 2.487% 12/16/41 (b)(c) <br>| 76253  | 69474  |
|  Series 2021-1A Class A, 2.443% 7/15/46 (b)  | 982929  | 807384  |
|  Bristol Park CLO, Ltd. Series 2020-1A Class AR, 3 month U.S. LIBOR + 0.990% 5.0691% 4/15/29 (b)(c)(d)  | 1453417  | 1433202  |
|  Capital One Multi-Asset Execution Trust Series 2019-A3 Class A3, 2.06% 8/15/28  | 283000  | 258850  |
|  CarMax Auto Owner Trust Series 2021-1 Class A3, 0.34% 12/15/25  | 716094  | 692228  |
|  Castlelake Aircraft Securitization Trust Series 2019-1A:  |  |  |
|  Class A, 3.967% 4/15/39 (b)  | 505853  | 427513  |
|  Class B, 5.095% 4/15/39 (b)  | 272765  | 202167  |
|  Castlelake Aircraft Structured Trust:  |  |  |
|  Series 2018-1 Class A, 4.125% 6/15/43 (b)  | 325060  | 284911  |
|  Series 2021-1A Class A, 3.474% 1/15/46 (b)  | 201807  | 169526  |
|  Cedar Funding Ltd.:  |  |  |
|  Series 2021-10A Class AR, 3 month U.S. LIBOR + 1.100% 5.3426% 10/20/32 (b)(c)(d)  | 799316  | 779973  |
|  Series 2022-15A Class A, CME TERM SOFR 3 MONTH INDEX + 1.320% 5.2833% 4/20/35 (b)(c)(d)  | 994984  | 958267  |
|  Cedar Funding XII CLO Ltd. / Cedar Funding XII CLO LLC Series 2021-12A Class A1R, 3 month U.S. LIBOR + 1.130% 5.4884% 10/25/34 (b)(c)(d)  | 490758  | 476374  |
|  CEDF Series 2021-6A Class ARR, 3 month U.S. LIBOR + 1.050% 5.2926% 4/20/34 (b)(c)(d)  | 772931  | 747604  |
|  Cent CLO Ltd. / Cent CLO Series 2021-29A Class AR, 3 month U.S. LIBOR + 1.170% 5.4126% 10/20/34 (b)(c)(d)  | 795912  | 772059  |
|  Citibank Credit Card Issuance Trust:  |  |  |
|  Series 2013-A9 Class A9, 3.72% 9/8/25  | 128000  | 126772  |
|  Series 2018-A7 Class A7, 3.96% 10/13/30  | 442000  | 427248  |
|  Columbia Cent CLO 31 Ltd. Series 2021-31A Class A1, 3 month U.S. LIBOR + 1.200% 5.4426% 4/20/34 (b)(c)(d)  | 853929  | 829315  |
|  Columbia Cent Clo 32 Ltd. / Coliseum Series 2022-32A Class A1, CME TERM SOFR 3 MONTH INDEX + 1.700% 4.197% 7/24/34 (b)(c)(d)  | 3009000  | 2890138  |
|  Columbia Cent CLO Ltd. / Columbia Cent CLO Corp. Series 2021-30A Class A1, 3 month U.S. LIBOR + 1.310% 5.5526% 1/20/34 (b)(c)(d)  | 1117642  | 1094206  |
|  DB Master Finance LLC Series 2017-1A Class A2II, 4.03% 11/20/47 (b)  | 721043  | 655038  |
|  Discover Card Execution Note Trust Series 2018-A1 Class A1, 3.03% 8/15/25  | 526000  | 525047  |
|  Dominos Pizza Master Issuer LLC Series 2018-1A Class A2II, 4.328% 7/25/48 (b)  | 1920000  | 1774320  |
|  Dryden 98 CLO Ltd. Series 2022-98A Class A, CME TERM SOFR 3 MONTH INDEX + 1.300% 5.2633% 4/20/35 (b)(c)(d)  | 558807  | 539597  |
|  Dryden CLO, Ltd.:  |  |  |
|  Series 2021-76A Class A1R, 3 month U.S. LIBOR + 1.150% 5.3926% 10/20/34 (b)(c)(d)  | 528431  | 513797  |
|  Series 2021-83A Class A, 3 month U.S. LIBOR + 1.220% 5.4137% 1/18/32 (b)(c)(d)  | 647981  | 637426  |
|  Dryden Senior Loan Fund:  |  |  |
|  Series 2018-58A Class A1, 3 month U.S. LIBOR + 1.000% 5.0791% 7/17/31 (b)(c)(d)  | 813000  | 800548  |
|  Series 2020-78A Class A, 3 month U.S. LIBOR + 1.180% 5.2591% 4/17/33 (b)(c)(d)  | 539984  | 528484  |
|  Series 2021-85A Class AR, 3 month U.S. LIBOR + 1.150% 5.2291% 10/15/35 (b)(c)(d)  | 702984  | 682819  |
|  Series 2021-90A Class A1A, 3 month U.S. LIBOR + 1.130% 5.8054% 2/20/35 (b)(c)(d)  | 418048  | 405445  |
|  Eaton Vance CLO, Ltd.:  |  |  |
|  Series 2021-1A Class AR, 3 month U.S. LIBOR + 1.100% 5.1791% 4/15/31 (b)(c)(d)  | 362417  | 355457  |
|  Series 2021-2A Class AR, 3 month U.S. LIBOR + 1.150% 5.2291% 1/15/35 (b)(c)(d)  | 1957851  | 1910481  |
|  Flatiron CLO Ltd. Series 2021-1A:  |  |  |
|  Class A1, 3 month U.S. LIBOR + 1.110% 5.3366% 7/19/34 (b)(c)(d)  | 570249  | 556305  |
|  Class AR, 3 month U.S. LIBOR + 1.080% 5.7239% 11/16/34 (b)(c)(d)  | 816255  | 796433  |
|  Flatiron CLO Ltd. / Flatiron CLO LLC Series 2020-1A Class A, 3 month U.S. LIBOR + 1.300% 5.9754% 11/20/33 (b)(c)(d)  | 1017886  | 994782  |
|  Ford Credit Auto Lease Trust Series 2021-A Class A3, 0.26% 2/15/24  | 176182  | 175760  |
|  Ford Credit Floorplan Master Owner Trust Series 2018-2 Class A, 3.17% 3/15/25  | 522000  | 519848  |
|  GM Financial Consumer Automobile Receivables Trust Series 2021-1 Class A3, 0.35% 10/16/25  | 511429  | 494774  |
|  Horizon Aircraft Finance I Ltd. Series 2018-1 Class A, 4.458% 12/15/38 (b)  | 302665  | 247882  |
|  Horizon Aircraft Finance Ltd. Series 2019-1 Class A, 3.721% 7/15/39 (b)  | 290402  | 228439  |
|  Invesco CLO Ltd. Series 2021-3A Class A, 3 month U.S. LIBOR + 1.130% 5.4546% 10/22/34 (b)(c)(d)  | 560077  | 543349  |
|  KKR CLO Ltd. Series 2022-41A Class A1, CME TERM SOFR 3 MONTH INDEX + 1.330% 5.1936% 4/15/35 (b)(c)(d)  | 1298569  | 1250744  |
|  Lucali CLO Ltd. Series 2021-1A Class A, 3 month U.S. LIBOR + 1.210% 5.2891% 1/15/33 (b)(c)(d)  | 401849  | 396375  |
|  Madison Park Funding Series 2020-19A Class A1R2, 3 month U.S. LIBOR + 0.920% 5.2446% 1/22/28 (b)(c)(d)  | 540336  | 534351  |
|  Madison Park Funding L Ltd. / Madison Park Funding L LLC Series 2021-50A Class A, 3 month U.S. LIBOR + 1.140% 5.3666% 4/19/34 (b)(c)(d)  | 1795369  | 1756185  |
|  Madison Park Funding LII Ltd. / Madison Park Funding LII LLC Series 2021-52A Class A, 3 month U.S. LIBOR + 1.100% 5.4246% 1/22/35 (b)(c)(d)  | 910439  | 881287  |
|  Madison Park Funding XLV Ltd./Madison Park Funding XLV LLC Series 2021-45A Class AR, 3 month U.S. LIBOR + 1.120% 5.1991% 7/15/34 (b)(c)(d)  | 569118  | 554826  |
|  Magnetite IX, Ltd. / Magnetite IX LLC Series 2021-30A Class A, 3 month U.S. LIBOR + 1.130% 5.4884% 10/25/34 (b)(c)(d)  | 965191  | 939787  |
|  Magnetite XXI Ltd. Series 2021-21A Class AR, 3 month U.S. LIBOR + 1.020% 5.2626% 4/20/34 (b)(c)(d)  | 746434  | 727437  |
|  Magnetite XXIX, Ltd. / Magnetite XXIX LLC Series 2021-29A Class A, 3 month U.S. LIBOR + 0.990% 5.0691% 1/15/34 (b)(c)(d)  | 779838  | 764870  |
|  Marlette Funding Trust Series 2022-1A Class A, 1.36% 4/15/32 (b)  | 566217  | 555001  |
|  Mercedes-Benz Auto Lease Trust Series 2021-A Class A3, 0.25% 1/16/24  | 413595  | 409246  |
|  Milos CLO, Ltd. Series 2020-1A Class AR, 3 month U.S. LIBOR + 1.070% 5.3126% 10/20/30 (b)(c)(d)  | 2190762  | 2159438  |
|  Park Place Securities, Inc. Series 2005-WCH1 Class M4, 1 month U.S. LIBOR + 1.240% 5.6337% 1/25/36 (c)(d)  | 20147  | 19691  |
|  Peace Park CLO, Ltd. Series 2021-1A Class A, 3 month U.S. LIBOR + 1.130% 5.3726% 10/20/34 (b)(c)(d)  | 1605558  | 1563295  |
|  Planet Fitness Master Issuer LLC:  |  |  |
|  Series 2019-1A Class A2, 3.858% 12/5/49 (b)  | 590730  | 484960  |
|  Series 2022-1A:  |  |  |
|  Class A2I, 3.251% 12/5/51 (b) <br>| 647110  | 562419  |
|  Class A2II, 4.008% 12/5/51 (b) <br>| 578628  | 451951  |
|  Project Silver Series 2019-1 Class A, 3.967% 7/15/44 (b)  | 545707  | 429916  |
|  Rockland Park CLO Ltd. Series 2021-1A Class A, 3 month U.S. LIBOR + 1.120% 5.3626% 4/20/34 (b)(c)(d)  | 1066406  | 1040665  |
|  RR 7 Ltd. Series 2022-7A Class A1AB, CME TERM SOFR 3 MONTH INDEX + 1.340% 5.2036% 1/15/37 (b)(c)(d)  | 1078307  | 1051579  |
|  Sapphire Aviation Finance Series 2020-1A Class A, 3.228% 3/15/40 (b)  | 574159  | 434538  |
|  SBA Tower Trust:  |  |  |
|  Series 2019, 2.836% 1/15/50 (b)  | 779000  | 734635  |
|  1.884% 7/15/50 (b)  | 300000  | 264103  |
|  2.328% 7/15/52 (b)  | 229000  | 192027  |
|  Stratus CLO, Ltd. Series 2022-1A Class A, CME TERM SOFR 3 MONTH INDEX + 1.750% 5.7133% 7/20/30 (b)(c)(d)  | 477240  | 470747  |
|  SYMP Series 2022-32A Class A1, CME TERM SOFR 3 MONTH INDEX + 1.320% 5.3575% 4/23/35 (b)(c)(d)  | 1115802  | 1090193  |
|  Symphony CLO XIX, Ltd. / Symphony CLO XIX LLC Series 2018-19A Class A, 3 month U.S. LIBOR + 0.960% 5.0391% 4/16/31 (b)(c)(d)  | 6449000  | 6342572  |
|  Symphony CLO XXV Ltd. / Symphony CLO XXV LLC Series 2021-25A Class A, 3 month U.S. LIBOR + 0.980% 5.2066% 4/19/34 (b)(c)(d)  | 947359  | 919138  |
|  Symphony CLO XXVI Ltd. / Symphony CLO XXVI LLC Series 2021-26A Class AR, 3 month U.S. LIBOR + 1.080% 5.3226% 4/20/33 (b)(c)(d)  | 875909  | 850770  |
|  Terwin Mortgage Trust Series 2003-4HE Class A1, 1 month U.S. LIBOR + 0.860% 5.2487% 9/25/34 (c)(d)  | 873  | 823  |
|  Thunderbolt Aircraft Lease Ltd. Series 2018-A Class A, 4.147% 9/15/38 (b)(c)  | 633279  | 479728  |
|  Thunderbolt III Aircraft Lease Ltd. Series 2019-1 Class A, 3.671% 11/15/39 (b)  | 867495  | 681009  |
|  Upstart Securitization Trust 3.12% 3/20/32 (b)  | 256668  | 247328  |
|  Valley Stream Park Clo Ltd. / Vy Series 2022-1A Class A, CME TERM SOFR 3 MONTH INDEX + 2.400% 6.4714% 10/20/34 (b)(c)(d)  | 2667000  | 2657607  |
|  Verizon Master Trust Series 2021-1 Class B, 0.69% 5/20/27  | 2008000  | 1882686  |
|  Voya CLO Ltd. Series 2019-2A Class A, 3 month U.S. LIBOR + 1.270% 5.5126% 7/20/32 (b)(c)(d)  | 822785  | 808305  |
|  Voya CLO Ltd./Voya CLO LLC:  |  |  |
|  Series 2021-2A Class A1R, 3 month U.S. LIBOR + 1.160% 5.3866% 7/19/34 (b)(c)(d)  | 522906  | 511694  |
|  Series 2021-3A Class AR, 3 month U.S. LIBOR + 1.150% 5.3926% 10/20/34 (b)(c)(d)  | 1070174  | 1041190  |
|  Voya CLO, Ltd. Series 2021-1A Class AR, 3 month U.S. LIBOR + 1.150% 5.2291% 7/16/34 (b)(c)(d)  | 528055  | 514684  |
| <br> **TOTAL ASSET-BACKED SECURITIES** <br> (Cost $106,450,076)  |  | **104706454**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Collateralized Mortgage Obligations - 0.6%**  | &nbsp;&nbsp; **Collateralized Mortgage Obligations - 0.6%**  | &nbsp;&nbsp; **Collateralized Mortgage Obligations - 0.6%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
| Private Sponsor - 0.6%  |  |  |
|  Binom Securitization Trust 202 Series 2022-RPL1 Class A1, 3% 2/25/61 (b)  | 699796  | 625032  |
|  BRAVO Residential Funding Trust sequential payer Series 2022-RPL1 Class A1, 2.75% 9/25/61 (b)  | 1028721  | 849528  |
|  BVEBO sequential payer Series 2022-3 Class A, 3.242% 5/29/52 (b)  | 2366738  | 2340155  |
|  Cascade Funding Mortgage Trust:  |  |  |
|  sequential payer Series 2022-EBO2 Class A, 3.169% 7/25/54 (b)  | 363959  | 351406  |
|  Series 2021-HB6 Class A, 0.8983% 6/25/36 (b)  | 443611  | 419683  |
|  CFMT 2022-Hb8 LLC sequential payer Series 2022-HB8 Class A, 3.75% 4/25/25 (b)  | 2846499  | 2733357  |
|  Finance of America HECM Buyout sequential payer Series 2022-HB1 Class A, 2.6948% 2/25/32 (b)(c)  | 1059294  | 1020872  |
|  MFA Trust sequential payer Series 2022-RPL1 Class A1, 3.3% 8/25/61 (b)  | 3459930  | 3112927  |
|  NYMT Loan Trust sequential payer Series 2021-CP1 Class A1, 2.0424% 7/25/61 (b)  | 386966  | 340971  |
|  Preston Ridge Partners Mortgage Trust Series 2021-2 Class A1, 2.115% 3/25/26 (b)  | 653521  | 593275  |
|  RMF Buyout Issuance Trust sequential payer Series 2022-HB1 Class A, 4.272% 4/25/32 (b)  | 276137  | 266235  |
|  Towd Point Mortgage Trust sequential payer Series 2022-K147 Class A2, 3.75% 7/25/62 (b)  | 3559020  | 3214646  |
|  TOTAL PRIVATE SPONSOR  |  | 15868087  |
| U.S. Government Agency - 0.0%  |  |  |
|  Fannie Mae planned amortization class:  |  |  |
|  Series 1999-54 Class PH, 6.5% 11/18/29  | 3174  | 3185  |
|  Series 1999-57 Class PH, 6.5% 12/25/29  | 8821  | 8935  |
|  TOTAL U.S. GOVERNMENT AGENCY  |  | 12120  |
| <br> **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br> (Cost $16,642,079)  |  | <br> **15880207**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Commercial Mortgage Securities - 4.5%**  | &nbsp;&nbsp; **Commercial Mortgage Securities - 4.5%**  | &nbsp;&nbsp; **Commercial Mortgage Securities - 4.5%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  BAMLL Commercial Mortgage Securities Trust:  |  |  |
|  floater Series 2022-DKLX Class A, CME Term SOFR 1 Month Index + 1.150% 5.486% 1/15/39 (b)(c)(d)  | 497039  | 480935  |
|  sequential payer Series 2019-BPR Class ANM, 3.112% 11/5/32 (b)  | 484000  | 447404  |
|  Series 2019-BPR Class BNM, 3.465% 11/5/32 (b)  | 109000  | 96341  |
|  BANK:  |  |  |
|  sequential payer:  |  |  |
|  Series 2017-BNK4 Class ASB, 3.419% 5/15/50 <br>| 550052  | 526321  |
|  Series 2018-BN10 Class A5, 3.688% 2/15/61 <br>| 48347  | 45108  |
|  Series 2019-BN21 Class A5, 2.851% 10/17/52 <br>| 82630  | 71569  |
|  Series 2020-BN25 Class A5, 2.649% 1/15/63 <br>| 462410  | 393922  |
|  Series 2020-BN28 Class A4, 1.844% 3/15/63 <br>| 1148351  | 911411  |
|  Series 2021-BN35 Class A5, 2.285% 6/15/64 <br>| 567169  | 457756  |
|  Series 2022-BNK41 Class A4, 3.79% 4/15/65 (c) <br>| 963521  | 878111  |
|  Series 2022-BNK43 Class A5, 4.399% 8/15/55 <br>| 1300000  | 1236857  |
|  Series 2021-BN33 Class XA, 1.0579% 5/15/64 (c)(h)  | 12058464  | 704431  |
|  BBCMS Mortgage Trust sequential payer Series 2021-C11 Class A5, 2.322% 9/15/54  | 722307  | 583904  |
|  Benchmark Mortgage Trust:  |  |  |
|  sequential payer:  |  |  |
|  Series 2018-B4 Class A5, 4.121% 7/15/51 <br>| 172167  | 164126  |
|  Series 2019-B10 Class A4, 3.717% 3/15/62 <br>| 159609  | 147705  |
|  Series 2020-B19 Class A5, 1.85% 9/15/53 <br>| 468749  | 376825  |
|  Series 2021-B24 Class A5, 2.5843% 3/15/54 <br>| 700621  | 583342  |
|  Series 2021-B28 Class A5, 2.2237% 8/15/54 <br>| 2250000  | 1802182  |
|  Series 2018-B8 Class A5, 4.2317% 1/15/52  | 1180306  | 1127860  |
|  Series 2019-B12 Class A5, 3.1156% 8/15/52  | 726144  | 647199  |
|  Series 2019-B9 Class A5, 4.0156% 3/15/52  | 642936  | 606788  |
|  BFLD Trust floater sequential payer Series 2020-OBRK Class A, 1 month U.S. LIBOR + 2.050% 6.368% 11/15/28 (b)(c)(d)  | 441000  | 435842  |
|  BPR Trust floater Series 2022-OANA:  |  |  |
|  Class A, CME Term SOFR 1 Month Index + 1.890% 6.2336% 4/15/37 (b)(c)(d)  | 2535445  | 2474587  |
|  Class B, CME Term SOFR 1 Month Index + 2.440% 6.7826% 4/15/37 (b)(c)(d)  | 841247  | 790370  |
|  BX Commercial Mortgage Trust floater:  |  |  |
|  Series 2021-PAC:  |  |  |
|  Class A, 1 month U.S. LIBOR + 0.680% 5.0071% 10/15/36 (b)(c)(d) <br>| 1109960  | 1065417  |
|  Class B, 1 month U.S. LIBOR + 0.890% 5.2168% 10/15/36 (b)(c)(d) <br>| 162246  | 153497  |
|  Class C, 1 month U.S. LIBOR + 1.090% 5.4166% 10/15/36 (b)(c)(d) <br>| 217124  | 204055  |
|  Class D, 1 month U.S. LIBOR + 1.290% 5.6163% 10/15/36 (b)(c)(d) <br>| 210720  | 196055  |
|  Class E, 1 month U.S. LIBOR + 1.940% 6.2655% 10/15/36 (b)(c)(d) <br>| 732746  | 684509  |
|  Series 2022-LP2:  |  |  |
|  Class A, CME Term SOFR 1 Month Index + 1.010% 5.3485% 2/15/39 (b)(c)(d) <br>| 2110234  | 2033299  |
|  Class B, CME Term SOFR 1 Month Index + 1.310% 5.6479% 2/15/39 (b)(c)(d) <br>| 412006  | 390742  |
|  Class C, CME Term SOFR 1 Month Index + 1.560% 5.8973% 2/15/39 (b)(c)(d) <br>| 412006  | 387974  |
|  Class D, CME Term SOFR 1 Month Index + 1.960% 6.2964% 2/15/39 (b)(c)(d) <br>| 412006  | 383651  |
|  BX Trust:  |  |  |
|  floater:  |  |  |
|  Series 2018-EXCL Class D, 1 month U.S. LIBOR + 2.620% 6.943% 9/15/37 (b)(c)(d) <br>| 186445  | 166252  |
|  Series 2019-IMC: <br>|  |  |
|  Class B, 1 month U.S. LIBOR + 1.300% 5.618% 4/15/34 (b)(c)(d)  | 412398  | 397907  |
|  Class C, 1 month U.S. LIBOR + 1.600% 5.918% 4/15/34 (b)(c)(d)  | 272629  | 260874  |
|  Class D, 1 month U.S. LIBOR + 1.900% 6.218% 4/15/34 (b)(c)(d)  | 286192  | 268541  |
|  Series 2019-XL: <br>|  |  |
|  Class B, CME Term SOFR 1 Month Index + 1.190% 5.5301% 10/15/36 (b)(c)(d)  | 4695086  | 4612323  |
|  Class C, CME Term SOFR 1 Month Index + 1.360% 5.7001% 10/15/36 (b)(c)(d)  | 415223  | 404768  |
|  Class D, CME Term SOFR 1 Month Index + 1.560% 5.9001% 10/15/36 (b)(c)(d)  | 1077637  | 1043379  |
|  Class E, CME Term SOFR 1 Month Index + 1.910% 6.2501% 10/15/36 (b)(c)(d)  | 826282  | 797415  |
|  Series 2022-GPA Class A, CME Term SOFR 1 Month Index + 2.160% 6.5006% 10/15/39 (b)(c)(d) <br>| 1629000  | 1618799  |
|  Series 2022-IND: <br>|  |  |
|  Class A, CME Term SOFR 1 Month Index + 1.490% 5.8167% 4/15/37 (b)(c)(d)  | 975577  | 954800  |
|  Class B, CME Term SOFR 1 Month Index + 1.940% 6.2657% 4/15/37 (b)(c)(d)  | 497343  | 481456  |
|  Class C, CME Term SOFR 1 Month Index + 2.290% 6.6157% 4/15/37 (b)(c)(d)  | 112287  | 107083  |
|  Class D, CME Term SOFR 1 Month Index + 2.830% 7.1647% 4/15/37 (b)(c)(d)  | 94023  | 88724  |
|  floater sequential payer Series 2021-SOAR Class A, 4.988% 6/15/38 (b)(c)  | 5201206  | 5009651  |
|  floater, sequential payer:  |  |  |
|  Series 2019-IMC Class A, 1 month U.S. LIBOR + 1.000% 5.318% 4/15/34 (b)(c)(d) <br>| 1194934  | 1166994  |
|  Series 2019-XL Class A, CME Term SOFR 1 Month Index + 1.030% 5.3701% 10/15/36 (b)(c)(d) <br>| 2806287  | 2771688  |
|  CAMB Commercial Mortgage Trust floater Series 2019-LIFE:  |  |  |
|  Class A, 1 month U.S. LIBOR + 1.070% 5.388% 12/15/37 (b)(c)(d)  | 2145000  | 2112638  |
|  Class B, 1 month U.S. LIBOR + 1.250% 5.568% 12/15/37 (b)(c)(d)  | 1400000  | 1363063  |
|  Class E, 1 month U.S. LIBOR + 2.150% 6.468% 12/15/37 (b)(c)(d)  | 520000  | 497797  |
|  CF Hippolyta Issuer LLC sequential payer Series 2021-1A Class A1, 1.53% 3/15/61 (b)  | 1206623  | 1044431  |
|  CHC Commercial Mortgage Trust floater Series 2019-CHC:  |  |  |
|  Class A, 1 month U.S. LIBOR + 1.120% 5.438% 6/15/34 (b)(c)(d)  | 990612  | 966685  |
|  Class B, 1 month U.S. LIBOR + 1.500% 5.818% 6/15/34 (b)(c)(d)  | 195056  | 185578  |
|  Class C, 1 month U.S. LIBOR + 1.750% 6.068% 6/15/34 (b)(c)(d)  | 220357  | 204507  |
|  CIM Retail Portfolio Trust floater Series 2021-RETL:  |  |  |
|  Class C, 1 month U.S. LIBOR + 2.300% 6.618% 8/15/36 (b)(c)(d)  | 10486  | 10389  |
|  Class D, 1 month U.S. LIBOR + 3.050% 7.368% 8/15/36 (b)(c)(d)  | 144000  | 140195  |
|  Citigroup Commercial Mortgage Trust sequential payer:  |  |  |
|  Series 2014-GC25 Class A4, 3.635% 10/10/47  | 825999  | 794690  |
|  Series 2015-GC29 Class A4, 3.192% 4/10/48  | 311943  | 294969  |
|  Series 2015-P1 Class A5, 3.717% 9/15/48  | 160809  | 153144  |
|  Series 2016-C1 Class A4, 3.209% 5/10/49  | 508851  | 473683  |
|  Series 2016-P4 Class A4, 2.902% 7/10/49  | 589456  | 541166  |
|  COMM Mortgage Trust:  |  |  |
|  sequential payer:  |  |  |
|  Series 2013-CR7 Class A4, 3.213% 3/10/46 <br>| 217568  | 216118  |
|  Series 2014-CR18 Class A5, 3.828% 7/15/47 <br>| 158730  | 154026  |
|  Series 2015-3BP Class A, 3.178% 2/10/35 (b) <br>| 900000  | 832299  |
|  Series 2013-CR13 Class AM, 4.449% 11/10/46  | 738856  | 724665  |
|  Series 2013-CR6 Class A4, 3.101% 3/10/46  | 248872  | 248073  |
|  Series 2013-LC13 Class AM, 4.557% 8/10/46 (b)  | 452842  | 445249  |
|  Series 2014-CR14 Class AM, 4.526% 2/10/47 (c)  | 909306  | 887989  |
|  Series 2015-CR22 Class A5, 3.309% 3/10/48  | 532572  | 507067  |
|  Credit Suisse Mortgage Trust:  |  |  |
|  floater Series 2019-ICE4:  |  |  |
|  Class A, 1 month U.S. LIBOR + 0.980% 5.298% 5/15/36 (b)(c)(d) <br>| 500000  | 494483  |
|  Class B, 1 month U.S. LIBOR + 1.230% 5.548% 5/15/36 (b)(c)(d) <br>| 522000  | 512777  |
|  Class C, 1 month U.S. LIBOR + 1.430% 5.748% 5/15/36 (b)(c)(d) <br>| 816000  | 799650  |
|  sequential payer Series 2020-NET Class A, 2.2569% 8/15/37 (b)  | 242022  | 216355  |
|  Series 2018-SITE:  |  |  |
|  Class A, 4.284% 4/15/36 (b) <br>| 462377  | 441122  |
|  Class B, 4.5349% 4/15/36 (b) <br>| 142154  | 133808  |
|  Class D, 4.782% 4/15/36 (b)(c) <br>| 190753  | 175791  |
|  CSAIL Commercial Mortgage Trust sequential payer:  |  |  |
|  Series 2015-C3 Class A4, 3.7182% 8/15/48  | 344472  | 328123  |
|  Series 2019-C17:  |  |  |
|  Class A4, 2.7628% 9/15/52 <br>| 516958  | 442659  |
|  Class A5, 3.0161% 9/15/52 <br>| 516958  | 447331  |
|  ELP Commercial Mortgage Trust floater Series 2021-ELP Class A, 1 month U.S. LIBOR + 0.700% 5.019% 11/15/38 (b)(c)(d)  | 1497765  | 1437638  |
|  Extended Stay America Trust floater Series 2021-ESH:  |  |  |
|  Class A, 1 month U.S. LIBOR + 1.080% 5.398% 7/15/38 (b)(c)(d)  | 779978  | 757475  |
|  Class B, 1 month U.S. LIBOR + 1.380% 5.698% 7/15/38 (b)(c)(d)  | 1574598  | 1513371  |
|  Class C, 1 month U.S. LIBOR + 1.700% 6.018% 7/15/38 (b)(c)(d)  | 203048  | 194898  |
|  Class D, 1 month U.S. LIBOR + 2.250% 6.568% 7/15/38 (b)(c)(d)  | 11297473  | 10815696  |
|  Freddie Mac:  |  |  |
|  sequential payer:  |  |  |
|  Series 2016-K057 Class A2, 2.57% 7/25/26 <br>| 437441  | 410413  |
|  Series 2020-K104 Class A2, 2.253% 1/25/30 <br>| 2053820  | 1784765  |
|  Series 2020-K116 Class A2, 1.378% 7/25/30 <br>| 1745881  | 1401768  |
|  Series 2020-K117 Class A2, 1.406% 8/25/30 <br>| 890789  | 715229  |
|  Series 2020-K118 Class A2, 1.493% 9/25/30 <br>| 423042  | 341165  |
|  Series 2020-K121 Class A2, 1.547% 10/25/30 <br>| 593860  | 479389  |
|  Series 2021-K125 Class A2, 1.846% 1/25/31 <br>| 230204  | 189378  |
|  Series 2021-K126 Class A2, 2.074% 1/25/31 <br>| 327624  | 274852  |
|  Series 2021-K130 Class A2, 1.723% 6/25/31 <br>| 281917  | 228196  |
|  Series 2021-K136 Class A2, 2.127% 11/25/31 <br>| 1500998  | 1245552  |
|  Series K034 Class A2, 3.531% 7/25/23 <br>| 245592  | 243461  |
|  Series K080 Class A2, 3.926% 7/25/28 <br>| 454836  | 443438  |
|  Series 2017-K064 Class A2, 3.224% 3/25/27  | 472919  | 450653  |
|  Series 2017-K068 Class A2, 3.244% 8/25/27  | 652712  | 620724  |
|  Series 2017-K727 Class A2, 2.946% 7/25/24  | 633414  | 614953  |
|  Series 2018-K730 Class A2, 3.59% 1/25/25  | 1022900  | 997099  |
|  Series 2019-K094 Class A2, 2.903% 6/25/29  | 1410116  | 1288137  |
|  Series 2019-K1510 Class A2, 3.718% 1/25/31  | 407161  | 380524  |
|  Series 2021-K123 Class A2, 1.621% 12/25/30  | 781693  | 633601  |
|  Series 2022-K150 Class A2, 3.71% 11/25/32  | 800000  | 752350  |
|  Series K036 Class A2, 3.527% 10/25/23  | 246051  | 243271  |
|  Series K046 Class A2, 3.205% 3/25/25  | 912976  | 883398  |
|  Series K047 Class A2, 3.329% 5/25/25  | 105827  | 102562  |
|  Series K053 Class A2, 2.995% 12/25/25  | 194973  | 186548  |
|  Series K056 Class A2, 2.525% 5/25/26  | 568904  | 533814  |
|  Series K062 Class A1, 3.032% 9/25/26  | 283793  | 276025  |
|  Series K079 Class A2, 3.926% 6/25/28  | 213322  | 208122  |
|  GS Mortgage Securities Trust:  |  |  |
|  floater:  |  |  |
|  Series 2018-3PCK Class A, 1 month U.S. LIBOR + 1.700% 6.268% 9/15/31 (b)(c)(d) <br>| 381815  | 374311  |
|  Series 2021-IP Class A, 1 month U.S. LIBOR + 0.950% 5.268% 10/15/36 (b)(c)(d) <br>| 1163563  | 1084800  |
|  sequential payer:  |  |  |
|  Series 2014-GC26 Class A4, 3.364% 11/10/47 <br>| 465276  | 446121  |
|  Series 2020-GC45 Class A5, 2.9106% 2/13/53 <br>| 1245771  | 1071268  |
|  Series 2013-GC12 Class A/S, 3.375% 6/10/46  | 2410418  | 2380436  |
|  Intown Mortgage Trust floater sequential payer Series 2022-STAY Class A, CME Term SOFR 1 Month Index + 2.480% 6.8246% 8/15/39 (b)(c)(d)  | 3000000  | 2980274  |
|  J.P. Morgan Chase Commercial Mortgage Securities Trust floater Series 2012-NLP Class A, CME Term SOFR 1 Month Index + 0.590% 4.9321% 4/15/37 (b)(c)(d)  | 324490  | 300096  |
|  JPMBB Commercial Mortgage Securities Trust:  |  |  |
|  sequential payer:  |  |  |
|  Series 2014-C21 Class A5, 3.7748% 8/15/47 <br>| 925287  | 898146  |
|  Series 2014-C23 Class A5, 3.9342% 9/15/47 <br>| 261832  | 253688  |
|  Series 2014-C24 Class A5, 3.6385% 11/15/47 <br>| 714600  | 687094  |
|  Series 2015-C29 Class A4, 3.6108% 5/15/48 <br>| 246754  | 234998  |
|  Series 2013-C17 Class A/S, 4.4584% 1/15/47  | 1032479  | 1008517  |
|  JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class ASB, 3.4743% 12/15/49  | 652083  | 626811  |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-WPT:  |  |  |
|  Class DFX, 5.3503% 7/5/33 (b)  | 158353  | 137844  |
|  Class EFX, 5.3635% 7/5/33 (b)(c)  | 192511  | 166029  |
|  Life Financial Services Trust floater Series 2022-BMR2:  |  |  |
|  Class A1, CME Term SOFR 1 Month Index + 1.290% 5.6309% 5/15/39 (b)(c)(d)  | 2976439  | 2901871  |
|  Class B, CME Term SOFR 1 Month Index + 1.790% 6.1295% 5/15/39 (b)(c)(d)  | 899162  | 871005  |
|  Class C, CME Term SOFR 1 Month Index + 2.090% 6.4287% 5/15/39 (b)(c)(d)  | 511349  | 494696  |
|  Class D, CME Term SOFR 1 Month Index + 2.540% 6.8775% 5/15/39 (b)(c)(d)  | 454472  | 435192  |
|  LIFE Mortgage Trust floater Series 2021-BMR:  |  |  |
|  Class A, 1 month U.S. LIBOR + 0.700% 5.018% 3/15/38 (b)(c)(d)  | 1213736  | 1175278  |
|  Class B, 1 month U.S. LIBOR + 0.880% 5.198% 3/15/38 (b)(c)(d)  | 217253  | 207575  |
|  Class C, 1 month U.S. LIBOR + 1.100% 5.418% 3/15/38 (b)(c)(d)  | 136648  | 129875  |
|  Class D, 1 month U.S. LIBOR + 1.400% 5.718% 3/15/38 (b)(c)(d)  | 190097  | 180078  |
|  Class E, 1 month U.S. LIBOR + 1.750% 6.068% 3/15/38 (b)(c)(d)  | 166149  | 157185  |
|  MHC Commercial Mortgage Trust floater sequential payer Series 2021-MHC Class A, 1 month U.S. LIBOR + 0.800% 5.119% 4/15/38 (b)(c)(d)  | 1033385  | 1002194  |
|  Morgan Stanley BAML Trust Series 2015-C20 Class A4, 3.249% 2/15/48  | 403691  | 384836  |
|  Morgan Stanley Capital I Trust:  |  |  |
|  floater Series 2018-BOP:  |  |  |
|  Class B, 1 month U.S. LIBOR + 1.250% 5.568% 8/15/33 (b)(c)(d) <br>| 433796  | 407198  |
|  Class C, 1 month U.S. LIBOR + 1.500% 5.818% 8/15/33 (b)(c)(d) <br>| 1044807  | 973305  |
|  sequential payer:  |  |  |
|  Series 2019-MEAD Class A, 3.17% 11/10/36 (b) <br>| 1052468  | 977249  |
|  Series 2020-L4 Class A3, 2.698% 2/15/53 <br>| 487766  | 411946  |
|  Series 2021-L6 Class A4, 2.444% 6/15/54 (c) <br>| 5000000  | 4016526  |
|  Series 2018-H4 Class A4, 4.31% 12/15/51  | 775945  | 736565  |
|  Series 2019-MEAD:  |  |  |
|  Class B, 3.1771% 11/10/36 (b)(c) <br>| 152075  | 137369  |
|  Class C, 3.1771% 11/10/36 (b)(c) <br>| 145921  | 127352  |
|  MSCCG Trust floater Series 2018-SELF Class A, 1 month U.S. LIBOR + 0.900% 5.218% 10/15/37 (b)(c)(d)  | 365549  | 358427  |
|  Natixis Commercial Mortgage Securities Trust sequential payer Series 2020-2PAC Class A, 2.966% 12/15/38 (b)  | 531500  | 491112  |
|  OPG Trust floater Series 2021-PORT Class A, 1 month U.S. LIBOR + 0.480% 4.802% 10/15/36 (b)(c)(d)  | 1309993  | 1251672  |
|  Prima Capital Ltd. floater sequential payer Series 2021-9A Class A, 1 month U.S. LIBOR + 1.450% 5.3886% 12/15/37 (b)(c)(d)  | 57034  | 56326  |
|  Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (b)  | 281370  | 287169  |
|  SPGN Mortgage Trust floater Series 2022-TFLM:  |  |  |
|  Class B, CME Term SOFR 1 Month Index + 2.000% 6.3356% 2/15/39 (b)(c)(d)  | 263000  | 247418  |
|  Class C, CME Term SOFR 1 Month Index + 2.650% 6.9856% 2/15/39 (b)(c)(d)  | 137000  | 127926  |
|  SREIT Trust floater:  |  |  |
|  Series 2021-FLWR Class A, 1 month U.S. LIBOR + 0.570% 4.8946% 7/15/36 (b)(c)(d)  | 813932  | 781261  |
|  Series 2021-MFP:  |  |  |
|  Class A, 1 month U.S. LIBOR + 0.730% 5.0487% 11/15/38 (b)(c)(d) <br>| 1011403  | 972720  |
|  Class B, 1 month U.S. LIBOR + 1.070% 5.3977% 11/15/38 (b)(c)(d) <br>| 579290  | 551687  |
|  Class C, 1 month U.S. LIBOR + 1.320% 5.6469% 11/15/38 (b)(c)(d) <br>| 359780  | 341735  |
|  Class D, 1 month U.S. LIBOR + 1.570% 5.8961% 11/15/38 (b)(c)(d) <br>| 236463  | 223417  |
|  VLS Commercial Mortgage Trust sequential payer Series 2020-LAB Class A, 2.13% 10/10/42 (b)  | 723328  | 558055  |
|  Wells Fargo Commercial Mortgage Trust:  |  |  |
|  floater Series 2021-FCMT Class A, 1 month U.S. LIBOR + 1.200% 5.518% 5/15/31 (b)(c)(d)  | 552000  | 518778  |
|  sequential payer:  |  |  |
|  Series 2015-C26 Class A4, 3.166% 2/15/48 <br>| 420434  | 399868  |
|  Series 2019-C52 Class A5, 2.892% 8/15/52 <br>| 887720  | 771055  |
|  Series 2019-C54 Class A4, 3.146% 12/15/52 <br>| 63390  | 55525  |
|  Series 2018-C48 Class A5, 4.302% 1/15/52  | 884202  | 840208  |
|  Wells Fargo Commercial Mtg Trust 2020-C sequential payer Series 2020-C55 Class A5, 2.725% 2/15/53  | 438989  | 373006  |
|  WF-RBS Commercial Mortgage Trust Series 2014-C25 Class A5, 3.631% 11/15/47  | 396151  | 380363  |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES** <br> (Cost $130,564,684)  |  | **127045190**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Municipal Securities - 0.6%**  | &nbsp;&nbsp; **Municipal Securities - 0.6%**  | &nbsp;&nbsp; **Municipal Securities - 0.6%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  American Muni. Pwr., Inc. Rev. (Combined Hydroelectric Proj.) Series 2010 B, 8.084% 2/15/50  | 265000  | 340899  |
|  Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev.:  |  |  |
|  Series 2009 F2, 6.263% 4/1/49  | 130000  | 147379  |
|  Series 2010 S1, 7.043% 4/1/50  | 195000  | 239711  |
|  California Gen. Oblig.:  |  |  |
|  Series 2009:  |  |  |
|  7.35% 11/1/39 <br>| 100000  | 122067  |
|  7.55% 4/1/39 <br>| 1130000  | 1414344  |
|  Series 2010, 7.6% 11/1/40  | 355000  | 454811  |
|  Series 2018, 3.5% 4/1/28  | 355000  | 333177  |
|  California State Univ. Rev. Series 2021 B, 2.719% 11/1/52  | 235000  | 158335  |
|  Chicago Gen. Oblig. (Taxable Proj.) Series 2010 C1, 7.781% 1/1/35  | 370000  | 401539  |
|  Chicago O'Hare Int'l. Arpt. Rev. Series 2010 B, 6.395% 1/1/40  | 250000  | 279440  |
|  Commonwealth Fing. Auth. Rev. Series 2016 A, 4.144% 6/1/38  | 210000  | 187919  |
|  Dallas Area Rapid Transit Sales Tax Rev. Series 2021 A, 2.613% 12/1/48  | 435000  | 286381  |
|  Dallas Fort Worth Int'l. Arpt. Rev.:  |  |  |
|  Series 2019 A, 3.144% 11/1/45  | 65000  | 48695  |
|  Series 2021 C, 2.843% 11/1/46  | 400000  | 287031  |
|  Series 2022 A, 4.507% 11/1/51  | 155000  | 139317  |
|  Golden State Tobacco Securitization Corp. Tobacco Settlement Rev. Series 2021 B:  |  |  |
|  2.746% 6/1/34  | 175000  | 140435  |
|  3.293% 6/1/42  | 85000  | 62884  |
|  Idaho Energy Resources Auth. Series 2021, 2.861% 9/1/46  | 100000  | 67956  |
|  Illinois Gen. Oblig.:  |  |  |
|  Series 2003:  |  |  |
|  4.95% 6/1/23 <br>| 169091  | 169179  |
|  5.1% 6/1/33 <br>| 1355000  | 1300446  |
|  Series 2010-1, 6.63% 2/1/35  | 1545000  | 1566179  |
|  Series 2010-3:  |  |  |
|  6.725% 4/1/35 <br>| 1190000  | 1212227  |
|  7.35% 7/1/35 <br>| 645357  | 678932  |
|  Kansas St Dev. Fin. Auth. Rev. Series 2015 H, 4.927% 4/15/45  | 210000  | 198352  |
|  Los Angeles Cmnty. College District Series 2008 E, 6.75% 8/1/49  | 260000  | 323219  |
|  Los Angeles Dept. Arpt. Rev. Series 2009 C, 6.582% 5/15/39  | 130000  | 141702  |
|  Massachusetts Gen. Oblig. Series F, 3.277% 6/1/46  | 130000  | 98821  |
|  Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Series 2021 C, 2.823% 8/1/41  | 155000  | 114042  |
|  Michigan Strategic Fund Ltd. Oblig. Rev. Series 2021 A, 3.225% 9/1/47  | 235000  | 169251  |
|  New Jersey Econ. Dev. Auth. State Pension Fdg. Rev. Series 1997, 7.425% 2/15/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured)  | 942000  | 1014065  |
|  New Jersey Tpk. Auth. Tpk. Rev. Series 2009 E, 7.414% 1/1/40  | 129000  | 159913  |
|  New Jersey Trans. Trust Fund Auth. Series B:  |  |  |
|  4.081% 6/15/39  | 395000  | 326685  |
|  4.131% 6/15/42  | 395000  | 317271  |
|  New York City Muni. Wtr. Fin. Auth. Series 2010 DD, 5.952% 6/15/42  | 245000  | 270243  |
|  New York City Transitional Fin. Auth. Rev. Series 2011 A, 5.508% 8/1/37  | 295000  | 302793  |
|  New York Metropolitan Trans. Auth. Rev. Series 2010 A, 6.668% 11/15/39  | 170000  | 175590  |
|  New York State Dorm. Auth. Series 2021 C, 2.202% 3/15/34  | 560000  | 426981  |
|  Port Auth. of New York & New Jersey:  |  |  |
|  Series 180, 4.96% 8/1/46  | 140000  | 135865  |
|  Series 2010 164, 5.647% 11/1/40  | 145000  | 151417  |
|  Series 225, 3.175% 7/15/60  | 635000  | 410238  |
|  Port of Morrow Transmission Facilities Rev. (Bonneville Coorporation Proj.) Series 2016 1, 2.987% 9/1/36  | 155000  | 119352  |
|  San Francisco Pub. Utils. Commission Wtr. Rev. Series 2010 E, 6% 11/1/40  | 175000  | 188695  |
|  South Carolina Pub. Svc. Auth. Rev. Series 2013 C, 5.784% 12/1/41  | 310000  | 302120  |
|  Univ. of California Regents Med. Ctr. Pool Rev. Series N:  |  |  |
|  3.006% 5/15/50  | 360000  | 237740  |
|  3.256% 5/15/60  | 365000  | 236536  |
|  Univ. of California Revs.:  |  |  |
|  Series 2009 R, 5.77% 5/15/43  | 30000  | 31568  |
|  Series 2015 AP, 3.931% 5/15/45  | 105000  | 91759  |
|  Univ. of Virginia Gen. Rev.:  |  |  |
|  (Multi-Year Cap. Proj. Fing. Prog.) Series 2017 C, 4.179% 9/1/2117  | 130000  | 99147  |
|  Series 2021 B, 2.584% 11/1/51  | 65000  | 42362  |
| <br> **TOTAL MUNICIPAL SECURITIES** <br> (Cost $17,627,330)  |  | **16125010**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Foreign Government and Government Agency Obligations - 0.8%**  | &nbsp;&nbsp; **Foreign Government and Government Agency Obligations - 0.8%**  | &nbsp;&nbsp; **Foreign Government and Government Agency Obligations - 0.8%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  Alberta Province:  |  |  |
|  1% 5/20/25  | 968000  | 890163  |
|  3.3% 3/15/28  | 274000  | 259464  |
|  British Columbia Province 2.25% 6/2/26  | 654000  | 609639  |
|  Chilean Republic:  |  |  |
|  2.55% 7/27/33  | 854000  | 667615  |
|  3.24% 2/6/28  | 318000  | 294607  |
|  3.625% 10/30/42  | 358000  | 273378  |
|  Emirate of Abu Dhabi 3.875% 4/16/50 (b)  | 716000  | 603364  |
|  Export Development Canada 2.625% 2/21/24  | 320000  | 310605  |
|  Hungarian Republic:  |  |  |
|  5.75% 11/22/23  | 518000  | 518259  |
|  7.625% 3/29/41  | 200000  | 218038  |
|  Indonesian Republic:  |  |  |
|  2.85% 2/14/30  | 961000  | 856972  |
|  3.5% 2/14/50  | 734000  | 545133  |
|  Israeli State:  |  |  |
|  3.25% 1/17/28  | 395000  | 374263  |
|  3.375% 1/15/50  | 813000  | 624360  |
|  Italian Republic:  |  |  |
|  2.875% 10/17/29  | 734000  | 607679  |
|  6.875% 9/27/23  | 165000  | 165909  |
|  Kingdom of Saudi Arabia:  |  |  |
|  3.25% 10/22/30 (b)  | 396000  | 359816  |
|  4.5% 4/22/60 (b)  | 301000  | 265877  |
|  Manitoba Province 3.05% 5/14/24  | 41000  | 40038  |
|  Ontario Province:  |  |  |
|  0.625% 1/21/26  | 70000  | 62238  |
|  1.125% 10/7/30  | 658000  | 517445  |
|  2.3% 6/15/26  | 391000  | 362762  |
|  2.5% 4/27/26  | 137000  | 128299  |
|  3.05% 1/29/24  | 320000  | 313830  |
|  Panamanian Republic:  |  |  |
|  3.16% 1/23/30  | 517000  | 443909  |
|  4.5% 4/16/50  | 353000  | 266250  |
|  4.5% 4/1/56  | 547000  | 401122  |
|  Peruvian Republic:  |  |  |
|  1.862% 12/1/32  | 689000  | 502884  |
|  2.392% 1/23/26  | 133000  | 122302  |
|  2.78% 12/1/60  | 113000  | 66091  |
|  2.844% 6/20/30  | 448000  | 378924  |
|  3.55% 3/10/51  | 517000  | 367329  |
|  4.125% 8/25/27  | 396000  | 379492  |
|  6.55% 3/14/37  | 84000  | 88610  |
|  7.35% 7/21/25  | 133000  | 139135  |
|  Polish Government:  |  |  |
|  3.25% 4/6/26  | 181000  | 173172  |
|  4% 1/22/24  | 992000  | 977616  |
|  Quebec Province:  |  |  |
|  1.5% 2/11/25  | 791000  | 743018  |
|  2.5% 4/20/26  | 322000  | 302010  |
|  2.75% 4/12/27  | 350000  | 328752  |
|  2.875% 10/16/24  | 57000  | 55202  |
|  State of Qatar 4.4% 4/16/50 (b)  | 893000  | 812797  |
|  United Mexican States:  |  |  |
|  3.25% 4/16/30  | 366000  | 318146  |
|  3.5% 2/12/34  | 1114000  | 893985  |
|  4.28% 8/14/41  | 1201000  | 923119  |
|  4.35% 1/15/47  | 395000  | 295707  |
|  4.5% 1/31/50  | 254000  | 193246  |
|  4.6% 2/10/48  | 481000  | 371512  |
|  4.75% 3/8/44  | 266000  | 214346  |
|  5.55% 1/21/45  | 107000  | 96053  |
|  6.05% 1/11/40  | 132000  | 128106  |
|  Uruguay Republic:  |  |  |
|  4.125% 11/20/45  | 130228  | 120461  |
|  4.375% 10/27/27  | 33363  | 33630  |
|  4.375% 1/23/31  | 434418  | 432463  |
|  4.975% 4/20/55  | 321625  | 309564  |
| <br> **TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS** <br> (Cost $22,475,956)  |  | **20748706**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Supranational Obligations - 0.6%**  | &nbsp;&nbsp; **Supranational Obligations - 0.6%**  | &nbsp;&nbsp; **Supranational Obligations - 0.6%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  African Development Bank 0.875% 7/22/26  | 419000  | 371222  |
|  Asian Development Bank:  |  |  |
|  0.375% 9/3/25  | 1103000  | 991401  |
|  0.5% 2/4/26  | 611000  | 543086  |
|  0.75% 10/8/30  | 534000  | 415856  |
|  1.5% 10/18/24  | 617000  | 583934  |
|  2% 4/24/26  | 173000  | 160794  |
|  2.5% 11/2/27  | 184000  | 170500  |
|  2.625% 1/30/24  | 412000  | 402310  |
|  2.625% 1/12/27  | 178000  | 167601  |
|  2.75% 1/19/28  | 1032000  | 965790  |
|  Corporacion Andina de Fomento 2.375% 5/12/23  | 741000  | 732597  |
|  European Investment Bank:  |  |  |
|  0.75% 9/23/30  | 762000  | 597754  |
|  0.875% 5/17/30  | 183000  | 145932  |
|  1.25% 2/14/31  | 331000  | 268976  |
|  1.375% 5/15/23  | 667000  | 658809  |
|  1.875% 2/10/25  | 82000  | 77759  |
|  2.25% 6/24/24  | 620000  | 599026  |
|  2.375% 5/24/27  | 110000  | 102139  |
|  2.5% 10/15/24  | 157000  | 151502  |
|  2.875% 8/15/23  | 290000  | 286678  |
|  3.125% 12/14/23  | 378000  | 372017  |
|  3.25% 1/29/24  | 55000  | 54092  |
|  Inter-American Development Bank:  |  |  |
|  0.625% 7/15/25  | 607000  | 552570  |
|  0.875% 4/20/26  | 1388000  | 1241841  |
|  1.75% 3/14/25  | 505000  | 476122  |
|  2% 6/2/26  | 110000  | 101889  |
|  2.125% 1/15/25  | 50000  | 47708  |
|  2.25% 6/18/29  | 524000  | 468079  |
|  2.375% 7/7/27  | 184000  | 170163  |
|  3% 10/4/23  | 98000  | 96568  |
|  4.375% 1/24/44  | 239000  | 234021  |
|  International Bank for Reconstruction & Development:  |  |  |
|  0.375% 7/28/25  | 717000  | 647939  |
|  0.5% 10/28/25  | 905000  | 813034  |
|  0.75% 8/26/30  | 454000  | 354125  |
|  0.875% 5/14/30  | 555000  | 440908  |
|  1.25% 2/10/31  | 497000  | 401106  |
|  1.5% 8/28/24  | 543000  | 515703  |
|  1.625% 1/15/25  | 488000  | 460945  |
|  1.875% 6/19/23  | 374000  | 369132  |
|  1.875% 10/27/26  | 130000  | 119001  |
|  2.5% 3/19/24  | 104000  | 101094  |
|  2.5% 11/25/24  | 156000  | 150097  |
|  2.5% 7/29/25  | 104000  | 99264  |
|  2.5% 3/29/32  | 1000000  | 877740  |
|  International Finance Corp.:  |  |  |
|  0.75% 8/27/30  | 303000  | 236090  |
|  2.875% 7/31/23  | 118000  | 116679  |
| <br> **TOTAL SUPRANATIONAL OBLIGATIONS** <br> (Cost $18,851,455)  |  | **17911593**  |

---

---

| | | |
|:---|:---|:---|
| &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>|
|  Citizens Bank NA:  |  |  |
|  2.25% 4/28/25  | 359000  | 334417  |
|  3.75% 2/18/26  | 370000  | 354629  |
|  Discover Bank:  |  |  |
|  3.35% 2/6/23  | 403000  | 402255  |
|  3.45% 7/27/26  | 350000  | 322274  |
|  4.682% 8/9/28 (c)  | 347000  | 333044  |
|  Regions Bank 6.45% 6/26/37  | 969000  | 1007570  |
|  Truist Bank 3.3% 5/15/26  | 208000  | 194554  |
|  U.S. Bank NA, Cincinnati 3.4% 7/24/23  | 274000  | 271498  |
| <br> **TOTAL BANK NOTES** <br> (Cost $3,429,099)  |  | **3220241**  |

---

---

| | | |
|:---|:---|:---|
| &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 (i) <br>(Cost $14,992,833) <br>| 170782  | **14140721**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 5.6%**  | &nbsp;&nbsp; **Money Market Funds - 5.6%**  | &nbsp;&nbsp; **Money Market Funds - 5.6%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (j) <br>(Cost $155,746,676) <br>| 155715533  | **155746676**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 112.0%** <br> (Cost $3,315,633,876) <br>| <br>**3144262896**  |
| **NET OTHER ASSETS (LIABILITIES) - (12.0)%**  | **(335952203)**  |
| **NET ASSETS - 100.0%**  | **2808310693**  |

---

---

| | | |
|:---|:---|:---|
| **TBA Sale Commitments**  | **TBA Sale Commitments**  | **TBA Sale Commitments**  |
|  | Principal <br> Amount (a)  | Value ($)  |
| Ginnie Mae  |  |  |
|  2% 1/1/53  | (3250000)  | (2726653)  |
|  2% 1/1/53  | (4100000)  | (3439777)  |
|  2% 1/1/53  | (3600000)  | (3020292)  |
|  2% 1/1/53  | (500000)  | (419485)  |
|  2% 2/1/53  | (800000)  | (671895)  |
|  2.5% 1/1/53  | (400000)  | (346497)  |
|  2.5% 1/1/53  | (1600000)  | (1385989)  |
|  2.5% 1/1/53  | (500000)  | (433122)  |
|  3% 1/1/53  | (3800000)  | (3384571)  |
|  3% 1/1/53  | (950000)  | (846143)  |
|  3% 1/1/53  | (950000)  | (846143)  |
|  3% 1/1/53  | (3400000)  | (3028300)  |
|  3% 1/1/53  | (50000)  | (44534)  |
|  3.5% 1/1/53  | (750000)  | (689085)  |
|  3.5% 1/1/53  | (1000000)  | (918780)  |
| TOTAL GINNIE MAE  |  | (22201266)  |
| Uniform Mortgage Backed Securities  |  |  |
|  1.5% 1/1/38  | (4000000)  | (3472219)  |
|  1.5% 1/1/38  | (2550000)  | (2213539)  |
|  1.5% 1/1/38  | (2650000)  | (2300345)  |
|  2% 1/1/38  | (2100000)  | (1870575)  |
|  2% 1/1/38  | (1300000)  | (1157975)  |
|  2% 1/1/38  | (1150000)  | (1024363)  |
|  2% 1/1/38  | (800000)  | (712600)  |
|  2% 1/1/53  | (8050000)  | (6570561)  |
|  2% 1/1/53  | (16000000)  | (13059501)  |
|  2% 1/1/53  | (800000)  | (652975)  |
|  2% 1/1/53  | (250000)  | (204055)  |
|  2% 1/1/53  | (15750000)  | (12855443)  |
|  2% 1/1/53  | (8000000)  | (6529750)  |
|  2% 1/1/53  | (8000000)  | (6529750)  |
|  2.5% 1/1/53  | (16050000)  | (13607391)  |
|  2.5% 1/1/53  | (11350000)  | (9622672)  |
|  2.5% 1/1/53  | (11100000)  | (9410719)  |
|  2.5% 1/1/53  | (250000)  | (211953)  |
|  2.5% 1/1/53  | (15400000)  | (13056313)  |
|  2.5% 1/1/53  | (650000)  | (551078)  |
|  2.5% 1/1/53  | (11000000)  | (9325938)  |
|  2.5% 1/1/53  | (2300000)  | (1949969)  |
|  3.5% 1/1/53  | (2050000)  | (1864378)  |
|  3.5% 1/1/53  | (18300000)  | (16642983)  |
|  3.5% 1/1/53  | (6525000)  | (5934178)  |
|  3.5% 1/1/53  | (10500000)  | (9549252)  |
|  4% 1/1/53  | (800000)  | (751000)  |
|  4% 1/1/53  | (1600000)  | (1501999)  |
|  4.5% 1/1/53  | (1800000)  | (1735031)  |
| TOTAL UNIFORM MORTGAGE BACKED SECURITIES  |  | (154868505)  |
| **TOTAL TBA SALE COMMITMENTS** <br> (Proceeds $179,477,560)  |  | <br> **(177069771)**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  |
|  | Number <br> of contracts  | Expiration <br> Date  | Notional <br> Amount ($) <br>| Value ($) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| Purchased  |  |  |  |  |  |
| Treasury Contracts  |  |  |  |  |  |
| CBOT 2-Year U.S. Treasury Note Contracts (United States)  | 27  | Mar 2023  | 5537109  | 10894  | 10894  |
| CBOT 5-Year U.S. Treasury Note Contracts (United States)  | 236  | Mar 2023  | 25471406  | (21135)  | (21135)  |
| TOTAL PURCHASED  |  |  |  |  | (10241)  |
| Sold  |  |  |  |  |  |
| Treasury Contracts  |  |  |  |  |  |
| CBOT 10-Year U.S. Treasury Note Contracts (United States)  | 252  | Mar 2023  | 28298813  | 108025  | 108025  |
| CBOT Long Term U.S. Treasury Bond Contracts (United States)  | 171  | Mar 2023  | 21433781  | 74610  | 74610  |
| CBOT Ultra Long Term U.S. Treasury Bond Contracts (United States)  | 15  | Mar 2023  | 2014688  | 116235  | 116235  |
| TOTAL SOLD  |  |  |  |  | 298870  |
| **TOTAL FUTURES CONTRACTS**  |  |  |  |  | **288629**  |
| The notional amount of futures purchased as a percentage of Net Assets is 1.1%  | The notional amount of futures purchased as a percentage of Net Assets is 1.1%  | The notional amount of futures purchased as a percentage of Net Assets is 1.1%  | The notional amount of futures purchased as a percentage of Net Assets is 1.1%  | The notional amount of futures purchased as a percentage of Net Assets is 1.1%  | The notional amount of futures purchased as a percentage of Net Assets is 1.1%  |
| The notional amount of futures sold as a percentage of Net Assets is 1.9%  | The notional amount of futures sold as a percentage of Net Assets is 1.9%  | The notional amount of futures sold as a percentage of Net Assets is 1.9%  | The notional amount of futures sold as a percentage of Net Assets is 1.9%  | The notional amount of futures sold as a percentage of Net Assets is 1.9%  | The notional amount of futures sold as a percentage of Net Assets is 1.9%  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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  | Fixed <br> Payment <br> Received/ <br> (Paid)  | Payment <br> Frequency  | Notional <br> Amount <sup>(1)</sup>  | Value ($)  | Upfront <br> Premium <br> Received/ <br> (Paid) ($)  | Unrealized <br> Appreciation/ <br> (Depreciation) ($)  |
| Buy Protection  |  |  |  |  |  |  |  |  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Citigroup Global Markets Ltd.  | (0.5%)  | Monthly  | 2290000  | 28108  | (31249)  | (3141)  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Citigroup Global Markets Ltd.  | (0.5%)  | Monthly  | 800000  | 9820  | (9050)  | 770  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Citigroup Global Markets Ltd.  | (0.5%)  | Monthly  | 760000  | 9329  | (8399)  | 930  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Citigroup Global Markets Ltd.  | (0.5%)  | Monthly  | 260000  | 3191  | (2327)  | 864  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Goldman Sachs & Co. LLC  | (0.5%)  | Monthly  | 1150000  | 14116  | (13684)  | 432  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Goldman Sachs & Co. LLC  | (0.5%)  | Monthly  | 2520000  | 30931  | (48346)  | (17415)  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | JPMorgan Securities LLC  | (0.5%)  | Monthly  | 640000  | 7856  | (8949)  | (1093)  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Merrill Lynch Capital Services, Inc.  | (0.5%)  | Monthly  | 1440000  | 17675  | (24680)  | (7005)  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Morgan Stanley Capital Services LLC  | (0.5%)  | Monthly  | 4290000  | 52657  | (63848)  | (11191)  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Morgan Stanley Capital Services LLC  | (0.5%)  | Monthly  | 990000  | 12152  | (16296)  | (4144)  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Morgan Stanley Capital Services LLC  | (0.5%)  | Monthly  | 390000  | 4787  | (3044)  | 1743  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Morgan Stanley Capital Services LLC  | (0.5%)  | Monthly  | 1200000  | 14729  | (8234)  | 6495  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Morgan Stanley Capital Services LLC  | (0.5%)  | Monthly  | 780000  | 9574  | (5570)  | 4004  |
| CMBX N.A. AAA Index Series 13  | Dec 2072  | Morgan Stanley Capital Services LLC  | (0.5%)  | Monthly  | 760000  | 9329  | (7196)  | 2133  |
| **TOTAL CREDIT DEFAULT SWAPS**  |  |  |  |  |  | **224254**  | **(250872)**  | **(26618)**  |

---

(1)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**  |
| Payment Received  | Payment <br> Frequency  | Payment Paid  | Payment <br> Frequency <br> Clearinghouse / <br> Counterparty <sup>(1)</sup>  | Maturity <br> Date  | Notional <br> Amount <sup>(2)</sup>  | Value ($) <br>| Upfront <br> Premium <br> Received/ <br> (Paid) ($) <sup>(3)</sup>  | Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| 4%  | Annual  | U.S. Secured Overnight Fin. Rate (SOFR) Index <sup>(4)</sup>  | Annual <br> LCH  | Mar 2028  | 1029000  | (16305)  | 0  | (16305)  |

---

(1)Swaps with LCH Clearnet Group (LCH) are centrally cleared over-the-counter (OTC) swaps.

(2)Notional amount is stated in U.S. Dollars unless otherwise noted.

(3)Any premiums for centrally cleared over-the-counter (OTC) swaps are recorded periodically throughout the term of the swap to variation margin and included in unrealized appreciation (depreciation).

(4)Represents floating rate.

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $264,360,954 or 9.4% of net assets.

(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 futures contracts. At period end, the value of securities pledged amounted to $1,240,781.

(f) Security or a portion of the security has been segregated as collateral for mortgage-backed or asset-backed securities purchased on a delayed delivery or when-issued basis. At period end, the value of securities pledged amounted to $446,505.

(g) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(h) Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

(i) 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.

(j) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | -  | 881848470  | 726101794  | 1841934  | -  | -  | 155746676  | 0.4%  |
|  Fidelity Specialized High Income Central Fund  | -  | 14992833  | -  | 410006  | -  | (852112)  | 14140721  | 4.2%  |
| Total  | -  | 896841303  | 726101794  | 2251940  | -  | (852112)  | 169887397  |  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Corporate Bonds  | 867964489  | -  | 867964489  | -  |
|  U.S. Government and Government Agency Obligations  | 1104545320  | -  | 1104545320  | -  |
|  U.S. Government Agency - Mortgage Securities  | 696228289  | -  | 696228289  | -  |
|  Asset-Backed Securities  | 104706454  | -  | 104706454  | -  |
|  Collateralized Mortgage Obligations  | 15880207  | -  | 15880207  | -  |
|  Commercial Mortgage Securities  | 127045190  | -  | 127045190  | -  |
|  Municipal Securities  | 16125010  | -  | 16125010  | -  |
|  Foreign Government and Government Agency Obligations  | 20748706  | -  | 20748706  | -  |
|  Supranational Obligations  | 17911593  | -  | 17911593  | -  |
|  Bank Notes  | 3220241  | -  | 3220241  | -  |
|  Fixed-Income Funds  | 14140721  | 14140721  | -  | -  |
|  Money Market Funds  | 155746676  | 155746676  | -  | -  |
| **Total Investments in Securities:**  | 3144262896  | 169887397  | 2974375499  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Futures Contracts  | 309764  | 309764  | -  | -  |
| Swaps  | 224254  | -  | 224254  | -  |
| Total Assets  | 534018  | 309764  | 224254  | -  |
|  **Liabilities**  |  |  |  |  |
| Futures Contracts  | (21135)  | (21135)  | -  | -  |
| Swaps  | (16305)  | -  | (16305)  | -  |
| Total Liabilities  | (37440)  | (21135)  | (16305)  | -  |
| **Total Derivative Instruments:**  | 496578  | 288629  | 207949  | -  |
| **<u>Other Financial Instruments:</u>**  |  |  |  |  |
|  TBA Sale Commitments  | (177069771)  | -  | (177069771)  | -  |
| **Total Other Financial Instruments:**  | (177069771)  | -  | (177069771)  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value**  | **Value**  |
|  | **Asset ($)**  | **Liability ($)**  |
| **Credit Risk**  |  |  |
| Swaps (a)  | 224254  | 0  |
| **Total Credit Risk**  | 224254  | 0  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts (b)  | 309764  | (21135)  |
| Swaps (c)  | 0  | (16305)  |
| **Total Interest Rate Risk**  | 309764  | (37440)  |
| **Total Value of Derivatives**  | 534018  | (37440)  |

---

(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-items.

(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)For centrally cleared over-the-counter (OTC) 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 OTC swaps is included in receivable or payable for daily variation margin on centrally cleared OTC swaps, and the net cumulative appreciation (depreciation) for centrally cleared OTC 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**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $3,144,894,367)  | $2974375499  |  |
|  Fidelity Central Funds (cost $170,739,509)  | 169887397  |  |
|  Total Investment in Securities (cost $3,315,633,876)  |  | $3144262896  |
|  Segregated cash with brokers for derivative instruments  |  | 32951  |
|  Cash  |  | 495153  |
| Receivable for investments sold  |  | 25949687  |
|  Receivable for TBA sale commitments  |  | 179477560  |
|  Receivable for fund shares sold  |  | 97285  |
|  Interest receivable  |  | 20031068  |
|  Distributions receivable from Fidelity Central Funds  |  | 557539  |
|  Receivable for daily variation margin on futures contracts  |  | 53027  |
|  Bi-lateral OTC swaps, at value  |  | 224254  |
|  Prepaid expenses  |  | 2663  |
| **Total assets**  |  | 3371184083  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  |  |  |
|  Regular delivery  | $470471  |  |
|  Delayed delivery  | 368569048  |  |
|  TBA sale commitments, at value  | 177069771  |  |
|  Payable for fund shares redeemed  | 15618699  |  |
|  Accrued management fee  | 704582  |  |
|  Other affiliated payables  | 301471  |  |
|  Other payables and accrued expenses  | 139348  |  |
| **Total Liabilities**  |  | 562873390  |
| **Net Assets**  |  | $2808310693  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $3004918085  |
|  Total accumulated earnings (loss)  |  | (196607392)  |
|  **Net Assets**  |  | $2808310693  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($528,508,133 ÷ 56,894,900 shares)  |  | $9.29  |
| **Investor Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($2,279,802,560 ÷ 245,423,145 shares)  |  | $9.29  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **For the period May 27, 2022 (commencement of operations) through December 31, 2022**  |
|  **Investment Income**  |  |  |
| Interest  |  | $56533057  |
| Income from Fidelity Central Funds  |  | 2251940  |
| **Total Income**  |  | 58784997  |
|  **Expenses**  |  |  |
| Management fee  | $4642309  |  |
| Transfer agent fees  | 1484465  |  |
| Accounting fees and expenses  | 501970  |  |
| Custodian fees and expenses  | 99966  |  |
| Independent trustees' fees and expenses  | 4709  |  |
| Audit  | 44439  |  |
| Legal  | 624  |  |
| Miscellaneous  | 2856  |  |
| Total expenses before reductions  | 6781338  |  |
| Expense reductions  | (17743)  |  |
| Total expenses after reductions  |  | 6763595  |
| **Net Investment income (loss)**  |  | 52021402  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (29679659)  |  |
| Futures contracts  | 1242570  |  |
| Swaps  | (82385)  |  |
| Total net realized gain (loss)  |  | (28519474)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (170518868)  |  |
| Fidelity Central Funds  | (852112)  |  |
| Futures contracts  | 288629  |  |
| Swaps  | (42923)  |  |
| TBA Sale commitments  | 2407789  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (168717485)  |
| **Net gain (loss)**  |  | (197236959)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(145215557)  |

---

---

| | |
|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **For the period May 27, 2022 (commencement of operations) through December 31, 2022**  |
| **Increase (Decrease) in Net Assets**  |  |
| Operations  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $52021402  |
| &nbsp;&nbsp; Net realized gain (loss)  | (28519474) <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (168717485)  |
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (145215557) <br>|
| Distributions to shareholders  | (50353815) <br>|
| Share transactions - net increase (decrease)  | 3003880065 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 2808310693 <br>|
| **Net Assets**  |  |
| &nbsp;&nbsp; Beginning of period  | -  |
| &nbsp;&nbsp; End of period  | $2808310693  |

---

**Financial Highlights** 

 **VIP Investment Grade Bond II Portfolio Initial Class** <br>

---

| | |
|:---|:---|
| **Years ended December 31,**  | **2022** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00  |
| Income from Investment Operations  |  |
| Net investment income (loss) <sup>B,C</sup>  | .191  |
| Net realized and unrealized gain (loss)  | (.721) <sup>D</sup>  |
| Total from investment operations  | (.530)  |
| Distributions from net investment income  | (.180)  |
| Total distributions  | (.180)  |
| Net asset value, end of period  | $9.29  |
| **Total Return** <sup>E,F,G</sup>  | (5.31)%  |
| **Ratios to Average Net Assets** <sup>C,H,I</sup>  |  |
| Expenses before reductions  | .40% <sup>J</sup>  |
| Expenses net of fee waivers, if any  | .40% <sup>J</sup>  |
| Expenses net of all reductions  | .40% <sup>J</sup>  |
| Net investment income (loss)  | 3.32% <sup>J</sup>  |
| **Supplemental Data**  |  |
| Net assets, end of period (000 omitted)  | $528508  |
| Portfolio turnover rate <sup>K</sup>  | 225% <sup>J,L</sup>  |

---

<sup>A</sup> *For the period May 27, 2022 (commencement of operations) through December 31, 2022*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

<sup>E</sup> *Total returns for periods of less than one year are not annualized.*

<sup>F</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>G</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>H</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>I</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>J</sup> *Annualized.*

<sup>K</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>L</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **VIP Investment Grade Bond II Portfolio Investor Class** <br>

---

| | |
|:---|:---|
| **Years ended December 31,**  | **2022** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00  |
| Income from Investment Operations  |  |
| Net investment income (loss) <sup>B,C</sup>  | .189  |
| Net realized and unrealized gain (loss)  | (.721) <sup>D</sup>  |
| Total from investment operations  | (.532)  |
| Distributions from net investment income  | (.178)  |
| Total distributions  | (.178)  |
| Net asset value, end of period  | $9.29  |
| **Total Return** <sup>E,F,G</sup>  | (5.33)%  |
| **Ratios to Average Net Assets** <sup>C,H,I</sup>  |  |
| Expenses before reductions  | .44% <sup>J</sup>  |
| Expenses net of fee waivers, if any  | .43% <sup>J</sup>  |
| Expenses net of all reductions  | .43% <sup>J</sup>  |
| Net investment income (loss)  | 3.29% <sup>J</sup>  |
| **Supplemental Data**  |  |
| Net assets, end of period (000 omitted)  | $2279803  |
| Portfolio turnover rate <sup>K</sup>  | 225% <sup>J,L</sup>  |

---

<sup>A</sup> *For the period May 27, 2022 (commencement of operations) through December 31, 2022*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

<sup>E</sup> *Total returns for periods of less than one year are not annualized.*

<sup>F</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>G</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>H</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>I</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>J</sup> *Annualized.*

<sup>K</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>L</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended December 31, 2022

**1. Organization.**

VIP 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 Ratio** <sup>A</sup>  |
| Fidelity Money Market Central Funds  | Fidelity Management & Research Company LLC (FMR)  | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.  | Short-term Investments  | Less than .005%  |
| 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.  | Loans & Direct Debt Instruments <br> Restricted Securities <br>| Less than .005%  |

---

<sup>A</sup> *Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies* . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

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, supranational 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2022 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. 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, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. 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 futures contracts, swaps, capital loss carryforwards and losses deferred due to 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**  | $5720635  |
| **Gross unrealized depreciation**  | <u>(174725042)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$(169004407)</u>  |
| **Tax Cost**  | <u>$3315899346</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$589523</u>  |
| **Capital loss carryforward**  | <u>$(28099864)</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(169097051)</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.

---

| | |
|:---|:---|
| No Expiration  |  |
| Short-term  | $(28099698)  |
| Long-term  | <u>(166)</u>  |
| **Total capital loss carryforward**  | <u>$(28099864)</u>  |

---

The tax character of distributions paid was as follows:

---

| | |
|:---|:---|
|  | **December 31, 2022** <sup>A</sup>  |
| **Ordinary Income**  | $50353815  |

---

<sup>A</sup> *For the period May 27, 2022 (commencement of operations) through December 31, 2022.*

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**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 proceeds and value of these commitments are reflected in the Statement of Assets and Liabilities as "Receivable for TBA sale commitments" and "TBA sale commitments, at value," respectively.

**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 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 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 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. 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 OTC 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 II Portfolio**  |  |  |
| **Credit Risk**  |  |  |
| Swaps  | <u>$(49713)</u>  | <u>$(26618)</u>  |
| **Total Credit Risk**  | <u>(49713)</u>  | <u>(26618)</u>  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts  | 1242570  | 288629  |
| Swaps  | <u>(32672)</u>  | <u>(16305)</u>  |
| **Total Interest Rate Risk**  | <u>1209898</u>  | <u>272324</u>  |
| Totals  | <u>$1160185</u>  | <u>$245706</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 unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**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 OTC 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 net unrealized appreciation (depreciation) 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 OTC 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 OTC 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 OTC swaps in the Statement of Assets and Liabilities. Any premiums for centrally cleared OTC 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 OTC 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 unless an average notional amount is presented.

**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 II Portfolio**  | 2531712224  | 2065124455  |

---

**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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .30% of the Fund's average net assets.

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class pays a fee for transfer agent services, typesetting and printing and mailing of shareholder reports, excluding mailing of proxy statements. For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets** <sup>A</sup>  |
| **Initial Class**  | $204716  | .07  |
| **Investor Class**  | <u>1279749</u>  | .10  |
|  | <u>$1484465</u>  |  |

---

<sup>A</sup> *Annualized*

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **VIP Investment Grade Bond II Portfolio**  | .03  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**Affiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares**  | **Total Proceeds** <br> **($)**  | **Participating classes**  |
| **VIP Investment Grade Bond II Portfolio**  | 274659704  | 2746597038  | Initial Class, Investor Class  |

---

**7. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1,703.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $16,040.

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | |
|:---|:---|
|  | **Year ended** <br> **December 31, 2022** <sup>A</sup>  |
| **VIP Investment Grade Bond II Portfolio**  |  |
| **Distributions to shareholders**  |  |
| Initial Class  | $9714359  |
| Investor Class  | <u>40639456</u>  |
| Total  | <u>$50353815</u>  |

---

<sup>A</sup> *For the period May 27, 2022 (commencement of operations) through December 31, 2022.*

**9. Share Transactions.**

Transactions for each class of shares were as follows and may contain in-kind transactions:

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Dollars**  |
|  | **Year ended December 31, 2022** <sup>A</sup>  | **Year ended December 31, 2022** <sup>A</sup>  |
| **VIP Investment Grade Bond II Portfolio**  |  |  |
| **Initial Class**  |  |  |
| Shares sold  | 68552855  | $679932267  |
| Reinvestment of distributions  | 1039084  | 9714359  |
| Shares redeemed  | <u>(12697039)</u>  | <u>(122526424)</u>  |
| Net increase (decrease)  | <u>56894900</u>  | <u>$567120202</u>  |
| **Investor Class**  |  |  |
| Shares sold  | 264256897  | $2618210123  |
| Reinvestment of distributions  | 4341748  | 40595346  |
| Shares redeemed  | <u>(23175500)</u>  | <u>(222045606)</u>  |
| Net increase (decrease)  | <u>245423145</u>  | <u>$2436759863</u>  |

---

<sup>A</sup> *For the period May 27, 2022 (commencement of operations) through December 31, 2022.*

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the 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  | 28%  | 29%  |

---

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  | 100%  |

---

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund 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, 2022, the related statement of operations, the statement of changes in net assets and the financial highlights for the period from May 27, 2022 (commencement of operations) through December 31, 2022, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations, the changes in its net assets and the financial highlights 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 audit. 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 audit 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 audit 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 audit 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 audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 10, 2023

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 295 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity <sup>®</sup> funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity <sup>®</sup> funds (2001-2005), and managed a number of Fidelity <sup>®</sup> funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity <sup>®</sup> funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2013-2016).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity <sup>®</sup> funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Mr. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity <sup>®</sup> funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity <sup>®</sup> funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Laura M. Bishop (1961)

Year of Election or Appointment: 2022

Member of the Advisory Board

Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Christopher M. Gouveia (1973)

Year of Election or Appointment: 2023

Chief Compliance Officer

Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia serves as Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **VIP Investment Grade Bond II Portfolio**  |  |  |  |  |
| **Initial Class**  | .40%  |  |  |  |
| **Actual**  |  | $1000  | $970.20  | $1.99  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.19  | $2.04  |
| **Investor Class**  | .44%  |  |  |  |
| **Actual**  |  | $1000  | $970.00  | $2.18  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.99  | $2.24  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

A total of 30.44% 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.

![](img88228_2.jpg) <br>

1.9905666.100 VIGBI-ANN-0323

**Fidelity® Variable Insurance Products:**

**FundsManager 20% Portfolio**

**FundsManager 50% Portfolio**

**FundsManager 60% Portfolio**

**FundsManager 70% Portfolio**

**FundsManager 85% Portfolio**

**Annual Report**

**December 31, 2022**

![](img88156_1.jpg)

![](img88156_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[VIP FundsManager® 20% Portfolio](#Sec_FundName1584)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1584)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1584)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1584)** |
| **[VIP FundsManager® 50% Portfolio](#Sec_FundName1587)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1587)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1587)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1587)** |
| **[VIP FundsManager® 60% Portfolio](#Sec_FundName1880)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1880)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1880)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1880)** |
| **[VIP FundsManager® 70% Portfolio](#Sec_FundName1590)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1590)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1590)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1590)** |
| **[VIP FundsManager® 85% Portfolio](#Sec_FundName1593)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary1593)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments1593)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements1593)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |
| **[Board Approval of Investment Advisory Contracts and Management Fees](#Sec_Board Approval of Investment Advisory Contracts and Management Fees)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2023 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Funds nor Fidelity Distributors Corporation is a bank.*

**VIP FundsManager® 20% Portfolio**

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total returns would have been lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Service Class  | &nbsp;&nbsp; -9.59%  | &nbsp;&nbsp; 1.94%  | &nbsp;&nbsp; 2.94%  |
| Service Class 2  | &nbsp;&nbsp; -9.67%  | &nbsp;&nbsp; 1.79%  | &nbsp;&nbsp; 2.79%  |
| Investor Class  | &nbsp;&nbsp; -9.60%  | &nbsp;&nbsp; 1.94%  | &nbsp;&nbsp; 2.94%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP FundsManager 20% Portfolio - Investor Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Aggregate Bond Index performed over the same period.  |
| ![](img88156_5.jpg)  |

---

**VIP FundsManager® 50% Portfolio**

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total returns would have been lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Service Class  | &nbsp;&nbsp; -13.91%  | &nbsp;&nbsp; 3.82%  | &nbsp;&nbsp; 5.69%  |
| Service Class 2  | &nbsp;&nbsp; -14.04%  | &nbsp;&nbsp; 3.68%  | &nbsp;&nbsp; 5.53%  |
| Investor Class  | &nbsp;&nbsp; -13.94%  | &nbsp;&nbsp; 3.82%  | &nbsp;&nbsp; 5.69%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP FundsManager 50% Portfolio - Investor Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img88156_6.jpg)  |

---

**VIP FundsManager® 60% Portfolio**

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total returns would have been lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Service Class  | &nbsp;&nbsp; -15.06%  | &nbsp;&nbsp; 4.37%  | &nbsp;&nbsp; 6.66%  |
| Service Class 2  | &nbsp;&nbsp; -15.25%  | &nbsp;&nbsp; 4.20%  | &nbsp;&nbsp; 6.49%  |
| Investor Class  | &nbsp;&nbsp; -15.06%  | &nbsp;&nbsp; 4.37%  | &nbsp;&nbsp; 6.66%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP FundsManager 60% Portfolio - Investor Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img88156_7.jpg)  |

---

**VIP FundsManager® 70% Portfolio**

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total returns would have been lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Service Class  | &nbsp;&nbsp; -15.65%  | &nbsp;&nbsp; 4.95%  | &nbsp;&nbsp; 7.44%  |
| Service Class 2  | &nbsp;&nbsp; -15.79%  | &nbsp;&nbsp; 4.79%  | &nbsp;&nbsp; 7.28%  |
| Investor Class  | &nbsp;&nbsp; -15.67%  | &nbsp;&nbsp; 4.93%  | &nbsp;&nbsp; 7.43%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP FundsManager 70% Portfolio - Investor Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img88156_8.jpg)  |

---

**VIP FundsManager® 85% Portfolio**

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total returns would have been lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Service Class  | &nbsp;&nbsp; -17.01%  | &nbsp;&nbsp; 5.81%  | &nbsp;&nbsp; 8.83%  |
| Service Class 2  | &nbsp;&nbsp; -17.19%  | &nbsp;&nbsp; 5.55%  | &nbsp;&nbsp; 8.61%  |
| Investor Class  | &nbsp;&nbsp; -17.07%  | &nbsp;&nbsp; 5.71%  | &nbsp;&nbsp; 8.77%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP FundsManager 85% Portfolio - Investor Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img88156_9.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

Asset prices around the world experienced a synchronous downturn for most of 2022, as a multitude of crosscurrents challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy. This led to a broad retreat from risk and declining prices for stocks and bonds through September. In Q4, markets experienced a sharp reversal amid optimism on inflation and policy easing, and riskier assets rallied to cap a tumultuous year. International equities returned -15.86% in 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. By region, emerging markets (-20%) and Europe ex U.K. (-17%) notably lagged. Conversely, the U.K. (-4%) held up best, followed by Asia Pacific ex Japan (-8%). Among the 11 sectors, information technology (-34%) fared worst. Communication services and consumer discretionary (-21% each) also trailed the broader market. In contrast, energy gained 9% amid elevated prices for oil and natural gas. U.S. stocks returned -19.53% for the year, as measured by the Dow Jones U.S. Total Stock Market Index. Among sectors, communication services (-41%) lagged most, followed by consumer discretionary (-37%). Conversely, energy (+63%) led by a wide margin. The defensive utilities (+1%) sector also notably outperformed. Value stocks handily outpaced growth among all market capitalizations. Commodities gained 16.09%, according to the Bloomberg Commodity Index Total Return. U.S. taxable investment-grade bonds returned -13.01% in 2022, per the Bloomberg U.S. Aggregate Bond Index, amid soaring inflation and rising interest rates. The Fed raised its benchmark rate seven times, by 4.25 percentage points, while allowing up to billions in U.S. Treasuries and mortgage bonds to mature monthly without investing the proceeds. U.S. investment-grade corporate bonds (-15.26%) trailed U.S. Treasuries (-12.46%), while commercial mortgage-backed securities (-10.91%) and agencies (-7.87%) also lost ground. Outside the index, leveraged loans (-0.61%) bested the returns for Treasury Inflation-Protected Securities (-11.85%), U.S. high-yield bonds (-11.21%) and emerging-markets debt (-16.45%).

**Comments from Lead Portfolio Manager Geoff Stein and Co-Portfolio Manager Avishek Hazrachoudhury:**

For the year, the Portfolios' Investor Class shares returned about -17% to -10%, with all slightly outpacing their respective Composite benchmarks. Against the backdrop of an extremely challenging period for risk assets, asset class positioning helped the Portfolios' finish ahead of their benchmarks. However, security selection substantially detracted and weighed on relative performance. Our core equity allocation strategy - overweighting the U.S., underweighting international developed markets (DM) and a roughly equal weighting in emerging markets (EM) - added considerable value on a relative basis. Despite negative absolute returns from U.S. stocks, our overweighting benefited from the defensive nature of value-oriented and low-volatility funds in the Portfolios. Out-of-benchmark exposure to commodity-related securities also solidly contributed. Our fixed-income strategy of underweighting investment-grade bonds in favor of non-Composite allocations to riskier segments of the debt market had a net neutral impact overall versus the benchmarks. In terms of security selection, international DM stocks notably detracted, primarily due to weak results from Fidelity <sup>®</sup> Overseas Fund. EM equities also dampened performance, but to a much lesser extent. On the plus side, U.S. stocks contributed, led by small-cap-oriented Fidelity <sup>®</sup> Low-Priced Stock Fund.

**Note to shareholders:**

On June 1, the Portfolios' Composite indexes began transitioning to a new neutral equity allocation target of 60% U.S. and 40% international. Previously, the target was 70%/30%. The Portfolios reached their new neutral allocations during the third quarter of 2022. Additionally, the Portfolios changed the international equity component of their blended benchmarks to the broader MSCI ACWI (All Country World Index) ex USA Index from the MSCI EAFE Index.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**VIP FundsManager® 20% Portfolio** 

**Investment Summary December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Investment Grade Bond II Portfolio - Investor Class  | 23.2  |
| Fidelity Total Bond Fund  | 23.2  |
| Fidelity Investments Money Market Government Portfolio Institutional Class 4.10%  | 20.5  |
| VIP Stock Selector All Cap Portfolio Investor Class  | 14.0  |
| Fidelity Floating Rate High Income Fund  | 2.9  |
| Fidelity U.S. Low Volatility Equity Fund  | 2.2  |
| Fidelity Overseas Fund  | 1.8  |
| Fidelity Emerging Markets Fund  | 1.5  |
| Fidelity Global Commodity Stock Fund  | 1.3  |
| Fidelity Inflation-Protected Bond Index Fund  | 1.2  |
|  | 91.8  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88156_10.jpg)  |
| *Futures - (3.9)%*  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP FundsManager® 20% Portfolio**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Equity Funds - 26.6%**  | &nbsp;&nbsp; **Equity Funds - 26.6%**  | &nbsp;&nbsp; **Equity Funds - 26.6%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Canada Fund (a)  | 23667  | 1378388  |
|  Fidelity Commodity Strategy Fund (a)  | 33298  | 3435327  |
|  Fidelity Contrafund (a)  | 119544  | 1445287  |
|  Fidelity Emerging Markets Discovery Fund (a)  | 484876  | 6739780  |
|  Fidelity Emerging Markets Fund (a)  | 390965  | 12284109  |
|  Fidelity Equity-Income Fund (a)  | 50066  | 3191190  |
|  Fidelity Global Commodity Stock Fund (a)  | 535186  | 10302333  |
|  Fidelity Hedged Equity Fund (a)  | 221399  | 2105509  |
|  Fidelity International Capital Appreciation Fund (a)  | 133961  | 2795765  |
|  Fidelity International Discovery Fund (a)  | 90832  | 3601493  |
|  Fidelity International Enhanced Index Fund (a)  | 412258  | 3858739  |
|  Fidelity International Small Cap Fund (a)  | 57907  | 1547864  |
|  Fidelity International Small Cap Opportunities Fund (a)  | 130416  | 2314879  |
|  Fidelity International Value Fund (a)  | 283375  | 2383180  |
|  Fidelity Large Cap Value Enhanced Index Fund (a)  | 61152  | 876309  |
|  Fidelity Low-Priced Stock Fund (a)  | 84758  | 3914990  |
|  Fidelity Overseas Fund (a)  | 281991  | 14257471  |
|  Fidelity Real Estate Investment Portfolio (a)  | 159968  | 5971621  |
|  Fidelity U.S. Low Volatility Equity Fund (a)  | 1794152  | 18318297  |
|  Fidelity Value Discovery Fund (a)  | 44716  | 1571764  |
|  VIP Stock Selector All Cap Portfolio Investor Class (a)  | 14052064  | 114102757  |
| <br> **TOTAL EQUITY FUNDS** <br> (Cost $235,864,952)  |  | **216397052**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Fixed-Income Funds - 52.0%**  | &nbsp;&nbsp; **Fixed-Income Funds - 52.0%**  | &nbsp;&nbsp; **Fixed-Income Funds - 52.0%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Floating Rate High Income Fund (a)  | 2611941  | 23455231  |
|  Fidelity High Income Fund (a)  | 833012  | 6064330  |
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 1085798  | 9793899  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 383704  | 3890763  |
|  Fidelity New Markets Income Fund (a)  | 138312  | 1591971  |
|  Fidelity Total Bond Fund (a)  | 20231845  | 188763112  |
|  VIP Investment Grade Bond II Portfolio - Investor Class (a)  | 20324680  | 188816281  |
| <br> **TOTAL FIXED-INCOME FUNDS** <br> (Cost $447,622,476)  |  | **422375587**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 21.0%**  | &nbsp;&nbsp; **Money Market Funds - 21.0%**  | &nbsp;&nbsp; **Money Market Funds - 21.0%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (b)  | 4032442  | 4033248  |
|  Fidelity Investments Money Market Government Portfolio Institutional Class 4.10% (a)(c)  | 166262113  | 166262113  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $170,295,361)  |  | **170295361**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Treasury Obligations - 0.4%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.4%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.4%**  |
|  | Principal <br> Amount (d) <br>| Value ($) <br>|
|  U.S. Treasury Bills, yield at date of purchase 3.33% to 4.39% 1/5/23 to 3/30/23 (e) <br>(Cost $3,051,509) <br>| 3070000  | **3052468**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $856,834,298) <br>| <br>**812120468**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **153478**  |
| **NET ASSETS - 100.0%**  | **812273946**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  |
|  | Number <br> of contracts  | Expiration <br> Date  | Notional <br> Amount ($) <br>| Value ($) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| Purchased  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| MSCI EAFE Index Future (United States)  | 21  | Mar 2023  | 2046870  | (7540)  | (7540)  |
| Treasury Contracts  |  |  |  |  |  |
| CBOT 5-Year U.S. Treasury Note Contracts (United States)  | 146  | Mar 2023  | 15757734  | 1988  | 1988  |
| TOTAL PURCHASED  |  |  |  |  | (5552)  |
| Sold  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| CME Micro E-mini S&P 500 Index Contracts (United States)  | 229  | Mar 2023  | 44208450  | 1234759  | 1234759  |
| MSCI Emerging Markets Index Future (United States)  | 120  | Mar 2023  | 5756400  | 53542  | 53542  |
| TOTAL SOLD  |  |  |  |  | 1288301  |
| **TOTAL FUTURES CONTRACTS**  |  |  |  |  | **1282749**  |
| The notional amount of futures purchased as a percentage of Net Assets is 2.2%  | The notional amount of futures purchased as a percentage of Net Assets is 2.2%  | The notional amount of futures purchased as a percentage of Net Assets is 2.2%  | The notional amount of futures purchased as a percentage of Net Assets is 2.2%  | The notional amount of futures purchased as a percentage of Net Assets is 2.2%  | The notional amount of futures purchased as a percentage of Net Assets is 2.2%  |
| The notional amount of futures sold as a percentage of Net Assets is 6.1%  | The notional amount of futures sold as a percentage of Net Assets is 6.1%  | The notional amount of futures sold as a percentage of Net Assets is 6.1%  | The notional amount of futures sold as a percentage of Net Assets is 6.1%  | The notional amount of futures sold as a percentage of Net Assets is 6.1%  | The notional amount of futures sold as a percentage of Net Assets is 6.1%  |

---

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $45,582,467.

**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.

(d) Amount is stated in United States dollars unless otherwise noted.

(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 $3,052,468.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 225746149  | 71370989  | 293083890  | 318977  | -  | -  | 4033248  | 0.0%  |
| Total  | 225746149  | 71370989  | 293083890  | 318977  | -  | -  | 4033248  |  |

---

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 Funds 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 ($)  |
|  Fidelity Canada Fund  | -  | 1587492  | 107435  | 54718  | (6280)  | (95389)  | 1378388  |
|  Fidelity Commodity Strategy Fund  | 8429872  | 4374404  | 8360687  | 2485902  | (500736)  | (507526)  | 3435327  |
|  Fidelity Contrafund  | 2399788  | 287778  | 426235  | 160504  | (56451)  | (759593)  | 1445287  |
|  Fidelity Emerging Markets Discovery Fund  | 3852210  | 3697433  | 269026  | 112171  | (27005)  | (513832)  | 6739780  |
|  Fidelity Emerging Markets Fund  | 18684409  | 517356  | 1692142  | 93824  | (515221)  | (4710293)  | 12284109  |
|  Fidelity Equity-Income Fund  | 4154910  | 460109  | 1058673  | 144436  | (8156)  | (357000)  | 3191190  |
|  Fidelity Floating Rate High Income Fund  | 32167333  | 4616908  | 11761146  | 1338257  | (415909)  | (1151955)  | 23455231  |
|  Fidelity Global Commodity Stock Fund  | 10555648  | 2826630  | 4957491  | 214039  | 349497  | 1528049  | 10302333  |
|  Fidelity Hedged Equity Fund  | -  | 2123340  | -  | 7721  | -  | (17831)  | 2105509  |
|  Fidelity High Income Fund  | 7652550  | 614380  | 975206  | 322416  | (34934)  | (1192460)  | 6064330  |
|  Fidelity Inflation-Protected Bond Index Fund  | 26532651  | 1433670  | 15621583  | 798796  | 1167601  | (3718440)  | 9793899  |
|  Fidelity International Capital Appreciation Fund  | 3305032  | 857123  | 466330  | 1101  | (79527)  | (820533)  | 2795765  |
|  Fidelity International Discovery Fund  | 4168918  | 1096412  | 611381  | 12724  | (173727)  | (878729)  | 3601493  |
|  Fidelity International Enhanced Index Fund  | 3853134  | 1202961  | 564016  | 91313  | (79493)  | (553847)  | 3858739  |
|  Fidelity International Small Cap Fund  | 1609428  | 461575  | 249843  | 10793  | (16476)  | (256820)  | 1547864  |
|  Fidelity International Small Cap Opportunities Fund  | 3167545  | 209141  | -  | 139069  | -  | (1061807)  | 2314879  |
|  Fidelity International Value Fund  | 2218390  | 713985  | 334343  | 43547  | (16680)  | (198172)  | 2383180  |
|  Fidelity Investments Money Market Government Portfolio Institutional Class 4.10%  | -  | 207839502  | 41577397  | 2732333  | 8  | -  | 166262113  |
|  Fidelity Large Cap Value Enhanced Index Fund  | 1299784  | 192809  | 494043  | 39097  | 3424  | (125665)  | 876309  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 22664579  | 2591587  | 16234560  | 300162  | (5006387)  | (124456)  | 3890763  |
|  Fidelity Low-Priced Stock Fund  | 5134244  | 736810  | 1291480  | 351607  | (47279)  | (617305)  | 3914990  |
|  Fidelity New Markets Income Fund  | 2143622  | 182576  | 325068  | 85254  | (40366)  | (368793)  | 1591971  |
|  Fidelity Overseas Fund  | 16461272  | 4345322  | 2323970  | 89845  | (438695)  | (3786458)  | 14257471  |
|  Fidelity Real Estate Investment Portfolio  | 13819513  | 3199722  | 8232158  | 460233  | 897919  | (3713375)  | 5971621  |
|  Fidelity Total Bond Fund  | -  | 208505734  | 11760679  | 3831532  | (142267)  | (7839676)  | 188763112  |
|  Fidelity U.S. Bond Index Fund  | 404221641  | 35122039  | 396675274  | 3425807  | (22924251)  | (19744155)  | -  |
|  Fidelity U.S. Low Volatility Equity Fund  | 7708147  | 15544818  | 3609410  | 408968  | (190985)  | (1134273)  | 18318297  |
|  Fidelity Value Discovery Fund  | 2049355  | 242441  | 562636  | 73193  | 24896  | (182292)  | 1571764  |
|  VIP Investment Grade Bond II Portfolio - Investor Class  | -  | 215771070  | 13214798  | 3429146  | (177104)  | (13562887)  | 188816281  |
|  VIP Stock Selector All Cap Portfolio Investor Class  | 157776597  | 4887508  | 17413827  | 837653  | (2470345)  | (28677176)  | 114102757  |
|  | 766030572  | 726242635  | 561170837  | 22096161  | (30924929)  | (95142689)  | 805034752  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Equity Funds  | 216397052  | 216397052  | -  | -  |
|  Fixed-Income Funds  | 422375587  | 422375587  | -  | -  |
|  Money Market Funds  | 170295361  | 170295361  | -  | -  |
|  Other Short-Term Investments and Net Other Assets  | 3052468  | -  | 3052468  | -  |
| **Total Investments in Securities:**  | 812120468  | 809068000  | 3052468  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Futures Contracts  | 1290289  | 1290289  | -  | -  |
| Total Assets  | 1290289  | 1290289  | -  | -  |
|  **Liabilities**  |  |  |  |  |
| Futures Contracts  | (7540)  | (7540)  | -  | -  |
| Total Liabilities  | (7540)  | (7540)  | -  | -  |
| **Total Derivative Instruments:**  | 1282749  | 1282749  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value**  | **Value**  |
|  | **Asset ($)**  | **Liability ($)**  |
| **Equity Risk**  |  |  |
| Futures Contracts (a)  | 1288301  | (7540)  |
| **Total Equity Risk**  | 1288301  | (7540)  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts (a)  | 1988  | 0  |
| **Total Interest Rate Risk**  | 1988  | 0  |
| **Total Value of Derivatives**  | 1290289  | (7540)  |

---

(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**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Unaffiliated issuers (cost $3,051,509)  | 3052468  |  |
|  Fidelity Central Funds (cost $4,033,248)  | 4033248  |  |
|  Other affiliated issuers (cost $849,749,541)  | 805034752  |  |
|  Total Investment in Securities (cost $856,834,298)  |  | $812120468  |
| Receivable for investments sold  |  | 2341016  |
|  Receivable for fund shares sold  |  | 634  |
|  Distributions receivable from Fidelity Central Funds  |  | 12071  |
|  Receivable for daily variation margin on futures contracts  |  | 211339  |
| **Total assets**  |  | 814685528  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $2024388  |  |
|  Payable for fund shares redeemed  | 317261  |  |
|  Accrued management fee  | 68451  |  |
|  Distribution and service plan fees payable  | 1482  |  |
| **Total Liabilities**  |  | 2411582  |
| **Net Assets**  |  | $812273946  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $874763331  |
|  Total accumulated earnings (loss)  |  | (62489385)  |
|  **Net Assets**  |  | $812273946  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($54,382 ÷ 5,411 shares)  |  | $10.05  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($11,375,680 ÷ 1,135,863 shares)  |  | $10.02  |
| **Investor Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($800,843,884 ÷ 79,755,401 shares)  |  | $10.04  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 20693501  |
| Interest  |  | 33544  |
| Income from Fidelity Central Funds  |  | 318977  |
| **Total Income**  |  | 21046022  |
|  **Expenses**  |  |  |
| Management fee  | $1713128  |  |
| Distribution and service plan fees  | 28911  |  |
| Independent trustees' fees and expenses  | 2872  |  |
| Total expenses before reductions  | 1744911  |  |
| Expense reductions  | (453477)  |  |
| Total expenses after reductions  |  | 1291434  |
| **Net Investment income (loss)**  |  | 19754588  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 2  |  |
| Affiliated issuers  | (30924929)  |  |
| Futures contracts  | 8814993  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 1402660  |  |
| Total net realized gain (loss)  |  | (20707274)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 904  |  |
| Affiliated issuers  | (95142689)  |  |
| Futures contracts  | 1832649  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (93309136)  |
| **Net gain (loss)**  |  | (114016410)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(94261822)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $19754588  | $10744584  |
| &nbsp;&nbsp; Net realized gain (loss)  | (20707274) <br>| 64198197 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (93309136)  | (40433333) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (94261822) <br>| 34509448 <br>|
| Distributions to shareholders  | (82937596) <br>| (12303562) <br>|
| Share transactions - net increase (decrease)  | (6922519) <br>| 39709707 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (184121937) <br>| 61915593 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 996395883  | 934480290 <br>|
| &nbsp;&nbsp; End of period  | $812273946  | $996395883  |

---

**Financial Highlights** 

 **VIP FundsManager 20% Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.18  | $11.89  | $11.19  | $10.75  | $11.63  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .24  | .14  | .13  | .22  | .21  |
| Net realized and unrealized gain (loss)  | (1.35)  | .30  | .77  | .86  | (.40)  |
| Total from investment operations  | (1.11)  | .44  | .90  | 1.08  | (.19)  |
| Distributions from net investment income  | (.25)  | (.13)  | (.13)  | (.21)  | (.21)  |
| Distributions from net realized gain  | (.77)  | (.03)  | (.07)  | (.43)  | (.48)  |
| Total distributions  | (1.02)  | (.15) <sup>C</sup>  | (.20)  | (.64)  | (.69)  |
| Net asset value, end of period  | $10.05  | $12.18  | $11.89  | $11.19  | $10.75  |
| **Total Return** <sup>D,E</sup>  | (9.59)%  | 3.74%  | 8.11%  | 10.39%  | (1.67)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .30%  | .35%  | .35%  | .35%  | .35%  |
| Expenses net of fee waivers, if any  | .15%  | .20%  | .20%  | .20%  | .20%  |
| Expenses net of all reductions  | .15%  | .20%  | .20%  | .20%  | .20%  |
| Net investment income (loss)  | 2.24%  | 1.12%  | 1.17%  | 2.01%  | 1.87%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $54  | $63  | $61  | $57  | $55  |
| Portfolio turnover rate <sup>H</sup>  | 70% <sup>I</sup>  | 45% <sup>I</sup>  | 32% <sup>I</sup>  | 33%  | 47%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **VIP FundsManager 20% Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.14  | $11.86  | $11.16  | $10.72  | $11.60  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .22  | .12  | .12  | .20  | .19  |
| Net realized and unrealized gain (loss)  | (1.34)  | .30  | .77  | .87  | (.40)  |
| Total from investment operations  | (1.12)  | .42  | .89  | 1.07  | (.21)  |
| Distributions from net investment income  | (.23)  | (.11)  | (.11)  | (.20)  | (.19)  |
| Distributions from net realized gain  | (.77)  | (.03)  | (.07)  | (.43)  | (.48)  |
| Total distributions  | (1.00)  | (.14)  | (.19) <sup>C</sup>  | (.63)  | (.67)  |
| Net asset value, end of period  | $10.02  | $12.14  | $11.86  | $11.16  | $10.72  |
| **Total Return** <sup>D,E</sup>  | (9.67)%  | 3.52%  | 7.97%  | 10.26%  | (1.82)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .44%  | .50%  | .50%  | .50%  | .50%  |
| Expenses net of fee waivers, if any  | .29%  | .35%  | .35%  | .35%  | .35%  |
| Expenses net of all reductions  | .29%  | .35%  | .35%  | .35%  | .35%  |
| Net investment income (loss)  | 2.09%  | .97%  | 1.02%  | 1.86%  | 1.72%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $11376  | $10257  | $9323  | $8978  | $8286  |
| Portfolio turnover rate <sup>H</sup>  | 70% <sup>I</sup>  | 45% <sup>I</sup>  | 32% <sup>I</sup>  | 33%  | 47%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **VIP FundsManager 20% Portfolio Investor Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.17  | $11.89  | $11.18  | $10.74  | $11.62  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .24  | .14  | .13  | .22  | .21  |
| Net realized and unrealized gain (loss)  | (1.35)  | .29  | .78  | .86  | (.40)  |
| Total from investment operations  | (1.11)  | .43  | .91  | 1.08  | (.19)  |
| Distributions from net investment income  | (.25)  | (.13)  | (.13)  | (.21)  | (.21)  |
| Distributions from net realized gain  | (.77)  | (.03)  | (.07)  | (.43)  | (.48)  |
| Total distributions  | (1.02)  | (.15) <sup>C</sup>  | (.20)  | (.64)  | (.69)  |
| Net asset value, end of period  | $10.04  | $12.17  | $11.89  | $11.18  | $10.74  |
| **Total Return** <sup>D,E</sup>  | (9.60)%  | 3.65%  | 8.21%  | 10.40%  | (1.67)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .19%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .14%  | .20%  | .20%  | .20%  | .20%  |
| Expenses net of all reductions  | .14%  | .20%  | .20%  | .20%  | .20%  |
| Net investment income (loss)  | 2.24%  | 1.12%  | 1.17%  | 2.01%  | 1.87%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $800844  | $986076  | $925096  | $812070  | $719784  |
| Portfolio turnover rate <sup>H</sup>  | 70% <sup>I</sup>  | 45% <sup>I</sup>  | 32% <sup>I</sup>  | 33%  | 47%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP FundsManager® 50% Portfolio** 

**Investment Summary December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Stock Selector All Cap Portfolio Investor Class  | 28.2  |
| VIP Investment Grade Bond II Portfolio - Investor Class  | 17.6  |
| Fidelity Total Bond Fund  | 17.5  |
| Fidelity Overseas Fund  | 5.4  |
| Fidelity Emerging Markets Fund  | 4.6  |
| Fidelity Floating Rate High Income Fund  | 2.9  |
| Fidelity U.S. Low Volatility Equity Fund  | 2.3  |
| Fidelity Inflation-Protected Bond Index Fund  | 2.0  |
| Fidelity Global Commodity Stock Fund  | 1.7  |
| Fidelity Low-Priced Stock Fund  | 1.6  |
|  | 83.8  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88156_11.jpg)  |
| *Futures - (2.9)%*  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP FundsManager® 50% Portfolio**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Equity Funds - 56.4%**  | &nbsp;&nbsp; **Equity Funds - 56.4%**  | &nbsp;&nbsp; **Equity Funds - 56.4%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Canada Fund (a)  | 451046  | 26268920  |
|  Fidelity Commodity Strategy Fund (a)  | 241068  | 24871022  |
|  Fidelity Contrafund (a)  | 1125632  | 13608890  |
|  Fidelity Emerging Markets Discovery Fund (a)  | 3031729  | 42141029  |
|  Fidelity Emerging Markets Fund (a)  | 6535905  | 205358125  |
|  Fidelity Equity-Income Fund (a)  | 791532  | 50452266  |
|  Fidelity Global Commodity Stock Fund (a)  | 3896711  | 75011683  |
|  Fidelity Hedged Equity Fund (a)  | 1250664  | 11893817  |
|  Fidelity International Capital Appreciation Fund (a)  | 2258525  | 47135419  |
|  Fidelity International Discovery Fund (a)  | 1527761  | 60575710  |
|  Fidelity International Enhanced Index Fund (a)  | 6996052  | 65483051  |
|  Fidelity International Small Cap Fund (a)  | 982662  | 26266552  |
|  Fidelity International Small Cap Opportunities Fund (a)  | 2017582  | 35812076  |
|  Fidelity International Value Fund (a)  | 4830605  | 40625387  |
|  Fidelity Japan Smaller Companies Fund (a)  | 2804268  | 37773487  |
|  Fidelity Large Cap Value Enhanced Index Fund (a)  | 1855028  | 26582548  |
|  Fidelity Low-Priced Stock Fund (a)  | 1567527  | 72404093  |
|  Fidelity Overseas Fund (a)  | 4766315  | 240984879  |
|  Fidelity Real Estate Investment Portfolio (a)  | 814307  | 30398075  |
|  Fidelity U.S. Low Volatility Equity Fund (a)  | 10002052  | 102120955  |
|  Fidelity Value Discovery Fund (a)  | 878083  | 30864615  |
|  VIP Stock Selector All Cap Portfolio Investor Class (a)  | 156197182  | 1268321115  |
| <br> **TOTAL EQUITY FUNDS** <br> (Cost $2,709,169,621)  |  | **2534953714**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Fixed-Income Funds - 41.5%**  | &nbsp;&nbsp; **Fixed-Income Funds - 41.5%**  | &nbsp;&nbsp; **Fixed-Income Funds - 41.5%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Floating Rate High Income Fund (a)  | 14567249  | 130813894  |
|  Fidelity High Income Fund (a)  | 4807841  | 35001084  |
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 9789266  | 88299178  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 2144583  | 21746072  |
|  Fidelity New Markets Income Fund (a)  | 916979  | 10554427  |
|  Fidelity Total Bond Fund (a)  | 84626538  | 789565602  |
|  VIP Investment Grade Bond II Portfolio - Investor Class (a)  | 85012859  | 789769458  |
| <br> **TOTAL FIXED-INCOME FUNDS** <br> (Cost $1,974,916,347)  |  | **1865749715**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 1.8%**  | &nbsp;&nbsp; **Money Market Funds - 1.8%**  | &nbsp;&nbsp; **Money Market Funds - 1.8%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (b)  | 21830914  | 21835280  |
|  Fidelity Investments Money Market Government Portfolio Institutional Class 4.10% (a)(c)  | 56933955  | 56933955  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $78,769,235)  |  | **78769235**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Treasury Obligations - 0.3%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.3%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.3%**  |
|  | Principal <br> Amount (d) <br>| Value ($) <br>|
|  U.S. Treasury Bills, yield at date of purchase 3.29% to 4.39% 1/5/23 to 3/30/23 (e) <br>(Cost $15,554,397) <br>| 15650000  | **15559860**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $4,778,409,600) <br>| <br>**4495032524**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **489259**  |
| **NET ASSETS - 100.0%**  | **4495521783**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  |
|  | Number <br> of contracts  | Expiration <br> Date  | Notional <br> Amount ($) <br>| Value ($) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| Purchased  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| MSCI EAFE Index Future (United States)  | 366  | Mar 2023  | 35674020  | (509745)  | (509745)  |
| Treasury Contracts  |  |  |  |  |  |
| CBOT 5-Year U.S. Treasury Note Contracts (United States)  | 819  | Mar 2023  | 88394414  | 11153  | 11153  |
| TOTAL PURCHASED  |  |  |  |  | (498592)  |
| Sold  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| CME Micro E-mini S&P 500 Index Contracts (United States)  | 1211  | Mar 2023  | 233783550  | 6529664  | 6529664  |
| MSCI Emerging Markets Index Future (United States)  | 483  | Mar 2023  | 23169510  | 215717  | 215717  |
| TOTAL SOLD  |  |  |  |  | 6745381  |
| **TOTAL FUTURES CONTRACTS**  |  |  |  |  | **6246789**  |
| The notional amount of futures purchased as a percentage of Net Assets is 2.8%  | The notional amount of futures purchased as a percentage of Net Assets is 2.8%  | The notional amount of futures purchased as a percentage of Net Assets is 2.8%  | The notional amount of futures purchased as a percentage of Net Assets is 2.8%  | The notional amount of futures purchased as a percentage of Net Assets is 2.8%  | The notional amount of futures purchased as a percentage of Net Assets is 2.8%  |
| The notional amount of futures sold as a percentage of Net Assets is 5.7%  | The notional amount of futures sold as a percentage of Net Assets is 5.7%  | The notional amount of futures sold as a percentage of Net Assets is 5.7%  | The notional amount of futures sold as a percentage of Net Assets is 5.7%  | The notional amount of futures sold as a percentage of Net Assets is 5.7%  | The notional amount of futures sold as a percentage of Net Assets is 5.7%  |

---

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $315,259,877.

**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.

(d) Amount is stated in United States dollars unless otherwise noted.

(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 $15,559,860.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 240620688  | 569424742  | 788210150  | 1450939  | -  | -  | 21835280  | 0.1%  |
| Total  | 240620688  | 569424742  | 788210150  | 1450939  | -  | -  | 21835280  |  |

---

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 Funds 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 ($)  |
|  Fidelity Canada Fund  | -  | 32069089  | 3701430  | 1052155  | (228137)  | (1870602)  | 26268920  |
|  Fidelity Commodity Strategy Fund  | 46184585  | 27263548  | 44435558  | 12541538  | 3277241  | (7418794)  | 24871022  |
|  Fidelity Contrafund  | 26928546  | 1924086  | 6546536  | 1580449  | 34261  | (8731467)  | 13608890  |
|  Fidelity Emerging Markets Discovery Fund  | 28162801  | 21108247  | 3193267  | 704741  | (334214)  | (3602538)  | 42141029  |
|  Fidelity Emerging Markets Fund  | 85564823  | 180859254  | 25656156  | 1579022  | (3351514)  | (32058282)  | 205358125  |
|  Fidelity Equity-Income Fund  | 69589597  | 3144428  | 16247431  | 2356621  | 1081656  | (7115984)  | 50452266  |
|  Fidelity Floating Rate High Income Fund  | 206003852  | 9327693  | 74694084  | 8036397  | (3142660)  | (6680907)  | 130813894  |
|  Fidelity Global Commodity Stock Fund  | 94953263  | 2462450  | 38793141  | 1509695  | 10781865  | 5607246  | 75011683  |
|  Fidelity Hedged Equity Fund  | -  | 11994542  | -  | 43617  | -  | (100725)  | 11893817  |
|  Fidelity High Income Fund  | 45407977  | 2188023  | 5361982  | 1903509  | (195904)  | (7037030)  | 35001084  |
|  Fidelity Inflation-Protected Bond Index Fund  | 178483279  | 8081095  | 76862158  | 7225949  | 6261059  | (27664097)  | 88299178  |
|  Fidelity International Capital Appreciation Fund  | 69561632  | 6336181  | 10410972  | 20997  | (1018764)  | (17332658)  | 47135419  |
|  Fidelity International Discovery Fund  | 87809314  | 8170284  | 13688611  | 215921  | (3917934)  | (17797343)  | 60575710  |
|  Fidelity International Enhanced Index Fund  | 81199208  | 9833829  | 12583436  | 1560857  | (1971954)  | (10994596)  | 65483051  |
|  Fidelity International Small Cap Fund  | 33991641  | 3518503  | 5479208  | 184662  | (214495)  | (5549889)  | 26266552  |
|  Fidelity International Small Cap Opportunities Fund  | 50047565  | 2436581  | -  | 2156285  | -  | (16672070)  | 35812076  |
|  Fidelity International Value Fund  | 46904553  | 5759482  | 7470559  | 747427  | (413611)  | (4154478)  | 40625387  |
|  Fidelity Investments Money Market Government Portfolio Institutional Class 4.10%  | -  | 92805952  | 35871997  | 1079196  | -  | -  | 56933955  |
|  Fidelity Japan Smaller Companies Fund  | 44171817  | 19620  | -  | 19619  | -  | (6417950)  | 37773487  |
|  Fidelity Large Cap Value Enhanced Index Fund  | 36543576  | 1580155  | 8008635  | 1197514  | 400324  | (3932872)  | 26582548  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 159226200  | 12401433  | 112319889  | 2326573  | (39732611)  | 2170939  | 21746072  |
|  Fidelity Low-Priced Stock Fund  | 97738692  | 7736851  | 20343987  | 6757011  | 17149  | (12744612)  | 72404093  |
|  Fidelity New Markets Income Fund  | 14413594  | 669437  | 1787333  | 574593  | (376436)  | (2364835)  | 10554427  |
|  Fidelity Overseas Fund  | 347123964  | 33159279  | 51865543  | 1716641  | (3905494)  | (83527327)  | 240984879  |
|  Fidelity Real Estate Investment Portfolio  | 81569943  | 3369590  | 36632375  | 2985481  | 4169004  | (22078087)  | 30398075  |
|  Fidelity Total Bond Fund  | -  | 897053957  | 75389893  | 15701461  | (1587644)  | (30510818)  | 789565602  |
|  Fidelity U.S. Bond Index Fund  | 1620378871  | 164104162  | 1612896908  | 13826520  | (91870873)  | (79715252)  | -  |
|  Fidelity U.S. Low Volatility Equity Fund  | 115189015  | 30851640  | 26620762  | 4674162  | (790086)  | (16508852)  | 102120955  |
|  Fidelity Value Discovery Fund  | 40995515  | 1924295  | 8891962  | 1497352  | 1184306  | (4347539)  | 30864615  |
|  VIP Investment Grade Bond II Portfolio - Investor Class  | -  | 927220911  | 81985862  | 14102420  | (2039564)  | (53426027)  | 789769458  |
|  VIP Stock Selector All Cap Portfolio Investor Class  | 2003817452  | 18865640  | 365534094  | 9364716  | (64650869)  | (324177014)  | 1268321115  |
|  | 5711961275  | 2528240237  | 2783273769  | 119243101  | (192535899)  | (806754460)  | 4457637384  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Equity Funds  | 2534953714  | 2534953714  | -  | -  |
|  Fixed-Income Funds  | 1865749715  | 1865749715  | -  | -  |
|  Money Market Funds  | 78769235  | 78769235  | -  | -  |
|  Other Short-Term Investments and Net Other Assets  | 15559860  | -  | 15559860  | -  |
| **Total Investments in Securities:**  | 4495032524  | 4479472664  | 15559860  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Futures Contracts  | 6756534  | 6756534  | -  | -  |
| Total Assets  | 6756534  | 6756534  | -  | -  |
|  **Liabilities**  |  |  |  |  |
| Futures Contracts  | (509745)  | (509745)  | -  | -  |
| Total Liabilities  | (509745)  | (509745)  | -  | -  |
| **Total Derivative Instruments:**  | 6246789  | 6246789  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value**  | **Value**  |
|  | **Asset ($)**  | **Liability ($)**  |
| **Equity Risk**  |  |  |
| Futures Contracts (a)  | 6745381  | (509745)  |
| **Total Equity Risk**  | 6745381  | (509745)  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts (a)  | 11153  | 0  |
| **Total Interest Rate Risk**  | 11153  | 0  |
| **Total Value of Derivatives**  | 6756534  | (509745)  |

---

(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**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Unaffiliated issuers (cost $15,554,397)  | 15559860  |  |
|  Fidelity Central Funds (cost $21,835,280)  | 21835280  |  |
|  Other affiliated issuers (cost $4,741,019,923)  | 4457637384  |  |
|  Total Investment in Securities (cost $4,778,409,600)  |  | $4495032524  |
|  Cash  |  | 1  |
| Receivable for investments sold  |  | 12959638  |
|  Receivable for fund shares sold  |  | 61440  |
|  Distributions receivable from Fidelity Central Funds  |  | 129097  |
|  Receivable for daily variation margin on futures contracts  |  | 743683  |
| **Total assets**  |  | 4508926383  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 11233233  |  |
|  Payable for fund shares redeemed  | 1779842  |  |
|  Accrued management fee  | 381947  |  |
|  Distribution and service plan fees payable  | 9578  |  |
| **Total Liabilities**  |  | 13404600  |
| **Net Assets**  |  | $4495521783  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $4875598649  |
|  Total accumulated earnings (loss)  |  | (380076866)  |
|  **Net Assets**  |  | $4495521783  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($49,027 ÷ 4,747 shares)  |  | $10.33  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($75,579,957 ÷ 7,354,385 shares)  |  | $10.28  |
| **Investor Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($4,419,892,799 ÷ 428,091,706 shares)  |  | $10.32  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 99777034  |
| Interest  |  | 230058  |
| Income from Fidelity Central Funds  |  | 1450939  |
| **Total Income**  |  | 101458031  |
|  **Expenses**  |  |  |
| Management fee  | $9882490  |  |
| Distribution and service plan fees  | 201206  |  |
| Independent trustees' fees and expenses  | 16597  |  |
| Total expenses before reductions  | 10100293  |  |
| Expense reductions  | (2615196)  |  |
| Total expenses after reductions  |  | 7485097  |
| **Net Investment income (loss)**  |  | 93972934  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (28)  |  |
| Affiliated issuers  | (192535899)  |  |
| Futures contracts  | 59121712  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 19466067  |  |
| Total net realized gain (loss)  |  | (113948148)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 5178  |  |
| Affiliated issuers  | (806754460)  |  |
| Futures contracts  | 9807744  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (796941538)  |
| **Net gain (loss)**  |  | (910889686)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(816916752)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $93972934  | $65026799  |
| &nbsp;&nbsp; Net realized gain (loss)  | (113948148) <br>| 895910930 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (796941538)  | (396365735) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (816916752) <br>| 564571994 <br>|
| Distributions to shareholders  | (979815592) <br>| (167003158) <br>|
| Share transactions - net increase (decrease)  | 310287644 <br>| (261609865) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (1486444700) <br>| 135958971 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 5981966483  | 5846007512 <br>|
| &nbsp;&nbsp; End of period  | $4495521783  | $5981966483  |

---

**Financial Highlights** 

 **VIP FundsManager 50% Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.51  | $13.57  | $12.28  | $11.68  | $13.53  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .21  | .15  | .14  | .20  | .19  |
| Net realized and unrealized gain (loss)  | (2.00)  | 1.19  | 1.55  | 1.76  | (.86)  |
| Total from investment operations  | (1.79)  | 1.34  | 1.69  | 1.96  | (.67)  |
| Distributions from net investment income  | (.23)  | (.16)  | (.14)  | (.20)  | (.18)  |
| Distributions from net realized gain  | (2.16)  | (.24)  | (.26)  | (1.15)  | (1.00)  |
| Total distributions  | (2.39)  | (.40)  | (.40)  | (1.36) <sup>C</sup>  | (1.18)  |
| Net asset value, end of period  | $10.33  | $14.51  | $13.57  | $12.28  | $11.68  |
| **Total Return** <sup>D,E</sup>  | (13.91)%  | 10.01%  | 14.06%  | 17.89%  | (5.28)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .30%  | .35%  | .35%  | .35%  | .35%  |
| Expenses net of fee waivers, if any  | .15%  | .20%  | .20%  | .20%  | .20%  |
| Expenses net of all reductions  | .15%  | .20%  | .20%  | .20%  | .20%  |
| Net investment income (loss)  | 1.86%  | 1.10%  | 1.12%  | 1.68%  | 1.52%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $49  | $69  | $64  | $58  | $55  |
| Portfolio turnover rate <sup>H</sup>  | 51% <sup>I</sup>  | 51% <sup>I</sup>  | 24% <sup>I</sup>  | 25%  | 80%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **VIP FundsManager 50% Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.45  | $13.51  | $12.23  | $11.64  | $13.48  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .19  | .13  | .12  | .18  | .17  |
| Net realized and unrealized gain (loss)  | (1.99)  | 1.18  | 1.55  | 1.75  | (.85)  |
| Total from investment operations  | (1.80)  | 1.31  | 1.67  | 1.93  | (.68)  |
| Distributions from net investment income  | (.21)  | (.14)  | (.13)  | (.19)  | (.16)  |
| Distributions from net realized gain  | (2.16)  | (.24)  | (.26)  | (1.15)  | (1.00)  |
| Total distributions  | (2.37)  | (.37) <sup>C</sup>  | (.39)  | (1.34)  | (1.16)  |
| Net asset value, end of period  | $10.28  | $14.45  | $13.51  | $12.23  | $11.64  |
| **Total Return** <sup>D,E</sup>  | (14.04)%  | 9.88%  | 13.89%  | 17.69%  | (5.38)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .45%  | .50%  | .50%  | .50%  | .50%  |
| Expenses net of fee waivers, if any  | .30%  | .35%  | .35%  | .35%  | .35%  |
| Expenses net of all reductions  | .30%  | .35%  | .35%  | .35%  | .35%  |
| Net investment income (loss)  | 1.71%  | .95%  | .97%  | 1.53%  | 1.37%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $75580  | $94708  | $114211  | $103031  | $90234  |
| Portfolio turnover rate <sup>H</sup>  | 51% <sup>I</sup>  | 51% <sup>I</sup>  | 24% <sup>I</sup>  | 25%  | 80%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **VIP FundsManager 50% Portfolio Investor Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.50  | $13.56  | $12.28  | $11.68  | $13.52  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .21  | .15  | .14  | .20  | .19  |
| Net realized and unrealized gain (loss)  | (2.00)  | 1.19  | 1.54  | 1.76  | (.85)  |
| Total from investment operations  | (1.79)  | 1.34  | 1.68  | 1.96  | (.66)  |
| Distributions from net investment income  | (.23)  | (.16)  | (.14)  | (.20)  | (.18)  |
| Distributions from net realized gain  | (2.16)  | (.24)  | (.26)  | (1.15)  | (1.00)  |
| Total distributions  | (2.39)  | (.40)  | (.40)  | (1.36) <sup>C</sup>  | (1.18)  |
| Net asset value, end of period  | $10.32  | $14.50  | $13.56  | $12.28  | $11.68  |
| **Total Return** <sup>D,E</sup>  | (13.94)%  | 10.02%  | 13.98%  | 17.89%  | (5.20)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .20%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .15%  | .20%  | .20%  | .20%  | .20%  |
| Expenses net of all reductions  | .15%  | .20%  | .20%  | .20%  | .20%  |
| Net investment income (loss)  | 1.86%  | 1.10%  | 1.12%  | 1.68%  | 1.52%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $4419893  | $5887190  | $5731732  | $5630795  | $5535648  |
| Portfolio turnover rate <sup>H</sup>  | 51% <sup>I</sup>  | 51% <sup>I</sup>  | 24% <sup>I</sup>  | 25%  | 80%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP FundsManager® 60% Portfolio** 

**Investment Summary December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Stock Selector All Cap Portfolio Investor Class  | 29.2  |
| VIP Investment Grade Bond II Portfolio - Investor Class  | 14.4  |
| Fidelity Total Bond Fund  | 14.4  |
| Fidelity Overseas Fund  | 6.4  |
| Fidelity Emerging Markets Fund  | 5.4  |
| Fidelity Floating Rate High Income Fund  | 2.6  |
| Fidelity Low-Priced Stock Fund  | 2.5  |
| Fidelity Equity-Income Fund  | 2.3  |
| Fidelity U.S. Low Volatility Equity Fund  | 2.3  |
| Fidelity Inflation-Protected Bond Index Fund  | 1.9  |
|  | 81.4  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88156_12.jpg)  |
| *Futures - (0.3)%*  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP FundsManager® 60% Portfolio**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Equity Funds - 63.9%**  | &nbsp;&nbsp; **Equity Funds - 63.9%**  | &nbsp;&nbsp; **Equity Funds - 63.9%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Canada Fund (a)  | 721938  | 42045692  |
|  Fidelity Commodity Strategy Fund (a)  | 338025  | 34874076  |
|  Fidelity Contrafund (a)  | 4287648  | 51837667  |
|  Fidelity Emerging Markets Discovery Fund (a)  | 3119830  | 43365633  |
|  Fidelity Emerging Markets Fund (a)  | 9869631  | 310103807  |
|  Fidelity Equity-Income Fund (a)  | 2082244  | 132722232  |
|  Fidelity Global Commodity Stock Fund (a)  | 5511308  | 106092672  |
|  Fidelity Hedged Equity Fund (a)  | 1545760  | 14700174  |
|  Fidelity International Capital Appreciation Fund (a)  | 3380227  | 70545333  |
|  Fidelity International Discovery Fund (a)  | 2340886  | 92816122  |
|  Fidelity International Enhanced Index Fund (a)  | 10009787  | 93691610  |
|  Fidelity International Small Cap Fund (a)  | 1545997  | 41324509  |
|  Fidelity International Small Cap Opportunities Fund (a)  | 2665457  | 47311853  |
|  Fidelity International Value Fund (a)  | 7118844  | 59869481  |
|  Fidelity Japan Smaller Companies Fund (a)  | 2911911  | 39223445  |
|  Fidelity Large Cap Value Enhanced Index Fund (a)  | 3836629  | 54978890  |
|  Fidelity Low-Priced Stock Fund (a)  | 3115490  | 143904503  |
|  Fidelity Overseas Fund (a)  | 7194504  | 363754111  |
|  Fidelity Real Estate Investment Portfolio (a)  | 1034663  | 38623985  |
|  Fidelity U.S. Low Volatility Equity Fund (a)  | 12734279  | 130016987  |
|  Fidelity Value Discovery Fund (a)  | 1909809  | 67129783  |
|  VIP Stock Selector All Cap Portfolio Investor Class (a)  | 204529090  | 1660776208  |
| <br> **TOTAL EQUITY FUNDS** <br> (Cost $3,851,792,555)  |  | **3639708773**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Fixed-Income Funds - 35.4%**  | &nbsp;&nbsp; **Fixed-Income Funds - 35.4%**  | &nbsp;&nbsp; **Fixed-Income Funds - 35.4%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Floating Rate High Income Fund (a)  | 16443415  | 147661871  |
|  Fidelity High Income Fund (a)  | 6155191  | 44809789  |
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 12065477  | 108830605  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 5467612  | 55441582  |
|  Fidelity New Markets Income Fund (a)  | 1226845  | 14120986  |
|  Fidelity Total Bond Fund (a)  | 88164033  | 822570426  |
|  VIP Investment Grade Bond II Portfolio - Investor Class (a)  | 88567094  | 822788307  |
| <br> **TOTAL FIXED-INCOME FUNDS** <br> (Cost $2,143,613,494)  |  | **2016223566**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 0.4%**  | &nbsp;&nbsp; **Money Market Funds - 0.4%**  | &nbsp;&nbsp; **Money Market Funds - 0.4%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (b) <br>(Cost $23,270,110) <br>| 23265457  | **23270110**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Treasury Obligations - 0.3%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.3%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.3%**  |
|  | Principal <br> Amount (c) <br>| Value ($) <br>|
|  U.S. Treasury Bills, yield at date of purchase 3.33% to 4.39% 1/5/23 to 3/30/23 (d) <br>(Cost $17,978,733) <br>| 18070000  | **17984672**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $6,036,654,892) <br>| <br>**5697187121**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(679046)**  |
| **NET ASSETS - 100.0%**  | **5696508075**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  |
|  | Number <br> of contracts  | Expiration <br> Date  | Notional <br> Amount ($) <br>| Value ($) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| Purchased  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| MSCI EAFE Index Future (United States)  | 912  | Mar 2023  | 88892640  | (1482347)  | (1482347)  |
| Treasury Contracts  |  |  |  |  |  |
| CBOT 5-Year U.S. Treasury Note Contracts (United States)  | 1023  | Mar 2023  | 110412070  | 13931  | 13931  |
| TOTAL PURCHASED  |  |  |  |  | (1468416)  |
| Sold  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| CME Micro E-mini S&P 500 Index Contracts (United States)  | 1116  | Mar 2023  | 215443800  | 6017427  | 6017427  |
| **TOTAL FUTURES CONTRACTS**  |  |  |  |  | **4549011**  |
| The notional amount of futures purchased as a percentage of Net Assets is 3.5%  | The notional amount of futures purchased as a percentage of Net Assets is 3.5%  | The notional amount of futures purchased as a percentage of Net Assets is 3.5%  | The notional amount of futures purchased as a percentage of Net Assets is 3.5%  | The notional amount of futures purchased as a percentage of Net Assets is 3.5%  | The notional amount of futures purchased as a percentage of Net Assets is 3.5%  |
| The notional amount of futures sold as a percentage of Net Assets is 3.8%  | The notional amount of futures sold as a percentage of Net Assets is 3.8%  | The notional amount of futures sold as a percentage of Net Assets is 3.8%  | The notional amount of futures sold as a percentage of Net Assets is 3.8%  | The notional amount of futures sold as a percentage of Net Assets is 3.8%  | The notional amount of futures sold as a percentage of Net Assets is 3.8%  |

---

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $314,053,014.

**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) Amount is stated in United States dollars unless otherwise noted.

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $17,984,672.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 36080874  | 564852898  | 577663662  | 827523  | -  | -  | 23270110  | 0.1%  |
| Total  | 36080874  | 564852898  | 577663662  | 827523  | -  | -  | 23270110  |  |

---

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 Funds 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 ($)  |
|  Fidelity Canada Fund  | -  | 48656173  | 3267475  | 1670269  | (205899)  | (3137107)  | 42045692  |
|  Fidelity Commodity Strategy Fund  | 42400536  | 24088529  | 26180034  | 12999936  | 7017014  | (12451969)  | 34874076  |
|  Fidelity Contrafund  | 89376965  | 7097062  | 14306110  | 5803871  | (1877126)  | (28453124)  | 51837667  |
|  Fidelity Emerging Markets Discovery Fund  | 23860340  | 25707498  | 2808088  | 723852  | (251618)  | (3142499)  | 43365633  |
|  Fidelity Emerging Markets Fund  | 104537123  | 299281823  | 43727494  | 2371752  | (6825074)  | (43162571)  | 310103807  |
|  Fidelity Equity-Income Fund  | 172261174  | 8935913  | 33209103  | 6083039  | 173083  | (15438835)  | 132722232  |
|  Fidelity Floating Rate High Income Fund  | 246611909  | 13648166  | 100705921  | 9770633  | (4203783)  | (7688500)  | 147661871  |
|  Fidelity Global Commodity Stock Fund  | 132927542  | 5014377  | 54692765  | 2191892  | 13097448  | 9746070  | 106092672  |
|  Fidelity Hedged Equity Fund  | -  | 14824665  | -  | 53908  | -  | (124491)  | 14700174  |
|  Fidelity High Income Fund  | 54508561  | 3195837  | 4051016  | 2354355  | (153776)  | (8689817)  | 44809789  |
|  Fidelity Inflation-Protected Bond Index Fund  | 214135399  | 11595434  | 89375886  | 8887282  | 5381753  | (32906095)  | 108830605  |
|  Fidelity International Capital Appreciation Fund  | 109359281  | 1544698  | 11723723  | 34069  | (2285931)  | (26348992)  | 70545333  |
|  Fidelity International Discovery Fund  | 140880985  | 2306100  | 15532688  | 328443  | (5545994)  | (29292281)  | 92816122  |
|  Fidelity International Enhanced Index Fund  | 123444638  | 3978286  | 14233930  | 2220651  | (2478194)  | (17019190)  | 93691610  |
|  Fidelity International Small Cap Fund  | 56155938  | 1065959  | 6339233  | 288544  | (349427)  | (9208728)  | 41324509  |
|  Fidelity International Small Cap Opportunities Fund  | 65279771  | 3891665  | -  | 2848048  | -  | (21859583)  | 47311853  |
|  Fidelity International Value Fund  | 73425016  | 2121592  | 8579265  | 1095394  | (560011)  | (6537851)  | 59869481  |
|  Fidelity Japan Smaller Companies Fund  | 45867380  | 20372  | -  | 20373  | -  | (6664307)  | 39223445  |
|  Fidelity Large Cap Value Enhanced Index Fund  | 73224609  | 3826680  | 14844573  | 2453698  | 80739  | (7308565)  | 54978890  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 225253707  | 11870650  | 126873185  | 3457566  | (43084413)  | (11725177)  | 55441582  |
|  Fidelity Low-Priced Stock Fund  | 189869467  | 16666820  | 37633823  | 13205633  | (2815507)  | (22182454)  | 143904503  |
|  Fidelity New Markets Income Fund  | 17893733  | 1019342  | 1350342  | 738845  | (143885)  | (3297862)  | 14120986  |
|  Fidelity Overseas Fund  | 550550664  | 10276551  | 58812499  | 2807721  | (12377922)  | (125882683)  | 363754111  |
|  Fidelity Real Estate Investment Portfolio  | 97561501  | 4883667  | 42004135  | 3732704  | 4257296  | (26074344)  | 38623985  |
|  Fidelity Total Bond Fund  | -  | 904391953  | 49935814  | 15849020  | (713253)  | (31172460)  | 822570426  |
|  Fidelity U.S. Bond Index Fund  | 1468036781  | 211098427  | 1518427764  | 12971041  | (69222323)  | (91485121)  | -  |
|  Fidelity U.S. Low Volatility Equity Fund  | 165575072  | 23393689  | 34213735  | 6687953  | (42460)  | (24695579)  | 130016987  |
|  Fidelity Value Discovery Fund  | 86361718  | 4709412  | 17201666  | 3187452  | 1734601  | (8474282)  | 67129783  |
|  VIP Investment Grade Bond II Portfolio - Investor Class  | -  | 932424375  | 54790339  | 14709105  | (1438209)  | (53407520)  | 822788307  |
|  VIP Stock Selector All Cap Portfolio Investor Class  | 2558075715  | 45752433  | 442748476  | 12223441  | (77470520)  | (422832944)  | 1660776208  |
|  | 7127435525  | 2647288148  | 2827569082  | 151770490  | (200303391)  | (1090918861)  | 5655932339  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Equity Funds  | 3639708773  | 3639708773  | -  | -  |
|  Fixed-Income Funds  | 2016223566  | 2016223566  | -  | -  |
|  Money Market Funds  | 23270110  | 23270110  | -  | -  |
|  Other Short-Term Investments and Net Other Assets  | 17984672  | -  | 17984672  | -  |
| **Total Investments in Securities:**  | 5697187121  | 5679202449  | 17984672  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Futures Contracts  | 6031358  | 6031358  | -  | -  |
| Total Assets  | 6031358  | 6031358  | -  | -  |
|  **Liabilities**  |  |  |  |  |
| Futures Contracts  | (1482347)  | (1482347)  | -  | -  |
| Total Liabilities  | (1482347)  | (1482347)  | -  | -  |
| **Total Derivative Instruments:**  | 4549011  | 4549011  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value**  | **Value**  |
|  | **Asset ($)**  | **Liability ($)**  |
| **Equity Risk**  |  |  |
| Futures Contracts (a)  | 6017427  | (1482347)  |
| **Total Equity Risk**  | 6017427  | (1482347)  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts (a)  | 13931  | 0  |
| **Total Interest Rate Risk**  | 13931  | 0  |
| **Total Value of Derivatives**  | 6031358  | (1482347)  |

---

(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**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Unaffiliated issuers (cost $17,978,733)  | 17984672  |  |
|  Fidelity Central Funds (cost $23,270,110)  | 23270110  |  |
|  Other affiliated issuers (cost $5,995,406,049)  | 5655932339  |  |
|  Total Investment in Securities (cost $6,036,654,892)  |  | $5697187121  |
| Receivable for investments sold  |  | 15654161  |
|  Receivable for fund shares sold  |  | 816764  |
|  Distributions receivable from Fidelity Central Funds  |  | 60775  |
| **Total assets**  |  | 5713718821  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 14618721  |  |
|  Payable for fund shares redeemed  | 1842689  |  |
|  Accrued management fee  | 482414  |  |
|  Distribution and service plan fees payable  | 67866  |  |
|  Payable for daily variation margin on futures contracts  | 199056  |  |
| **Total Liabilities**  |  | 17210746  |
| **Net Assets**  |  | $5696508075  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $6119939713  |
|  Total accumulated earnings (loss)  |  | (423431638)  |
|  **Net Assets**  |  | $5696508075  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($68,120,262 ÷ 7,841,572 shares)  |  | $8.69  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($534,691,674 ÷ 61,780,408 shares)  |  | $8.65  |
| **Investor Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($5,093,696,139 ÷ 586,360,685 shares)  |  | $8.69  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 115132227  |
| Interest  |  | 207063  |
| Income from Fidelity Central Funds  |  | 827523  |
| **Total Income**  |  | 116166813  |
|  **Expenses**  |  |  |
| Management fee  | $12051621  |  |
| Distribution and service plan fees  | 1472811  |  |
| Independent trustees' fees and expenses  | 20210  |  |
| Total expenses before reductions  | 13544642  |  |
| Expense reductions  | (3727033)  |  |
| Total expenses after reductions  |  | 9817609  |
| **Net Investment income (loss)**  |  | 106349204  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (40)  |  |
| Affiliated issuers  | (200303391)  |  |
| Futures contracts  | 61732226  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 36638263  |  |
| Total net realized gain (loss)  |  | (101932942)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 5831  |  |
| Affiliated issuers  | (1090918861)  |  |
| Futures contracts  | 8933594  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (1081979436)  |
| **Net gain (loss)**  |  | (1183912378)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(1077563174)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $106349204  | $74043003  |
| &nbsp;&nbsp; Net realized gain (loss)  | (101932942) <br>| 1114429649 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (1081979436)  | (388552934) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (1077563174) <br>| 799919718 <br>|
| Distributions to shareholders  | (1199936759) <br>| (190170063) <br>|
| Share transactions - net increase (decrease)  | 781927644 <br>| (21798783) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (1495572289) <br>| 587950872 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 7192080364  | 6604129492 <br>|
| &nbsp;&nbsp; End of period  | $5696508075  | $7192080364  |

---

**Financial Highlights** 

 **VIP FundsManager 60% Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.40  | $11.35  | $10.20  | $10.22  | $12.50  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .16  | .13  | .11  | .16  | .16  |
| Net realized and unrealized gain (loss)  | (1.82)  | 1.25  | 1.40  | 1.71  | (.87)  |
| Total from investment operations  | (1.66)  | 1.38  | 1.51  | 1.87  | (.71)  |
| Distributions from net investment income  | (.17)  | (.14)  | (.11)  | (.15)  | (.14)  |
| Distributions from net realized gain  | (1.88)  | (.20)  | (.25)  | (1.74)  | (1.42)  |
| Total distributions  | (2.05)  | (.33) <sup>C</sup>  | (.36)  | (1.89)  | (1.57) <sup>C</sup>  |
| Net asset value, end of period  | $8.69  | $12.40  | $11.35  | $10.20  | $10.22  |
| **Total Return** <sup>D,E</sup>  | (15.06)%  | 12.34%  | 15.12%  | 20.49%  | (6.44)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .29%  | .35%  | .35%  | .35%  | .35%  |
| Expenses net of fee waivers, if any  | .14%  | .20%  | .20%  | .20%  | .20%  |
| Expenses net of all reductions  | .14%  | .20%  | .20%  | .20%  | .20%  |
| Net investment income (loss)  | 1.73%  | 1.08%  | 1.06%  | 1.61%  | 1.40%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $68120  | $58353  | $28621  | $9951  | $50  |
| Portfolio turnover rate <sup>H</sup>  | 43% <sup>I</sup>  | 54% <sup>I</sup>  | 22% <sup>I</sup>  | 33%  | 91%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **VIP FundsManager 60% Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.36  | $11.31  | $10.17  | $10.20  | $12.47  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .15  | .11  | .09  | .14  | .14  |
| Net realized and unrealized gain (loss)  | (1.82)  | 1.25  | 1.39  | 1.71  | (.86)  |
| Total from investment operations  | (1.67)  | 1.36  | 1.48  | 1.85  | (.72)  |
| Distributions from net investment income  | (.16)  | (.12)  | (.09)  | (.14)  | (.13)  |
| Distributions from net realized gain  | (1.88)  | (.20)  | (.25)  | (1.74)  | (1.42)  |
| Total distributions  | (2.04)  | (.31) <sup>C</sup>  | (.34)  | (1.88)  | (1.55)  |
| Net asset value, end of period  | $8.65  | $12.36  | $11.31  | $10.17  | $10.20  |
| **Total Return** <sup>D,E</sup>  | (15.25)%  | 12.21%  | 14.92%  | 20.25%  | (6.51)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .45%  | .50%  | .50%  | .50%  | .50%  |
| Expenses net of fee waivers, if any  | .29%  | .35%  | .35%  | .35%  | .35%  |
| Expenses net of all reductions  | .29%  | .35%  | .35%  | .35%  | .35%  |
| Net investment income (loss)  | 1.58%  | .93%  | .91%  | 1.46%  | 1.25%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $534692  | $640658  | $656402  | $594140  | $533024  |
| Portfolio turnover rate <sup>H</sup>  | 43% <sup>I</sup>  | 54% <sup>I</sup>  | 22% <sup>I</sup>  | 33%  | 91%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **VIP FundsManager 60% Portfolio Investor Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.40  | $11.35  | $10.20  | $10.22  | $12.50  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .16  | .13  | .11  | .16  | .16  |
| Net realized and unrealized gain (loss)  | (1.82)  | 1.25  | 1.40  | 1.71  | (.87)  |
| Total from investment operations  | (1.66)  | 1.38  | 1.51  | 1.87  | (.71)  |
| Distributions from net investment income  | (.17)  | (.14)  | (.11)  | (.15)  | (.14)  |
| Distributions from net realized gain  | (1.88)  | (.20)  | (.25)  | (1.74)  | (1.42)  |
| Total distributions  | (2.05)  | (.33) <sup>C</sup>  | (.36)  | (1.89)  | (1.57) <sup>C</sup>  |
| Net asset value, end of period  | $8.69  | $12.40  | $11.35  | $10.20  | $10.22  |
| **Total Return** <sup>D,E</sup>  | (15.06)%  | 12.34%  | 15.12%  | 20.49%  | (6.44)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .19%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .14%  | .20%  | .20%  | .20%  | .20%  |
| Expenses net of all reductions  | .14%  | .20%  | .20%  | .20%  | .20%  |
| Net investment income (loss)  | 1.73%  | 1.08%  | 1.06%  | 1.61%  | 1.40%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $5093696  | $6493070  | $5919107  | $5375333  | $4777580  |
| Portfolio turnover rate <sup>H</sup>  | 43% <sup>I</sup>  | 54% <sup>I</sup>  | 22% <sup>I</sup>  | 33%  | 91%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP FundsManager® 70% Portfolio** 

**Investment Summary December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Stock Selector All Cap Portfolio Investor Class  | 33.5  |
| VIP Investment Grade Bond II Portfolio - Investor Class  | 9.3  |
| Fidelity Total Bond Fund  | 9.2  |
| Fidelity Overseas Fund  | 7.7  |
| Fidelity Emerging Markets Fund  | 6.9  |
| Fidelity Low-Priced Stock Fund  | 2.8  |
| Fidelity Floating Rate High Income Fund  | 2.6  |
| Fidelity Equity-Income Fund  | 2.4  |
| Fidelity U.S. Low Volatility Equity Fund  | 2.3  |
| Fidelity International Enhanced Index Fund  | 2.0  |
|  | 78.7  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88156_13.jpg)  |
| *Futures - 0.0%*  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP FundsManager® 70% Portfolio**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Equity Funds - 73.7%**  | &nbsp;&nbsp; **Equity Funds - 73.7%**  | &nbsp;&nbsp; **Equity Funds - 73.7%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Canada Fund (a)  | 272887  | 15892931  |
|  Fidelity Commodity Strategy Fund (a)  | 112131  | 11568566  |
|  Fidelity Contrafund (a)  | 1705871  | 20623975  |
|  Fidelity Emerging Markets Discovery Fund (a)  | 995960  | 13843850  |
|  Fidelity Emerging Markets Fund (a)  | 4057485  | 127486180  |
|  Fidelity Equity-Income Fund (a)  | 712637  | 45423472  |
|  Fidelity Global Commodity Stock Fund (a)  | 1784683  | 34355146  |
|  Fidelity Hedged Equity Fund (a)  | 490319  | 4662933  |
|  Fidelity International Capital Appreciation Fund (a)  | 1328707  | 27730111  |
|  Fidelity International Discovery Fund (a)  | 915712  | 36308000  |
|  Fidelity International Enhanced Index Fund (a)  | 3905356  | 36554133  |
|  Fidelity International Small Cap Fund (a)  | 600823  | 16060002  |
|  Fidelity International Small Cap Opportunities Fund (a)  | 935180  | 16599446  |
|  Fidelity International Value Fund (a)  | 2768408  | 23282315  |
|  Fidelity Japan Smaller Companies Fund (a)  | 963982  | 12984834  |
|  Fidelity Large Cap Value Enhanced Index Fund (a)  | 1826619  | 26175444  |
|  Fidelity Low-Priced Stock Fund (a)  | 1142741  | 52783219  |
|  Fidelity Overseas Fund (a)  | 2821803  | 142670380  |
|  Fidelity Real Estate Investment Portfolio (a)  | 335866  | 12537884  |
|  Fidelity U.S. Low Volatility Equity Fund (a)  | 4133269  | 42200674  |
|  Fidelity Value Discovery Fund (a)  | 664456  | 23355632  |
|  VIP Stock Selector All Cap Portfolio Investor Class (a)  | 76247281  | 619127921  |
| <br> **TOTAL EQUITY FUNDS** <br> (Cost $1,468,132,489)  |  | **1362227048**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Fixed-Income Funds - 25.3%**  | &nbsp;&nbsp; **Fixed-Income Funds - 25.3%**  | &nbsp;&nbsp; **Fixed-Income Funds - 25.3%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Floating Rate High Income Fund (a)  | 5443157  | 48879552  |
|  Fidelity High Income Fund (a)  | 2005322  | 14598746  |
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 3905732  | 35229701  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 1779020  | 18039266  |
|  Fidelity New Markets Income Fund (a)  | 815514  | 9386569  |
|  Fidelity Total Bond Fund (a)  | 18314398  | 170873330  |
|  VIP Investment Grade Bond II Portfolio - Investor Class (a)  | 18397614  | 170913838  |
| <br> **TOTAL FIXED-INCOME FUNDS** <br> (Cost $497,317,159)  |  | **467921002**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 0.7%**  | &nbsp;&nbsp; **Money Market Funds - 0.7%**  | &nbsp;&nbsp; **Money Market Funds - 0.7%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (b) <br>(Cost $12,365,776) <br>| 12363304  | **12365776**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Treasury Obligations - 0.3%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.3%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.3%**  |
|  | Principal <br> Amount (c) <br>| Value ($) <br>|
|  U.S. Treasury Bills, yield at date of purchase 3.29% to 4.39% 1/5/23 to 3/30/23 (d) <br>(Cost $5,425,008) <br>| 5450000  | **5426705**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $1,983,240,432) <br>| <br>**1847940531**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(168716)**  |
| **NET ASSETS - 100.0%**  | **1847771815**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  |
|  | Number <br> of contracts  | Expiration <br> Date  | Notional <br> Amount ($) <br>| Value ($) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| Purchased  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| MSCI EAFE Index Future (United States)  | 323  | Mar 2023  | 31482810  | (531983)  | (531983)  |
| Treasury Contracts  |  |  |  |  |  |
| CBOT 5-Year U.S. Treasury Note Contracts (United States)  | 327  | Mar 2023  | 35293008  | 4453  | 4453  |
| TOTAL PURCHASED  |  |  |  |  | (527530)  |
| Sold  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| CME Micro E-mini S&P 500 Index Contracts (United States)  | 329  | Mar 2023  | 63513450  | 1773955  | 1773955  |
| MSCI Emerging Markets Index Future (United States)  | 93  | Mar 2023  | 4461210  | 41545  | 41545  |
| TOTAL SOLD  |  |  |  |  | 1815500  |
| **TOTAL FUTURES CONTRACTS**  |  |  |  |  | **1287970**  |
| The notional amount of futures purchased as a percentage of Net Assets is 3.6%  | The notional amount of futures purchased as a percentage of Net Assets is 3.6%  | The notional amount of futures purchased as a percentage of Net Assets is 3.6%  | The notional amount of futures purchased as a percentage of Net Assets is 3.6%  | The notional amount of futures purchased as a percentage of Net Assets is 3.6%  | The notional amount of futures purchased as a percentage of Net Assets is 3.6%  |
| The notional amount of futures sold as a percentage of Net Assets is 3.6%  | The notional amount of futures sold as a percentage of Net Assets is 3.6%  | The notional amount of futures sold as a percentage of Net Assets is 3.6%  | The notional amount of futures sold as a percentage of Net Assets is 3.6%  | The notional amount of futures sold as a percentage of Net Assets is 3.6%  | The notional amount of futures sold as a percentage of Net Assets is 3.6%  |

---

**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) Amount is stated in United States dollars unless otherwise noted.

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $5,426,705.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 20022171  | 171459907  | 179116302  | 302786  | -  | -  | 12365776  | 0.0%  |
| Total  | 20022171  | 171459907  | 179116302  | 302786  | -  | -  | 12365776  |  |

---

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 Funds 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 ($)  |
|  Fidelity Canada Fund  | -  | 17730374  | 595588  | 628720  | (27282)  | (1214573)  | 15892931  |
|  Fidelity Commodity Strategy Fund  | 14445549  | 8874490  | 9658295  | 4587848  | 1779458  | (3872636)  | 11568566  |
|  Fidelity Contrafund  | 34064918  | 3270447  | 4952520  | 2286761  | (826730)  | (10932140)  | 20623975  |
|  Fidelity Emerging Markets Discovery Fund  | 7212699  | 8160068  | 501831  | 230544  | (48640)  | (978446)  | 13843850  |
|  Fidelity Emerging Markets Fund  | 24450352  | 122581425  | 4737597  | 971973  | (899433)  | (13908567)  | 127486180  |
|  Fidelity Equity-Income Fund  | 56691746  | 4216889  | 10388834  | 2070149  | (226573)  | (4869756)  | 45423472  |
|  Fidelity Floating Rate High Income Fund  | 80763528  | 5654814  | 33598258  | 3086914  | (1463027)  | (2477505)  | 48879552  |
|  Fidelity Global Commodity Stock Fund  | 38926406  | 2562194  | 13838850  | 693561  | 2263505  | 4441891  | 34355146  |
|  Fidelity Hedged Equity Fund  | -  | 4702422  | -  | 17100  | -  | (39489)  | 4662933  |
|  Fidelity High Income Fund  | 16746900  | 1287470  | 670957  | 743051  | (14013)  | (2750654)  | 14598746  |
|  Fidelity Inflation-Protected Bond Index Fund  | 65317812  | 4463749  | 25870613  | 2872062  | (151829)  | (8529418)  | 35229701  |
|  Fidelity International Capital Appreciation Fund  | 39256286  | 1521304  | 2618765  | 13335  | (515503)  | (9913211)  | 27730111  |
|  Fidelity International Discovery Fund  | 50300051  | 2091239  | 3496843  | 127969  | (863462)  | (11722985)  | 36308000  |
|  Fidelity International Enhanced Index Fund  | 44182929  | 2640551  | 3232600  | 863364  | (365853)  | (6670894)  | 36554133  |
|  Fidelity International Small Cap Fund  | 20033920  | 902462  | 1440465  | 111740  | (174109)  | (3261806)  | 16060002  |
|  Fidelity International Small Cap Opportunities Fund  | 22334731  | 1798475  | -  | 998416  | -  | (7533760)  | 16599446  |
|  Fidelity International Value Fund  | 26290115  | 1473401  | 1965440  | 424589  | (100173)  | (2415588)  | 23282315  |
|  Fidelity Japan Smaller Companies Fund  | 15184294  | 6744  | -  | 6744  | -  | (2206204)  | 12984834  |
|  Fidelity Large Cap Value Enhanced Index Fund  | 33110776  | 2203990  | 5803670  | 1164007  | (200895)  | (3134757)  | 26175444  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 68827122  | 9012536  | 42381176  | 1148320  | (13999971)  | (3419245)  | 18039266  |
|  Fidelity Low-Priced Stock Fund  | 66402023  | 7426540  | 12126703  | 4813388  | (891936)  | (8026705)  | 52783219  |
|  Fidelity New Markets Income Fund  | 5710467  | 5080859  | 304758  | 326450  | (13951)  | (1086048)  | 9386569  |
|  Fidelity Overseas Fund  | 197438752  | 8557864  | 13241632  | 1096736  | (2490363)  | (47594241)  | 142670380  |
|  Fidelity Real Estate Investment Portfolio  | 29830611  | 1891920  | 12368563  | 1195330  | 977244  | (7793328)  | 12537884  |
|  Fidelity Total Bond Fund  | -  | 182980791  | 5992231  | 3007847  | (147226)  | (5968004)  | 170873330  |
|  Fidelity U.S. Bond Index Fund  | 232831271  | 57353361  | 263537871  | 2159547  | (9950509)  | (16696252)  | -  |
|  Fidelity U.S. Low Volatility Equity Fund  | 53180557  | 8621531  | 11577434  | 2185946  | (488551)  | (7535429)  | 42200674  |
|  Fidelity Value Discovery Fund  | 28777219  | 2253681  | 5391251  | 1103485  | 180456  | (2464473)  | 23355632  |
|  VIP Investment Grade Bond II Portfolio - Investor Class  | -  | 188032868  | 6880306  | 2825847  | (194486)  | (10044238)  | 170913838  |
|  VIP Stock Selector All Cap Portfolio Investor Class  | 910626490  | 29950259  | 141396477  | 4548097  | (23559026)  | (156493325)  | 619127921  |
|  | 2182937524  | 697304718  | 638569528  | 46309840  | (52412878)  | (359111786)  | 1830148050  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Equity Funds  | 1362227048  | 1362227048  | -  | -  |
|  Fixed-Income Funds  | 467921002  | 467921002  | -  | -  |
|  Money Market Funds  | 12365776  | 12365776  | -  | -  |
|  Other Short-Term Investments and Net Other Assets  | 5426705  | -  | 5426705  | -  |
| **Total Investments in Securities:**  | 1847940531  | 1842513826  | 5426705  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Futures Contracts  | 1819953  | 1819953  | -  | -  |
| Total Assets  | 1819953  | 1819953  | -  | -  |
|  **Liabilities**  |  |  |  |  |
| Futures Contracts  | (531983)  | (531983)  | -  | -  |
| Total Liabilities  | (531983)  | (531983)  | -  | -  |
| **Total Derivative Instruments:**  | 1287970  | 1287970  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value**  | **Value**  |
|  | **Asset ($)**  | **Liability ($)**  |
| **Equity Risk**  |  |  |
| Futures Contracts (a)  | 1815500  | (531983)  |
| **Total Equity Risk**  | 1815500  | (531983)  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts (a)  | 4453  | 0  |
| **Total Interest Rate Risk**  | 4453  | 0  |
| **Total Value of Derivatives**  | 1819953  | (531983)  |

---

(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**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Unaffiliated issuers (cost $5,425,008)  | 5426705  |  |
|  Fidelity Central Funds (cost $12,365,776)  | 12365776  |  |
|  Other affiliated issuers (cost $1,965,449,648)  | 1830148050  |  |
|  Total Investment in Securities (cost $1,983,240,432)  |  | $1847940531  |
|  Cash  |  | 1  |
| Receivable for investments sold  |  | 4674936  |
|  Receivable for fund shares sold  |  | 119451  |
|  Distributions receivable from Fidelity Central Funds  |  | 31780  |
| **Total assets**  |  | 1852766699  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 4720589  |  |
|  Payable for fund shares redeemed  | 72048  |  |
|  Accrued management fee  | 156151  |  |
|  Distribution and service plan fees payable  | 7806  |  |
|  Payable for daily variation margin on futures contracts  | 38290  |  |
| **Total Liabilities**  |  | 4994884  |
| **Net Assets**  |  | $1847771815  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $2001078111  |
|  Total accumulated earnings (loss)  |  | (153306296)  |
|  **Net Assets**  |  | $1847771815  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($58,103 ÷ 5,410 shares)  |  | $10.74  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($61,541,415 ÷ 5,768,657 shares)  |  | $10.67  |
| **Investor Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($1,786,172,297 ÷ 166,436,625 shares)  |  | $10.73  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 33093343  |
| Interest  |  | 68994  |
| Income from Fidelity Central Funds  |  | 302786  |
| **Total Income**  |  | 33465123  |
|  **Expenses**  |  |  |
| Management fee  | $3763791  |  |
| Distribution and service plan fees  | 162119  |  |
| Independent trustees' fees and expenses  | 6299  |  |
| Total expenses before reductions  | 3932209  |  |
| Expense reductions  | (1035795)  |  |
| Total expenses after reductions  |  | 2896414  |
| **Net Investment income (loss)**  |  | 30568709  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (5)  |  |
| Affiliated issuers  | (52412878)  |  |
| Futures contracts  | 15940285  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 13216497  |  |
| Total net realized gain (loss)  |  | (23256101)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 1604  |  |
| Affiliated issuers  | (359111786)  |  |
| Futures contracts  | 2433101  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (356677081)  |
| **Net gain (loss)**  |  | (379933182)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(349364473)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $30568709  | $20041859  |
| &nbsp;&nbsp; Net realized gain (loss)  | (23256101) <br>| 359026485 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (356677081)  | (106631519) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (349364473) <br>| 272436825 <br>|
| Distributions to shareholders  | (383634704) <br>| (48133724) <br>|
| Share transactions - net increase (decrease)  | 369760949 <br>| 151097916 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (363238228) <br>| 375401017 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 2211010043  | 1835609026 <br>|
| &nbsp;&nbsp; End of period  | $1847771815  | $2211010043  |

---

**Financial Highlights** 

 **VIP FundsManager 70% Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.55  | $13.90  | $12.37  | $11.71  | $14.04  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .18  | .15  | .12  | .17  | .17  |
| Net realized and unrealized gain (loss)  | (2.33)  | 1.86  | 1.82  | 2.26  | (1.13)  |
| Total from investment operations  | (2.15)  | 2.01  | 1.94  | 2.43  | (.96)  |
| Distributions from net investment income  | (.19)  | (.16)  | (.12)  | (.16)  | (.13)  |
| Distributions from net realized gain  | (2.47)  | (.20)  | (.30)  | (1.61)  | (1.24)  |
| Total distributions  | (2.66)  | (.36)  | (.41) <sup>C</sup>  | (1.77)  | (1.37)  |
| Net asset value, end of period  | $10.74  | $15.55  | $13.90  | $12.37  | $11.71  |
| **Total Return** <sup>D,E</sup>  | (15.65)%  | 14.60%  | 16.10%  | 22.65%  | (7.50)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .29%  | .35%  | .35%  | .35%  | .35%  |
| Expenses net of fee waivers, if any  | .14%  | .20%  | .20%  | .20%  | .20%  |
| Expenses net of all reductions  | .14%  | .20%  | .20%  | .20%  | .20%  |
| Net investment income (loss)  | 1.58%  | .99%  | .95%  | 1.47%  | 1.27%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $58  | $84  | $75  | $67  | $63  |
| Portfolio turnover rate <sup>H</sup>  | 33% <sup>I</sup>  | 60% <sup>I</sup>  | 24% <sup>I</sup>  | 39%  | 98%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **VIP FundsManager 70% Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.47  | $13.83  | $12.31  | $11.67  | $13.99  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .16  | .12  | .10  | .15  | .15  |
| Net realized and unrealized gain (loss)  | (2.31)  | 1.85  | 1.82  | 2.25  | (1.12)  |
| Total from investment operations  | (2.15)  | 1.97  | 1.92  | 2.40  | (.97)  |
| Distributions from net investment income  | (.17)  | (.13)  | (.10)  | (.15)  | (.11)  |
| Distributions from net realized gain  | (2.47)  | (.20)  | (.30)  | (1.61)  | (1.24)  |
| Total distributions  | (2.65) <sup>C</sup>  | (.33)  | (.40)  | (1.76)  | (1.35)  |
| Net asset value, end of period  | $10.67  | $15.47  | $13.83  | $12.31  | $11.67  |
| **Total Return** <sup>D,E</sup>  | (15.79)%  | 14.44%  | 15.94%  | 22.39%  | (7.60)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .44%  | .50%  | .50%  | .50%  | .50%  |
| Expenses net of fee waivers, if any  | .29%  | .35%  | .35%  | .35%  | .35%  |
| Expenses net of all reductions  | .29%  | .35%  | .35%  | .35%  | .35%  |
| Net investment income (loss)  | 1.43%  | .84%  | .80%  | 1.32%  | 1.13%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $61541  | $74699  | $66433  | $57129  | $46406  |
| Portfolio turnover rate <sup>H</sup>  | 33% <sup>I</sup>  | 60% <sup>I</sup>  | 24% <sup>I</sup>  | 39%  | 98%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **VIP FundsManager 70% Portfolio Investor Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.54  | $13.90  | $12.37  | $11.71  | $14.04  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .18  | .15  | .12  | .17  | .17  |
| Net realized and unrealized gain (loss)  | (2.33)  | 1.85  | 1.82  | 2.26  | (1.13)  |
| Total from investment operations  | (2.15)  | 2.00  | 1.94  | 2.43  | (.96)  |
| Distributions from net investment income  | (.19)  | (.16)  | (.12)  | (.16)  | (.13)  |
| Distributions from net realized gain  | (2.47)  | (.20)  | (.30)  | (1.61)  | (1.24)  |
| Total distributions  | (2.66)  | (.36)  | (.41) <sup>C</sup>  | (1.77)  | (1.37)  |
| Net asset value, end of period  | $10.73  | $15.54  | $13.90  | $12.37  | $11.71  |
| **Total Return** <sup>D,E</sup>  | (15.67)%  | 14.52%  | 16.10%  | 22.66%  | (7.49)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .19%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .14%  | .20%  | .20%  | .20%  | .20%  |
| Expenses net of all reductions  | .14%  | .20%  | .20%  | .20%  | .20%  |
| Net investment income (loss)  | 1.58%  | .99%  | .95%  | 1.47%  | 1.28%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $1786172  | $2136227  | $1769102  | $1605820  | $1335076  |
| Portfolio turnover rate <sup>H</sup>  | 33% <sup>I</sup>  | 60% <sup>I</sup>  | 24% <sup>I</sup>  | 39%  | 98%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP FundsManager® 85% Portfolio** 

**Investment Summary December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| VIP Stock Selector All Cap Portfolio Investor Class  | 37.9  |
| Fidelity Overseas Fund  | 9.0  |
| Fidelity Emerging Markets Fund  | 8.7  |
| Fidelity Low-Priced Stock Fund  | 4.1  |
| VIP Investment Grade Bond II Portfolio - Investor Class  | 3.7  |
| Fidelity Total Bond Fund  | 3.6  |
| Fidelity Equity-Income Fund  | 3.4  |
| Fidelity International Enhanced Index Fund  | 2.4  |
| Fidelity International Discovery Fund  | 2.4  |
| Fidelity U.S. Low Volatility Equity Fund  | 2.3  |
|  | 77.5  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88156_14.jpg)  |
| *Futures - 1.6%*  |
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |

---

**VIP FundsManager® 85% Portfolio**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Equity Funds - 87.7%**  | &nbsp;&nbsp; **Equity Funds - 87.7%**  | &nbsp;&nbsp; **Equity Funds - 87.7%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Canada Fund (a)  | 117540  | 6845527  |
|  Fidelity Commodity Strategy Fund (a)  | 25047  | 2584051  |
|  Fidelity Contrafund (a)  | 740546  | 8953197  |
|  Fidelity Emerging Markets Discovery Fund (a)  | 314262  | 4368240  |
|  Fidelity Emerging Markets Fund (a)  | 1896759  | 59596171  |
|  Fidelity Equity-Income Fund (a)  | 363043  | 23140386  |
|  Fidelity Global Commodity Stock Fund (a)  | 750172  | 14440820  |
|  Fidelity Hedged Equity Fund (a)  | 179626  | 1708247  |
|  Fidelity International Capital Appreciation Fund (a)  | 593796  | 12392522  |
|  Fidelity International Discovery Fund (a)  | 407343  | 16151164  |
|  Fidelity International Enhanced Index Fund (a)  | 1739908  | 16285536  |
|  Fidelity International Small Cap Fund (a)  | 267508  | 7150477  |
|  Fidelity International Small Cap Opportunities Fund (a)  | 420102  | 7456802  |
|  Fidelity International Value Fund (a)  | 1226214  | 10312461  |
|  Fidelity Japan Fund (a)  | 109001  | 1570699  |
|  Fidelity Japan Smaller Companies Fund (a)  | 440740  | 5936763  |
|  Fidelity Large Cap Value Enhanced Index Fund (a)  | 1074901  | 15403332  |
|  Fidelity Low-Priced Stock Fund (a)  | 603815  | 27890209  |
|  Fidelity Overseas Fund (a)  | 1218347  | 61599631  |
|  Fidelity Real Estate Investment Portfolio (a)  | 165883  | 6192407  |
|  Fidelity U.S. Low Volatility Equity Fund (a)  | 1527162  | 15592323  |
|  Fidelity Value Discovery Fund (a)  | 436022  | 15326165  |
|  VIP Stock Selector All Cap Portfolio Investor Class (a)  | 31982655  | 259699156  |
| <br> **TOTAL EQUITY FUNDS** <br> (Cost $647,717,524)  |  | **600596286**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Fixed-Income Funds - 11.7%**  | &nbsp;&nbsp; **Fixed-Income Funds - 11.7%**  | &nbsp;&nbsp; **Fixed-Income Funds - 11.7%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Floating Rate High Income Fund (a)  | 613401  | 5508343  |
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 1444481  | 13029222  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 828303  | 8398988  |
|  Fidelity New Markets Income Fund (a)  | 301805  | 3473777  |
|  Fidelity Total Bond Fund (a)  | 2671874  | 24928584  |
|  VIP Investment Grade Bond II Portfolio - Investor Class (a)  | 2683886  | 24933297  |
| <br> **TOTAL FIXED-INCOME FUNDS** <br> (Cost $87,580,958)  |  | **80272211**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 0.3%**  | &nbsp;&nbsp; **Money Market Funds - 0.3%**  | &nbsp;&nbsp; **Money Market Funds - 0.3%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (b) <br>(Cost $1,903,369) <br>| 1902989  | **1903369**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Treasury Obligations - 0.3%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.3%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.3%**  |
|  | Principal <br> Amount (c) <br>| Value ($) <br>|
|  U.S. Treasury Bills, yield at date of purchase 4.03% to 4.27% 1/26/23 to 3/9/23 (d) <br>(Cost $2,147,392) <br>| 2160000  | **2147943**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $739,349,243) <br>| <br>**684919809**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(154859)**  |
| **NET ASSETS - 100.0%**  | **684764950**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  |
|  | Number <br> of contracts  | Expiration <br> Date  | Notional <br> Amount ($) <br>| Value ($) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| Purchased  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| MSCI EAFE Index Future (United States)  | 179  | Mar 2023  | 17447130  | (308380)  | (308380)  |
| Treasury Contracts  |  |  |  |  |  |
| CBOT 5-Year U.S. Treasury Note Contracts (United States)  | 120  | Mar 2023  | 12951563  | 1634  | 1634  |
| TOTAL PURCHASED  |  |  |  |  | (306746)  |
| Sold  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| CME Micro E-mini S&P 500 Index Contracts (United States)  | 97  | Mar 2023  | 18725850  | 523020  | 523020  |
| MSCI Emerging Markets Index Future (United States)  | 20  | Mar 2023  | 959400  | 8965  | 8965  |
| TOTAL SOLD  |  |  |  |  | 531985  |
| **TOTAL FUTURES CONTRACTS**  |  |  |  |  | **225239**  |
| The notional amount of futures purchased as a percentage of Net Assets is 4.4%  | The notional amount of futures purchased as a percentage of Net Assets is 4.4%  | The notional amount of futures purchased as a percentage of Net Assets is 4.4%  | The notional amount of futures purchased as a percentage of Net Assets is 4.4%  | The notional amount of futures purchased as a percentage of Net Assets is 4.4%  | The notional amount of futures purchased as a percentage of Net Assets is 4.4%  |
| The notional amount of futures sold as a percentage of Net Assets is 2.8%  | The notional amount of futures sold as a percentage of Net Assets is 2.8%  | The notional amount of futures sold as a percentage of Net Assets is 2.8%  | The notional amount of futures sold as a percentage of Net Assets is 2.8%  | The notional amount of futures sold as a percentage of Net Assets is 2.8%  | The notional amount of futures sold as a percentage of Net Assets is 2.8%  |

---

**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) Amount is stated in United States dollars unless otherwise noted.

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,147,943.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 4697360  | 41534411  | 44328402  | 76138  | -  | -  | 1903369  | 0.0%  |
| Total  | 4697360  | 41534411  | 44328402  | 76138  | -  | -  | 1903369  |  |

---

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 Funds 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 ($)  |
|  Fidelity Canada Fund  | -  | 8074540  | 694735  | 268993  | (40938)  | (493340)  | 6845527  |
|  Fidelity Commodity Strategy Fund  | 5108850  | 963251  | 3750127  | 963251  | 1010715  | (748638)  | 2584051  |
|  Fidelity Contrafund  | 14713133  | 1881850  | 2535924  | 988990  | (580033)  | (4525829)  | 8953197  |
|  Fidelity Emerging Markets Discovery Fund  | 1749841  | 3147252  | 273067  | 72250  | (16320)  | (239466)  | 4368240  |
|  Fidelity Emerging Markets Fund  | 9609452  | 58610225  | 2238429  | 452211  | (242061)  | (6143016)  | 59596171  |
|  Fidelity Equity-Income Fund  | 28726503  | 2945737  | 5917528  | 1045796  | (285684)  | (2328642)  | 23140386  |
|  Fidelity Floating Rate High Income Fund  | -  | 10830450  | 4979090  | 335897  | (224057)  | (118960)  | 5508343  |
|  Fidelity Global Commodity Stock Fund  | 14632019  | 1697967  | 4581985  | 291148  | 588161  | 2104658  | 14440820  |
|  Fidelity Hedged Equity Fund  | -  | 1722714  | -  | 6264  | -  | (14467)  | 1708247  |
|  Fidelity High Income Fund  | 7493739  | 4090  | 7471946  | 4069  | 701215  | (727098)  | -  |
|  Fidelity Inflation-Protected Bond Index Fund  | 12307913  | 13513056  | 10848171  | 1061916  | 394111  | (2337687)  | 13029222  |
|  Fidelity International Capital Appreciation Fund  | 17118950  | 1758949  | 1868088  | 5920  | (408816)  | (4208473)  | 12392522  |
|  Fidelity International Discovery Fund  | 21837861  | 2327189  | 2455646  | 56591  | (773604)  | (4784636)  | 16151164  |
|  Fidelity International Enhanced Index Fund  | 19241026  | 2469423  | 2287741  | 382633  | (372211)  | (2764961)  | 16285536  |
|  Fidelity International Small Cap Fund  | 8719476  | 980493  | 1017790  | 49485  | (152551)  | (1379151)  | 7150477  |
|  Fidelity International Small Cap Opportunities Fund  | 9571526  | 1154553  | -  | 445135  | -  | (3269277)  | 7456802  |
|  Fidelity International Value Fund  | 11401444  | 1426543  | 1387584  | 187148  | (125044)  | (1002898)  | 10312461  |
|  Fidelity Japan Fund  | 1992792  | 110477  | 84195  | -  | (7338)  | (441037)  | 1570699  |
|  Fidelity Japan Smaller Companies Fund  | 6942373  | 3083  | -  | 3084  | -  | (1008693)  | 5936763  |
|  Fidelity Large Cap Value Enhanced Index Fund  | 19490435  | 1601690  | 3707358  | 682318  | (239348)  | (1742087)  | 15403332  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 31139528  | 2119347  | 16199453  | 534728  | (6317277)  | (2343157)  | 8398988  |
|  Fidelity Low-Priced Stock Fund  | 34874696  | 4843830  | 7104775  | 2508244  | (676856)  | (4046686)  | 27890209  |
|  Fidelity New Markets Income Fund  | 3380651  | 954790  | 201000  | 156263  | (9825)  | (650839)  | 3473777  |
|  Fidelity Overseas Fund  | 83216082  | 9044119  | 9190476  | 470446  | (1946684)  | (19523410)  | 61599631  |
|  Fidelity Real Estate Investment Portfolio  | 15242774  | 1306763  | 6935841  | 587813  | (277614)  | (3143675)  | 6192407  |
|  Fidelity Total Bond Fund  | -  | 26706487  | 1009471  | 343283  | (20038)  | (748394)  | 24928584  |
|  Fidelity U.S. Bond Index Fund  | 5024995  | 15376090  | 19155551  | 104883  | (805737)  | (439797)  | -  |
|  Fidelity U.S. Low Volatility Equity Fund  | 22732700  | 4112931  | 7907577  | 923420  | (166892)  | (3178839)  | 15592323  |
|  Fidelity Value Discovery Fund  | 18820104  | 1737171  | 3728582  | 712681  | (103326)  | (1399202)  | 15326165  |
|  VIP Investment Grade Bond II Portfolio - Investor Class  | -  | 27097139  | 1059049  | 333365  | (21682)  | (1083111)  | 24933297  |
|  VIP Stock Selector All Cap Portfolio Investor Class  | 381552293  | 23653784  | 69536304  | 1905497  | (10860786)  | (65109831)  | 259699156  |
|  | 806641156  | 232175983  | 198127483  | 15883722  | (21980520)  | (137840639)  | 680868497  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Equity Funds  | 600596286  | 600596286  | -  | -  |
|  Fixed-Income Funds  | 80272211  | 80272211  | -  | -  |
|  Money Market Funds  | 1903369  | 1903369  | -  | -  |
|  Other Short-Term Investments and Net Other Assets  | 2147943  | -  | 2147943  | -  |
| **Total Investments in Securities:**  | 684919809  | 682771866  | 2147943  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Futures Contracts  | 533619  | 533619  | -  | -  |
| Total Assets  | 533619  | 533619  | -  | -  |
|  **Liabilities**  |  |  |  |  |
| Futures Contracts  | (308380)  | (308380)  | -  | -  |
| Total Liabilities  | (308380)  | (308380)  | -  | -  |
| **Total Derivative Instruments:**  | 225239  | 225239  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value**  | **Value**  |
|  | **Asset ($)**  | **Liability ($)**  |
| **Equity Risk**  |  |  |
| Futures Contracts (a)  | 531985  | (308380)  |
| **Total Equity Risk**  | 531985  | (308380)  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts (a)  | 1634  | 0  |
| **Total Interest Rate Risk**  | 1634  | 0  |
| **Total Value of Derivatives**  | 533619  | (308380)  |

---

(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**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Unaffiliated issuers (cost $2,147,392)  | 2147943  |  |
|  Fidelity Central Funds (cost $1,903,369)  | 1903369  |  |
|  Other affiliated issuers (cost $735,298,482)  | 680868497  |  |
|  Total Investment in Securities (cost $739,349,243)  |  | $684919809  |
| Receivable for investments sold  |  | 1744023  |
|  Receivable for fund shares sold  |  | 6168  |
|  Distributions receivable from Fidelity Central Funds  |  | 7158  |
| **Total assets**  |  | 686677158  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | 1710980  |  |
|  Payable for fund shares redeemed  | 38975  |  |
|  Accrued management fee  | 57769  |  |
|  Distribution and service plan fees payable  | 6226  |  |
|  Payable for daily variation margin on futures contracts  | 98258  |  |
| **Total Liabilities**  |  | 1912208  |
| **Net Assets**  |  | $684764950  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $749894196  |
|  Total accumulated earnings (loss)  |  | (65129246)  |
|  **Net Assets**  |  | $684764950  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($99,996 ÷ 9,479 shares)  |  | $10.55  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($48,826,416 ÷ 4,695,439 shares)  |  | $10.40  |
| **Investor Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($635,838,538 ÷ 60,561,762 shares)  |  | $10.50  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Affiliated issuers  |  | 9345833  |
| Interest  |  | 22442  |
| Income from Fidelity Central Funds  |  | 76138  |
| **Total Income**  |  | 9444413  |
|  **Expenses**  |  |  |
| Management fee  | $1382219  |  |
| Distribution and service plan fees  | 127339  |  |
| Independent trustees' fees and expenses  | 2312  |  |
| Total expenses before reductions  | 1511870  |  |
| Expense reductions  | (407511)  |  |
| Total expenses after reductions  |  | 1104359  |
| **Net Investment income (loss)**  |  | 8340054  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 6  |  |
| Affiliated issuers  | (21980520)  |  |
| Futures contracts  | 3735424  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 6537889  |  |
| Total net realized gain (loss)  |  | (11707201)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 523  |  |
| Affiliated issuers  | (137840639)  |  |
| Futures contracts  | 446186  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (137393930)  |
| **Net gain (loss)**  |  | (149101131)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(140761077)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $8340054  | $6140775  |
| &nbsp;&nbsp; Net realized gain (loss)  | (11707201) <br>| 153275269 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (137393930)  | (39343746) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (140761077) <br>| 120072298 <br>|
| Distributions to shareholders  | (154125976) <br>| (25442763) <br>|
| Share transactions - net increase (decrease)  | 166361141 <br>| 54479855 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (128525912) <br>| 149109390 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 813290862  | 664181472 <br>|
| &nbsp;&nbsp; End of period  | $684764950  | $813290862  |

---

**Financial Highlights** 

 **VIP FundsManager 85% Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.82  | $13.88  | $12.25  | $11.65  | $14.30  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .12  | .12  | .09  | .15  | .15  |
| Net realized and unrealized gain (loss)  | (2.46)  | 2.34  | 2.04  | 2.58  | (1.29)  |
| Total from investment operations  | (2.34)  | 2.46  | 2.13  | 2.73  | (1.14)  |
| Distributions from net investment income  | (.13)  | (.15)  | (.10)  | (.14)  | (.10)  |
| Distributions from net realized gain  | (2.80)  | (.37)  | (.39)  | (1.99)  | (1.41)  |
| Total distributions  | (2.93)  | (.52)  | (.50) <sup>C</sup>  | (2.13)  | (1.51)  |
| Net asset value, end of period  | $10.55  | $15.82  | $13.88  | $12.25  | $11.65  |
| **Total Return** <sup>D,E</sup>  | (17.01)%  | 18.02%  | 17.93%  | 26.05%  | (8.90)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .29%  | .25%  | .25%  | .25%  | .33% <sup>H</sup>  |
| Expenses net of fee waivers, if any  | .14%  | .20%  | .20%  | .20%  | .17% <sup>H</sup>  |
| Expenses net of all reductions  | .14%  | .20%  | .20%  | .20%  | .17% <sup>H</sup>  |
| Net investment income (loss)  | 1.18%  | .78%  | .82%  | 1.26%  | 1.11%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $100  | $-  | $-  | $-  | $-  |
| Portfolio turnover rate <sup>I</sup>  | 28% <sup>J</sup>  | 68% <sup>J</sup>  | 37% <sup>J</sup>  | 38%  | 116%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>J</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **VIP FundsManager 85% Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.65  | $13.76  | $12.20  | $11.59  | $14.24  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .11  | .10  | .08  | .13  | .12  |
| Net realized and unrealized gain (loss)  | (2.45)  | 2.29  | 1.96  | 2.60  | (1.28)  |
| Total from investment operations  | (2.34)  | 2.39  | 2.04  | 2.73  | (1.16)  |
| Distributions from net investment income  | (.11)  | (.13)  | (.09)  | (.13)  | (.09)  |
| Distributions from net realized gain  | (2.80)  | (.37)  | (.39)  | (1.99)  | (1.41)  |
| Total distributions  | (2.91)  | (.50)  | (.48)  | (2.12)  | (1.49) <sup>C</sup>  |
| Net asset value, end of period  | $10.40  | $15.65  | $13.76  | $12.20  | $11.59  |
| **Total Return** <sup>D,E</sup>  | (17.19)%  | 17.64%  | 17.27%  | 26.14%  | (9.08)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .44%  | .50%  | .50%  | .50%  | .50%  |
| Expenses net of fee waivers, if any  | .29%  | .35%  | .35%  | .35%  | .35%  |
| Expenses net of all reductions  | .29%  | .35%  | .35%  | .35%  | .35%  |
| Net investment income (loss)  | 1.03%  | .68%  | .68%  | 1.16%  | .93%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $48826  | $58047  | $48373  | $40928  | $31555  |
| Portfolio turnover rate <sup>H</sup>  | 28% <sup>I</sup>  | 68% <sup>I</sup>  | 37% <sup>I</sup>  | 38%  | 116%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **VIP FundsManager 85% Portfolio Investor Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.77  | $13.86  | $12.28  | $11.66  | $14.31  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .13  | .12  | .10  | .15  | .14  |
| Net realized and unrealized gain (loss)  | (2.47)  | 2.31  | 1.98  | 2.60  | (1.28)  |
| Total from investment operations  | (2.34)  | 2.43  | 2.08  | 2.75  | (1.14)  |
| Distributions from net investment income  | (.13)  | (.15)  | (.10)  | (.14)  | (.10)  |
| Distributions from net realized gain  | (2.80)  | (.37)  | (.39)  | (1.99)  | (1.41)  |
| Total distributions  | (2.93)  | (.52)  | (.50) <sup>C</sup>  | (2.13)  | (1.51)  |
| Net asset value, end of period  | $10.50  | $15.77  | $13.86  | $12.28  | $11.66  |
| **Total Return** <sup>D,E</sup>  | (17.07)%  | 17.83%  | 17.46%  | 26.21%  | (8.89)%  |
| **Ratios to Average Net Assets** <sup>A,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .19%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .14%  | .20%  | .20%  | .20%  | .20%  |
| Expenses net of all reductions  | .14%  | .20%  | .20%  | .20%  | .20%  |
| Net investment income (loss)  | 1.18%  | .83%  | .83%  | 1.31%  | 1.08%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $635839  | $755243  | $615808  | $548925  | $459354  |
| Portfolio turnover rate <sup>H</sup>  | 28% <sup>I</sup>  | 68% <sup>I</sup>  | 37% <sup>I</sup>  | 38%  | 116%  |

---

<sup>A</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

<sup>D</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>E</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>F</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>G</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended December 31, 2022

**1. Organization.**

VIP FundsManager 20% 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: Initial shares, Service Class shares and Service Class 2 shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund**  | **Investment Manager**  | **Investment Objective**  | **Investment Practices**  | **Expense Ratio** <sup>A</sup>  |
| Fidelity Money Market Central Funds  | Fidelity Management & Research Company LLC (FMR)  | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.  | Short-term Investments  | Less than .005%  |

---

<sup>A</sup> *Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies* . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each 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 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 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. The aggregate value of investments by input level as of December 31, 2022 is included at the end of each Fund's Schedule of Investments.

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.

**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 (ETFs) 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, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2022, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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.

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**  | $857812621  | $9207315  | $(54899468)  | $(45692153)  |
| **VIP FundsManager 50% Portfolio**  | 4786537940  | 151520720  | (443026136)  | (291505416)  |
| **VIP FundsManager 60% Portfolio**  | 6046414238  | 232361468  | (581588585)  | (349227117)  |
| **VIP FundsManager 70% Portfolio**  | 1987130294  | 69550668  | (208740431)  | (139189763)  |
| **VIP FundsManager 85% Portfolio**  | 742382612  | 28111501  | (85574304)  | (57462803)  |

---

The tax-based components of distributable earnings as of period end were as follows for each Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed ordinary income**  | **Capital loss carryforward**  | **Net unrealized appreciation (depreciation) on securities and other investments**  |
| **VIP FundsManager 20% Portfolio**  | $1985870  | $(18783101)  | $(44409404)  |
| **VIP FundsManager 50% Portfolio**  | 11102463  | (99673915)  | (291505414)  |
| **VIP FundsManager 60% Portfolio**  | 13663590  | (87868112)  | (349227117)  |
| **VIP FundsManager 70% Portfolio**  | 3988158  | (18104690)  | (139189763)  |
| **VIP FundsManager 85% Portfolio**  | 1304829  | (8971275)  | (57462803)  |

---

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | | | |
|:---|:---|:---|:---|
|  | <br> **Short-term**  | <br> **Long-term**  | <br> **Total capital loss carryforward**  |
| **VIP FundsManager 20% Portfolio**  | $(4764728)  | $(14018373)  | $(18783101)  |
| **VIP FundsManager 50% Portfolio**  | (33753934)  | (65919981)  | (99673915)  |
| **VIP FundsManager 60% Portfolio**  | (85235840)  | (2632272)  | (87868112)  |
| **VIP FundsManager 70% Portfolio**  | (18104690)  | (-)  | (18104690)  |
| **VIP FundsManager 85% Portfolio**  | (8971275)  | (-)  | (8971275)  |

---

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2022**  |  |  |  |
|  | **Ordinary Income**  | **Long-term Capital Gains**  | **Total**  |
| **VIP FundsManager 20% Portfolio**  | $19855069  | $63082527  | $82937596  |
| **VIP FundsManager 50% Portfolio**  | 97173636  | 882641956  | 979815592  |
| **VIP FundsManager 60% Portfolio**  | 109543892  | 1090392867  | 1199936759  |
| **VIP FundsManager 70% Portfolio**  | 31372753  | 352261951  | 383634704  |
| **VIP FundsManager 85% Portfolio**  | 7907403  | 146218573  | 154125976  |

---

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2021**  |  |  |  |
|  | **Ordinary Income**  | **Long-term Capital Gains**  | **Total**  |
| **VIP FundsManager 20% Portfolio**  | $11358303  | $945259  | $12303562  |
| **VIP FundsManager 50% Portfolio**  | 86824175  | 80178983  | 167003158  |
| **VIP FundsManager 60% Portfolio**  | 106703511  | 83466552  | 190170063  |
| **VIP FundsManager 70% Portfolio**  | 31593544  | 16540180  | 48133724  |
| **VIP FundsManager 85% Portfolio**  | 15422029  | 10020734  | 25442763  |

---

**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.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type**  | **Net Realized Gain (Loss)**  | **Change in Net Unrealized Appreciation (Depreciation)**  |
| **VIP FundsManager 20% Portfolio**  |  |  |
| **Equity Risk**  |  |  |
| Futures Contracts  | 8769435  | 1830661  |
| **Total Equity Risk**  | <u>8769435</u>  | <u>1830661</u>  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts  | 45558  | 1988  |
| **Total Interest Rate Risk**  | <u>45558</u>  | <u>1988</u>  |
| Totals  | <u>$8814993</u>  | <u>$1832649</u>  |
| **VIP FundsManager 50% Portfolio**  |  |  |
| **Equity Risk**  |  |  |
| Futures Contracts  | 58845738  | 9796591  |
| **Total Equity Risk**  | <u>58845738</u>  | <u>9796591</u>  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts  | 275974  | 11153  |
| **Total Interest Rate Risk**  | <u>275974</u>  | <u>11153</u>  |
| Totals  | <u>$59121712</u>  | <u>$9807744</u>  |
| **VIP FundsManager 60% Portfolio**  |  |  |
| **Equity Risk**  |  |  |
| Futures Contracts  | 61367689  | 8919663  |
| **Total Equity Risk**  | <u>61367689</u>  | <u>8919663</u>  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts  | 364537  | 13931  |
| **Total Interest Rate Risk**  | <u>364537</u>  | <u>13931</u>  |
| Totals  | <u>$61732226</u>  | <u>$8933594</u>  |
| **VIP FundsManager 70% Portfolio**  |  |  |
| **Equity Risk**  |  |  |
| Futures Contracts  | 15819496  | 2428648  |
| **Total Equity Risk**  | <u>15819496</u>  | <u>2428648</u>  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts  | 120789  | 4453  |
| **Total Interest Rate Risk**  | <u>120789</u>  | <u>4453</u>  |
| Totals  | <u>$15940285</u>  | <u>$2433101</u>  |
| **VIP FundsManager 85% Portfolio**  |  |  |
| **Equity Risk**  |  |  |
| Futures Contracts  | 3687337  | 444552  |
| **Total Equity Risk**  | <u>3687337</u>  | <u>444552</u>  |
| **Interest Rate Risk**  |  |  |
| Futures Contracts  | 48087  | 1634  |
| **Total Interest Rate Risk**  | <u>48087</u>  | <u>1634</u>  |
| Totals  | <u>$3735424</u>  | <u>$446186</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 unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **VIP FundsManager 20% Portfolio**  | 726242635  | 561170837  |
| **VIP FundsManager 50% Portfolio**  | 2528240237  | 2783273769  |
| **VIP FundsManager 60% Portfolio**  | 2647288148  | 2827569082  |
| **VIP FundsManager 70% Portfolio**  | 697304718  | 638569528  |
| **VIP FundsManager 85% Portfolio**  | 232175983  | 198127483  |

---

**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. During January 2022 the Board approved a change in the management fee rate from .25% to .15% effective June 1, 2022. For the reporting period, the annual management fee rate for each Fund is presented in the table below. 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.

---

| | |
|:---|:---|
|  | **% of fund-level average net assets**  |
| **VIP FundsManager 20% Portfolio**  | .19  |
| **VIP FundsManager 50% Portfolio**  | .20  |
| **VIP FundsManager 60% Portfolio**  | .19  |
| **VIP FundsManager 70% Portfolio**  | .19  |
| **VIP FundsManager 85% Portfolio**  | .19  |

---

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:

---

| | | | |
|:---|:---|:---|:---|
|  | **Service Class**  | **Service Class 2**  | **Total**  |
| **VIP FundsManager 20% Portfolio**  | $57  | $28854  | $28911  |
| **VIP FundsManager 50% Portfolio**  | 53  | 201153  | 201206  |
| **VIP FundsManager 60% Portfolio**  | 63455  | 1409356  | 1472811  |
| **VIP FundsManager 70% Portfolio**  | 62  | 162057  | 162119  |
| **VIP FundsManager 85% Portfolio**  | 24  | 127315  | 127339  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**Reallocation of Underlying Fund Investments.** During the period, the investment adviser reallocated investments of the Funds. This involved taxable redemptions of the Funds' interest in Fidelity U.S. Bond Index, ("Underlying Fund") for investments and cash and non-taxable exchanges of those investments and cash for shares of VIP Investment Grade Bond Fund II which is an affiliated investment company managed by FMR. 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 related 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%**  | 187389729  | (14920156)  |
| **VIP FundsManager 50%**  | 779091389  | (46361043)  |
| **VIP FundsManager 60%**  | 745543252  | (40143696)  |
| **VIP FundsManager 70%**  | 130830130  | (6126544)  |
| **VIP FundsManager 85%**  | 9299799  | (528879)  |

---

**Prior Year Reallocation of Underlying Fund Investments.** During the prior period, the investment adviser reallocated investments of the Funds. This involved taxable redemptions of each Fund's interest in Fidelity Stock Selector All Cap Fund for investments, as shown in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Value of investments redeemed from Fidelity Stock Selector All Cap Fund**  | **Shares of Fidelity Stock Selector All Cap Fund sold**  | **Net realized loss on redemptions of Fidelity Stock Selector All Cap Fund**  |
| **VIP FundsManager 20%**  | $154557290  | 2245819  | $53054450  |
| **VIP FundsManager 50%**  | 1988993289  | 28901385  | 700418382  |
| **VIP FundsManager 60%**  | 2526923741  | 36717869  | 889281531  |
| **VIP FundsManager 70%**  | 888413592  | 12909236  | 301748243  |
| **VIP FundsManager 85%**  | 381510492  | 5543599  | 128227568  |

---

In addition, each Fund exchanged investments for shares of VIP Stock Selector All Cap Fund, as shown in the table below. Each fund did not recognize any gains or losses for book, or federal income tax, purposes.

---

| | | |
|:---|:---|:---|
|  | **Value of investments and cash delivered to VIP Stock Selector All Cap Fund**  | **Shares of VIP Stock Selector All Cap Fund received**  |
| **VIP FundsManager 20%**  | $154557290  | 15455729  |
| **VIP FundsManager 50%**  | 1988993289  | 198899329  |
| **VIP FundsManager 60%**  | 2526923741  | 252692374  |
| **VIP FundsManager 70%**  | 888413592  | 88841359  |
| **VIP FundsManager 85%**  | 381510492  | 38151049  |

---

**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, 2025. During the period, each Fund's management fees were reduced by the following amounts:

---

| | |
|:---|:---|
|  | **Management Fee Waiver**  |
| **VIP FundsManager 20% Portfolio**  | $441178  |
| **VIP FundsManager 50% Portfolio**  | $2534681  |
| **VIP FundsManager 60% Portfolio**  | $3099835  |
| **VIP FundsManager 70% Portfolio**  | $970908  |
| **VIP FundsManager 85% Portfolio**  | $356557  |

---

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  | $57  |
| Service Class 2  | 11542  |
| **VIP FundsManager 50% Portfolio**  |  |
| Service Class  | 53  |
| Service Class 2  | 80461  |
| **VIP FundsManager 60% Portfolio**  |  |
| Service Class  | 63455  |
| Service Class 2  | 563742  |
| **VIP FundsManager 70% Portfolio**  |  |
| Service Class  | 62  |
| Service Class 2  | 64823  |
| **VIP FundsManager 85% Portfolio**  |  |
| Service Class  | 24  |
| Service Class 2  | 50926  |

---

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**  | $700  |
| **VIP FundsManager 50% Portfolio**  | 1  |
| **VIP FundsManager 60% Portfolio**  | 1  |
| **VIP FundsManager 70% Portfolio**  | 2  |
| **VIP FundsManager 85% Portfolio**  | 4  |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **VIP FundsManager 20% Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Service Class  | 5358  | 793  |
| Service Class 2  | 920725  | 112260  |
| Investor Class  | <u>82011513</u>  | <u>12190509</u>  |
| Total  | <u>$82937596</u>  | <u>$12303562</u>  |
| **VIP FundsManager 50% Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Service Class  | 11269  | 1880  |
| Service Class 2  | 15448757  | 2882211  |
| Investor Class  | <u>964355566</u>  | <u>164119067</u>  |
| Total  | <u>$979815592</u>  | <u>$167003158</u>  |
| **VIP FundsManager 60% Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Service Class  | 10680270  | 1130612  |
| Service Class 2  | 107081686  | 17246503  |
| Investor Class  | <u>1082174803</u>  | <u>171792948</u>  |
| Total  | <u>$1199936759</u>  | <u>$190170063</u>  |
| **VIP FundsManager 70% Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Service Class  | 14338  | 1912  |
| Service Class 2  | 12911451  | 1598471  |
| Investor Class  | <u>370708915</u>  | <u>46533341</u>  |
| Total  | <u>$383634704</u>  | <u>$48133724</u>  |
| **VIP FundsManager 85% Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Service Class  | 1055  | 8  |
| Service Class 2  | 10888189  | 1783208  |
| Investor Class  | <u>143236732</u>  | <u>23659547</u>  |
| Total  | <u>$154125976</u>  | <u>$25442763</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 December 31, 2022**  | **Year ended December 31, 2021**  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  |
| **VIP FundsManager 20% Portfolio**  |  |  |  |  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 690  | 528  | $7334  | $6363  |
| Reinvestment of distributions  | 26  | 2  | 277  | 30  |
| Shares redeemed  | <u>(505)</u>  | <u>(441)</u>  | <u>(5404)</u>  | <u>(5307)</u>  |
| Net increase (decrease)  | <u>211</u>  | <u>89</u>  | <u>$2207</u>  | <u>$1086</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 708311  | 197201  | $7560516  | $2382380  |
| Reinvestment of distributions  | 85602  | 9310  | 920725  | 112260  |
| Shares redeemed  | <u>(502882)</u>  | <u>(147791)</u>  | <u>(5272129)</u>  | <u>(1775664)</u>  |
| Net increase (decrease)  | <u>291031</u>  | <u>58720</u>  | <u>$3209112</u>  | <u>$718976</u>  |
| **Investor Class**  |  |  |  |  |
| Shares sold  | 3751045  | 7907223  | $40594904  | $95430912  |
| Reinvestment of distributions  | 7576884  | 1008393  | 82011513  | 12190509  |
| Shares redeemed  | <u>(12604796)</u>  | <u>(5712453)</u>  | <u>(132740255)</u>  | <u>(68631776)</u>  |
| Net increase (decrease)  | <u>(1276867)</u>  | <u>3203163</u>  | <u>$(10133838)</u>  | <u>$38989645</u>  |
| **VIP FundsManager 50% Portfolio**  |  |  |  |  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 78  | 47  | $844  | $655  |
| Reinvestment of distributions  | 11  | -  | 125  | 21  |
| Shares redeemed  | <u>(70)</u>  | <u>(47)</u>  | <u>(783)</u>  | <u>(659)</u>  |
| Net increase (decrease)  | <u>19</u>  | <u>-</u>  | <u>$186</u>  | <u>$17</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 903015  | 754694  | $9865557  | $10570413  |
| Reinvestment of distributions  | 1339105  | 209707  | 15448757  | 2882211  |
| Shares redeemed  | <u>(1443523)</u>  | <u>(2862261)</u>  | <u>(15977854)</u>  | <u>(39779129)</u>  |
| Net increase (decrease)  | <u>798597</u>  | <u>(1897860)</u>  | <u>$9336460</u>  | <u>$(26326505)</u>  |
| **Investor Class**  |  |  |  |  |
| Shares sold  | 4083134  | 9414923  | $47330520  | $132105164  |
| Reinvestment of distributions  | 83192063  | 11826378  | 964355566  | 164119067  |
| Shares redeemed  | <u>(65111927)</u>  | <u>(37887366)</u>  | <u>(710735088)</u>  | <u>(531507608)</u>  |
| Net increase (decrease)  | <u>22163270</u>  | <u>(16646065)</u>  | <u>$300950998</u>  | <u>$(235283377)</u>  |
| **VIP FundsManager 60% Portfolio**  |  |  |  |  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 3459028  | 2829775  | $32921355  | $33878504  |
| Reinvestment of distributions  | 1090061  | 94841  | 10670482  | 1129035  |
| Shares redeemed  | <u>(1414913)</u>  | <u>(739024)</u>  | <u>(13138984)</u>  | <u>(8866814)</u>  |
| Net increase (decrease)  | <u>3134176</u>  | <u>2185592</u>  | <u>$30452853</u>  | <u>$26140725</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 3431878  | 4373427  | $32618027  | $51873871  |
| Reinvestment of distributions  | 10937728  | 1477761  | 107081687  | 17246502  |
| Shares redeemed  | <u>(4434080)</u>  | <u>(12025241)</u>  | <u>(41136273)</u>  | <u>(142037016)</u>  |
| Net increase (decrease)  | <u>9935526</u>  | <u>(6174053)</u>  | <u>$98563441</u>  | <u>$(72916643)</u>  |
| **Investor Class**  |  |  |  |  |
| Shares sold  | 23965016  | 26302140  | $230126625  | $314489507  |
| Reinvestment of distributions  | 110141911  | 14595596  | 1082174803  | 171792948  |
| Shares redeemed  | <u>(71560787)</u>  | <u>(38628317)</u>  | <u>(659390078)</u>  | <u>(461305320)</u>  |
| Net increase (decrease)  | <u>62546140</u>  | <u>2269419</u>  | <u>$652911350</u>  | <u>$24977135</u>  |
| **VIP FundsManager 70% Portfolio**  |  |  |  |  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 256  | 145  | $2937  | $2167  |
| Reinvestment of distributions  | 9  | 1  | 109  | 15  |
| Shares redeemed  | <u>(249)</u>  | <u>(138)</u>  | <u>(2896)</u>  | <u>(2034)</u>  |
| Net increase (decrease)  | <u>16</u>  | <u>8</u>  | <u>$150</u>  | <u>$148</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 371122  | 369661  | $4295745  | $5425100  |
| Reinvestment of distributions  | 1065662  | 110090  | 12911451  | 1598471  |
| Shares redeemed  | <u>(497327)</u>  | <u>(452745)</u>  | <u>(5680987)</u>  | <u>(6727459)</u>  |
| Net increase (decrease)  | <u>939457</u>  | <u>27006</u>  | <u>$11526209</u>  | <u>$296112</u>  |
| **Investor Class**  |  |  |  |  |
| Shares sold  | 6451993  | 10385377  | $77046478  | $154631206  |
| Reinvestment of distributions  | 30432330  | 3171428  | 370708915  | 46533341  |
| Shares redeemed  | <u>(7877414)</u>  | <u>(3411456)</u>  | <u>(89520803)</u>  | <u>(50362891)</u>  |
| Net increase (decrease)  | <u>29006909</u>  | <u>10145349</u>  | <u>$358234590</u>  | <u>$150801656</u>  |
| **VIP FundsManager 85% Portfolio**  |  |  |  |  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 9663  | 103  | $99186  | $1532  |
| Reinvestment of distributions  | 99  | 1  | 1055  | 9  |
| Shares redeemed  | <u>(300)</u>  | <u>(90)</u>  | <u>(3296)</u>  | <u>(1328)</u>  |
| Net increase (decrease)  | <u>9462</u>  | <u>14</u>  | <u>$96945</u>  | <u>$213</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 589206  | 411538  | $6539187  | $6091662  |
| Reinvestment of distributions  | 913437  | 122405  | 10888189  | 1783208  |
| Shares redeemed  | <u>(516817)</u>  | <u>(340453)</u>  | <u>(5719090)</u>  | <u>(5034374)</u>  |
| Net increase (decrease)  | 985826  | <u>193490</u>  | <u>$11708286</u>  | <u>$2840496</u>  |
| **Investor Class**  |  |  |  |  |
| Shares sold  | 4248679  | 4272678  | $49795808  | $64168756  |
| Reinvestment of distributions  | 11907741  | 1605393  | 143236732  | 23659547  |
| Shares redeemed  | <u>(3490273)</u>  | <u>(2414817)</u>  | <u>(38476630)</u>  | <u>(36189157)</u>  |
| Net increase (decrease)  | <u>12666147</u>  | <u>3463254</u>  | <u>$154555910</u>  | <u>$51639146</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**  |
| Fidelity Commodity Strategy Fund  | 31%  | 44%  | 15%  |
| Fidelity Hedged Equity Fund  | 25%  | 31%  | -  |
| Fidelity Japan Smaller Companies Fund  | -  | 10%  | -  |
| Fidelity U.S. Low Volatility Equity Fund  | 31%  | 39%  | 13%  |
| VIP Investment Grade Bond Portfolio II  | 28%  | 29%  | -  |
| VIP Stock Selector All Cap Portfolio  | 32%  | 42%  | 16%  |

---

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  | 97%  |
| Fidelity Emerging Markets Discovery Fund  | 21%  |
| Fidelity Hedged Equity Fund  | 75%  |
| Fidelity International Value Fund  | 21%  |
| Fidelity Japan Smaller Companies Fund  | 25%  |
| Fidelity U.S. Low Volatility Equity Fund  | 93%  |
| VIP Investment Grade Bond Portfolio II  | 71%  |
| VIP Stock Selector All Cap Portfolio  | 99%  |

---

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 each 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  | 99%  | -  | -  |
| VIP FundsManager 50% Portfolio  | 39%  | 1  | 55%  |
| VIP FundsManager 60% Portfolio  | 36%  | 2  | 43%  |
| VIP FundsManager 70% Portfolio  | 97%  | -  | -  |
| VIP FundsManager 85% Portfolio  | 93%  | -  | -  |

---

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund V and Shareholders of VIP FundsManager 20% Portfolio, VIP FundsManager 50% Portfolio, VIP FundsManager 60% Portfolio, VIP FundsManager 70% Portfolio, VIP FundsManager 85% Portfolio

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of VIP FundsManager 20% Portfolio, VIP FundsManager 50% Portfolio, VIP FundsManager 60% Portfolio, VIP FundsManager 70% Portfolio, VIP FundsManager 85% Portfolio (five of the funds constituting Variable Insurance Products Fund V, hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for 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, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2023

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. If the interests of a fund and an underlying Fidelity <sup>®</sup> fund were to diverge, a conflict of interest could arise and affect how the Trustees and Members of the Advisory Board fulfill their fiduciary duties to the affected funds. FMR has structured the funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, FMR, the Trustees, and Members of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Each of the Trustees oversees 295 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.

<u>Board Structure and Oversight Function.</u> Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity <sup>®</sup> funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity <sup>®</sup> funds (2001-2005), and managed a number of Fidelity <sup>®</sup> funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity <sup>®</sup> funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2013-2016).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity <sup>®</sup> funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Mr. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity <sup>®</sup> funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity <sup>®</sup> funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Laura M. Bishop (1961)

Year of Election or Appointment: 2022

Member of the Advisory Board

Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Christopher M. Gouveia (1973)

Year of Election or Appointment: 2023

Chief Compliance Officer

Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia serves as Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

William Irving (1964)

Year of Election or Appointment: 2023

Vice President

Mr. Irving also serves as Vice President of other funds. Mr. Irving serves as Head of Fidelity Asset Management Solutions (2022-present) and is an employee of Fidelity Investments. Mr. Irving serves as President and Director of Fidelity Diversifying Solutions LLC (investment adviser firm, 2023-present) and President, Director, or Vice President of certain other Fidelity entities. Previously, Mr. Irving served as Chief Investment Officer (CIO) in the Global Asset Allocation division (2020-2022). Prior to that, he was Managing Director of Research in the Global Asset Allocation division (2018-2020) and portfolio manager of certain Fidelity <sup>®</sup> funds (2004-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **VIP FundsManager® 20% Portfolio**  |  |  |  |  |
| **Service Class**  | .11%  |  |  |  |
| **Actual**  |  | $1000  | $1000.20  | $.55  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.65  | $.56  |
| **Service Class 2**  | .26%  |  |  |  |
| **Actual**  |  | $1000  | $999.80  | $1.31  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.89  | $1.33  |
| **Investor Class**  | .10%  |  |  |  |
| **Actual**  |  | $1000  | $1000.20  | $.50  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.70  | $.51  |
| **VIP FundsManager® 50% Portfolio**  |  |  |  |  |
| **Service Class**  | .10%  |  |  |  |
| **Actual**  |  | $1000  | $1011.80  | $.51  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.70  | $.51  |
| **Service Class 2**  | .25%  |  |  |  |
| **Actual**  |  | $1000  | $1011.20  | $1.27  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.95  | $1.28  |
| **Investor Class**  | .10%  |  |  |  |
| **Actual**  |  | $1000  | $1011.80  | $.51  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.70  | $.51  |
| **VIP FundsManager® 60% Portfolio**  |  |  |  |  |
| **Service Class**  | .11%  |  |  |  |
| **Actual**  |  | $1000  | $1016.50  | $.56  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.65  | $.56  |
| **Service Class 2**  | .25%  |  |  |  |
| **Actual**  |  | $1000  | $1015.00  | $1.27  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.95  | $1.28  |
| **Investor Class**  | .10%  |  |  |  |
| **Actual**  |  | $1000  | $1016.50  | $.51  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.70  | $.51  |
| **VIP FundsManager® 70% Portfolio**  |  |  |  |  |
| **Service Class**  | .10%  |  |  |  |
| **Actual**  |  | $1000  | $1022.10  | $.51  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.70  | $.51  |
| **Service Class 2**  | .25%  |  |  |  |
| **Actual**  |  | $1000  | $1021.60  | $1.27  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.95  | $1.28  |
| **Investor Class**  | .10%  |  |  |  |
| **Actual**  |  | $1000  | $1022.10  | $.51  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.70  | $.51  |
| **VIP FundsManager® 85% Portfolio**  |  |  |  |  |
| **Service Class**  | .14%  |  |  |  |
| **Actual**  |  | $1000  | $1029.80  | $.72  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.50  | $.71  |
| **Service Class 2**  | .25%  |  |  |  |
| **Actual**  |  | $1000  | $1027.70  | $1.28  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.95  | $1.28  |
| **Investor Class**  | .10%  |  |  |  |
| **Actual**  |  | $1000  | $1029.00  | $.51  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.70  | $.51  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

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**  |  |
| Service Class  | 20.13%  |
| Service Class 2  | 20.13%  |
| Investor  | 20.13%  |
| **VIP FundsManager 50% Portfolio**  |  |
| Service Class  | 17.22%  |
| Service Class 2  | 17.22%  |
| Investor  | 17.22%  |
| **VIP FundsManager 60% Portfolio**  |  |
| Service Class  | 15.21%  |
| Service Class 2  | 15.21%  |
| Investor  | 15.21%  |
| **VIP FundsManager 70% Portfolio**  |  |
| Service Class  | 12.86%  |
| Service Class 2  | 12.86%  |
| Investor  | 12.86%  |
| **VIP FundsManager 85% Portfolio**  |  |
| Service Class  | 11.14%  |
| Service Class 2  | 11.14%  |
| Investor  | 11.14%  |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | | | |
|:---|:---|:---|:---|
|  | **Service Class**  | **Service Class 2**  | **Investor**  |
| **VIP FundsManager 20% Portfolio**  |  |  |  |
| February 2022  | 0%  | 0%  | 0%  |
| December 2022  | 7%  | 8%  | 7%  |
| **VIP FundsManager 50% Portfolio**  |  |  |  |
| February 2022  | 0%  | 0%  | 0%  |
| December 2022  | 16%  | 18%  | 16%  |
| **VIP FundsManager 60% Portfolio**  |  |  |  |
| February 2022  | 1%  | 1%  | 1%  |
| December 2022  | 21%  | 24%  | 21%  |
| **VIP FundsManager 70% Portfolio**  |  |  |  |
| February 2022  | 1%  | 1%  | 1%  |
| December 2022  | 26%  | 29%  | 26%  |
| **VIP FundsManager 85% Portfolio**  |  |  |  |
| February 2022  | 3%  | 3%  | 3%  |
| December 2022  | 43%  | 50%  | 43%  |

---

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**  |  |  |  |
| Service Class  | 12/29/2022  | $0.0078  | $0.0018  |
| Service Class 2  | 12/29/2022  | $0.0073  | $0.0018  |
| Investor  | 12/29/2022  | $0.0078  | $0.0018  |
| **VIP FundsManager 50% Portfolio**  |  |  |  |
| Service Class  | 12/29/2022  | $0.0221  | $0.0054  |
| Service Class 2  | 12/29/2022  | $0.0202  | $0.0054  |
| Investor  | 12/29/2022  | $0.0221  | $0.0054  |
| **VIP FundsManager 60% Portfolio**  |  |  |  |
| Service Class  | 12/29/2022  | $0.0217  | $0.0053  |
| Service Class 2  | 12/29/2022  | $0.0197  | $0.0053  |
| Investor  | 12/29/2022  | $0.0217  | $0.0053  |
| **VIP FundsManager 70% Portfolio**  |  |  |  |
| Service Class  | 12/29/2022  | $0.0319  | $0.0078  |
| Service Class 2  | 12/29/2022  | $0.0286  | $0.0078  |
| Investor  | 12/29/2022  | $0.0319  | $0.0078  |
| **VIP FundsManager 85% Portfolio**  |  |  |  |
| Service Class  | 12/29/2022  | $0.0369  | $0.0090  |
| Service Class 2  | 12/29/2022  | $0.0319  | $0.0090  |
| Investor  | 12/29/2022  | $0.0369  | $0.0090  |

---

**Board Approval of Investment Advisory Contracts and Management Fees**

**VIP FundsManager Funds** 

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) for each fund (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 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 has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The 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 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 funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2022 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 (Investor 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.

In considering whether to renew the Advisory Contract for each fund, 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 each fund and its shareholders and that the compensation payable under the Advisory Contract was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.

**Nature, Extent, and Quality of Services Provided** . The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of FMR, and also considered the funds' investment objectives, strategies, and related investment philosophies. 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. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

<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 the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u> . The Board considered (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 the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u> . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual 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, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

<u>Investment Performance</u> . The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the investment adviser about 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 considers annualized return information for each fund for different time periods, measured against one or more appropriate securities market 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 receives and considers 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 for specific time periods and discussed with the investment adviser 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 fund performance should be evaluated based on gross performance (before fees and expenses, including acquired fund fees and expenses, but after transaction costs, if any) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses, including acquired fund fees and expenses) compared to appropriate peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; the extent to which particular underlying funds affected performance; and fund cash flows and other factors. 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.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the representative class (Investor Class) of each fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year 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 considered each fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses, and also considered that each fund bears indirectly the fees and expenses, including the management fees, paid by the underlying Fidelity funds in which it invests. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparisons of management fees and total expense ratios by broadening the competitive group used for such comparisons.

<u>Management Fee</u> . The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board.

**VIP FundsManager 20%**![](img88156_15.jpg)

**VIP FundsManager 50%**![](img88156_16.jpg)

**VIP FundsManager 60%**![](img88156_17.jpg)

**VIP FundsManager 70%**![](img88156_18.jpg)

**VIP FundsManager 85%**![](img88156_19.jpg)

The Board noted that each fund's management fee rate ranked above the median of its Total Mapped Group and above the median of its ASPG for 2021. The Board considered that the funds are more actively managed than most funds in their Total Mapped Group and ASPG and have a larger universe of funds in which to invest. The Board also considered that each fund has an all-inclusive fee that covers expenses beyond portfolio management, unlike the majority of funds within this group. The Board further considered that when compared to the total expenses of its competitors, each fund other than VIP FundsManager 85% ranked below median.

The Board further considered that FMR has contractually agreed to waive 0.05% of each fund's management fee through April 30, 2023.

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.

<u>Total Expense Ratio</u> . In its review of the total expense ratio the representative class (Investor Class) of each fund, the Board considered the 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 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. Each fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the total net expense ratio of Investor Class of VIP FundsManager 20%, VIP Funds Manager 50%, VIP Funds Manager 60% and VIP FundsManager 70% ranked below the similar sales load structure group competitive median for 2021. The Board also noted that the total net expense ratio of Investor Class of VIP FundsManager 85% ranked above the similar sales load structure group competitive median for 2021. The Board further noted that the total net expense ratio of the Investor Class (i) ranked below the ASPG competitive median for 2021 for VIP Funds Manager 20% and VIP FundsManager 50%; and (ii) ranked above the ASPG competitive median for 2021 for VIP FundsManager 60%, VIP FundsManager 70% and VIP FundsManager 85%. 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. The Board noted Fidelity's explanation that VIP FundsManager 60%, VIP FundsManager 70% and VIP FundsManager 85% were above the similar sales load structure group competitive median and ASPG competitive median, as applicable, for 2021 primarily due to higher domestic and international equity allocations relative to competitors.

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 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 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 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 and the full Board approves such changes.

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 mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. 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 Economies of Scale 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) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) 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. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that each fund's Advisory Contract should be renewed.

![](img88156_2.jpg) <br>

1.843208.116 VIPFM-ANN-0323

**Fidelity® Variable Insurance Products:**

**Target Volatility Portfolio**

**Annual Report**

**December 31, 2022**

![](img88138_1.jpg)

![](img88138_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary2520)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments2520)** |
| **[Financial Statements](#Sec_FinancialStatements2520)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |
| **[Board Approval of Investment Advisory Contracts and Management Fees](#Sec_Board Approval of Investment Advisory Contracts and Management Fees)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2023 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total returns would have been lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Life of** <br> **Fund** <sup>A</sup>  |
| Service Class  | &nbsp;&nbsp; -15.53%  | &nbsp;&nbsp; 2.96%  | &nbsp;&nbsp; 5.50%  |
| Service Class 2  | &nbsp;&nbsp; -15.65%  | &nbsp;&nbsp; 2.81%  | &nbsp;&nbsp; 5.35%  |

---

<sup>A</sup> From February 13, 2013

---

| |
|:---|
| **$10,000 Over Life of Fund**  |
| Let's say hypothetically that $10,000 was invested in VIP Target Volatility Portfolio - Service Class, a class of the fund, on February 13, 2013, when the fund started. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img88138_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

Asset prices around the world experienced a synchronous downturn for most of 2022, as a multitude of crosscurrents challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy. This led to a broad retreat from risk and declining prices for stocks and bonds through September. In Q4, markets experienced a sharp reversal amid optimism on inflation and policy easing, and riskier assets rallied to cap a tumultuous year. International equities returned -15.86% in 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. By region, emerging markets (-20%) and Europe ex U.K. (-17%) notably lagged. Conversely, the U.K. (-4%) held up best, followed by Asia Pacific ex Japan (-8%). Among the 11 sectors, information technology (-34%) fared worst. Communication services and consumer discretionary (-21% each) also trailed the broader market. In contrast, energy gained 9% amid elevated prices for oil and natural gas. U.S. stocks returned -19.53% for the year, as measured by the Dow Jones U.S. Total Stock Market Index. Among sectors, communication services (-41%) lagged most, followed by consumer discretionary (-37%). Conversely, energy (+63%) led by a wide margin. The defensive utilities (+1%) sector also notably outperformed. Value stocks handily outpaced growth among all market capitalizations. Commodities gained 16.09%, according to the Bloomberg Commodity Index Total Return. U.S. taxable investment-grade bonds returned -13.01% in 2022, per the Bloomberg U.S. Aggregate Bond Index, amid soaring inflation and rising interest rates. The Fed raised its benchmark rate seven times, by 4.25 percentage points, while allowing up to billions in U.S. Treasuries and mortgage bonds to mature monthly without investing the proceeds. U.S. investment-grade corporate bonds (-15.26%) trailed U.S. Treasuries (-12.46%), while commercial mortgage-backed securities (-10.91%) and agencies (-7.87%) also lost ground. Outside the index, leveraged loans (-0.61%) bested the returns for Treasury Inflation-Protected Securities (-11.85%), U.S. high-yield bonds (-11.21%) and emerging-markets debt (-16.45%).

**Comments from Lead Portfolio Manager Geoff Stein and Co-Portfolio Manager Avishek Hazrachoudhury:**

For the year, the fund's share classes returned about -16%, modestly trailing the -15.27% result of the VIP Target Volatility Composite benchmark. Volatility management is the determinative factor in managing the fund's asset class positioning. During 2022, greater-than-average market volatility led us to keep the fund underweighted in equity market risk most of the time. Relative to the Composite benchmark, asset allocation added considerable value the past year, while security selection hampered relative performance. Our equity allocation strategy notably contributed, led by underweight exposure to U.S. stocks. Within our fixed-income allocation strategy, a greater-than-benchmark allocation to cash, on average, more than offset negative results from underweighting investment-grade bonds and an out-of-benchmark stake in long-term U.S. Treasuries. In terms of security selection, international DM stocks notably detracted, primarily due to weak results from Fidelity <sup>®</sup> Overseas Fund. U.S. stock selection had a neutral impact on the fund's relative result. A strong contribution from small-cap-oriented Fidelity <sup>®</sup> Low-Priced Stock Fund was offset by negative results from Fidelity Contrafund and VIP Stock Selector All Cap Fund.

**Note to shareholders:** On June 1, the fund's Composite index began transitioning to a new neutral equity allocation target of 60% U.S. and 40% international. Previously, the target was 70%/30%. The fund reached its new neutral allocation during the third quarter of 2022. Additionally, the fund changed the international equity component of its blended benchmark to the broader MSCI ACWI (All Country World Index) ex USA Index from the MSCI EAFE Index.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary December 31, 2022 (Unaudited)**

The information in the following table is based on the direct Investments of the Fund.

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88138_6.jpg)  |
| *Futures - 0.5%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Portfolio Composition (% of Fund's net assets)**  |
| ![](img88138_7.jpg)  |

---

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Equity Funds - 39.4%**  | &nbsp;&nbsp; **Equity Funds - 39.4%**  | &nbsp;&nbsp; **Equity Funds - 39.4%**  |
|  | Shares  | Value ($) <br>|
| Domestic Equity Funds - 27.6%  |  |  |
|  Fidelity Contrafund (a)  | 229610  | 2775982  |
|  Fidelity Equity-Income Fund (a)  | 31500  | 2007814  |
|  Fidelity Hedged Equity Fund (a)  | 55684  | 529557  |
|  Fidelity Large Cap Value Enhanced Index Fund (a)  | 301405  | 4319140  |
|  Fidelity Low-Priced Stock Fund (a)  | 71781  | 3315574  |
|  Fidelity U.S. Low Volatility Equity Fund (a)  | 259619  | 2650714  |
|  Fidelity Value Discovery Fund (a)  | 45392  | 1595535  |
|  VIP Stock Selector All Cap Portfolio Investor Class (a)  | 4761794  | 38665768  |
|  TOTAL DOMESTIC EQUITY FUNDS  |  | 55860084  |
| International Equity Funds - 11.8%  |  |  |
|  Fidelity Canada Fund (a)  | 12062  | 702492  |
|  Fidelity Emerging Markets Fund (a)  | 234771  | 7376518  |
|  Fidelity International Enhanced Index Fund (a)  | 216895  | 2030136  |
|  Fidelity International Value Fund (a)  | 297836  | 2504800  |
|  Fidelity Japan Smaller Companies Fund (a)  | 109448  | 1474271  |
|  Fidelity Overseas Fund (a)  | 70783  | 3578785  |
|  iShares Core MSCI EAFE ETF  | 65054  | 4009929  |
|  iShares Core MSCI Emerging Markets ETF  | 47323  | 2209984  |
|  TOTAL INTERNATIONAL EQUITY FUNDS  |  | 23886915  |
| <br> **TOTAL EQUITY FUNDS** <br> (Cost $86,252,669)  |  | <br> **79746999**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Fixed-Income Funds - 35.9%**  | &nbsp;&nbsp; **Fixed-Income Funds - 35.9%**  | &nbsp;&nbsp; **Fixed-Income Funds - 35.9%**  |
|  | Shares  | Value ($) <br>|
| Fixed-Income Funds - 35.9%  |  |  |
|  Fidelity Inflation-Protected Bond Index Fund (a)  | 519976  | 4690184  |
|  Fidelity Long-Term Treasury Bond Index Fund (a)  | 798753  | 8099354  |
|  Fidelity Total Bond Fund (a)  | 3911342  | 36492823  |
|  Fidelity U.S. Bond Index Fund (a)  | 2302255  | 23436960  |
| <br> **TOTAL FIXED-INCOME FUNDS** <br> (Cost $81,914,637)  |  | <br> **72719321**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Treasury Obligations - 0.1%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.1%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.1%**  |
|  | Principal <br> Amount (b) <br>| Value ($) <br>|
|  U.S. Treasury Bills, yield at date of purchase 3.33% to 4.17% 1/5/23 to 2/16/23 (c) <br>(Cost $149,499) <br>| 150000  | **149548**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 24.6%**  | &nbsp;&nbsp; **Money Market Funds - 24.6%**  | &nbsp;&nbsp; **Money Market Funds - 24.6%**  |
|  | Shares  | Value ($) <br>|
| Cash Equivalents - 7.8%  |  |  |
|  Fidelity Cash Central Fund 4.37% (d)  | 15850018  | 15853188  |
| Money Market Funds - 16.8%  |  |  |
|  Fidelity Investments Money Market Government Portfolio Institutional Class 4.10% (a)(e)  | 34037513  | 34037513  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $49,890,701)  |  | <br> **49890701**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $218,207,506) <br>| <br>**202506569**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **16861**  |
| **NET ASSETS - 100.0%**  | **202523430**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  | &nbsp;&nbsp; **Futures Contracts**  |
|  | Number <br> of contracts  | Expiration <br> Date  | Notional <br> Amount ($) <br>| Value ($) <br>| Unrealized <br> Appreciation/ <br> (Depreciation) ($) <br>|
| Sold  |  |  |  |  |  |
| Equity Index Contracts  |  |  |  |  |  |
| CME Micro E-mini S&P 500 Index Contracts (United States)  | 5  | Mar 2023  | 965250  | 26960  | 26960  |
| The notional amount of futures sold as a percentage of Net Assets is 0.5%  | The notional amount of futures sold as a percentage of Net Assets is 0.5%  | The notional amount of futures sold as a percentage of Net Assets is 0.5%  | The notional amount of futures sold as a percentage of Net Assets is 0.5%  | The notional amount of futures sold as a percentage of Net Assets is 0.5%  | The notional amount of futures sold as a percentage of Net Assets is 0.5%  |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Affiliated Fund

(b) Amount is stated in United States dollars unless otherwise noted.

(c) 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 $140,593.

(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(e) 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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 16269995  | 89173015  | 89589822  | 313736  | -  | -  | 15853188  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 4.37%  | 2097325  | 40588571  | 42685896  | 337  | -  | -  | -  | 0.0%  |
| Total  | 18367320  | 129761586  | 132275718  | 314073  | -  | -  | 15853188  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**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 Funds 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 ($)  |
|  Fidelity Canada Fund  | -  | 800948  | 42610  | 27903  | (2944)  | (52902)  | 702492  |
|  Fidelity Contrafund  | 5935286  | 379578  | 1635338  | 324404  | (85154)  | (1818390)  | 2775982  |
|  Fidelity Emerging Markets Fund  | -  | 11331894  | 3127991  | 56600  | (227405)  | (599980)  | 7376518  |
|  Fidelity Equity-Income Fund  | 3216212  | 127786  | 1055179  | 94912  | 72610  | (353615)  | 2007814  |
|  Fidelity Hedged Equity Fund  | -  | 534042  | -  | 1942  | -  | (4485)  | 529557  |
|  Fidelity Inflation-Protected Bond Index Fund  | 5946117  | 450522  | 634833  | 383914  | (17294)  | (1054328)  | 4690184  |
|  Fidelity International Enhanced Index Fund  | 7396024  | 100684  | 4478839  | 48178  | 187658  | (1175391)  | 2030136  |
|  Fidelity International Value Fund  | 6215449  | 103971  | 3197100  | 45880  | 181878  | (799398)  | 2504800  |
|  Fidelity Investments Money Market Government Portfolio Institutional Class 4.10%  | -  | 37303703  | 3266190  | 515587  | -  | -  | 34037513  |
|  Fidelity Japan Smaller Companies Fund  | 2096904  | 766  | 312100  | 766  | (92112)  | (219187)  | 1474271  |
|  Fidelity Large Cap Value Enhanced Index Fund  | 7027634  | 264099  | 2310364  | 193090  | 201444  | (863673)  | 4319140  |
|  Fidelity Long-Term Treasury Bond Index Fund  | 7249063  | 5229416  | 1063193  | 232960  | (269515)  | (3046417)  | 8099354  |
|  Fidelity Low-Priced Stock Fund  | 5349057  | 351620  | 1729976  | 298671  | (121938)  | (533189)  | 3315574  |
|  Fidelity Overseas Fund  | 26507575  | 224392  | 17149653  | 27959  | 3002352  | (9005881)  | 3578785  |
|  Fidelity Total Bond Fund  | 43263312  | 4567837  | 4644251  | 1224037  | (279439)  | (6414636)  | 36492823  |
|  Fidelity U.S. Bond Index Fund  | 12546081  | 15969272  | 2353541  | 461062  | (131325)  | (2593527)  | 23436960  |
|  Fidelity U.S. Low Volatility Equity Fund  | 5483153  | 244330  | 2277834  | 186678  | 67943  | (866878)  | 2650714  |
|  Fidelity Value Discovery Fund  | 2521999  | 99808  | 833682  | 74255  | 165533  | (358123)  | 1595535  |
|  VIP Stock Selector All Cap Portfolio Investor Class  | 83129938  | 994891  | 30234045  | 285018  | (4994785)  | (10230231)  | 38665768  |
|  | 223883804  | 79079559  | 80346719  | 4483816  | (2342493)  | (39990231)  | 180283920  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Equity Funds  | 79746999  | 79746999  | -  | -  |
|  Fixed-Income Funds  | 72719321  | 72719321  | -  | -  |
|  Other Short-Term Investments  | 149548  | -  | 149548  | -  |
|  Money Market Funds  | 49890701  | 49890701  | -  | -  |
| **Total Investments in Securities:**  | 202506569  | 202357021  | 149548  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Futures Contracts  | 26960  | 26960  | -  | -  |
| Total Assets  | 26960  | 26960  | -  | -  |
| **Total Derivative Instruments:**  | 26960  | 26960  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

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| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value**  | **Value**  |
|  | **Asset ($)**  | **Liability ($)**  |
| **Equity Risk**  |  |  |
| Futures Contracts (a)  | 26960  | 0  |
| **Total Equity Risk**  | 26960  | 0  |
| **Total Value of Derivatives**  | 26960  | 0  |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  | $— |  |
|  Unaffiliated issuers (cost $6,431,993)  | 6369461  |  |
|  Fidelity Central Funds (cost $15,853,188)  | 15853188  |  |
|  Other affiliated issuers (cost $195,922,325)  | 180283920  |  |
|  Total Investment in Securities (cost $218,207,506)  |  | $202506569  |
| Receivable for investments sold  |  | 15099  |
|  Receivable for fund shares sold  |  | 30362  |
|  Dividends receivable  |  | 313739  |
|  Distributions receivable from Fidelity Central Funds  |  | 66102  |
|  Receivable for daily variation margin on futures contracts  |  | 2688  |
| **Total assets**  |  | 202934559  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $312875  |  |
|  Payable for fund shares redeemed  | 46765  |  |
|  Accrued management fee  | 25705  |  |
|  Distribution and service plan fees payable  | 25549  |  |
|  Other affiliated payables  | 235  |  |
| **Total Liabilities**  |  | 411129  |
| **Net Assets**  |  | $202523430  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $219536174  |
|  Total accumulated earnings (loss)  |  | (17012744)  |
|  **Net Assets**  |  | $202523430  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($1,210,278 ÷ 116,429 shares)  |  | $10.39  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($201,313,152 ÷ 19,448,675 shares)  |  | $10.35  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends:  |  |  |
| Unaffiliated issuers  |  | $22933  |
| Affiliated issuers  |  | 3510930  |
| Interest  |  | 9575  |
| Income from Fidelity Central Funds (including $337 from security lending)  |  | 314073  |
| **Total Income**  |  | 3857511  |
|  **Expenses**  |  |  |
| Management fee  | $551721  |  |
| Transfer agent fees  | 4582  |  |
| Distribution and service plan fees  | 560875  |  |
| Independent trustees' fees and expenses  | 736  |  |
| Total expenses before reductions  | 1117914  |  |
| Expense reductions  | (337694)  |  |
| Total expenses after reductions  |  | 780220  |
| **Net Investment income (loss)**  |  | 3077291  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 267086  |  |
| Affiliated issuers  | (2342493)  |  |
| Futures contracts  | 253478  |  |
| Capital gain distributions from underlying funds:  |  |  |
| Affiliated issuers  | 972886  |  |
| Total net realized gain (loss)  |  | (849043)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (3125121)  |  |
| Affiliated issuers  | (39990231)  |  |
| Futures contracts  | 26960  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (43088392)  |
| **Net gain (loss)**  |  | (43937435)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(40860144)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $3077291  | $2117331  |
| &nbsp;&nbsp; Net realized gain (loss)  | (849043) <br>| 41170293 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (43088392)  | (12732939) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (40860144) <br>| 30554685 <br>|
| Distributions to shareholders  | (7999885) <br>| (34340907) <br>|
| Share transactions - net increase (decrease)  | (15299295) <br>| (190497) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (64159324) <br>| (3976719) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 266682754  | 270659473 <br>|
| &nbsp;&nbsp; End of period  | $202523430  | $266682754  |

---

**Financial Highlights** 

 **VIP Target Volatility Portfolio Service Class** <br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.76  | $13.05  | $12.40  | $10.86  | $12.14  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .17  | .13  | .14  | .20  | .19  |
| Net realized and unrealized gain (loss)  | (2.13)  | 1.46  | .97  | 1.81  | (.90)  |
| Total from investment operations  | (1.96)  | 1.59  | 1.11  | 2.01  | (.71)  |
| Distributions from net investment income  | (.27)  | - <sup>C</sup>  | (.18)  | (.19)  | (.20) <sup>D</sup>  |
| Distributions from net realized gain  | (.14)  | (1.88)  | (.29)  | (.28)  | (.37) <sup>D</sup>  |
| Total distributions  | (.41)  | (1.88)  | (.46) <sup>E</sup>  | (.47)  | (.57)  |
| Net asset value, end of period  | $10.39  | $12.76  | $13.05  | $12.40  | $10.86  |
| **Total Return** <sup>F,G</sup>  | (15.53)%  | 12.16%  | 9.13%  | 18.81%  | (5.81)%  |
| **Ratios to Average Net Assets** <sup>B,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | .35%  | .41%  | .40%  | .42%  | .42%  |
| Expenses net of fee waivers, if any  | .20%  | .26%  | .25%  | .27%  | .27%  |
| Expenses net of all reductions  | .20%  | .26%  | .25%  | .27%  | .27%  |
| Net investment income (loss)  | 1.52%  | .93%  | 1.12%  | 1.72%  | 1.60%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $1210  | $1486  | $1519  | $1434  | $1256  |
| Portfolio turnover rate <sup>J</sup>  | 50%  | 64%  | 57%  | 65%  | 85%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Amount represents less than $.005 per share.*

<sup>D</sup> *The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

<sup>E</sup> *Total distributions per share do not sum due to rounding.*

<sup>F</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>G</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>H</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>I</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP Target Volatility Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.71  | $13.02  | $12.37  | $10.83  | $12.11  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .15  | .11  | .12  | .18  | .17  |
| Net realized and unrealized gain (loss)  | (2.11)  | 1.46  | .97  | 1.81  | (.90)  |
| Total from investment operations  | (1.96)  | 1.57  | 1.09  | 1.99  | (.73)  |
| Distributions from net investment income  | (.26)  | - <sup>C</sup>  | (.16)  | (.16)  | (.18) <sup>D</sup>  |
| Distributions from net realized gain  | (.14)  | (1.88)  | (.29)  | (.28)  | (.37) <sup>D</sup>  |
| Total distributions  | (.40)  | (1.88)  | (.44) <sup>E</sup>  | (.45) <sup>E</sup>  | (.55)  |
| Net asset value, end of period  | $10.35  | $12.71  | $13.02  | $12.37  | $10.83  |
| **Total Return** <sup>F,G</sup>  | (15.65)%  | 12.03%  | 8.99%  | 18.65%  | (5.99)%  |
| **Ratios to Average Net Assets** <sup>B,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | .50%  | .56%  | .56%  | .57%  | .57%  |
| Expenses net of fee waivers, if any  | .35%  | .41%  | .40%  | .42%  | .42%  |
| Expenses net of all reductions  | .35%  | .41%  | .40%  | .42%  | .42%  |
| Net investment income (loss)  | 1.37%  | .78%  | .97%  | 1.57%  | 1.45%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $201313  | $265197  | $269141  | $290145  | $277696  |
| Portfolio turnover rate <sup>J</sup>  | 50%  | 64%  | 57%  | 65%  | 85%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>C</sup> *Amount represents less than $.005 per share.*

<sup>D</sup> *The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

<sup>E</sup> *Total distributions per share do not sum due to rounding.*

<sup>F</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>G</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>H</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>I</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Notes to Financial Statements**

For the period ended December 31, 2022

**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.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund**  | **Investment Manager**  | **Investment Objective**  | **Investment Practices**  | **Expense Ratio** <sup>A</sup>  |
| Fidelity Money Market Central Funds  | Fidelity Management & Research Company LLC (FMR)  | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.  | Short-term Investments  | Less than .005%  |

---

<sup>A</sup> *Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies* . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The 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 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. The aggregate value of investments by input level as of December 31, 2022 is included at the end of the Fund's Schedule of Investments.

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.

**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 (ETFs) 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, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to the short-term gain distributions from the underlying mutual funds or exchange-traded funds (ETFs) and losses deferred due to wash sales, futures transactions 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**  | $3293124  |
| **Gross unrealized depreciation**  | <u>(19478676)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$(16185552)</u>  |
| **Tax Cost**  | <u>$218692121</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(16185552)</u>  |

---

The Fund intends to elect to defer to its next fiscal year $827,193 of capital losses recognized during the period November 1, 2022 to December 31, 2022.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022**  | **December 31, 2021**  |
| **Ordinary Income**  | $5091250  | $61007  |
| **Long-term Capital Gains**  | <u>2908635</u>  | <u>34279900</u>  |
| **Total**  | <u>$7999885</u>  | <u>$34340907</u>  |

---

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. <br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**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**  | 101580675  | 120358983  |

---

**5. 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. During January 2022 the Board approved a change in the management fee rate from .30% to .20% effective June 1, 2022. For the reporting period, the annual management fee rate was .25% 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**  | $1291  |
| **Service Class 2**  | <u>559584</u>  |
|  | <u>$560875</u>  |

---

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class pays a fee for transfer agent services, typesetting and printing and mailing of shareholder reports, excluding mailing of proxy statements, 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** <sup>A</sup>  |
| **Service Class**  | $27  | -  |
| **Service Class 2**  | <u>4555</u>  | -  |
|  | <u>$4582</u>  |  |

---

<sup>A</sup> *Amount represents less than .005%.*

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**Prior Year Reallocation of Underlying Fund Investments.** During the prior period, the investment adviser reallocated investments of the Fund. This involved taxable redemptions of each Fund's interest in Fidelity Stock Selector All Cap Fund for investments, as shown in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | Value of investments redeemed from Fidelity Stock Selector All Cap Fund  | Shares of Fidelity Stock Selector All Cap Fund sold  | Net realized gain on redemptions of Fidelity Stock Selector All Cap Fund  |
| **VIP Target Volatility Portfolio**  | $83635576  | 1215280  | $31576922  |

---

In addition, the Fund exchanged investments for shares of VIP Stock Selector All Cap Fund, as shown in the table below. The fund did not recognize any gains or losses for book, or federal income tax, purposes.

---

| | | |
|:---|:---|:---|
|  | Value of investments delivered to VIP Stock Selector All Cap Fund  | Shares of VIP Stock Selector All Cap received  |
| **VIP Target Volatility Portfolio**  | $83635576  | 8363558  |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS**  | **Security Lending Income From Securities Loaned to NFS**  | **Value of Securities Loaned to NFS at Period End**  |
| **VIP Target Volatility Portfolio**  | $35  | $-  | $-  |

---

**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, 2025. During the period, the Fund's management fee was reduced by $112,562.

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**  | $1291  |
| **Service Class 2**  | 223834  |

---

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $7.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2022**  | **Year ended** **December 31, 2021**  |
| **VIP Target Volatility Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Service Class  | $48196  | $218441  |
| Service Class 2  | <u>7951689</u>  | <u>34122466</u>  |
| Total  | <u>$7999885</u>  | <u>$34340907</u>  |

---

**11. Share Transactions.**

Transactions for each class of shares were as follows and may contain in-kind transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares**  | **Shares**  | **Dollars**  | **Dollars**  |
|  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  |
| **VIP Target Volatility Portfolio**  |  |  |  |  |
| **Service Class**  |  |  |  |  |
| Reinvestment of distributions  | 28  | 97  | 312  | 1233  |
| Shares redeemed  | <u>(11)</u>  | <u>(9)</u>  | <u>(117)</u>  | <u>(123)</u>  |
| Net increase (decrease)  | <u>17</u>  | <u>88</u>  | <u>$195</u>  | <u>$1110</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 964447  | 764537  | $10906554  | $10603809  |
| Reinvestment of distributions  | 710765  | 2682335  | 7951689  | 34122466  |
| Shares redeemed  | <u>(3095355)</u>  | <u>(3241950)</u>  | <u>(34157733)</u>  | <u>(44917882)</u>  |
| Net increase (decrease)  | <u>(1420143)</u>  | <u>204922</u>  | <u>$(15299490)</u>  | <u>$(191607)</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, certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

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| | | |
|:---|:---|:---|
|  | **Number of** **Unaffiliated Shareholders**  | **Unaffiliated Shareholders %**  |
| VIP Target Volatility Portfolio  | 1  | 94%  |

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**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund 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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America .

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB .

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud .

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion .

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2023

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. If the interests of the fund and an underlying Fidelity <sup>®</sup> fund were to diverge, a conflict of interest could arise and affect how the Trustees and Members of the Advisory Board fulfill their fiduciary duties to the affected funds. FMR has structured the fund to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, FMR, the Trustees, and Members of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Each of the Trustees oversees 295 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity <sup>®</sup> funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity <sup>®</sup> funds (2001-2005), and managed a number of Fidelity <sup>®</sup> funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity <sup>®</sup> funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2013-2016).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity <sup>®</sup> funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Mr. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity <sup>®</sup> funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity <sup>®</sup> funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Laura M. Bishop (1961)

Year of Election or Appointment: 2022

Member of the Advisory Board

Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Christopher M. Gouveia (1973)

Year of Election or Appointment: 2023

Chief Compliance Officer

Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia serves as Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

William Irving (1964)

Year of Election or Appointment: 2023

Vice President

Mr. Irving also serves as Vice President of other funds. Mr. Irving serves as Head of Fidelity Asset Management Solutions (2022-present) and is an employee of Fidelity Investments. Mr. Irving serves as President and Director of Fidelity Diversifying Solutions LLC (investment adviser firm, 2023-present) and President, Director, or Vice President of certain other Fidelity entities. Previously, Mr. Irving served as Chief Investment Officer (CIO) in the Global Asset Allocation division (2020-2022). Prior to that, he was Managing Director of Research in the Global Asset Allocation division (2018-2020) and portfolio manager of certain Fidelity <sup>®</sup> funds (2004-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **VIP Target Volatility Portfolio**  |  |  |  |  |
| **Service Class**  | .16%  |  |  |  |
| **Actual**  |  | $1000  | $989.70  | $.80  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.40  | $.82  |
| **Service Class 2**  | .30%  |  |  |  |
| **Actual**  |  | $1000  | $988.90  | $1.50  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.69  | $1.53  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2022, $105,120, or, if subsequently determined to be different, the net capital gain of such year.

A total of 22.49% 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.

Service Class designates 23% and 14%; Service Class 2 designates 23% and 16%; 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 Target Volatility Portfolio**  |  |  |  |
| Service Class  | 02/11/2022  | $0.0511  | $0.0044  |
| Service Class  | 12/29/2022  | $0.0151  | $0.0026  |
| Service Class 2  | 02/11/2022  | $0.0511  | $0.0044  |
| Service Class 2  | 12/29/2022  | $0.0136  | $0.0026  |

---

**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), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) (the Advisory Contract) for the fund. 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 has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The 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 Contract. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2022 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 (Service Class 2); (iii) the total costs of the services provided by and the profits realized by 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.

In considering whether to renew the Advisory Contract for the fund, 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. The Board's decision to renew the Advisory Contract was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contract, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

**Nature, Extent, and Quality of Services Provided.** The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of FMR, and also considered the fund's investment objective, strategies, and related investment philosophy. 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. The Board also considered the steps Fidelity had taken to ensure the continued provision of high-quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

<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 the resources devoted to Fidelity's global investment organization and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services.</u> The Board considered (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, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. 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 noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual 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, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

<u>Investment Performance.</u> The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the investment adviser about 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 considers annualized return information for the fund for different time periods, measured against one or more appropriate securities market 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 receives and considers 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 for specific time periods and discussed with the investment adviser 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 fund performance should be evaluated based on gross performance (before fees and expenses, including acquired fund fees and expenses, but after transaction costs, if any) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses, including acquired fund fees and expenses) compared to appropriate peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; the extent to which particular underlying funds affected performance; and fund cash flows and other factors. 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.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the representative class (Service Class 2) and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contract should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio** . The Board considered the fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses, and also considered that the fund bears indirectly the fees and expenses, including the management fees, paid by the underlying funds in which it invests. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparison of management fees and total expense ratios by broadening the competitive group used for such comparison.

<u>Management Fee.</u> The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

![](img88138_8.jpg)

The Board noted that the fund's management fee rate ranked above the median of its Total Mapped Group and above the median of its ASPG for 2021. The Board considered Fidelity's explanation that, unlike most funds in its Total Mapped Group and ASPG that have a more static allocation to underlying funds, the fund actively manages its underlying investments and, in addition, has a unique investment strategy that attempts to manage the fund's volatility.

The Board further considered that FMR has contractually agreed to waive 0.05% of the fund's management fee through April 30, 2023.

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.

<u>Total Expense Ratio.</u> In its review of the total expense ratio of the representative class (Service Class 2) of the fund, 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 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 the fund. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the total net expense ratio of Service Class 2 ranked above the similar sales load structure group competitive median for 2021 and below the ASPG competitive median for 2021.

The Board considered that the fund has a managed volatility component unlike the majority of competitor funds in the affiliated funds-of-funds peer group and that when compared to a subset of managed volatility funds, Service Class 2 was below the similar sales load structure group median. The Board noted that the total expense ratio of Service Class 2 was also above the similar sales load structure group competitive median because of its 12b-1 fees and that, excluding 12b-1 fees of both the class and competitor classes, the total expense ratio of Service Class 2 ranked below the similar sales load structure group median. The Board noted that the 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 vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

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 of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds, 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 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 and the full Board approves such changes.

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 mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. 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 Economies of Scale 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) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) 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. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that the fund's Advisory Contract should be renewed.

![](img88138_2.jpg) <br>

1.955015.109 VIPTV-ANN-0323

**Fidelity® Variable Insurance Products:**

**Bond Index Portfolio**

**Annual Report**

**December 31, 2022**

![](img88170_1.jpg)

![](img88170_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary3078)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments3078)** |
| **[Financial Statements](#Sec_FinancialStatements3078)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |
| **[Board Approval of Investment Advisory Contracts and Management Fees](#Sec_Board Approval of Investment Advisory Contracts and Management Fees)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

BLOOMBERG <sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2023 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total returns would have been lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | |
|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Life of** <br> **Fund** <sup>A</sup>  |
| Initial Class  | &nbsp;&nbsp; -13.19%  | &nbsp;&nbsp; 0.23%  |
| Service Class  | &nbsp;&nbsp; -13.27%  | &nbsp;&nbsp; 0.15%  |
| Service Class 2  | &nbsp;&nbsp; -13.38%  | &nbsp;&nbsp; -0.02%  |

---

<sup>A</sup> From April 19, 2018

*The initial offering of Service Class shares took place on April 11, 2019. Returns prior to April 11, 2019, are those of Initial Class.*

---

| |
|:---|
| **$10,000 Over Life of Fund**  |
| Let's say hypothetically that $10,000 was invested in VIP Bond Index Portfolio - Initial Class, a class of the fund, on April 19, 2018, when the fund started. <br>The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Aggregate Bond Index performed over the same period.  |
| ![](img88170_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

U.S. taxable investment-grade bonds notably declined in 2022, as a multitude of crosscurrents challenged the global economy and financial markets. The Bloomberg U.S. Aggregate Bond Index returned -13.01% for the year, its worst annual return on record and the first time it ever ceded ground in back-to-back calendar years. In late 2021, the Federal Reserve began its pivot to a tighter monetary policy, tapering the large-scale asset purchases it initially started in 2008, and dramatically expanded in 2020 amid the COVID-19 pandemic. In early 2022, the Fed, faced with persistent inflationary pressure, began implementing an aggressive series of rate hikes, raising its benchmark interest rate seven times, by a total of 4.25 percentage points, between March and December. This helped push nominal and real (inflation-adjusted) U.S. bond yields to their highest level in more than a decade. Bond prices, which move inversely to yields, fell sharply. Credit spreads significantly widened, as investors demanded more yield for buying corporate debt and other credit-sensitive assets. In November and December, the bond market staged a broad rally (+3.21%) when comments by Fed Chair Jerome Powell pointed to a slowdown in the size and pace of rate hikes, but all major market segments lost ground for the 12 months, with higher-quality, shorter-term bonds holding up best. Spread sectors broadly trailed Treasuries on a duration-adjusted basis.

**Comments from Co-Portfolio Managers Brandon Bettencourt and Richard Munclinger:**

For the fiscal year, the fund's share classes (excluding sales charges, if any) returned from about -13.0% to -13.3 %, roughly in line, net of fees, with the -13.01% return of the benchmark, the Bloomberg U.S. Aggregate Bond Index. Our goal is to produce monthly returns, before expenses, that closely match the benchmark return. Given the large number of securities in the index (roughly 13,000) and the significant cost and liquidity challenges associated with full replication of the index, we use "stratified sampling techniques" in constructing the portfolio. This approach involves defining and maintaining an "optimal" subset of constituent securities that, in aggregate, mirrors the chief characteristics of the index - including maturity, duration, sector allocation, credit quality and other factors.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary December 31, 2022 (Unaudited)**

---

| |
|:---|
| &nbsp;&nbsp; **Quality Diversification (% of Fund's net assets)**  |
| ![](img88170_6.jpg) <br>|
| *Percentages shown as 0.0% may reflect amounts less than 0.05%.*  |
| 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.  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88170_7.jpg) <br>|
| *Foreign investments - 8.1%*  |

---

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Nonconvertible Bonds - 24.7%**  | &nbsp;&nbsp; **Nonconvertible Bonds - 24.7%**  | &nbsp;&nbsp; **Nonconvertible Bonds - 24.7%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
| COMMUNICATION SERVICES - 1.9%  |  |  |
| Diversified Telecommunication Services - 0.7%  |  |  |
|  AT&T, Inc.:  |  |  |
|  1.65% 2/1/28  | 200000  | 168910  |
|  2.25% 2/1/32  | 50000  | 39191  |
|  2.75% 6/1/31  | 300000  | 248614  |
|  3.3% 2/1/52  | 50000  | 33257  |
|  3.5% 6/1/41  | 1000000  | 745734  |
|  3.5% 9/15/53  | 347000  | 234203  |
|  3.55% 9/15/55  | 340000  | 226863  |
|  3.65% 6/1/51  | 280000  | 197207  |
|  3.65% 9/15/59  | 257000  | 172018  |
|  3.8% 2/15/27  | 43000  | 41036  |
|  4.1% 2/15/28  | 143000  | 136271  |
|  4.65% 6/1/44  | 40000  | 33577  |
|  Telefonica Emisiones S.A.U.:  |  |  |
|  4.103% 3/8/27  | 150000  | 142316  |
|  5.213% 3/8/47  | 250000  | 200748  |
|  Verizon Communications, Inc.:  |  |  |
|  1.5% 9/18/30  | 270000  | 209907  |
|  2.355% 3/15/32  | 9000  | 7134  |
|  2.65% 11/20/40  | 60000  | 40499  |
|  2.987% 10/30/56  | 227000  | 138493  |
|  3.55% 3/22/51  | 500000  | 356177  |
|  3.875% 2/8/29  | 210000  | 197036  |
|  4% 3/22/50  | 114000  | 89189  |
|  4.016% 12/3/29  | 100000  | 93405  |
|  4.125% 8/15/46  | 54000  | 42902  |
|  4.272% 1/15/36  | 276000  | 245691  |
|  4.329% 9/21/28  | 643000  | 618234  |
|  5.012% 8/21/54  | 38000  | 34444  |
|  |  | 4693056  |
| Entertainment - 0.1%  |  |  |
|  The Walt Disney Co.:  |  |  |
|  2% 9/1/29  | 50000  | 41915  |
|  2.65% 1/13/31  | 200000  | 170713  |
|  2.75% 9/1/49  | 100000  | 66140  |
|  3.5% 5/13/40  | 30000  | 24150  |
|  3.6% 1/13/51  | 30000  | 22843  |
|  3.7% 9/15/24  | 300000  | 293484  |
|  3.8% 3/22/30  | 110000  | 102522  |
|  3.8% 5/13/60  | 30000  | 22852  |
|  4.7% 3/23/50  | 100000  | 91795  |
|  |  | 836414  |
| Interactive Media & Services - 0.1%  |  |  |
|  Alphabet, Inc.:  |  |  |
|  1.1% 8/15/30  | 200000  | 156515  |
|  1.9% 8/15/40  | 264000  | 175197  |
|  2.05% 8/15/50  | 170000  | 99358  |
|  Meta Platforms, Inc.:  |  |  |
|  3.5% 8/15/27  | 60000  | 55920  |
|  3.85% 8/15/32  | 60000  | 52796  |
|  4.45% 8/15/52  | 150000  | 119198  |
|  |  | 658984  |
| Media - 0.7%  |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital Corp.:  |  |  |
|  3.7% 4/1/51  | 30000  | 18242  |
|  3.75% 2/15/28  | 100000  | 90171  |
|  4.2% 3/15/28  | 48000  | 44117  |
|  5.125% 7/1/49  | 60000  | 45370  |
|  5.375% 4/1/38  | 42000  | 34967  |
|  5.375% 5/1/47  | 190000  | 149044  |
|  6.384% 10/23/35  | 621000  | 605342  |
|  Comcast Corp.:  |  |  |
|  2.45% 8/15/52  | 135000  | 78654  |
|  2.65% 2/1/30  | 80000  | 69210  |
|  2.8% 1/15/51  | 180000  | 113599  |
|  2.887% 11/1/51  | 179000  | 114962  |
|  2.937% 11/1/56  | 385000  | 238094  |
|  2.987% 11/1/63  | 305000  | 184420  |
|  3.4% 4/1/30  | 87000  | 79330  |
|  3.55% 5/1/28  | 76000  | 71369  |
|  3.7% 4/15/24  | 30000  | 29543  |
|  3.75% 4/1/40  | 31000  | 25566  |
|  3.9% 3/1/38  | 50000  | 43088  |
|  4.049% 11/1/52  | 146000  | 115548  |
|  Discovery Communications LLC:  |  |  |
|  3.625% 5/15/30  | 220000  | 181300  |
|  4% 9/15/55  | 85000  | 51074  |
|  4.65% 5/15/50  | 100000  | 68772  |
|  5.2% 9/20/47  | 18000  | 13371  |
|  Fox Corp.:  |  |  |
|  4.709% 1/25/29  | 34000  | 32853  |
|  5.476% 1/25/39  | 189000  | 171976  |
|  5.576% 1/25/49  | 23000  | 20520  |
|  Magallanes, Inc.:  |  |  |
|  3.755% 3/15/27 (b)  | 100000  | 90053  |
|  4.279% 3/15/32 (b)  | 189000  | 155692  |
|  5.05% 3/15/42 (b)  | 100000  | 76508  |
|  5.141% 3/15/52 (b)  | 175000  | 127219  |
|  Paramount Global:  |  |  |
|  4.2% 6/1/29  | 210000  | 186973  |
|  4.95% 1/15/31  | 190000  | 168857  |
|  5.85% 9/1/43  | 363000  | 301430  |
|  Time Warner Cable LLC 5.5% 9/1/41  | 351000  | 291286  |
|  TWDC Enterprises 18 Corp.:  |  |  |
|  2.95% 6/15/27  | 98000  | 91274  |
|  3% 2/13/26  | 210000  | 198853  |
|  |  | 4378647  |
| Wireless Telecommunication Services - 0.3%  |  |  |
|  America Movil S.A.B. de CV 3.625% 4/22/29  | 200000  | 181288  |
|  T-Mobile U.S.A., Inc.:  |  |  |
|  3% 2/15/41  | 529000  | 373275  |
|  3.5% 4/15/25  | 410000  | 394299  |
|  3.75% 4/15/27  | 80000  | 75351  |
|  3.875% 4/15/30  | 80000  | 72465  |
|  4.375% 4/15/40  | 74000  | 63152  |
|  4.5% 4/15/50  | 80000  | 65771  |
|  5.2% 1/15/33  | 55000  | 54504  |
|  5.65% 1/15/53  | 55000  | 53234  |
|  Vodafone Group PLC:  |  |  |
|  4.375% 5/30/28  | 97000  | 95304  |
|  5.25% 5/30/48  | 170000  | 149724  |
|  6.15% 2/27/37  | 392000  | 397140  |
|  |  | 1975507  |
|  TOTAL COMMUNICATION SERVICES  |  | 12542608  |
| CONSUMER DISCRETIONARY - 1.6%  |  |  |
| Automobiles - 0.2%  |  |  |
|  American Honda Finance Corp. 1.2% 7/8/25  | 330000  | 301636  |
|  General Motors Co.:  |  |  |
|  5.95% 4/1/49  | 200000  | 174303  |
|  6.125% 10/1/25  | 455000  | 463058  |
|  6.75% 4/1/46  | 69000  | 66151  |
|  General Motors Financial Co., Inc.:  |  |  |
|  4.35% 4/9/25  | 84000  | 81717  |
|  5.65% 1/17/29  | 250000  | 245563  |
|  |  | 1332428  |
| Diversified Consumer Services - 0.2%  |  |  |
|  American University 3.672% 4/1/49  | 130000  | 99682  |
|  Duke University 2.832% 10/1/55  | 30000  | 20236  |
|  George Washington University 4.126% 9/15/48  | 100000  | 82867  |
|  Ingersoll-Rand Global Holding Co. Ltd. 3.75% 8/21/28  | 210000  | 196645  |
|  Massachusetts Institute of Technology 2.989% 7/1/50  | 250000  | 181736  |
|  Northwestern University 3.662% 12/1/57  | 100000  | 76048  |
|  University of Chicago 3% 10/1/52  | 100000  | 68780  |
|  University of Southern California 2.945% 10/1/51  | 240000  | 160873  |
|  |  | 886867  |
| Hotels, Restaurants & Leisure - 0.3%  |  |  |
|  Expedia, Inc. 5% 2/15/26  | 160000  | 157888  |
|  Marriott International, Inc. 3.125% 6/15/26  | 390000  | 365092  |
|  McDonald's Corp.:  |  |  |
|  2.125% 3/1/30  | 400000  | 334609  |
|  2.625% 9/1/29  | 150000  | 131551  |
|  3.3% 7/1/25  | 32000  | 30954  |
|  3.5% 7/1/27  | 91000  | 86320  |
|  3.6% 7/1/30  | 340000  | 311833  |
|  3.8% 4/1/28  | 84000  | 80377  |
|  4.2% 4/1/50  | 40000  | 33280  |
|  4.7% 12/9/35  | 109000  | 104242  |
|  Starbucks Corp.:  |  |  |
|  2.55% 11/15/30  | 597000  | 501944  |
|  4.5% 11/15/48  | 50000  | 42867  |
|  |  | 2180957  |
| Internet & Direct Marketing Retail - 0.2%  |  |  |
|  Alibaba Group Holding Ltd.:  |  |  |
|  2.125% 2/9/31  | 240000  | 189302  |
|  3.15% 2/9/51  | 245000  | 152444  |
|  Amazon.com, Inc.:  |  |  |
|  0.8% 6/3/25  | 110000  | 100448  |
|  1% 5/12/26  | 6000  | 5314  |
|  2.1% 5/12/31  | 105000  | 85748  |
|  2.4% 2/22/23  | 50000  | 49837  |
|  2.5% 6/3/50  | 110000  | 69323  |
|  3.1% 5/12/51  | 105000  | 74782  |
|  3.875% 8/22/37  | 440000  | 389805  |
|  4.05% 8/22/47  | 280000  | 240084  |
|  |  | 1357087  |
| Leisure Products - 0.0%  |  |  |
|  Hasbro, Inc. 3.55% 11/19/26  | 110000  | 103150  |
| Multiline Retail - 0.2%  |  |  |
|  Dollar General Corp. 5% 11/1/32  | 110000  | 108507  |
|  Dollar Tree, Inc. 4% 5/15/25  | 248000  | 242114  |
|  Kohl's Corp. 4.25% 7/17/25  | 265000  | 248438  |
|  Target Corp.:  |  |  |
|  2.25% 4/15/25  | 508000  | 481925  |
|  2.65% 9/15/30  | 77000  | 66163  |
|  3.9% 11/15/47  | 40000  | 32587  |
|  4% 7/1/42  | 15000  | 13078  |
|  |  | 1192812  |
| Specialty Retail - 0.4%  |  |  |
|  AutoZone, Inc.:  |  |  |
|  3.625% 4/15/25  | 62000  | 59988  |
|  4% 4/15/30  | 150000  | 138892  |
|  Lowe's Companies, Inc.:  |  |  |
|  3.5% 4/1/51  | 300000  | 210280  |
|  3.65% 4/5/29  | 80000  | 73915  |
|  4.05% 5/3/47  | 53000  | 41453  |
|  5% 4/15/33  | 220000  | 214766  |
|  O'Reilly Automotive, Inc. 3.6% 9/1/27  | 260000  | 245035  |
|  The Home Depot, Inc.:  |  |  |
|  2.7% 4/15/30  | 146000  | 127304  |
|  2.8% 9/14/27  | 84000  | 77805  |
|  2.95% 6/15/29  | 686000  | 620602  |
|  3.35% 4/15/50  | 100000  | 73403  |
|  3.9% 6/15/47  | 29000  | 23839  |
|  4.25% 4/1/46  | 104000  | 90045  |
|  4.5% 12/6/48  | 90000  | 81611  |
|  TJX Companies, Inc. 3.875% 4/15/30  | 687000  | 642698  |
|  |  | 2721636  |
| Textiles, Apparel & Luxury Goods - 0.1%  |  |  |
|  NIKE, Inc.:  |  |  |
|  2.4% 3/27/25  | 38000  | 36295  |
|  2.85% 3/27/30  | 570000  | 509378  |
|  3.375% 3/27/50  | 40000  | 31293  |
|  |  | 576966  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 10351903  |
| CONSUMER STAPLES - 1.9%  |  |  |
| Beverages - 0.5%  |  |  |
|  Anheuser-Busch InBev Worldwide, Inc.:  |  |  |
|  4% 4/13/28  | 91000  | 86611  |
|  4.5% 6/1/50  | 100000  | 87464  |
|  4.6% 4/15/48  | 78000  | 67778  |
|  4.6% 6/1/60  | 50000  | 43368  |
|  4.95% 1/15/42  | 461000  | 432298  |
|  5.45% 1/23/39  | 270000  | 269408  |
|  5.55% 1/23/49  | 130000  | 128518  |
|  5.8% 1/23/59 (Reg. S)  | 170000  | 173887  |
|  Constellation Brands, Inc.:  |  |  |
|  3.6% 2/15/28  | 63000  | 58383  |
|  5.25% 11/15/48  | 50000  | 46841  |
|  Diageo Capital PLC:  |  |  |
|  1.375% 9/29/25  | 200000  | 183381  |
|  2% 4/29/30  | 200000  | 164277  |
|  Dr. Pepper Snapple Group, Inc.:  |  |  |
|  2.55% 9/15/26  | 50000  | 45744  |
|  3.8% 5/1/50  | 190000  | 142671  |
|  Molson Coors Beverage Co. 4.2% 7/15/46  | 92000  | 71334  |
|  PepsiCo, Inc.:  |  |  |
|  1.4% 2/25/31  | 440000  | 346590  |
|  1.625% 5/1/30  | 267000  | 217171  |
|  4% 5/2/47  | 116000  | 100549  |
|  The Coca-Cola Co.:  |  |  |
|  1.45% 6/1/27  | 30000  | 26483  |
|  1.65% 6/1/30  | 30000  | 24544  |
|  2.5% 6/1/40  | 30000  | 21860  |
|  2.6% 6/1/50  | 30000  | 19871  |
|  2.75% 6/1/60  | 30000  | 20027  |
|  3.45% 3/25/30  | 186000  | 172970  |
|  4.2% 3/25/50  | 150000  | 137698  |
|  |  | 3089726  |
| Food & Staples Retailing - 0.8%  |  |  |
|  Costco Wholesale Corp. 1.375% 6/20/27  | 395000  | 345960  |
|  Kroger Co.:  |  |  |
|  1.7% 1/15/31  | 400000  | 308384  |
|  2.65% 10/15/26  | 230000  | 211107  |
|  3.7% 8/1/27  | 100000  | 94480  |
|  5.4% 1/15/49  | 28000  | 26715  |
|  Sysco Corp.:  |  |  |
|  3.3% 2/15/50  | 50000  | 34249  |
|  4.45% 3/15/48  | 52000  | 42632  |
|  6.6% 4/1/50  | 220000  | 239778  |
|  Walgreens Boots Alliance, Inc.:  |  |  |
|  3.2% 4/15/30  | 130000  | 112500  |
|  3.45% 6/1/26  | 81000  | 77003  |
|  4.1% 4/15/50  | 130000  | 95634  |
|  Walmart, Inc.:  |  |  |
|  3.05% 7/8/26  | 10000  | 9616  |
|  3.3% 4/22/24  | 3220000  | 3154418  |
|  3.625% 12/15/47  | 20000  | 16346  |
|  3.7% 6/26/28  | 170000  | 164251  |
|  3.95% 6/28/38  | 150000  | 137259  |
|  4.05% 6/29/48  | 80000  | 70997  |
|  |  | 5141329  |
| Food Products - 0.3%  |  |  |
|  Archer Daniels Midland Co. 2.5% 8/11/26  | 450000  | 417280  |
|  Campbell Soup Co. 4.15% 3/15/28  | 80000  | 76398  |
|  Conagra Brands, Inc.:  |  |  |
|  4.85% 11/1/28  | 190000  | 185275  |
|  5.3% 11/1/38  | 13000  | 12242  |
|  5.4% 11/1/48  | 60000  | 55442  |
|  General Mills, Inc.:  |  |  |
|  2.875% 4/15/30  | 40000  | 34557  |
|  3% 2/1/51  | 80000  | 54701  |
|  4.2% 4/17/28  | 89000  | 86003  |
|  JBS U.S.A. Lux SA / JBS Food Co.:  |  |  |
|  3% 5/15/32 (b)  | 100000  | 76685  |
|  5.75% 4/1/33 (b)  | 150000  | 143067  |
|  Kellogg Co. 4.5% 4/1/46  | 32000  | 27265  |
|  Tyson Foods, Inc.:  |  |  |
|  4% 3/1/26  | 70000  | 67825  |
|  5.1% 9/28/48  | 50000  | 46128  |
|  Unilever Capital Corp.:  |  |  |
|  1.375% 9/14/30  | 135000  | 105449  |
|  2% 7/28/26  | 280000  | 255167  |
|  3.125% 3/22/23  | 100000  | 99990  |
|  |  | 1743474  |
| Household Products - 0.1%  |  |  |
|  Kimberly-Clark Corp.:  |  |  |
|  1.05% 9/15/27  | 110000  | 93799  |
|  3.1% 3/26/30  | 22000  | 19790  |
|  Procter & Gamble Co.:  |  |  |
|  3% 3/25/30  | 105000  | 95930  |
|  3.55% 3/25/40  | 160000  | 137840  |
|  |  | 347359  |
| Personal Products - 0.0%  |  |  |
|  Estee Lauder Companies, Inc. 1.95% 3/15/31  | 200000  | 161748  |
| Tobacco - 0.2%  |  |  |
|  Altria Group, Inc.:  |  |  |
|  2.625% 9/16/26  | 110000  | 100860  |
|  3.4% 5/6/30  | 300000  | 256426  |
|  3.875% 9/16/46  | 38000  | 25409  |
|  4.8% 2/14/29  | 120000  | 115143  |
|  5.8% 2/14/39  | 100000  | 92207  |
|  5.95% 2/14/49  | 30000  | 26677  |
|  BAT Capital Corp.:  |  |  |
|  3.557% 8/15/27  | 130000  | 118763  |
|  4.39% 8/15/37  | 521000  | 405078  |
|  4.54% 8/15/47  | 213000  | 150500  |
|  Philip Morris International, Inc.:  |  |  |
|  2.875% 5/1/24  | 80000  | 77628  |
|  3.125% 3/2/28  | 54000  | 49019  |
|  4.375% 11/15/41  | 265000  | 218390  |
|  |  | 1636100  |
|  TOTAL CONSUMER STAPLES  |  | 12119736  |
| ENERGY - 1.6%  |  |  |
| Energy Equipment & Services - 0.0%  |  |  |
|  Baker Hughes Co. 4.08% 12/15/47  | 172000  | 134155  |
| Oil, Gas & Consumable Fuels - 1.6%  |  |  |
|  Canadian Natural Resources Ltd.:  |  |  |
|  3.85% 6/1/27  | 558000  | 525492  |
|  4.95% 6/1/47  | 19000  | 16482  |
|  Cenovus Energy, Inc. 5.4% 6/15/47  | 124000  | 110910  |
|  Chevron Corp.:  |  |  |
|  1.141% 5/11/23  | 80000  | 78963  |
|  1.554% 5/11/25  | 80000  | 74421  |
|  1.995% 5/11/27  | 80000  | 71846  |
|  2.236% 5/11/30  | 80000  | 68552  |
|  2.978% 5/11/40  | 80000  | 59778  |
|  3.078% 5/11/50  | 80000  | 57413  |
|  Chevron U.S.A., Inc.:  |  |  |
|  3.85% 1/15/28  | 55000  | 53080  |
|  4.95% 8/15/47  | 30000  | 27670  |
|  ConocoPhillips Co.:  |  |  |
|  5.95% 3/15/46  | 86000  | 91760  |
|  6.5% 2/1/39  | 260000  | 291337  |
|  Devon Energy Corp. 5% 6/15/45  | 80000  | 69073  |
|  Eastern Gas Transmission & Storage, Inc. 3.9% 11/15/49  | 60000  | 42379  |
|  Enbridge Energy Partners LP 5.875% 10/15/25  | 76000  | 77177  |
|  Enbridge, Inc. 5.5% 12/1/46  | 60000  | 56409  |
|  Energy Transfer LP:  |  |  |
|  4.2% 9/15/23  | 30000  | 29812  |
|  4.5% 4/15/24  | 50000  | 49288  |
|  5% 5/15/50  | 160000  | 127829  |
|  5.8% 6/15/38  | 70000  | 64086  |
|  6% 6/15/48  | 356000  | 320915  |
|  6.25% 4/15/49  | 30000  | 27896  |
|  Enterprise Products Operating LP:  |  |  |
|  3.125% 7/31/29  | 70000  | 61631  |
|  3.95% 2/15/27  | 85000  | 81522  |
|  4.2% 1/31/50  | 418000  | 328661  |
|  4.25% 2/15/48  | 105000  | 84253  |
|  EOG Resources, Inc. 4.375% 4/15/30  | 510000  | 493000  |
|  Equinor ASA:  |  |  |
|  3.125% 4/6/30  | 357000  | 320528  |
|  3.25% 11/18/49  | 160000  | 116222  |
|  3.625% 9/10/28  | 120000  | 113550  |
|  Exxon Mobil Corp.:  |  |  |
|  3.452% 4/15/51  | 330000  | 248435  |
|  4.227% 3/19/40  | 421000  | 378808  |
|  Hess Corp.:  |  |  |
|  4.3% 4/1/27  | 150000  | 143258  |
|  7.125% 3/15/33  | 130000  | 140017  |
|  Kinder Morgan Energy Partners LP:  |  |  |
|  5% 8/15/42  | 100000  | 85593  |
|  5% 3/1/43  | 215000  | 183641  |
|  Kinder Morgan, Inc.:  |  |  |
|  3.15% 1/15/23  | 119000  | 118897  |
|  4.3% 3/1/28  | 112000  | 107288  |
|  5.2% 3/1/48  | 30000  | 25885  |
|  Magellan Midstream Partners LP:  |  |  |
|  3.95% 3/1/50  | 75000  | 54883  |
|  5% 3/1/26  | 72000  | 71520  |
|  Marathon Oil Corp. 4.4% 7/15/27  | 240000  | 229193  |
|  Marathon Petroleum Corp.:  |  |  |
|  4.75% 9/15/44  | 21000  | 17535  |
|  5.125% 12/15/26  | 410000  | 407454  |
|  MPLX LP:  |  |  |
|  4.5% 7/15/23  | 82000  | 81668  |
|  4.7% 4/15/48  | 28000  | 22096  |
|  4.8% 2/15/29  | 30000  | 28708  |
|  5.5% 2/15/49  | 310000  | 272456  |
|  ONEOK, Inc.:  |  |  |
|  4.45% 9/1/49  | 40000  | 29723  |
|  4.55% 7/15/28  | 59000  | 55685  |
|  6.1% 11/15/32  | 220000  | 219989  |
|  Ovintiv, Inc. 6.5% 2/1/38  | 50000  | 49537  |
|  Phillips 66 Co.:  |  |  |
|  3.15% 12/15/29 (b)  | 170000  | 148303  |
|  3.9% 3/15/28  | 94000  | 88712  |
|  Pioneer Natural Resources Co.:  |  |  |
|  1.125% 1/15/26  | 230000  | 205001  |
|  1.9% 8/15/30  | 19000  | 14879  |
|  Sabine Pass Liquefaction LLC 4.5% 5/15/30  | 850000  | 787879  |
|  Shell International Finance BV:  |  |  |
|  3.125% 11/7/49  | 100000  | 70276  |
|  3.25% 4/6/50  | 100000  | 71728  |
|  3.75% 9/12/46  | 70000  | 54818  |
|  4.375% 5/11/45  | 293000  | 256022  |
|  Spectra Energy Partners LP 3.375% 10/15/26  | 158000  | 147022  |
|  Suncor Energy, Inc. 4% 11/15/47  | 179000  | 135701  |
|  The Williams Companies, Inc.:  |  |  |
|  3.75% 6/15/27  | 35000  | 32944  |
|  4.85% 3/1/48  | 83000  | 70147  |
|  Total Capital International SA 3.127% 5/29/50  | 220000  | 155368  |
|  TransCanada PipeLines Ltd.:  |  |  |
|  4.1% 4/15/30  | 190000  | 174053  |
|  7.625% 1/15/39  | 231000  | 264103  |
|  Transcontinental Gas Pipe Line Co. LLC:  |  |  |
|  3.25% 5/15/30  | 66000  | 57274  |
|  3.95% 5/15/50  | 180000  | 136871  |
|  Valero Energy Corp.:  |  |  |
|  2.85% 4/15/25  | 190000  | 179810  |
|  4.35% 6/1/28  | 20000  | 19269  |
|  |  | 10034384  |
|  TOTAL ENERGY  |  | 10168539  |
| FINANCIALS - 8.6%  |  |  |
| Banks - 5.1%  |  |  |
|  Banco Santander SA:  |  |  |
|  1.849% 3/25/26  | 200000  | 176528  |
|  2.958% 3/25/31  | 200000  | 158981  |
|  Bank of America Corp.:  |  |  |
|  0.81% 10/24/24 (c)  | 500000  | 479427  |
|  0.981% 9/25/25 (c)  | 600000  | 552225  |
|  1.197% 10/24/26 (c)  | 924000  | 821464  |
|  2.651% 3/11/32 (c)  | 180000  | 144077  |
|  2.676% 6/19/41 (c)  | 100000  | 67270  |
|  2.687% 4/22/32 (c)  | 356000  | 284937  |
|  3.419% 12/20/28 (c)  | 220000  | 199216  |
|  3.458% 3/15/25 (c)  | 1900000  | 1849566  |
|  3.55% 3/5/24 (c)  | 113000  | 112575  |
|  3.946% 1/23/49 (c)  | 23000  | 17785  |
|  3.97% 3/5/29 (c)  | 125000  | 115341  |
|  3.974% 2/7/30 (c)  | 60000  | 54494  |
|  4% 1/22/25  | 370000  | 362141  |
|  4.083% 3/20/51 (c)  | 220000  | 172163  |
|  4.271% 7/23/29 (c)  | 80000  | 74600  |
|  4.33% 3/15/50 (c)  | 60000  | 49211  |
|  5% 1/21/44  | 400000  | 367757  |
|  6.204% 11/10/28 (c)  | 500000  | 516236  |
|  Bank of Nova Scotia:  |  |  |
|  1.95% 2/2/27  | 100000  | 89020  |
|  3.4% 2/11/24  | 140000  | 137682  |
|  Barclays PLC:  |  |  |
|  2.279% 11/24/27 (c)  | 400000  | 345751  |
|  2.852% 5/7/26 (c)  | 516000  | 479480  |
|  4.337% 1/10/28  | 200000  | 185825  |
|  5.088% 6/20/30 (c)  | 726000  | 668690  |
|  Canadian Imperial Bank of Commerce 3.6% 4/7/32  | 143000  | 126020  |
|  Citigroup, Inc.:  |  |  |
|  3 month U.S. LIBOR + 1.150% 3.52% 10/27/28 (c)(d)  | 205000  | 187041  |
|  2.976% 11/5/30 (c)  | 270000  | 227023  |
|  3.106% 4/8/26 (c)  | 500000  | 473291  |
|  3.29% 3/17/26 (c)  | 170000  | 161594  |
|  3.98% 3/20/30 (c)  | 160000  | 144302  |
|  4.65% 7/23/48  | 78000  | 67082  |
|  5.316% 3/26/41 (c)  | 617000  | 588192  |
|  5.875% 2/22/33  | 250000  | 247831  |
|  Citizens Financial Group, Inc. 2.638% 9/30/32  | 78000  | 57896  |
|  Export-Import Bank of Korea 2.875% 1/21/25  | 350000  | 335650  |
|  Fifth Third Bancorp:  |  |  |
|  2.55% 5/5/27  | 200000  | 179558  |
|  6.361% 10/27/28 (c)  | 120000  | 123467  |
|  HSBC Holdings PLC:  |  |  |
|  4.292% 9/12/26 (c)  | 1060000  | 1013950  |
|  6.8% 6/1/38  | 449000  | 445634  |
|  7.39% 11/3/28 (c)  | 220000  | 231209  |
|  Huntington Bancshares, Inc. 4.443% 8/4/28 (c)  | 70000  | 66677  |
|  ING Groep NV 2.727% 4/1/32 (c)  | 200000  | 159345  |
|  Japan Bank International Cooperation:  |  |  |
|  0.625% 7/15/25  | 750000  | 676650  |
|  1.25% 1/21/31  | 580000  | 451466  |
|  JPMorgan Chase & Co.:  |  |  |
|  0.653% 9/16/24 (c)  | 790000  | 761835  |
|  1.47% 9/22/27 (c)  | 390000  | 337648  |
|  1.578% 4/22/27 (c)  | 188000  | 165189  |
|  1.953% 2/4/32 (c)  | 250000  | 191231  |
|  2.083% 4/22/26 (c)  | 200000  | 185659  |
|  2.522% 4/22/31 (c)  | 150000  | 122743  |
|  2.545% 11/8/32 (c)  | 40000  | 31617  |
|  2.58% 4/22/32 (c)  | 189000  | 151397  |
|  2.739% 10/15/30 (c)  | 720000  | 603804  |
|  2.95% 10/1/26  | 224000  | 208908  |
|  2.956% 5/13/31 (c)  | 50000  | 41198  |
|  3.109% 4/22/51 (c)  | 100000  | 65519  |
|  3.875% 9/10/24  | 240000  | 234929  |
|  3.882% 7/24/38 (c)  | 734000  | 609218  |
|  4.005% 4/23/29 (c)  | 43000  | 39781  |
|  4.203% 7/23/29 (c)  | 30000  | 27954  |
|  4.452% 12/5/29 (c)  | 200000  | 187871  |
|  4.95% 6/1/45  | 135000  | 120615  |
|  5.717% 9/14/33 (c)  | 120000  | 117126  |
|  Korea Development Bank 0.4% 6/19/24  | 300000  | 280747  |
|  Lloyds Banking Group PLC:  |  |  |
|  4.45% 5/8/25  | 200000  | 196171  |
|  4.582% 12/10/25  | 1518000  | 1469875  |
|  Mitsubishi UFJ Financial Group, Inc.:  |  |  |
|  2.193% 2/25/25  | 740000  | 692562  |
|  3.287% 7/25/27  | 150000  | 138174  |
|  3.751% 7/18/39  | 290000  | 235580  |
|  3.777% 3/2/25  | 84000  | 81678  |
|  Mizuho Financial Group, Inc.:  |  |  |
|  0.849% 9/8/24 (c)  | 400000  | 386035  |
|  1.554% 7/9/27 (c)  | 285000  | 248277  |
|  2.226% 5/25/26 (c)  | 400000  | 367390  |
|  NatWest Group PLC:  |  |  |
|  3.073% 5/22/28 (c)  | 290000  | 259158  |
|  3.875% 9/12/23  | 220000  | 217726  |
|  Oesterreichische Kontrollbank AG 0.375% 9/17/25  | 83000  | 74434  |
|  PNC Financial Services Group, Inc.:  |  |  |
|  1.15% 8/13/26  | 514000  | 451176  |
|  2.2% 11/1/24  | 70000  | 66883  |
|  5.354% 12/2/28 (c)  | 90000  | 90708  |
|  Rabobank Nederland New York Branch 0.375% 1/12/24  | 1300000  | 1239532  |
|  Royal Bank of Canada:  |  |  |
|  0.75% 10/7/24  | 480000  | 446304  |
|  2.55% 7/16/24  | 360000  | 347317  |
|  4.65% 1/27/26  | 55000  | 54265  |
|  Santander Holdings U.S.A., Inc. 4.5% 7/17/25  | 82000  | 80164  |
|  Sumitomo Mitsui Financial Group, Inc.:  |  |  |
|  1.474% 7/8/25  | 400000  | 364467  |
|  2.174% 1/14/27  | 800000  | 709154  |
|  2.348% 1/15/25  | 200000  | 189240  |
|  2.75% 1/15/30  | 200000  | 167819  |
|  3.784% 3/9/26  | 640000  | 615592  |
|  3.936% 10/16/23  | 80000  | 79108  |
|  The Toronto-Dominion Bank:  |  |  |
|  1.95% 1/12/27  | 100000  | 89102  |
|  2.65% 6/12/24  | 510000  | 493354  |
|  Truist Financial Corp.:  |  |  |
|  1.2% 8/5/25  | 700000  | 640257  |
|  1.267% 3/2/27 (c)  | 29000  | 25691  |
|  U.S. Bancorp 1.375% 7/22/30  | 210000  | 162308  |
|  Wells Fargo & Co.:  |  |  |
|  2.164% 2/11/26 (c)  | 310000  | 288992  |
|  2.188% 4/30/26 (c)  | 340000  | 316424  |
|  2.572% 2/11/31 (c)  | 690000  | 571366  |
|  3.068% 4/30/41 (c)  | 100000  | 71329  |
|  3.584% 5/22/28 (c)  | 82000  | 76137  |
|  3.75% 1/24/24  | 150000  | 147962  |
|  4.1% 6/3/26  | 1194000  | 1156093  |
|  4.75% 12/7/46  | 157000  | 131479  |
|  4.897% 7/25/33 (c)  | 130000  | 123439  |
|  5.013% 4/4/51 (c)  | 130000  | 115262  |
|  5.375% 2/7/35  | 100000  | 97012  |
|  Westpac Banking Corp.:  |  |  |
|  2.894% 2/4/30 (c)  | 590000  | 540901  |
|  4.11% 7/24/34 (c)  | 320000  | 274358  |
|  |  | 33521564  |
| Capital Markets - 1.5%  |  |  |
|  Ares Capital Corp. 2.15% 7/15/26  | 234000  | 198121  |
|  Bank of New York Mellon Corp.:  |  |  |
|  0.35% 12/7/23  | 1100000  | 1055544  |
|  1.8% 7/28/31  | 80000  | 61746  |
|  3.85% 4/28/28  | 27000  | 25895  |
|  BlackRock, Inc. 3.5% 3/18/24  | 470000  | 462319  |
|  Brookfield Finance, Inc. 2.724% 4/15/31  | 312000  | 250247  |
|  Charles Schwab Corp. 2% 3/20/28  | 215000  | 188969  |
|  Credit Suisse AG 0.495% 2/2/24  | 700000  | 647328  |
|  Credit Suisse Group AG 4.55% 4/17/26  | 250000  | 220493  |
|  Deutsche Bank AG 4.1% 1/13/26  | 200000  | 191973  |
|  Deutsche Bank AG New York Branch:  |  |  |
|  2.311% 11/16/27 (c)  | 150000  | 127182  |
|  3.7% 5/30/24  | 200000  | 194351  |
|  3.729% 1/14/32 (c)  | 200000  | 146643  |
|  4.1% 1/13/26  | 200000  | 192212  |
|  Goldman Sachs Group, Inc.:  |  |  |
|  2.615% 4/22/32 (c)  | 255000  | 203360  |
|  3.691% 6/5/28 (c)  | 440000  | 408818  |
|  4.017% 10/31/38 (c)  | 887000  | 729261  |
|  4.223% 5/1/29 (c)  | 60000  | 55897  |
|  4.411% 4/23/39 (c)  | 100000  | 86403  |
|  4.75% 10/21/45  | 28000  | 24549  |
|  Intercontinental Exchange, Inc.:  |  |  |
|  1.85% 9/15/32  | 180000  | 135618  |
|  2.65% 9/15/40  | 80000  | 55528  |
|  3% 6/15/50  | 138000  | 92315  |
|  3.75% 9/21/28  | 50000  | 47243  |
|  4.6% 3/15/33  | 240000  | 229570  |
|  Jefferies Financial Group, Inc. 4.85% 1/15/27  | 100000  | 98734  |
|  Moody's Corp. 4.875% 12/17/48  | 123000  | 111025  |
|  Morgan Stanley:  |  |  |
|  3 month U.S. LIBOR + 1.430% 4.457% 4/22/39 (c)(d)  | 295000  | 258975  |
|  2.699% 1/22/31 (c)  | 230000  | 190060  |
|  3.591% 7/22/28 (c)  | 210000  | 192623  |
|  3.625% 1/20/27  | 96000  | 90529  |
|  3.971% 7/22/38 (c)  | 120000  | 101035  |
|  4.375% 1/22/47  | 148000  | 125247  |
|  5.297% 4/20/37 (c)  | 140000  | 128010  |
|  5.597% 3/24/51 (c)  | 90000  | 89480  |
|  6.342% 10/18/33 (c)  | 320000  | 335297  |
|  6.375% 7/24/42  | 190000  | 206080  |
|  NASDAQ, Inc. 2.5% 12/21/40  | 100000  | 64823  |
|  Nomura Holdings, Inc. 3.103% 1/16/30  | 623000  | 519609  |
|  Northern Trust Corp. 1.95% 5/1/30  | 220000  | 180734  |
|  S&P Global, Inc.:  |  |  |
|  2.45% 3/1/27 (b)  | 590000  | 538842  |
|  4.75% 8/1/28 (b)  | 140000  | 138365  |
|  State Street Corp. 1.684% 11/18/27 (c)  | 204000  | 180696  |
|  |  | 9581749  |
| Consumer Finance - 0.7%  |  |  |
|  AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:  |  |  |
|  2.45% 10/29/26  | 250000  | 218610  |
|  2.875% 8/14/24  | 150000  | 142018  |
|  3.85% 10/29/41  | 150000  | 106046  |
|  4.125% 7/3/23  | 300000  | 297903  |
|  4.45% 4/3/26  | 150000  | 143165  |
|  4.5% 9/15/23  | 150000  | 149015  |
|  4.625% 10/15/27  | 220000  | 204328  |
|  4.875% 1/16/24  | 150000  | 148569  |
|  Ally Financial, Inc.:  |  |  |
|  3.05% 6/5/23  | 120000  | 118642  |
|  5.125% 9/30/24  | 290000  | 287130  |
|  5.8% 5/1/25  | 250000  | 248689  |
|  American Express Co.:  |  |  |
|  2.5% 7/30/24  | 219000  | 210615  |
|  2.55% 3/4/27  | 100000  | 90970  |
|  3.3% 5/3/27  | 30000  | 28045  |
|  Capital One Financial Corp. 3.8% 1/31/28  | 251000  | 234603  |
|  John Deere Capital Corp.:  |  |  |
|  2.6% 3/7/24  | 60000  | 58446  |
|  2.8% 3/6/23  | 64000  | 63774  |
|  2.8% 7/18/29  | 220000  | 195993  |
|  3.65% 10/12/23  | 290000  | 287730  |
|  Synchrony Financial:  |  |  |
|  3.95% 12/1/27  | 150000  | 133777  |
|  4.375% 3/19/24  | 45000  | 44190  |
|  5.15% 3/19/29  | 159000  | 150457  |
|  Toyota Motor Credit Corp.:  |  |  |
|  0.5% 8/14/23  | 280000  | 272434  |
|  2.25% 10/18/23  | 113000  | 110641  |
|  3% 4/1/25  | 580000  | 556947  |
|  |  | 4502737  |
| Diversified Financial Services - 0.7%  |  |  |
|  AB Svensk Exportkredit 0.25% 9/29/23  | 200000  | 193149  |
|  Berkshire Hathaway, Inc. 4.5% 2/11/43  | 33000  | 30850  |
|  Blackstone Private Credit Fund:  |  |  |
|  2.7% 1/15/25  | 160000  | 147822  |
|  4.7% 3/24/25  | 180000  | 172546  |
|  BP Capital Markets America, Inc. 3% 2/24/50  | 240000  | 160073  |
|  Brixmor Operating Partnership LP:  |  |  |
|  4.05% 7/1/30  | 41000  | 35867  |
|  4.125% 5/15/29  | 19000  | 16987  |
|  Corebridge Financial, Inc. 6.875% 12/15/52 (b)(c)  | 100000  | 92403  |
|  DH Europe Finance II SARL:  |  |  |
|  2.2% 11/15/24  | 70000  | 66697  |
|  2.6% 11/15/29  | 80000  | 70082  |
|  3.4% 11/15/49  | 50000  | 37757  |
|  Equitable Holdings, Inc. 4.35% 4/20/28  | 360000  | 342995  |
|  Fedex Corp. 2020-1 Class AA pass-thru Trust equipment trust certificate 1.875% 8/20/35  | 34829  | 28545  |
|  Japan International Cooperation Agency 1.75% 4/28/31  | 200000  | 161487  |
|  KfW:  |  |  |
|  0.25% 10/19/23  | 300000  | 289337  |
|  0.375% 7/18/25  | 2072000  | 1874000  |
|  2.625% 2/28/24  | 400000  | 390153  |
|  2.875% 4/3/28  | 14000  | 13163  |
|  Landwirtschaftliche Rentenbank 3.125% 11/14/23  | 80000  | 78794  |
|  National Rural Utilities Cooperative Finance Corp. 4.15% 12/15/32  | 170000  | 156980  |
|  |  | 4359687  |
| Insurance - 0.6%  |  |  |
|  ACE INA Holdings, Inc.:  |  |  |
|  1.375% 9/15/30  | 350000  | 271687  |
|  4.35% 11/3/45  | 128000  | 110795  |
|  AFLAC, Inc. 3.6% 4/1/30  | 224000  | 202746  |
|  Allstate Corp.:  |  |  |
|  1.45% 12/15/30  | 110000  | 84248  |
|  5.55% 5/9/35  | 156000  | 159147  |
|  American International Group, Inc.:  |  |  |
|  2.5% 6/30/25  | 30000  | 28242  |
|  4.25% 3/15/29  | 100000  | 93420  |
|  4.375% 6/30/50  | 240000  | 203005  |
|  4.5% 7/16/44  | 25000  | 21696  |
|  4.75% 4/1/48  | 100000  | 89172  |
|  5.75% 4/1/48 (c)  | 280000  | 267449  |
|  Aon Corp. 3.75% 5/2/29  | 120000  | 110693  |
|  Baylor Scott & White Holdings Series 2021, 2.839% 11/15/50  | 120000  | 78208  |
|  Berkshire Hathaway Finance Corp.:  |  |  |
|  1.45% 10/15/30  | 120000  | 95440  |
|  2.85% 10/15/50  | 220000  | 146934  |
|  4.2% 8/15/48  | 243000  | 213798  |
|  Brighthouse Financial, Inc. 4.7% 6/22/47  | 28000  | 20482  |
|  Hartford Financial Services Group, Inc. 4.4% 3/15/48  | 70000  | 57734  |
|  Lincoln National Corp. 4.35% 3/1/48  | 160000  | 120181  |
|  Marsh & McLennan Companies, Inc.:  |  |  |
|  4.2% 3/1/48  | 110000  | 90594  |
|  4.9% 3/15/49  | 50000  | 45957  |
|  MetLife, Inc.:  |  |  |
|  4.05% 3/1/45  | 18000  | 15041  |
|  4.55% 3/23/30  | 600000  | 589777  |
|  4.875% 11/13/43  | 100000  | 93402  |
|  Progressive Corp. 4.2% 3/15/48  | 135000  | 113146  |
|  Prudential Financial, Inc.:  |  |  |
|  3.878% 3/27/28  | 23000  | 22054  |
|  3.935% 12/7/49  | 38000  | 29593  |
|  4.35% 2/25/50  | 285000  | 241317  |
|  5.125% 3/1/52 (c)  | 50000  | 45500  |
|  6% 9/1/52 (c)  | 40000  | 38659  |
|  The Travelers Companies, Inc. 4% 5/30/47  | 32000  | 25869  |
|  Willis Group North America, Inc. 2.95% 9/15/29  | 170000  | 142903  |
|  |  | 3868889  |
|  TOTAL FINANCIALS  |  | 55834626  |
| HEALTH CARE - 2.2%  |  |  |
| Biotechnology - 0.4%  |  |  |
|  AbbVie, Inc.:  |  |  |
|  2.6% 11/21/24  | 60000  | 57400  |
|  2.95% 11/21/26  | 50000  | 46499  |
|  3.2% 11/21/29  | 80000  | 72118  |
|  3.8% 3/15/25  | 61000  | 59451  |
|  4.05% 11/21/39  | 50000  | 42797  |
|  4.25% 11/21/49  | 390000  | 323655  |
|  4.3% 5/14/36  | 40000  | 36019  |
|  4.55% 3/15/35  | 80000  | 74806  |
|  4.7% 5/14/45  | 120000  | 106584  |
|  4.875% 11/14/48  | 100000  | 91086  |
|  Amgen, Inc.:  |  |  |
|  3.15% 2/21/40  | 410000  | 301934  |
|  3.2% 11/2/27  | 56000  | 51848  |
|  3.375% 2/21/50  | 110000  | 76467  |
|  4.2% 3/1/33  | 260000  | 240533  |
|  4.4% 5/1/45  | 102000  | 85458  |
|  4.875% 3/1/53  | 50000  | 44344  |
|  Biogen, Inc. 3.25% 2/15/51  | 270000  | 180701  |
|  Gilead Sciences, Inc.:  |  |  |
|  2.8% 10/1/50  | 180000  | 115080  |
|  4% 9/1/36  | 40000  | 35258  |
|  4.15% 3/1/47  | 60000  | 49555  |
|  4.5% 2/1/45  | 311000  | 273607  |
|  |  | 2365200  |
| Health Care Equipment & Supplies - 0.2%  |  |  |
|  Abbott Laboratories:  |  |  |
|  3.875% 9/15/25  | 240000  | 235264  |
|  4.9% 11/30/46  | 20000  | 19499  |
|  Baxter International, Inc.:  |  |  |
|  1.915% 2/1/27  | 180000  | 159586  |
|  2.539% 2/1/32  | 180000  | 142991  |
|  Becton, Dickinson & Co.:  |  |  |
|  2.823% 5/20/30  | 150000  | 128739  |
|  3.7% 6/6/27  | 52000  | 49131  |
|  4.669% 6/6/47  | 130000  | 114395  |
|  Boston Scientific Corp.:  |  |  |
|  3.75% 3/1/26  | 120000  | 115837  |
|  4% 3/1/29  | 100000  | 92954  |
|  4.7% 3/1/49  | 140000  | 125244  |
|  GE Healthcare Holding LLC 5.905% 11/22/32 (b)  | 140000  | 145068  |
|  Medtronic, Inc. 4.625% 3/15/45  | 168000  | 156458  |
|  Stryker Corp. 2.9% 6/15/50  | 100000  | 66726  |
|  |  | 1551892  |
| Health Care Providers & Services - 1.1%  |  |  |
|  Aetna, Inc.:  |  |  |
|  2.8% 6/15/23  | 110000  | 108842  |
|  4.75% 3/15/44  | 60000  | 52835  |
|  AHS Hospital Corp. 2.78% 7/1/51  | 250000  | 156084  |
|  Allina Health System, Inc. 3.887% 4/15/49  | 20000  | 15936  |
|  Banner Health 2.913% 1/1/51  | 100000  | 65849  |
|  Baptist Healthcare System Obli 3.54% 8/15/50  | 100000  | 71776  |
|  Bon Secours Mercy Health, Inc. 2.095% 6/1/31  | 71000  | 55384  |
|  Cardinal Health, Inc. 3.41% 6/15/27  | 67000  | 62634  |
|  Centene Corp.:  |  |  |
|  2.625% 8/1/31  | 130000  | 101936  |
|  3.375% 2/15/30  | 260000  | 219796  |
|  Children's Hospital of Philadelphia 2.704% 7/1/50  | 79000  | 50414  |
|  Cigna Corp.:  |  |  |
|  3.75% 7/15/23  | 10000  | 9934  |
|  4.125% 11/15/25  | 25000  | 24426  |
|  4.375% 10/15/28  | 30000  | 28933  |
|  4.5% 2/25/26  | 74000  | 72864  |
|  4.8% 8/15/38  | 80000  | 74243  |
|  4.8% 7/15/46  | 465000  | 414838  |
|  4.9% 12/15/48  | 30000  | 27030  |
|  CommonSpirit Health 3.91% 10/1/50  | 125000  | 92511  |
|  CVS Health Corp.:  |  |  |
|  2.7% 8/21/40  | 467000  | 322636  |
|  3% 8/15/26  | 20000  | 18681  |
|  3.25% 8/15/29  | 195000  | 174448  |
|  3.75% 4/1/30  | 380000  | 344532  |
|  4.1% 3/25/25  | 32000  | 31531  |
|  4.25% 4/1/50  | 37000  | 29449  |
|  4.3% 3/25/28  | 264000  | 255352  |
|  5.05% 3/25/48  | 131000  | 117578  |
|  Elevance Health, Inc.:  |  |  |
|  3.35% 12/1/24  | 89000  | 86266  |
|  4.101% 3/1/28  | 50000  | 47916  |
|  4.375% 12/1/47  | 175000  | 149500  |
|  4.55% 3/1/48  | 120000  | 104748  |
|  Franciscan Missionaries of Our Lady Health System, Inc. 3.914% 7/1/49  | 120000  | 91649  |
|  HCA Holdings, Inc.:  |  |  |
|  4.5% 2/15/27  | 1013000  | 976306  |
|  5.25% 6/15/49  | 100000  | 85171  |
|  Humana, Inc. 3.95% 3/15/27  | 445000  | 426572  |
|  INTEGRIS Baptist Medical Center, Inc. 3.875% 8/15/50  | 83000  | 59984  |
|  Kaiser Foundation Hospitals:  |  |  |
|  2.81% 6/1/41  | 63000  | 45648  |
|  3.266% 11/1/49  | 80000  | 57778  |
|  4.15% 5/1/47  | 30000  | 25416  |
|  MidMichigan Health 3.409% 6/1/50  | 33000  | 22677  |
|  Novant Health, Inc. 3.168% 11/1/51  | 105000  | 72517  |
|  Orlando Health Obligated Group 3.327% 10/1/50  | 57000  | 39441  |
|  Piedmont Healthcare, Inc. 2.719% 1/1/42  | 37000  | 25263  |
|  Providence St. Joseph Health Obligated Group 2.7% 10/1/51  | 130000  | 76872  |
|  Sutter Health 3.361% 8/15/50  | 130000  | 88110  |
|  Trinity Health Corp. 2.632% 12/1/40  | 50000  | 34690  |
|  UnitedHealth Group, Inc.:  |  |  |
|  1.15% 5/15/26  | 180000  | 160754  |
|  1.25% 1/15/26  | 81000  | 73405  |
|  2.375% 8/15/24  | 90000  | 86544  |
|  2.9% 5/15/50  | 120000  | 81183  |
|  3.05% 5/15/41  | 230000  | 172828  |
|  3.5% 8/15/39  | 772000  | 630944  |
|  3.7% 8/15/49  | 40000  | 31653  |
|  3.75% 10/15/47  | 30000  | 23854  |
|  4.45% 12/15/48  | 102000  | 90555  |
|  5.25% 2/15/28  | 90000  | 92001  |
|  5.35% 2/15/33  | 90000  | 92852  |
|  West Virginia University Health System Obligated Group 3.129% 6/1/50  | 70000  | 44861  |
|  |  | 7098430  |
| Life Sciences Tools & Services - 0.0%  |  |  |
|  PerkinElmer, Inc. 2.25% 9/15/31  | 90000  | 70518  |
| Pharmaceuticals - 0.5%  |  |  |
|  AstraZeneca Finance LLC:  |  |  |
|  1.2% 5/28/26  | 290000  | 258190  |
|  2.25% 5/28/31  | 290000  | 241222  |
|  AstraZeneca PLC:  |  |  |
|  4.375% 11/16/45  | 45000  | 40388  |
|  4.375% 8/17/48  | 50000  | 44396  |
|  Bristol-Myers Squibb Co.:  |  |  |
|  2.9% 7/26/24  | 70000  | 67952  |
|  4.125% 6/15/39  | 100000  | 88977  |
|  4.55% 2/20/48  | 42000  | 37764  |
|  Eli Lilly & Co. 2.25% 5/15/50  | 200000  | 125295  |
|  GlaxoSmithKline Capital, Inc. 3.875% 5/15/28  | 130000  | 124646  |
|  GSK Consumer Healthcare Capital U.S. LLC 3.625% 3/24/32  | 250000  | 219470  |
|  Johnson & Johnson:  |  |  |
|  1.3% 9/1/30  | 110000  | 88674  |
|  2.1% 9/1/40  | 220000  | 151367  |
|  2.45% 9/1/60  | 110000  | 67140  |
|  3.4% 1/15/38  | 116000  | 98457  |
|  Merck & Co., Inc.:  |  |  |
|  3.7% 2/10/45  | 45000  | 37011  |
|  4.15% 5/18/43  | 266000  | 235538  |
|  Mylan NV 4.55% 4/15/28  | 20000  | 18502  |
|  Novartis Capital Corp.:  |  |  |
|  1.75% 2/14/25  | 100000  | 94248  |
|  2.75% 8/14/50  | 50000  | 34582  |
|  3.1% 5/17/27  | 90000  | 85278  |
|  4% 11/20/45  | 35000  | 30706  |
|  Pfizer, Inc.:  |  |  |
|  2.55% 5/28/40  | 125000  | 90385  |
|  2.7% 5/28/50  | 380000  | 256926  |
|  3.45% 3/15/29  | 70000  | 66011  |
|  4% 12/15/36  | 36000  | 32831  |
|  Shire Acquisitions Investments Ireland DAC 3.2% 9/23/26  | 110000  | 103165  |
|  Takeda Pharmaceutical Co. Ltd.:  |  |  |
|  2.05% 3/31/30  | 200000  | 163250  |
|  3.025% 7/9/40  | 272000  | 199609  |
|  Viatris, Inc.:  |  |  |
|  2.7% 6/22/30  | 100000  | 78183  |
|  4% 6/22/50  | 100000  | 61614  |
|  Zoetis, Inc. 4.45% 8/20/48  | 60000  | 51637  |
|  |  | 3293414  |
|  TOTAL HEALTH CARE  |  | 14379454  |
| INDUSTRIALS - 1.8%  |  |  |
| Aerospace & Defense - 0.5%  |  |  |
|  General Dynamics Corp.:  |  |  |
|  2.125% 8/15/26  | 160000  | 146903  |
|  3.375% 5/15/23  | 81000  | 80549  |
|  4.25% 4/1/50  | 50000  | 44351  |
|  Lockheed Martin Corp.:  |  |  |
|  4.09% 9/15/52  | 70000  | 58622  |
|  4.7% 5/15/46  | 28000  | 25870  |
|  Northrop Grumman Corp.:  |  |  |
|  3.25% 1/15/28  | 80000  | 73780  |
|  4.03% 10/15/47  | 106000  | 87840  |
|  5.25% 5/1/50  | 120000  | 118163  |
|  Raytheon Technologies Corp.:  |  |  |
|  3.65% 8/16/23  | 4000  | 3966  |
|  3.75% 11/1/46  | 30000  | 23154  |
|  4.05% 5/4/47  | 18000  | 14760  |
|  4.125% 11/16/28  | 260000  | 248848  |
|  4.35% 4/15/47  | 50000  | 42524  |
|  4.45% 11/16/38  | 370000  | 336079  |
|  The Boeing Co.:  |  |  |
|  3.2% 3/1/29  | 126000  | 110488  |
|  4.875% 5/1/25  | 660000  | 654946  |
|  5.705% 5/1/40  | 836000  | 797178  |
|  5.805% 5/1/50  | 130000  | 120533  |
|  |  | 2988554  |
| Air Freight & Logistics - 0.1%  |  |  |
|  FedEx Corp.:  |  |  |
|  4.05% 2/15/48  | 150000  | 113771  |
|  4.25% 5/15/30  | 175000  | 165071  |
|  4.9% 1/15/34  | 130000  | 122854  |
|  4.95% 10/17/48  | 102000  | 88664  |
|  United Parcel Service, Inc.:  |  |  |
|  2.8% 11/15/24  | 88000  | 84849  |
|  5.3% 4/1/50  | 170000  | 176391  |
|  |  | 751600  |
| Airlines - 0.1%  |  |  |
|  Southwest Airlines Co. 5.125% 6/15/27  | 595000  | 587483  |
|  United Airlines pass-thru trust equipment trust certificate 3.1% 1/7/30  | 202447  | 182504  |
|  |  | 769987  |
| Building Products - 0.1%  |  |  |
|  Carrier Global Corp.:  |  |  |
|  2.493% 2/15/27  | 50000  | 45071  |
|  2.722% 2/15/30  | 100000  | 84189  |
|  3.377% 4/5/40  | 195000  | 148000  |
|  3.577% 4/5/50  | 50000  | 35653  |
|  Johnson Controls International PLC/Tyco Fire & Security Finance SCA 4.9% 12/1/32  | 150000  | 147441  |
|  Masco Corp.:  |  |  |
|  2% 2/15/31  | 103000  | 79248  |
|  3.125% 2/15/51  | 52000  | 32253  |
|  |  | 571855  |
| Commercial Services & Supplies - 0.1%  |  |  |
|  Republic Services, Inc.:  |  |  |
|  1.45% 2/15/31  | 500000  | 385460  |
|  3.95% 5/15/28  | 28000  | 26597  |
|  |  | 412057  |
| Industrial Conglomerates - 0.2%  |  |  |
|  3M Co.:  |  |  |
|  2.375% 8/26/29  | 177000  | 150121  |
|  2.65% 4/15/25  | 24000  | 22929  |
|  3% 8/7/25  | 310000  | 297081  |
|  3.05% 4/15/30  | 19000  | 16681  |
|  3.7% 4/15/50  | 24000  | 18371  |
|  General Electric Co. 4.35% 5/1/50  | 489000  | 398088  |
|  Honeywell International, Inc.:  |  |  |
|  2.8% 6/1/50  | 150000  | 106597  |
|  3.812% 11/21/47  | 20000  | 16527  |
|  |  | 1026395  |
| Machinery - 0.2%  |  |  |
|  Caterpillar Financial Services Corp.:  |  |  |
|  0.45% 9/14/23  | 170000  | 164809  |
|  1.1% 9/14/27  | 530000  | 451951  |
|  3.45% 5/15/23  | 182000  | 181152  |
|  3.65% 12/7/23  | 310000  | 306583  |
|  Caterpillar, Inc. 3.25% 9/19/49  | 110000  | 82894  |
|  Deere & Co. 2.875% 9/7/49  | 130000  | 92664  |
|  Ingersoll-Rand Luxembourg Finance SA 3.8% 3/21/29  | 125000  | 115047  |
|  Otis Worldwide Corp.:  |  |  |
|  2.056% 4/5/25  | 48000  | 44910  |
|  2.565% 2/15/30  | 70000  | 58814  |
|  3.362% 2/15/50  | 50000  | 34971  |
|  Parker Hannifin Corp. 4% 6/14/49  | 110000  | 86932  |
|  |  | 1620727  |
| Professional Services - 0.0%  |  |  |
|  Thomson Reuters Corp. 3.35% 5/15/26  | 76000  | 71896  |
| Road & Rail - 0.3%  |  |  |
|  Burlington Northern Santa Fe LLC:  |  |  |
|  3.05% 2/15/51  | 211000  | 146608  |
|  3.25% 6/15/27  | 30000  | 28356  |
|  4.05% 6/15/48  | 207000  | 172428  |
|  4.45% 3/15/43  | 100000  | 89498  |
|  Canadian National Railway Co. 2.45% 5/1/50  | 210000  | 130248  |
|  Canadian Pacific Railway Co.:  |  |  |
|  1.75% 12/2/26  | 140000  | 124759  |
|  2.45% 12/2/31  | 140000  | 115949  |
|  3.1% 12/2/51  | 140000  | 94121  |
|  CSX Corp.:  |  |  |
|  4.3% 3/1/48  | 140000  | 118837  |
|  4.5% 3/15/49  | 160000  | 139155  |
|  4.75% 11/15/48  | 70000  | 63226  |
|  Norfolk Southern Corp.:  |  |  |
|  3.8% 8/1/28  | 63000  | 59887  |
|  4.05% 8/15/52  | 90000  | 72088  |
|  4.15% 2/28/48  | 38000  | 31200  |
|  Union Pacific Corp.:  |  |  |
|  2.75% 3/1/26  | 160000  | 151297  |
|  2.891% 4/6/36  | 79000  | 62787  |
|  2.973% 9/16/62  | 290000  | 186278  |
|  3.25% 2/5/50  | 50000  | 36028  |
|  3.5% 6/8/23  | 270000  | 268049  |
|  3.6% 9/15/37  | 38000  | 32117  |
|  3.839% 3/20/60  | 70000  | 54074  |
|  5.15% 1/20/63  | 120000  | 115279  |
|  |  | 2292269  |
| Trading Companies & Distributors - 0.2%  |  |  |
|  Air Lease Corp.:  |  |  |
|  2.875% 1/15/26  | 120000  | 111031  |
|  3.25% 3/1/25  | 88000  | 83503  |
|  3.75% 6/1/26  | 158000  | 147992  |
|  3.875% 7/3/23  | 526000  | 521250  |
|  4.25% 2/1/24  | 170000  | 167071  |
|  |  | 1030847  |
|  TOTAL INDUSTRIALS  |  | 11536187  |
| INFORMATION TECHNOLOGY - 2.0%  |  |  |
| Electronic Equipment & Components - 0.1%  |  |  |
|  Corning, Inc. 5.35% 11/15/48  | 10000  | 9174  |
|  Dell International LLC/EMC Corp.:  |  |  |
|  5.3% 10/1/29  | 390000  | 381421  |
|  8.1% 7/15/36  | 80000  | 89649  |
|  8.35% 7/15/46  | 187000  | 213042  |
|  |  | 693286  |
| IT Services - 0.6%  |  |  |
|  CDW LLC/CDW Finance Corp. 2.67% 12/1/26  | 150000  | 133173  |
|  Fidelity National Information Services, Inc.:  |  |  |
|  1.15% 3/1/26  | 246000  | 215716  |
|  2.25% 3/1/31  | 200000  | 156722  |
|  Fiserv, Inc.:  |  |  |
|  2.75% 7/1/24  | 440000  | 425051  |
|  3.5% 7/1/29  | 80000  | 72073  |
|  4.4% 7/1/49  | 240000  | 194710  |
|  Global Payments, Inc.:  |  |  |
|  1.2% 3/1/26  | 346000  | 301593  |
|  5.4% 8/15/32  | 140000  | 133329  |
|  IBM Corp.:  |  |  |
|  1.95% 5/15/30  | 175000  | 142724  |
|  2.95% 5/15/50  | 175000  | 113880  |
|  3.5% 5/15/29  | 843000  | 774920  |
|  MasterCard, Inc.:  |  |  |
|  2% 11/18/31  | 240000  | 192676  |
|  2.95% 6/1/29  | 50000  | 45133  |
|  3.3% 3/26/27  | 38000  | 36190  |
|  3.35% 3/26/30  | 53000  | 48594  |
|  3.85% 3/26/50  | 115000  | 95960  |
|  PayPal Holdings, Inc.:  |  |  |
|  1.65% 6/1/25  | 70000  | 64985  |
|  2.3% 6/1/30  | 120000  | 98580  |
|  The Western Union Co. 2.85% 1/10/25  | 70000  | 66650  |
|  Visa, Inc.:  |  |  |
|  1.1% 2/15/31  | 250000  | 191489  |
|  2.05% 4/15/30  | 350000  | 295750  |
|  2.7% 4/15/40  | 150000  | 113627  |
|  4.15% 12/14/35  | 38000  | 35893  |
|  |  | 3949418  |
| Semiconductors & Semiconductor Equipment - 0.5%  |  |  |
|  Analog Devices, Inc. 2.8% 10/1/41  | 130000  | 95144  |
|  Applied Materials, Inc. 4.35% 4/1/47  | 28000  | 25177  |
|  Broadcom Corp./Broadcom Cayman LP 3.5% 1/15/28  | 1324000  | 1204497  |
|  Broadcom, Inc.:  |  |  |
|  3.419% 4/15/33 (b)  | 82000  | 65740  |
|  4.3% 11/15/32  | 250000  | 220335  |
|  4.75% 4/15/29  | 50000  | 47626  |
|  5% 4/15/30  | 50000  | 47470  |
|  Intel Corp.:  |  |  |
|  3.25% 11/15/49  | 110000  | 74862  |
|  3.734% 12/8/47  | 617000  | 462394  |
|  Lam Research Corp. 2.875% 6/15/50  | 150000  | 100232  |
|  Micron Technology, Inc. 4.663% 2/15/30  | 230000  | 208604  |
|  NVIDIA Corp.:  |  |  |
|  2% 6/15/31  | 216000  | 173000  |
|  2.85% 4/1/30  | 100000  | 87231  |
|  3.5% 4/1/40  | 50000  | 40490  |
|  3.5% 4/1/50  | 50000  | 37738  |
|  NXP BV/NXP Funding LLC/NXP U.S.A., Inc. 2.65% 2/15/32  | 270000  | 210060  |
|  Qualcomm, Inc.:  |  |  |
|  1.65% 5/20/32  | 54000  | 41591  |
|  6% 5/20/53  | 120000  | 127449  |
|  Texas Instruments, Inc. 4.15% 5/15/48  | 70000  | 61944  |
|  |  | 3331584  |
| Software - 0.4%  |  |  |
|  Microsoft Corp.:  |  |  |
|  2.525% 6/1/50  | 326000  | 214524  |
|  2.921% 3/17/52  | 534000  | 377805  |
|  3.3% 2/6/27  | 115000  | 110824  |
|  3.45% 8/8/36  | 31000  | 27425  |
|  Oracle Corp.:  |  |  |
|  1.65% 3/25/26  | 207000  | 185311  |
|  2.5% 4/1/25  | 80000  | 75430  |
|  2.95% 4/1/30  | 150000  | 127890  |
|  3.25% 11/15/27  | 96000  | 88173  |
|  3.6% 4/1/50  | 300000  | 201980  |
|  3.8% 11/15/37  | 110000  | 87097  |
|  3.85% 4/1/60  | 80000  | 53155  |
|  4% 11/15/47  | 187000  | 136678  |
|  5.375% 7/15/40  | 641000  | 588210  |
|  Roper Technologies, Inc.:  |  |  |
|  1% 9/15/25  | 50000  | 44798  |
|  1.4% 9/15/27  | 50000  | 42298  |
|  1.75% 2/15/31  | 50000  | 38519  |
|  2% 6/30/30  | 330000  | 264461  |
|  |  | 2664578  |
| Technology Hardware, Storage & Peripherals - 0.4%  |  |  |
|  Apple, Inc.:  |  |  |
|  1.125% 5/11/25  | 772000  | 710743  |
|  1.25% 8/20/30  | 50000  | 39363  |
|  2.375% 2/8/41  | 330000  | 233211  |
|  2.55% 8/20/60  | 200000  | 121020  |
|  2.95% 9/11/49  | 240000  | 169906  |
|  3% 11/13/27  | 96000  | 89597  |
|  3.75% 11/13/47  | 57000  | 46920  |
|  3.85% 5/4/43  | 369000  | 318218  |
|  4.5% 2/23/36  | 90000  | 89282  |
|  HP, Inc.:  |  |  |
|  2.2% 6/17/25  | 160000  | 149482  |
|  4.2% 4/15/32  | 110000  | 94577  |
|  |  | 2062319  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 12701185  |
| MATERIALS - 0.7%  |  |  |
| Chemicals - 0.5%  |  |  |
|  Air Products & Chemicals, Inc.:  |  |  |
|  1.5% 10/15/25  | 100000  | 92039  |
|  2.05% 5/15/30  | 60000  | 50224  |
|  2.7% 5/15/40  | 60000  | 44642  |
|  2.8% 5/15/50  | 100000  | 69228  |
|  DuPont de Nemours, Inc.:  |  |  |
|  4.725% 11/15/28  | 35000  | 34511  |
|  5.319% 11/15/38  | 679000  | 652559  |
|  Eastman Chemical Co. 4.5% 12/1/28  | 174000  | 164772  |
|  Ecolab, Inc. 1.3% 1/30/31  | 300000  | 228321  |
|  LYB International Finance II BV 3.5% 3/2/27  | 166000  | 153635  |
|  LYB International Finance III LLC:  |  |  |
|  3.375% 10/1/40  | 20000  | 14214  |
|  3.625% 4/1/51  | 120000  | 80289  |
|  4.2% 10/15/49  | 100000  | 74361  |
|  Nutrien Ltd.:  |  |  |
|  4.2% 4/1/29  | 13000  | 12211  |
|  5% 4/1/49  | 103000  | 92467  |
|  Sherwin-Williams Co.:  |  |  |
|  3.45% 6/1/27  | 290000  | 272002  |
|  3.8% 8/15/49  | 80000  | 59394  |
|  4.5% 6/1/47  | 50000  | 41959  |
|  The Dow Chemical Co.:  |  |  |
|  2.1% 11/15/30  | 250000  | 200895  |
|  3.6% 11/15/50  | 150000  | 107175  |
|  4.8% 5/15/49  | 50000  | 42199  |
|  7.375% 11/1/29  | 46000  | 51103  |
|  The Mosaic Co. 4.05% 11/15/27  | 90000  | 84742  |
|  Westlake Corp. 3.6% 8/15/26  | 625000  | 587256  |
|  |  | 3210198  |
| Containers & Packaging - 0.1%  |  |  |
|  International Paper Co. 4.8% 6/15/44  | 155000  | 133855  |
|  WRKCo, Inc. 4.65% 3/15/26  | 290000  | 284470  |
|  |  | 418325  |
| Metals & Mining - 0.1%  |  |  |
|  Barrick Gold Corp. 5.25% 4/1/42  | 163000  | 155433  |
|  BHP Billiton Financial (U.S.A.) Ltd. 5% 9/30/43  | 176000  | 170509  |
|  Newmont Corp.:  |  |  |
|  2.25% 10/1/30  | 100000  | 80374  |
|  2.8% 10/1/29  | 100000  | 85014  |
|  5.45% 6/9/44  | 80000  | 76099  |
|  Southern Copper Corp. 5.875% 4/23/45  | 30000  | 30634  |
|  Vale Overseas Ltd. 3.75% 7/8/30  | 300000  | 262088  |
|  |  | 860151  |
| Paper & Forest Products - 0.0%  |  |  |
|  Suzano Austria GmbH 2.5% 9/15/28  | 298000  | 249948  |
|  TOTAL MATERIALS  |  | 4738622  |
| REAL ESTATE - 0.7%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 0.7%  |  |  |
|  Alexandria Real Estate Equities, Inc.:  |  |  |
|  2% 5/18/32  | 125000  | 95714  |
|  3% 5/18/51  | 125000  | 79030  |
|  4.85% 4/15/49  | 90000  | 76202  |
|  American Tower Corp.:  |  |  |
|  2.1% 6/15/30  | 160000  | 126647  |
|  3.1% 6/15/50  | 160000  | 100679  |
|  3.6% 1/15/28  | 32000  | 29411  |
|  3.8% 8/15/29  | 70000  | 63502  |
|  AvalonBay Communities, Inc.:  |  |  |
|  2.3% 3/1/30  | 130000  | 107957  |
|  3.2% 1/15/28  | 63000  | 57588  |
|  Boston Properties, Inc. 3.65% 2/1/26  | 100000  | 94789  |
|  Corporate Office Properties LP 2.75% 4/15/31  | 50000  | 37420  |
|  Crown Castle International Corp.:  |  |  |
|  1.35% 7/15/25  | 79000  | 71867  |
|  2.25% 1/15/31  | 100000  | 80223  |
|  3.25% 1/15/51  | 40000  | 26007  |
|  3.7% 6/15/26  | 100000  | 95084  |
|  ERP Operating LP:  |  |  |
|  3.5% 3/1/28  | 61000  | 56211  |
|  4.15% 12/1/28  | 330000  | 307723  |
|  Healthpeak Properties, Inc. 3% 1/15/30  | 140000  | 120399  |
|  Kimco Realty Corp.:  |  |  |
|  1.9% 3/1/28  | 570000  | 477246  |
|  3.3% 2/1/25  | 180000  | 172477  |
|  National Retail Properties, Inc. 3% 4/15/52  | 100000  | 59506  |
|  Omega Healthcare Investors, Inc. 5.25% 1/15/26  | 230000  | 225218  |
|  Prologis LP:  |  |  |
|  1.75% 2/1/31  | 370000  | 291262  |
|  3% 4/15/50  | 145000  | 96995  |
|  Realty Income Corp.:  |  |  |
|  3.25% 1/15/31  | 220000  | 190777  |
|  3.4% 1/15/28  | 230000  | 211789  |
|  Simon Property Group LP:  |  |  |
|  2.65% 7/15/30  | 125000  | 103961  |
|  3.375% 12/1/27  | 935000  | 864684  |
|  UDR, Inc. 2.1% 6/15/33  | 80000  | 56450  |
|  Ventas Realty LP:  |  |  |
|  4.4% 1/15/29  | 40000  | 37263  |
|  4.875% 4/15/49  | 160000  | 132498  |
|  VICI Properties LP:  |  |  |
|  4.75% 2/15/28  | 70000  | 66407  |
|  5.125% 5/15/32  | 70000  | 64817  |
|  Welltower, Inc. 4.95% 9/1/48  | 76000  | 62521  |
|  |  | 4740324  |
| Real Estate Management & Development - 0.0%  |  |  |
|  Essex Portfolio LP 2.65% 3/15/32  | 170000  | 133969  |
|  TOTAL REAL ESTATE  |  | 4874293  |
| UTILITIES - 1.7%  |  |  |
| Electric Utilities - 1.2%  |  |  |
|  Alabama Power Co. 6% 3/1/39  | 180000  | 187905  |
|  Appalachian Power Co.:  |  |  |
|  3.3% 6/1/27  | 110000  | 102953  |
|  4.45% 6/1/45  | 18000  | 14796  |
|  4.5% 3/1/49  | 90000  | 74155  |
|  Arizona Public Service Co. 2.95% 9/15/27  | 68000  | 61819  |
|  Baltimore Gas & Electric Co.:  |  |  |
|  2.9% 6/15/50  | 200000  | 132165  |
|  3.2% 9/15/49  | 150000  | 105518  |
|  CenterPoint Energy Houston Electric LLC 3.35% 4/1/51  | 250000  | 183973  |
|  Commonwealth Edison Co. 4% 3/1/48  | 42000  | 34501  |
|  Duke Energy Carolinas LLC:  |  |  |
|  2.45% 8/15/29  | 190000  | 162916  |
|  3.95% 3/15/48  | 31000  | 24800  |
|  4.25% 12/15/41  | 341000  | 294286  |
|  Duke Energy Corp.:  |  |  |
|  2.45% 6/1/30  | 182000  | 149657  |
|  3.75% 9/1/46  | 80000  | 59357  |
|  3.95% 8/15/47  | 250000  | 188759  |
|  4.2% 6/15/49  | 90000  | 71026  |
|  Duke Energy Progress LLC 3.7% 10/15/46  | 170000  | 128681  |
|  Entergy Corp. 0.9% 9/15/25  | 400000  | 356205  |
|  Entergy, Inc. 3.55% 9/30/49  | 29000  | 20807  |
|  Eversource Energy:  |  |  |
|  2.55% 3/15/31  | 120000  | 98822  |
|  3.3% 1/15/28  | 62000  | 57091  |
|  3.45% 1/15/50  | 60000  | 43523  |
|  Exelon Corp.:  |  |  |
|  3.4% 4/15/26  | 150000  | 142423  |
|  4.05% 4/15/30  | 150000  | 139260  |
|  4.45% 4/15/46  | 144000  | 121637  |
|  FirstEnergy Corp.:  |  |  |
|  1.6% 1/15/26  | 85000  | 75012  |
|  5.35% 7/15/47  | 140000  | 124990  |
|  Florida Power & Light Co.:  |  |  |
|  2.85% 4/1/25  | 317000  | 303521  |
|  4.125% 6/1/48  | 26000  | 22094  |
|  Interstate Power and Light Co. 2.3% 6/1/30  | 93000  | 75990  |
|  Kentucky Utilities Co. 5.125% 11/1/40  | 100000  | 94673  |
|  MidAmerican Energy Co.:  |  |  |
|  3.65% 4/15/29  | 190000  | 177643  |
|  3.65% 8/1/48  | 30000  | 23539  |
|  NextEra Energy Capital Holdings, Inc.:  |  |  |
|  1.875% 1/15/27  | 500000  | 442528  |
|  2.44% 1/15/32  | 500000  | 403452  |
|  3.5% 4/1/29  | 140000  | 127176  |
|  Northern States Power Co.:  |  |  |
|  2.9% 3/1/50  | 80000  | 54717  |
|  3.6% 9/15/47  | 50000  | 38510  |
|  NSTAR Electric Co. 4.95% 9/15/52  | 50000  | 48302  |
|  Oncor Electric Delivery Co. LLC:  |  |  |
|  3.1% 9/15/49  | 100000  | 70778  |
|  3.75% 4/1/45  | 120000  | 96470  |
|  Pacific Gas & Electric Co. 3.5% 8/1/50  | 682000  | 423601  |
|  PacifiCorp 6% 1/15/39  | 235000  | 244411  |
|  PECO Energy Co. 3.9% 3/1/48  | 96000  | 78280  |
|  PG&E Wildfire Recovery:  |  |  |
|  5.099% 6/1/54  | 50000  | 47011  |
|  5.212% 12/1/49  | 100000  | 96530  |
|  PPL Capital Funding, Inc. 4% 9/15/47  | 20000  | 13840  |
|  PPL Electric Utilities Corp. 3% 10/1/49  | 100000  | 67431  |
|  Public Service Co. of Colorado:  |  |  |
|  3.7% 6/15/28  | 87000  | 82786  |
|  6.25% 9/1/37  | 182000  | 197072  |
|  Public Service Electric & Gas Co.:  |  |  |
|  2.45% 1/15/30  | 70000  | 60051  |
|  3.15% 1/1/50  | 70000  | 48948  |
|  3.6% 12/1/47  | 44000  | 33412  |
|  Puget Sound Energy, Inc. 4.223% 6/15/48  | 45000  | 36454  |
|  Southern California Edison Co. 4% 4/1/47  | 562000  | 439189  |
|  Southern Co. 3.25% 7/1/26  | 112000  | 105314  |
|  Southwestern Electric Power Co. 3.85% 2/1/48  | 190000  | 140105  |
|  Tampa Electric Co. 4.45% 6/15/49  | 100000  | 82506  |
|  Virginia Electric & Power Co.:  |  |  |
|  3.3% 12/1/49  | 60000  | 42850  |
|  3.8% 9/15/47  | 50000  | 38221  |
|  4.6% 12/1/48  | 52000  | 45038  |
|  Xcel Energy, Inc.:  |  |  |
|  3.4% 6/1/30  | 63000  | 56199  |
|  4% 6/15/28  | 76000  | 72741  |
|  |  | 7588420  |
| Gas Utilities - 0.1%  |  |  |
|  Atmos Energy Corp. 5.45% 10/15/32  | 180000  | 186093  |
|  Dominion Gas Holdings LLC 2.5% 11/15/24  | 50000  | 47628  |
|  Southern Co. Gas Capital Corp. 3.95% 10/1/46  | 308000  | 230813  |
|  |  | 464534  |
| Independent Power and Renewable Electricity Producers - 0.0%  |  |  |
|  Southern Power Co. 4.95% 12/15/46  | 80000  | 68171  |
| Multi-Utilities - 0.4%  |  |  |
|  Berkshire Hathaway Energy Co.:  |  |  |
|  4.25% 10/15/50  | 290000  | 240463  |
|  4.45% 1/15/49  | 54000  | 46371  |
|  CenterPoint Energy, Inc. 3.7% 9/1/49  | 80000  | 59323  |
|  Consolidated Edison Co. of New York, Inc.:  |  |  |
|  3.95% 4/1/50  | 130000  | 101961  |
|  4.65% 12/1/48  | 50000  | 43524  |
|  5.5% 12/1/39  | 256000  | 250003  |
|  Dominion Energy, Inc.:  |  |  |
|  3.375% 4/1/30  | 720000  | 634476  |
|  4.6% 3/15/49  | 50000  | 42047  |
|  4.7% 12/1/44  | 26000  | 22135  |
|  7% 6/15/38  | 130000  | 139248  |
|  NiSource, Inc.:  |  |  |
|  0.95% 8/15/25  | 280000  | 252418  |
|  2.95% 9/1/29  | 190000  | 164786  |
|  3.49% 5/15/27  | 50000  | 47095  |
|  3.95% 3/30/48  | 46000  | 35681  |
|  5.25% 2/15/43  | 156000  | 147549  |
|  Puget Energy, Inc. 4.1% 6/15/30  | 200000  | 178592  |
|  Sempra Energy 6% 10/15/39  | 274000  | 276887  |
|  |  | 2682559  |
| Water Utilities - 0.0%  |  |  |
|  American Water Capital Corp. 3.75% 9/1/47  | 240000  | 186789  |
|  TOTAL UTILITIES  |  | 10990473  |
| <br> **TOTAL NONCONVERTIBLE BONDS** <br> (Cost $192,786,066)  |  | <br> **160237626**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government and Government Agency Obligations - 41.7%**  | &nbsp;&nbsp; **U.S. Government and Government Agency Obligations - 41.7%**  | &nbsp;&nbsp; **U.S. Government and Government Agency Obligations - 41.7%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
| U.S. Government Agency Obligations - 0.8%  |  |  |
|  Fannie Mae:  |  |  |
|  0.375% 8/25/25  | 95000  | 85679  |
|  0.5% 6/17/25  | 2248000  | 2045468  |
|  0.625% 4/22/25  | 258000  | 237036  |
|  0.875% 8/5/30  | 339000  | 269095  |
|  1.75% 7/2/24  | 100000  | 95725  |
|  1.875% 9/24/26  | 60000  | 55359  |
|  Federal Home Loan Bank:  |  |  |
|  0.375% 9/4/25  | 160000  | 144017  |
|  1.5% 8/15/24  | 100000  | 94945  |
|  Freddie Mac:  |  |  |
|  0.25% 8/24/23  | 500000  | 485442  |
|  0.375% 7/21/25  | 448000  | 405417  |
|  0.375% 9/23/25  | 231000  | 207873  |
|  6.25% 7/15/32  | 360000  | 419879  |
|  Tennessee Valley Authority:  |  |  |
|  0.75% 5/15/25  | 600000  | 549492  |
|  2.875% 2/1/27  | 130000  | 123075  |
|  4.25% 9/15/65  | 30000  | 26036  |
|  5.88% 4/1/36  | 260000  | 288020  |
|  TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS  |  | 5532558  |
| U.S. Treasury Obligations - 40.9%  |  |  |
|  U.S. Treasury Bonds:  |  |  |
|  1.125% 5/15/40  | 2921000  | 1828135  |
|  1.125% 8/15/40  | 331000  | 205556  |
|  1.25% 5/15/50  | 2000  | 1076  |
|  1.375% 11/15/40  | 4440000  | 2886520  |
|  1.375% 8/15/50  | 6735000  | 3764230  |
|  1.625% 11/15/50  | 4208000  | 2517501  |
|  1.75% 8/15/41  | 3170000  | 2169345  |
|  1.875% 2/15/41  | 5825000  | 4117092  |
|  1.875% 2/15/51  | 2014000  | 1279991  |
|  1.875% 11/15/51  | 3115000  | 1972914  |
|  2% 11/15/41  | 1418000  | 1012485  |
|  2% 2/15/50  | 287000  | 190483  |
|  2% 8/15/51  | 1564000  | 1024053  |
|  2.25% 5/15/41  | 280000  | 210492  |
|  2.25% 8/15/46  | 110000  | 77846  |
|  2.25% 8/15/49  | 129000  | 91217  |
|  2.25% 2/15/52  | 1201000  | 835164  |
|  2.375% 2/15/42  | 780000  | 595812  |
|  2.375% 5/15/51  | 2575000  | 1847361  |
|  2.5% 2/15/45  | 18000  | 13551  |
|  2.5% 2/15/46  | 112000  | 83799  |
|  2.5% 5/15/46  | 93000  | 69376  |
|  2.75% 8/15/42  | 197000  | 158393  |
|  2.75% 11/15/42  | 587000  | 470517  |
|  2.75% 8/15/47  | 51000  | 39996  |
|  2.75% 11/15/47  | 107000  | 83914  |
|  2.875% 5/15/43  | 20000  | 16324  |
|  2.875% 8/15/45  | 156000  | 125604  |
|  2.875% 5/15/49  | 1000  | 808  |
|  2.875% 5/15/52  | 1460000  | 1175071  |
|  3% 5/15/42  | 89000  | 74830  |
|  3% 11/15/44  | 299000  | 246768  |
|  3% 5/15/45  | 4000  | 3295  |
|  3% 11/15/45  | 224000  | 184258  |
|  3% 2/15/47  | 49000  | 40109  |
|  3% 5/15/47  | 48000  | 39266  |
|  3% 2/15/48  | 87000  | 71642  |
|  3% 8/15/48  | 3000  | 2474  |
|  3% 2/15/49  | 134000  | 110907  |
|  3% 8/15/52  | 3850000  | 3190504  |
|  3.125% 11/15/41  | 113000  | 97643  |
|  3.125% 2/15/42  | 65000  | 56009  |
|  3.125% 2/15/43  | 838000  | 714919  |
|  3.125% 8/15/44  | 687000  | 580488  |
|  3.125% 5/15/48  | 29000  | 24372  |
|  3.25% 5/15/42  | 690000  | 604936  |
|  3.375% 8/15/42  | 5190000  | 4638563  |
|  3.375% 5/15/44  | 1976000  | 1742353  |
|  3.375% 11/15/48  | 157000  | 139146  |
|  3.5% 2/15/39  | 8000  | 7514  |
|  3.625% 8/15/43  | 971000  | 892637  |
|  3.625% 2/15/44  | 2647000  | 2427899  |
|  3.75% 8/15/41  | 45000  | 42678  |
|  3.75% 11/15/43  | 1120000  | 1049737  |
|  3.875% 8/15/40  | 52000  | 50724  |
|  4% 11/15/42  | 180000  | 176231  |
|  4% 11/15/52  | 1190000  | 1196166  |
|  4.375% 2/15/38  | 12000  | 12564  |
|  4.375% 11/15/39  | 24000  | 25025  |
|  4.375% 5/15/41  | 32000  | 33150  |
|  4.5% 5/15/38  | 92000  | 97714  |
|  4.5% 8/15/39  | 17000  | 18026  |
|  4.75% 2/15/41  | 48000  | 52189  |
|  5.5% 8/15/28  | 4000  | 4279  |
|  U.S. Treasury Notes:  |  |  |
|  0.125% 1/31/23  | 93000  | 92720  |
|  0.125% 2/28/23  | 88000  | 87413  |
|  0.125% 3/31/23  | 16000  | 15836  |
|  0.125% 4/30/23  | 1000  | 986  |
|  0.125% 5/15/23  | 6000  | 5901  |
|  0.125% 7/15/23  | 4000  | 3903  |
|  0.125% 10/15/23  | 8000  | 7718  |
|  0.125% 12/15/23  | 7000  | 6706  |
|  0.125% 1/15/24  | 8000  | 7628  |
|  0.25% 6/15/23  | 3000  | 2942  |
|  0.25% 5/15/24  | 524000  | 493195  |
|  0.25% 5/31/25  | 3034000  | 2754303  |
|  0.25% 6/30/25  | 635000  | 575246  |
|  0.25% 7/31/25  | 45000  | 40607  |
|  0.25% 8/31/25  | 154000  | 138480  |
|  0.25% 9/30/25  | 13103000  | 11765061  |
|  0.25% 10/31/25  | 1394000  | 1246486  |
|  0.375% 10/31/23  | 9000  | 8679  |
|  0.375% 4/15/24  | 2669000  | 2525541  |
|  0.375% 7/15/24  | 120000  | 112411  |
|  0.375% 8/15/24  | 1798000  | 1679725  |
|  0.375% 4/30/25  | 1297000  | 1183715  |
|  0.375% 1/31/26  | 1602000  | 1425342  |
|  0.375% 7/31/27  | 509000  | 431815  |
|  0.375% 9/30/27  | 1151000  | 970347  |
|  0.5% 2/28/26  | 9118000  | 8124637  |
|  0.5% 4/30/27  | 718000  | 618237  |
|  0.5% 5/31/27  | 3333000  | 2857527  |
|  0.5% 6/30/27  | 2827000  | 2418189  |
|  0.5% 10/31/27  | 3232000  | 2733691  |
|  0.625% 7/31/26  | 5694000  | 5031405  |
|  0.625% 3/31/27  | 2260000  | 1961080  |
|  0.625% 11/30/27  | 1680000  | 1426556  |
|  0.625% 12/31/27  | 4050000  | 3430951  |
|  0.625% 5/15/30  | 2549000  | 2017394  |
|  0.625% 8/15/30  | 360000  | 283373  |
|  0.75% 11/15/24  | 3110000  | 2902748  |
|  0.75% 3/31/26  | 2331000  | 2089250  |
|  0.75% 4/30/26  | 961000  | 859081  |
|  0.75% 5/31/26  | 1269000  | 1131740  |
|  0.75% 1/31/28  | 98000  | 83331  |
|  0.875% 1/31/24  | 950000  | 911518  |
|  1% 12/15/24  | 1610000  | 1506859  |
|  1% 7/31/28  | 1229000  | 1044698  |
|  1.125% 1/15/25  | 1860000  | 1740626  |
|  1.125% 10/31/26  | 2630000  | 2352309  |
|  1.125% 2/28/27  | 691000  | 614315  |
|  1.125% 2/29/28  | 3054000  | 2644215  |
|  1.125% 8/31/28  | 110000  | 93921  |
|  1.25% 8/31/24  | 1923000  | 1820465  |
|  1.25% 12/31/26  | 2240000  | 2005937  |
|  1.25% 3/31/28  | 2218000  | 1927754  |
|  1.25% 4/30/28  | 2488000  | 2158826  |
|  1.25% 6/30/28  | 2989000  | 2584434  |
|  1.25% 9/30/28  | 748000  | 642403  |
|  1.25% 8/15/31  | 6574000  | 5330590  |
|  1.375% 1/31/25  | 1386000  | 1302623  |
|  1.375% 8/31/26  | 253000  | 229370  |
|  1.375% 10/31/28  | 580000  | 500635  |
|  1.5% 1/15/23  | 2000  | 1999  |
|  1.5% 9/30/24  | 1783000  | 1693084  |
|  1.5% 10/31/24  | 2714000  | 2571409  |
|  1.5% 11/30/24  | 2519000  | 2383604  |
|  1.5% 2/15/25  | 1480000  | 1393166  |
|  1.5% 8/15/26  | 557000  | 507697  |
|  1.5% 1/31/27  | 5287000  | 4773376  |
|  1.5% 11/30/28  | 1091000  | 947423  |
|  1.5% 2/15/30  | 876000  | 746516  |
|  1.625% 2/15/26  | 261000  | 241384  |
|  1.625% 5/15/26  | 264000  | 242973  |
|  1.625% 9/30/26  | 653000  | 597444  |
|  1.625% 10/31/26  | 457000  | 417137  |
|  1.625% 11/30/26  | 180000  | 164145  |
|  1.625% 8/15/29  | 66000  | 57273  |
|  1.625% 5/15/31  | 2280000  | 1917427  |
|  1.75% 6/30/24  | 805000  | 771416  |
|  1.75% 7/31/24  | 2907000  | 2780614  |
|  1.75% 12/31/24  | 2363000  | 2243004  |
|  1.75% 12/31/26  | 527000  | 482473  |
|  1.75% 1/31/29  | 581000  | 510327  |
|  1.875% 6/30/26  | 589000  | 546459  |
|  1.875% 7/31/26  | 909000  | 840683  |
|  1.875% 2/28/29  | 230000  | 203685  |
|  2% 5/31/24  | 442000  | 425857  |
|  2% 2/15/25  | 82000  | 78022  |
|  2% 8/15/25  | 50000  | 47213  |
|  2% 11/15/26  | 25000  | 23114  |
|  2.125% 5/15/25  | 13000  | 12354  |
|  2.25% 3/31/24  | 8250000  | 8004434  |
|  2.25% 4/30/24  | 283000  | 274024  |
|  2.25% 10/31/24  | 279000  | 267971  |
|  2.25% 12/31/24  | 160000  | 153338  |
|  2.25% 2/15/27  | 393000  | 365720  |
|  2.25% 8/15/27  | 639000  | 591100  |
|  2.25% 11/15/27  | 682000  | 628452  |
|  2.375% 2/29/24  | 394000  | 383734  |
|  2.375% 4/30/26  | 405000  | 382567  |
|  2.375% 5/15/27  | 46000  | 42886  |
|  2.375% 5/15/29  | 108000  | 98179  |
|  2.5% 8/15/23  | 57000  | 56212  |
|  2.5% 5/15/24  | 217000  | 210626  |
|  2.5% 5/31/24  | 4850000  | 4705447  |
|  2.5% 1/31/25  | 238000  | 228963  |
|  2.5% 2/28/26  | 191000  | 181413  |
|  2.5% 3/31/27  | 2220000  | 2083245  |
|  2.625% 12/31/25  | 331000  | 316519  |
|  2.625% 1/31/26  | 461000  | 440471  |
|  2.625% 5/31/27  | 2770000  | 2611050  |
|  2.625% 2/15/29  | 391000  | 361370  |
|  2.625% 7/31/29  | 4810000  | 4429146  |
|  2.75% 4/30/23  | 84000  | 83531  |
|  2.75% 6/30/25  | 113000  | 108860  |
|  2.75% 4/30/27  | 2550000  | 2416523  |
|  2.75% 7/31/27  | 2460000  | 2327487  |
|  2.75% 2/15/28  | 363000  | 341319  |
|  2.75% 5/31/29  | 530000  | 492403  |
|  2.75% 8/15/32  | 13266000  | 12080351  |
|  2.875% 11/30/23  | 5000  | 4918  |
|  2.875% 5/31/25  | 144000  | 139213  |
|  2.875% 5/15/28  | 216000  | 203808  |
|  2.875% 8/15/28  | 113000  | 106410  |
|  2.875% 5/15/32  | 2630000  | 2423709  |
|  3% 6/30/24  | 3500000  | 3416191  |
|  3% 7/31/24  | 250000  | 243848  |
|  3% 9/30/25  | 148000  | 143051  |
|  3% 10/31/25  | 130000  | 125552  |
|  3.125% 8/31/27  | 2710000  | 2606470  |
|  3.125% 11/15/28  | 940000  | 896562  |
|  3.125% 8/31/29  | 2180000  | 2069552  |
|  3.25% 8/31/24  | 4960000  | 4856537  |
|  3.25% 6/30/27  | 1720000  | 1663092  |
|  3.25% 6/30/29  | 100000  | 95695  |
|  3.5% 9/15/25  | 2990000  | 2930200  |
|  3.875% 11/30/27  | 1840000  | 1829938  |
|  3.875% 9/30/29  | 2240000  | 2224163  |
|  3.875% 11/30/29  | 1360000  | 1350863  |
|  4% 10/31/29  | 1950000  | 1950609  |
|  4.125% 9/30/27  | 4180000  | 4195675  |
|  4.125% 10/31/27  | 3550000  | 3563035  |
|  4.125% 11/15/32  | 1570000  | 1602136  |
|  4.25% 9/30/24  | 2490000  | 2477258  |
|  4.25% 12/31/24  | 840000  | 837080  |
|  4.25% 10/15/25  | 2880000  | 2877750  |
|  4.375% 10/31/24  | 5460000  | 5444430  |
|  4.5% 11/30/24  | 450000  | 450018  |
|  4.5% 11/15/25  | 2070000  | 2082452  |
|  TOTAL U.S. TREASURY OBLIGATIONS  |  | 265575869  |
| <br> **TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS** <br> (Cost $303,149,383)  |  | <br> **271108427**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government Agency - Mortgage Securities - 27.3%**  | &nbsp;&nbsp; **U.S. Government Agency - Mortgage Securities - 27.3%**  | &nbsp;&nbsp; **U.S. Government Agency - Mortgage Securities - 27.3%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
| Fannie Mae - 12.4%  |  |  |
|  1.5% 10/1/36 to 12/1/51  | 7458805  | 6234822  |
|  2% 7/1/35 to 12/1/51  | 28243416  | 23578803  |
|  2.5% 1/1/27 to 3/1/52  | 15747620  | 13600648  |
|  3% 4/1/32 to 5/1/52  | 18506504  | 16618318  |
|  3.5% 2/1/27 to 10/1/52  | 8615362  | 8050211  |
|  4% 6/1/34 to 10/1/52  | 6307822  | 5983582  |
|  4.5% 10/1/39 to 11/1/52  | 3522994  | 3431033  |
|  5% 7/1/48 to 1/1/53  | 2102417  | 2083886  |
|  5.5% 5/1/44 to 11/1/52  | 700959  | 706734  |
|  6% 10/1/52  | 297422  | 302088  |
|  TOTAL FANNIE MAE  |  | 80590125  |
| Freddie Mac - 8.6%  |  |  |
|  1.5% 10/1/36 to 11/1/51  | 3935256  | 3110821  |
|  2% 10/1/30 to 1/1/52  | 22259980  | 18529055  |
|  2% 9/1/35  | 238634  | 213079  |
|  2% 11/1/35  | 337362  | 301445  |
|  2% 11/1/35  | 117181  | 104705  |
|  2.5% 4/1/27 to 6/1/52  | 20423723  | 17568739  |
|  3% 1/1/29 to 10/1/52  | 2462684  | 2201481  |
|  3% 8/1/47  | 29395  | 26357  |
|  3.5% 7/1/33 to 9/1/52  | 5672649  | 5264910  |
|  4% 3/1/26 to 9/1/52  | 4028616  | 3835977  |
|  4.5% 7/1/41 to 11/1/52  | 2807425  | 2721458  |
|  5% 6/1/30 to 5/1/50  | 1258772  | 1257834  |
|  5.5% 6/1/49 to 10/1/52  | 554212  | 556211  |
|  6% 12/1/52  | 99991  | 101560  |
|  TOTAL FREDDIE MAC  |  | 55793632  |
| Ginnie Mae - 5.8%  |  |  |
|  1.5% 5/20/51  | 112134  | 89966  |
|  2% 3/20/51 to 5/20/52  | 10005415  | 8428136  |
|  2.5% 10/20/46 to 5/20/52  | 10654910  | 9274459  |
|  3% 7/20/42 to 11/20/52  | 7852476  | 7067601  |
|  3.5% 2/20/46 to 10/20/52  | 6015750  | 5598959  |
|  4% 4/20/47 to 10/20/52  | 3599392  | 3426154  |
|  4% 1/1/53 (e)  | 200000  | 189334  |
|  4.5% 1/20/47 to 11/20/52  | 2441232  | 2377977  |
|  4.5% 1/1/53 (e)  | 100000  | 97032  |
|  5% 11/20/47 to 11/20/52  | 1137728  | 1133438  |
|  5.5% 9/20/47 to 12/20/52  | 236630  | 238746  |
|  5.5% 1/1/53 (e)  | 200000  | 201013  |
|  TOTAL GINNIE MAE  |  | 38122815  |
| Uniform Mortgage Backed Securities - 0.5%  |  |  |
|  2% 1/1/53 (e)  | 500000  | 408109  |
|  2% 1/1/53 (e)  | 800000  | 652975  |
|  2% 1/1/53 (e)  | 500000  | 408109  |
|  2.5% 1/1/53 (e)  | 300000  | 254344  |
|  3% 1/1/53 (e)  | 200000  | 175703  |
|  3.5% 1/1/53 (e)  | 200000  | 181891  |
|  4% 1/1/53 (e)  | 200000  | 187750  |
|  4.5% 1/1/53 (e)  | 200000  | 192781  |
|  5% 1/1/53 (e)  | 300000  | 295828  |
|  5.5% 1/1/53 (e)  | 300000  | 300891  |
|  TOTAL UNIFORM MORTGAGE BACKED SECURITIES  |  | 3058381  |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES** <br> (Cost $205,092,313)  |  | <br> **177564953**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Asset-Backed Securities - 0.3%**  | &nbsp;&nbsp; **Asset-Backed Securities - 0.3%**  | &nbsp;&nbsp; **Asset-Backed Securities - 0.3%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  Capital One Multi-Asset Execution Trust:  |  |  |
|  Series 2019-A3 Class A3, 2.06% 8/15/28  | 116000  | 106101  |
|  1.39% 7/15/30  | 150000  | 125309  |
|  CarMax Auto Owner Trust:  |  |  |
|  Series 2021-1 Class A3, 0.34% 12/15/25  | 296826  | 286934  |
|  Series 2022-3 Class A2A, 3.97% 4/15/27  | 330000  | 323690  |
|  Citibank Credit Card Issuance Trust Series 2018-A7 Class A7, 3.96% 10/13/30  | 250000  | 241656  |
|  Ford Credit Auto Lease Trust Series 2021-A Class A3, 0.26% 2/15/24  | 73029  | 72854  |
|  Ford Credit Floorplan Master Owner Trust Series 2018-4 Class A, 4.06% 11/15/30  | 30000  | 28209  |
|  GM Financial Consumer Automobile Receivables Trust Series 2021-1 Class A3, 0.35% 10/16/25  | 274798  | 265849  |
|  Hyundai Auto Receivables Trust 3.72% 11/16/26  | 223000  | 218481  |
|  Mercedes-Benz Auto Lease Trust Series 2021-A Class A3, 0.25% 1/16/24  | 171439  | 169635  |
| <br> **TOTAL ASSET-BACKED SECURITIES** <br> (Cost $1,943,501)  |  | **1838718**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Commercial Mortgage Securities - 1.5%**  | &nbsp;&nbsp; **Commercial Mortgage Securities - 1.5%**  | &nbsp;&nbsp; **Commercial Mortgage Securities - 1.5%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  BANK sequential payer:  |  |  |
|  Series 2017-BNK4 Class ASB, 3.419% 5/15/50  | 166889  | 159689  |
|  Series 2020-BN25 Class A5, 2.649% 1/15/63  | 220000  | 187416  |
|  Series 2020-BN28 Class A4, 1.844% 3/15/63  | 360000  | 285721  |
|  Benchmark Mortgage Trust:  |  |  |
|  sequential payer:  |  |  |
|  Series 2020-B19 Class A5, 1.85% 9/15/53 <br>| 410000  | 329597  |
|  Series 2021-B24 Class A5, 2.5843% 3/15/54 <br>| 500000  | 416304  |
|  Series 2019-B12 Class A5, 3.1156% 8/15/52  | 95000  | 84672  |
|  Series 2019-B9 Class A5, 4.0156% 3/15/52  | 130000  | 122691  |
|  Citigroup Commercial Mortgage Trust sequential payer:  |  |  |
|  Series 2015-GC29 Class A4, 3.192% 4/10/48  | 80000  | 75647  |
|  Series 2016-C1 Class A4, 3.209% 5/10/49  | 90000  | 83780  |
|  Series 2018-B2 Class A4, 4.009% 3/10/51  | 1000000  | 937992  |
|  CSAIL Commercial Mortgage Trust sequential payer Series 2019-C17:  |  |  |
|  Class A4, 2.7628% 9/15/52  | 200000  | 171255  |
|  Class A5, 3.0161% 9/15/52  | 200000  | 173063  |
|  Freddie Mac:  |  |  |
|  sequential payer:  |  |  |
|  Series 2016-K057 Class A2, 2.57% 7/25/26 <br>| 159400  | 149551  |
|  Series 2020-K104 Class A2, 2.253% 1/25/30 <br>| 680000  | 590918  |
|  Series 2020-K116 Class A2, 1.378% 7/25/30 <br>| 770000  | 618233  |
|  Series 2020-K117 Class A2, 1.406% 8/25/30 <br>| 590000  | 473721  |
|  Series 2020-K118 Class A2, 1.493% 9/25/30 <br>| 590000  | 475810  |
|  Series 2020-K121 Class A2, 1.547% 10/25/30 <br>| 890000  | 718446  |
|  Series 2021-K125 Class A2, 1.846% 1/25/31 <br>| 100000  | 82265  |
|  Series 2021-K126 Class A2, 2.074% 1/25/31 <br>| 200000  | 167785  |
|  Series 2021-K128 Class A2, 2.02% 3/25/31 <br>| 200000  | 166832  |
|  Series K080 Class A2, 3.926% 7/25/28 <br>| 80000  | 77995  |
|  Series 2017-K068 Class A2, 3.244% 8/25/27  | 130000  | 123629  |
|  Series 2019-K094 Class A2, 2.903% 6/25/29  | 300000  | 274049  |
|  Series 2019-K1510 Class A2, 3.718% 1/25/31  | 124000  | 115888  |
|  Series 2021-K123 Class A2, 1.621% 12/25/30  | 700000  | 567385  |
|  Series K079 Class A2, 3.926% 6/25/28  | 20000  | 19512  |
|  GS Mortgage Securities Trust sequential payer:  |  |  |
|  Series 2014-GC26 Class A4, 3.364% 11/10/47  | 74971  | 71884  |
|  Series 2020-GC45 Class A5, 2.9106% 2/13/53  | 260000  | 223580  |
|  JPMBB Commercial Mortgage Securities Trust sequential payer:  |  |  |
|  Series 2014-C21 Class A5, 3.7748% 8/15/47  | 150000  | 145600  |
|  Series 2014-C24 Class A5, 3.6385% 11/15/47  | 150000  | 144226  |
|  JPMDB Commercial Mortgage Securities Trust sequential payer Series 2020-COR7 Class A5, 2.1798% 5/13/53  | 500000  | 399774  |
|  Morgan Stanley Capital I Trust sequential payer Series 2020-L4 Class A3, 2.698% 2/15/53  | 100000  | 84456  |
|  UBS Commercial Mortgage Trust sequential payer Series 2019-C16 Class A4, 3.6048% 4/15/52  | 350000  | 317374  |
|  Wells Fargo Commercial Mortgage Trust:  |  |  |
|  sequential payer:  |  |  |
|  Series 2019-C52 Class A5, 2.892% 8/15/52 <br>| 200000  | 173716  |
|  Series 2019-C54 Class A4, 3.146% 12/15/52 <br>| 538000  | 471251  |
|  Series 2018-C48 Class A5, 4.302% 1/15/52  | 123000  | 116880  |
|  Wells Fargo Commercial Mtg Trust 2020-C sequential payer Series 2020-C55 Class A5, 2.725% 2/15/53  | 90000  | 76472  |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES** <br> (Cost $11,942,418)  |  | **9875059**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Municipal Securities - 0.5%**  | &nbsp;&nbsp; **Municipal Securities - 0.5%**  | &nbsp;&nbsp; **Municipal Securities - 0.5%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  American Muni. Pwr., Inc. Rev. (Combined Hydroelectric Proj.) Series 2010 B, 7.834% 2/15/41  | 55000  | 67222  |
|  Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev.:  |  |  |
|  Series 2009 F2, 6.263% 4/1/49  | 75000  | 85027  |
|  Series 2010 S1, 7.043% 4/1/50  | 75000  | 92196  |
|  California Gen. Oblig.:  |  |  |
|  Series 2009, 7.55% 4/1/39  | 145000  | 181487  |
|  Series 2010, 7.6% 11/1/40  | 350000  | 448405  |
|  California State Univ. Rev. Series 2021 B, 2.719% 11/1/52  | 195000  | 131384  |
|  Chicago O'Hare Int'l. Arpt. Rev. Series 2010 B, 6.395% 1/1/40  | 250000  | 279440  |
|  Dallas Area Rapid Transit Sales Tax Rev. Series 2021 A, 2.613% 12/1/48  | 200000  | 131669  |
|  Dallas Fort Worth Int'l. Arpt. Rev.:  |  |  |
|  Series 2019 A, 3.144% 11/1/45  | 20000  | 14983  |
|  Series 2021 C, 2.843% 11/1/46  | 150000  | 107637  |
|  Series 2022 A, 4.507% 11/1/51  | 65000  | 58423  |
|  Golden State Tobacco Securitization Corp. Tobacco Settlement Rev. Series 2021 B:  |  |  |
|  2.746% 6/1/34  | 80000  | 64199  |
|  3.293% 6/1/42  | 40000  | 29592  |
|  Idaho Energy Resources Auth. Series 2021, 2.861% 9/1/46  | 45000  | 30580  |
|  Illinois Gen. Oblig. Series 2003, 5.1% 6/1/33  | 500000  | 479869  |
|  Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Series 2019 B, 3.395% 10/15/40  | 100000  | 80678  |
|  Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Series 2021 C, 2.823% 8/1/41  | 100000  | 73576  |
|  Michigan Strategic Fund Ltd. Oblig. Rev. Series 2021 A, 3.225% 9/1/47  | 100000  | 72022  |
|  New Jersey Trans. Trust Fund Auth. Series B:  |  |  |
|  4.081% 6/15/39  | 80000  | 66164  |
|  4.131% 6/15/42  | 80000  | 64257  |
|  New York Metropolitan Trans. Auth. Rev. Series 2010 A, 6.668% 11/15/39  | 60000  | 61973  |
|  New York State Dorm. Auth. Series 2021 C, 2.202% 3/15/34  | 200000  | 152493  |
|  Port Auth. of New York & New Jersey Series 225, 3.175% 7/15/60  | 400000  | 258417  |
|  Univ. of California Regents Med. Ctr. Pool Rev. Series N:  |  |  |
|  3.006% 5/15/50  | 175000  | 115568  |
|  3.256% 5/15/60  | 150000  | 97207  |
|  Univ. of Virginia Gen. Rev. Series 2021 B, 2.584% 11/1/51  | 140000  | 91240  |
| <br> **TOTAL MUNICIPAL SECURITIES** <br> (Cost $4,488,749)  |  | **3335708**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Foreign Government and Government Agency Obligations - 2.1%**  | &nbsp;&nbsp; **Foreign Government and Government Agency Obligations - 2.1%**  | &nbsp;&nbsp; **Foreign Government and Government Agency Obligations - 2.1%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  Alberta Province:  |  |  |
|  2.95% 1/23/24  | 110000  | 107700  |
|  3.3% 3/15/28  | 75000  | 71021  |
|  Chilean Republic:  |  |  |
|  3.24% 2/6/28  | 200000  | 185288  |
|  3.86% 6/21/47  | 325000  | 254373  |
|  Export Development Canada:  |  |  |
|  2.625% 2/21/24  | 120000  | 116477  |
|  2.75% 3/15/23  | 145000  | 144449  |
|  Hungarian Republic:  |  |  |
|  5.375% 3/25/24  | 964000  | 961771  |
|  5.75% 11/22/23  | 50000  | 50025  |
|  Indonesian Republic:  |  |  |
|  2.85% 2/14/30  | 200000  | 178350  |
|  3.5% 2/14/50  | 200000  | 148538  |
|  3.85% 10/15/30  | 348000  | 326315  |
|  Israeli State 3.375% 1/15/50  | 225000  | 172793  |
|  Italian Republic:  |  |  |
|  2.375% 10/17/24  | 200000  | 188238  |
|  4% 10/17/49  | 497000  | 351926  |
|  Manitoba Province 2.6% 4/16/24  | 410000  | 398860  |
|  Ontario Province:  |  |  |
|  1.05% 5/21/27  | 1413000  | 1225862  |
|  1.125% 10/7/30  | 175000  | 137618  |
|  2.3% 6/15/26  | 50000  | 46389  |
|  2.5% 4/27/26  | 115000  | 107696  |
|  3.05% 1/29/24  | 90000  | 88265  |
|  Panamanian Republic:  |  |  |
|  3.16% 1/23/30  | 800000  | 686900  |
|  4.5% 4/16/50  | 200000  | 150850  |
|  6.7% 1/26/36  | 100000  | 104613  |
|  Peruvian Republic:  |  |  |
|  1.862% 12/1/32  | 340000  | 248158  |
|  2.78% 12/1/60  | 100000  | 58488  |
|  2.844% 6/20/30  | 190000  | 160704  |
|  3.55% 3/10/51  | 170000  | 120785  |
|  4.125% 8/25/27  | 50000  | 47916  |
|  Philippine Republic:  |  |  |
|  2.65% 12/10/45  | 500000  | 335055  |
|  3% 2/1/28  | 200000  | 186022  |
|  5.17% 10/13/27  | 200000  | 204522  |
|  Polish Government 3.25% 4/6/26  | 73000  | 69843  |
|  Quebec Province:  |  |  |
|  1.5% 2/11/25  | 2149000  | 2018642  |
|  2.5% 4/9/24  | 140000  | 135996  |
|  2.75% 4/12/27  | 95000  | 89233  |
|  United Mexican States:  |  |  |
|  3.25% 4/16/30  | 1971000  | 1713292  |
|  3.5% 2/12/34  | 619000  | 496748  |
|  4.75% 4/27/32  | 387000  | 361918  |
|  6.05% 1/11/40  | 170000  | 164985  |
|  Uruguay Republic 7.625% 3/21/36  | 678000  | 858687  |
| <br> **TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS** <br> (Cost $16,045,447)  |  | **13475311**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Supranational Obligations - 1.5%**  | &nbsp;&nbsp; **Supranational Obligations - 1.5%**  | &nbsp;&nbsp; **Supranational Obligations - 1.5%**  |
|  | Principal <br> Amount (a) <br>| Value ($) <br>|
|  African Development Bank 0.875% 7/22/26  | 160000  | 141755  |
|  Asian Development Bank:  |  |  |
|  0.375% 9/3/25  | 450000  | 404470  |
|  0.75% 10/8/30  | 100000  | 77876  |
|  1.5% 10/18/24  | 200000  | 189282  |
|  1.875% 1/24/30  | 610000  | 523852  |
|  2.625% 1/30/24  | 80000  | 78119  |
|  2.75% 3/17/23  | 700000  | 697291  |
|  5.82% 6/16/28  | 110000  | 117841  |
|  European Investment Bank:  |  |  |
|  0.75% 9/23/30  | 250000  | 196114  |
|  0.875% 5/17/30  | 18000  | 14354  |
|  1.375% 5/15/23  | 350000  | 345702  |
|  2.25% 6/24/24  | 1678000  | 1621236  |
|  2.875% 8/15/23  | 260000  | 257022  |
|  Inter-American Development Bank:  |  |  |
|  0.625% 7/15/25  | 390000  | 355029  |
|  1.75% 3/14/25  | 194000  | 182906  |
|  2.25% 6/18/29  | 1029000  | 919186  |
|  4.375% 1/24/44  | 39000  | 38187  |
|  International Bank for Reconstruction & Development:  |  |  |
|  0.375% 7/28/25  | 270000  | 243994  |
|  0.5% 10/28/25  | 218000  | 195847  |
|  0.75% 8/26/30  | 160000  | 124802  |
|  0.875% 5/14/30  | 176000  | 139820  |
|  1.25% 2/10/31  | 110000  | 88776  |
|  1.5% 8/28/24  | 1012000  | 961125  |
|  1.625% 1/15/25  | 155000  | 146407  |
|  1.75% 4/19/23  | 55000  | 54526  |
|  1.875% 6/19/23  | 20000  | 19740  |
|  2.5% 3/19/24  | 130000  | 126368  |
|  2.5% 11/22/27  | 92000  | 85256  |
|  2.5% 3/29/32  | 290000  | 254545  |
|  3% 9/27/23  | 100000  | 98597  |
|  International Finance Corp.:  |  |  |
|  0.75% 8/27/30  | 60000  | 46750  |
|  1.375% 10/16/24  | 1051000  | 992465  |
|  2.875% 7/31/23  | 112000  | 110747  |
| <br> **TOTAL SUPRANATIONAL OBLIGATIONS** <br> (Cost $10,853,491)  |  | **9849987**  |

---

---

| | | |
|:---|:---|:---|
| &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>|
|  Discover Bank 2.7% 2/6/30  | 500000  | 400240  |
|  PNC Bank NA 3.875% 4/10/25  | 260000  | 252864  |
|  Truist Bank 3.3% 5/15/26  | 200000  | 187071  |
| <br> **TOTAL BANK NOTES** <br> (Cost $971,124)  |  | **840175**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 0.4%**  | &nbsp;&nbsp; **Money Market Funds - 0.4%**  | &nbsp;&nbsp; **Money Market Funds - 0.4%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (f) <br>(Cost $2,369,438) <br>| 2368964  | **2369438**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%** <br> (Cost $749,641,930) <br>| <br>**650495402**  |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(688029)**  |
| **NET ASSETS - 100.0%**  | **649807373**  |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,797,945 or 0.3% of net assets.

(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 purchased on a delayed delivery or when-issued basis.

(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.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 1970432  | 130264947  | 129865941  | 27256  | -  | -  | 2369438  | 0.0%  |
| Total  | 1970432  | 130264947  | 129865941  | 27256  | -  | -  | 2369438  |  |

---

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, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  | **Valuation Inputs at Reporting Date:**  |
| **Description**  | **Total ($)**  | **Level 1 ($)**  | **Level 2 ($)**  | **Level 3 ($)**  |
| **<u>Investments in Securities:</u>**  |  |  |  |  |
|  Corporate Bonds  | 160237626  | -  | 160237626  | -  |
|  U.S. Government and Government Agency Obligations  | 271108427  | -  | 271108427  | -  |
|  U.S. Government Agency - Mortgage Securities  | 177564953  | -  | 177564953  | -  |
|  Asset-Backed Securities  | 1838718  | -  | 1838718  | -  |
|  Commercial Mortgage Securities  | 9875059  | -  | 9875059  | -  |
|  Municipal Securities  | 3335708  | -  | 3335708  | -  |
|  Foreign Government and Government Agency Obligations  | 13475311  | -  | 13475311  | -  |
|  Supranational Obligations  | 9849987  | -  | 9849987  | -  |
|  Bank Notes  | 840175  | -  | 840175  | -  |
|  Money Market Funds  | 2369438  | 2369438  | -  | -  |
| **Total Investments in Securities:**  | 650495402  | 2369438  | 648125964  | -  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $747,272,492)  | $648125964  |  |
|  Fidelity Central Funds (cost $2,369,438)  | 2369438  |  |
|  Total Investment in Securities (cost $749,641,930)  |  | $650495402  |
| Receivable for investments sold  |  | 1182858  |
|  Receivable for fund shares sold  |  | 903053  |
|  Interest receivable  |  | 3942998  |
|  Distributions receivable from Fidelity Central Funds  |  | 5516  |
| **Total assets**  |  | 656529827  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  |  |  |
|  Regular delivery  | $2993576  |  |
|  Delayed delivery  | 3568883  |  |
|  Payable for fund shares redeemed  | 45344  |  |
|  Accrued management fee  | 48668  |  |
|  Distribution and service plan fees payable  | 38807  |  |
|  Other affiliated payables  | 27038  |  |
|  Other payables and accrued expenses  | 138  |  |
| **Total Liabilities**  |  | 6722454  |
| **Net Assets**  |  | $649807373  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $758194637  |
|  Total accumulated earnings (loss)  |  | (108387264)  |
|  **Net Assets**  |  | $649807373  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($461,166,180 ÷ 49,049,914 shares)  |  | $9.40  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($3,143,789 ÷ 334,145 shares)  |  | $9.41  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($185,497,404 ÷ 19,786,897 shares)  |  | $9.37  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Interest  |  | $13812279  |
| Income from Fidelity Central Funds  |  | 27256  |
| **Total Income**  |  | 13839535  |
|  **Expenses**  |  |  |
| Management fee  | $591443  |  |
| Transfer agent fees  | 328580  |  |
| Distribution and service plan fees  | 497633  |  |
| Independent trustees' fees and expenses  | 2128  |  |
| Total expenses before reductions  | 1419784  |  |
| Expense reductions  | (398)  |  |
| Total expenses after reductions  |  | 1419386  |
| **Net Investment income (loss)**  |  | 12420149  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (9132556)  |  |
| Total net realized gain (loss)  |  | (9132556)  |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (99058336)  |
| **Net gain (loss)**  |  | (108190892)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(95770743)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $12420149  | $8530445  |
| &nbsp;&nbsp; Net realized gain (loss)  | (9132556) <br>| (3502735) <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (99058336)  | (21927889) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (95770743) <br>| (16900179) <br>|
| Distributions to shareholders  | (10947690) <br>| (6766346) <br>|
| Share transactions - net increase (decrease)  | 13082659 <br>| (19010948) <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (93635774) <br>| (42677473) <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 743443147  | 786120620 <br>|
| &nbsp;&nbsp; End of period  | $649807373  | $743443147  |

---

**Financial Highlights** 

 **VIP Bond Index Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.02  | $11.35  | $10.68  | $10.06  | $10.00  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .196  | .132  | .183  | .283  | .212  |
| Net realized and unrealized gain (loss)  | (1.646)  | (.353)  | .621  | .560  | (.022)  |
| Total from investment operations  | (1.450)  | (.221)  | .804  | .843  | .190  |
| Distributions from net investment income  | (.170)  | (.109)  | (.104)  | (.191)  | (.130)  |
| Distributions from net realized gain  | -  | -  | (.030)  | (.032)  | -  |
| Total distributions  | (.170)  | (.109)  | (.134)  | (.223)  | (.130)  |
| Net asset value, end of period  | $9.40  | $11.02  | $11.35  | $10.68  | $10.06  |
| **Total Return** <sup>D,E,F</sup>  | (13.19)%  | (1.95)%  | 7.53%  | 8.38%  | 1.90%  |
| **Ratios to Average Net Assets** <sup>C,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | .14%  | .14%  | .14%  | .14%  | .14% <sup>I</sup>  |
| Expenses net of fee waivers, if any  | .14%  | .14%  | .14%  | .14%  | .14% <sup>I</sup>  |
| Expenses net of all reductions  | .14%  | .14%  | .14%  | .14%  | .13% <sup>I</sup>  |
| Net investment income (loss)  | 1.97%  | 1.19%  | 1.63%  | 2.67%  | 3.01% <sup>I</sup>  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $461166  | $513626  | $569594  | $258250  | $91033  |
| Portfolio turnover rate <sup>J</sup>  | 33%  | 138%  | 101%  | 81%  | 168% <sup>I</sup>  |

---

<sup>A</sup> *For the period April 19, 2018 (commencement of operations) through December 31, 2018.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>H</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>I</sup> *Annualized.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP Bond Index Portfolio Service Class** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $11.03  | $11.37  | $10.67  | $10.33  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .185  | .119  | .171  | .197  |
| Net realized and unrealized gain (loss)  | (1.645)  | (.352)  | .632  | .359  |
| Total from investment operations  | (1.460)  | (.233)  | .803  | .556  |
| Distributions from net investment income  | (.160)  | (.107)  | (.073)  | (.184)  |
| Distributions from net realized gain  | -  | -  | (.030)  | (.032)  |
| Total distributions  | (.160)  | (.107)  | (.103)  | (.216)  |
| Net asset value, end of period  | $9.41  | $11.03  | $11.37  | $10.67  |
| **Total Return** <sup>D,E,F</sup>  | (13.27)%  | (2.05)%  | 7.53%  | 5.38%  |
| **Ratios to Average Net Assets** <sup>C,G,H</sup>  |  |  |  |  |
| Expenses before reductions  | .24%  | .24%  | .24%  | .24% <sup>I</sup>  |
| Expenses net of fee waivers, if any  | .24%  | .24%  | .24%  | .24% <sup>I</sup>  |
| Expenses net of all reductions  | .24%  | .24%  | .24%  | .24% <sup>I</sup>  |
| Net investment income (loss)  | 1.87%  | 1.09%  | 1.53%  | 2.53% <sup>I</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $3144  | $2759  | $550  | $103  |
| Portfolio turnover rate <sup>J</sup>  | 33%  | 138%  | 101%  | 81%  |

---

<sup>A</sup> *For the period April 11, 2019 (commencement of sale of shares) through December 31, 2019.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>H</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>I</sup> *Annualized.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP Bond Index Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.98  | $11.32  | $10.68  | $10.06  | $10.00  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .170  | .104  | .161  | .262  | .195  |
| Net realized and unrealized gain (loss)  | (1.636)  | (.357)  | .614  | .556  | (.023)  |
| Total from investment operations  | (1.466)  | (.253)  | .775  | .818  | .172  |
| Distributions from net investment income  | (.144)  | (.087)  | (.105)  | (.166)  | (.112)  |
| Distributions from net realized gain  | -  | -  | (.030)  | (.032)  | -  |
| Total distributions  | (.144)  | (.087)  | (.135)  | (.198)  | (.112)  |
| Net asset value, end of period  | $9.37  | $10.98  | $11.32  | $10.68  | $10.06  |
| **Total Return** <sup>D,E,F</sup>  | (13.38)%  | (2.24)%  | 7.26%  | 8.13%  | 1.72%  |
| **Ratios to Average Net Assets** <sup>C,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | .39%  | .39%  | .37%  | .39%  | .39% <sup>I</sup>  |
| Expenses net of fee waivers, if any  | .39%  | .39%  | .37%  | .39%  | .39% <sup>I</sup>  |
| Expenses net of all reductions  | .39%  | .39%  | .37%  | .39%  | .38% <sup>I</sup>  |
| Net investment income (loss)  | 1.72%  | .94%  | 1.40%  | 2.48%  | 2.76% <sup>I</sup>  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $185497  | $227058  | $215977  | $1167  | $1006  |
| Portfolio turnover rate <sup>J</sup>  | 33%  | 138%  | 101%  | 81%  | 168% <sup>I</sup>  |

---

<sup>A</sup> *For the period April 19, 2018 (commencement of operations) through December 31, 2018.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>H</sup> *Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

<sup>I</sup> *Annualized.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Notes to Financial Statements**

For the period ended December 31, 2022

**1. Organization.**

VIP 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 Ratio** <sup>A</sup>  |
| Fidelity Money Market Central Funds  | Fidelity Management & Research Company LLC (FMR)  | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.  | Short-term Investments  | Less than .005%  |

---

<sup>A</sup> *Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies* . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

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, supranational 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, 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, 2022 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. 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, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to 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**  | $577968  |
| **Gross unrealized depreciation**  | <u>(99183347)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$(98605379)</u>  |
| **Tax Cost**  | <u>$749100781</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$2410327</u>  |
| **Capital loss carryforward**  | <u>$(12192214)</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(98605379)</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  | $(5859437)  |
| Long-term  | <u>(6332777)</u>  |
| **Total capital loss carryforward**  | <u>$(12192214)</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022**  | **December 31, 2021**  |
| **Ordinary Income**  | <u>$10947690</u>  | <u>$6766346</u>  |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**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**  | 30883034  | 22827748  |

---

**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**  | $2187  |
| **Service Class 2**  | <u>495446</u>  |
|  | <u>$497633</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**  | $228397  |
| **Service Class**  | 1094  |
| **Service Class 2**  | <u>99089</u>  |
|  | <u>$328580</u>  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

**7. 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 $398.

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2022**  | **Year ended** **December 31, 2021**  |
| **VIP Bond Index Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $8073922  | $4980718  |
| Service Class  | 37032  | 21882  |
| Service Class 2  | <u>2836736</u>  | <u>1763746</u>  |
| Total  | <u>$10947690</u>  | <u>$6766346</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 December 31, 2022**  | **Year ended December 31, 2021**  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  |
| **VIP Bond Index Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 9678037  | 18226484  | $94186424  | $202928648  |
| Reinvestment of distributions  | 839583  | 449929  | 8073922  | 4980718  |
| Shares redeemed  | <u>(8075341)</u>  | <u>(22251821)</u>  | <u>(80837184)</u>  | <u>(246900783)</u>  |
| Net increase (decrease)  | <u>2442279</u>  | <u>(3575408)</u>  | <u>$21423162</u>  | <u>$(38991417)</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 523608  | 256218  | $5286095  | $2857806  |
| Reinvestment of distributions  | 3705  | 1881  | 35483  | 20847  |
| Shares redeemed  | <u>(443381)</u>  | <u>(56248)</u>  | <u>(4614624)</u>  | <u>(627376)</u>  |
| Net increase (decrease)  | <u>83932</u>  | <u>201851</u>  | <u>$706954</u>  | <u>$2251277</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 3433019  | 4874226  | $33987127  | $54057998  |
| Reinvestment of distributions  | 295508  | 159688  | 2835428  | 1762956  |
| Shares redeemed  | <u>(4614007)</u>  | <u>(3438112)</u>  | <u>(45870012)</u>  | <u>(38091762)</u>  |
| Net increase (decrease)  | <u>(885480)</u>  | <u>1595802</u>  | <u>$(9047457)</u>  | <u>$17729192</u>  |

---

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Affiliated %**  | **Number ofUnaffiliated Shareholders**  | **Unaffiliated Shareholders %**  |
| VIP Bond Index Portfolio  | 60%  | 1  | 35%  |

---

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund 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, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of two years in the period then ended, the financial highlights for each of the four years in the period then ended and for the period from April 19, 2018 (commencement of operations) through December 31, 2018, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from April 19, 2018 (commencement of operations) through December 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 10, 2023

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 295 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity <sup>®</sup> funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity <sup>®</sup> funds (2001-2005), and managed a number of Fidelity <sup>®</sup> funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity <sup>®</sup> funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2013-2016).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity <sup>®</sup> funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Mr. Johnson also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity <sup>®</sup> funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity <sup>®</sup> funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2016).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Laura M. Bishop (1961)

Year of Election or Appointment: 2022

Member of the Advisory Board

Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Christopher M. Gouveia (1973)

Year of Election or Appointment: 2023

Chief Compliance Officer

Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia serves as Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jamie Pagliocco (1964)

Year of Election or Appointment: 2020

Vice President

Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer - Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **VIP Bond Index Portfolio**  |  |  |  |  |
| **Initial Class**  | .14%  |  |  |  |
| **Actual**  |  | $1000  | $968.90  | $.69  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.50  | $.71  |
| **Service Class**  | .24%  |  |  |  |
| **Actual**  |  | $1000  | $968.30  | $1.19  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.00  | $1.22  |
| **Service Class 2**  | .39%  |  |  |  |
| **Actual**  |  | $1000  | $967.60  | $1.93  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.24  | $1.99  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

A total of 29.19% 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 $6,766,347 of distributions paid in the calendar year 2021 as qualifying to be taxed as section 163(j) interest dividends.

**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), votes on the renewal of the 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 has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The 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 funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class); (iii) the total costs of the services provided by and the profits realized by 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.

In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

**Nature, Extent, and Quality of Services Provided.** The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. 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. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds throughout the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

<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 the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services.</u> The Board considered (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, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual 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, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds, ETFs, and share classes with innovative structures, strategies and pricing and making other enhancements to meet investor needs; (iv) broadening eligibility requirements for certain funds and share classes; (v) reducing management fees and total expenses for certain funds and classes; (vi) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (vii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (viii) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (ix) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

<u>Investment Performance</u> . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about 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 considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index.

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) compared to the fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; and fund cash flows and other factors. 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 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 considered the fund's management fee and total expense ratio compared to selected groups of competitive funds and classes (referred to as "mapped groups" below) for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. Combining funds with similar investment objective categories aids the Board's comparison of management fees and total expense ratios by broadening the competitive group used for such comparison.

<u>Management Fee.</u> The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

![](img88170_8.jpg)

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2021.

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.

<u>Total Expense Ratio.</u> In its review of the total expense ratio of the representative class (Initial Class) of the fund, 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 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 the fund. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the similar sales load structure group that are similar in size and management fee structure. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the total net expense ratio of the Initial Class ranked below the similar sales load structure group competitive median for 2021 and above the ASPG competitive median for 2021.

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 of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and 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 and the full Board approves such changes.

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 mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. 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 Economies of Scale 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) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent, pricing and bookkeeping fees, expense and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) 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. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

![](img88170_2.jpg) <br>

1.9887310.104 VUSB-ANN-0323

Item 2.

<u>Code of Ethics</u>

As of the end of the period, December 31, 2022, 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 Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Acton 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 Growth Portfolio, VIP Asset Manager Portfolio, VIP Bond Index Portfolio, VIP Freedom 2005 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 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 and VIP Investment Grade Bond Portfolio II (the "Funds"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>December 31, 2022 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| VIP Asset Manager Growth Portfolio | $32900  | $- | $6900  | $800  |
| VIP Asset Manager Portfolio | $33600  | $- | $11300  | $900  |
| VIP Bond Index Portfolio | $69000  | $- | $9200  | $1600  |
| VIP Freedom 2005 Portfolio | $17700  | $- | $6900  | $500  |
| VIP Freedom 2010 Portfolio | $17700  | $- | $6900  | $500  |
| VIP Freedom 2015 Portfolio | $17700  | $- | $6900  | $500  |
| VIP Freedom 2020 Portfolio | $17700  | $- | $6900  | $500  |
| VIP Freedom 2025 Portfolio | $17700  | $- | $6900  | $500  |
| VIP Freedom 2030 Portfolio | $17700  | $- | $6900  | $500  |
| VIP Freedom 2035 Portfolio | $17700  | $- | $6900  | $500  |
| VIP Freedom 2040 Portfolio | $17700  | $- | $6900  | $500  |
| VIP Freedom 2045 Portfolio | $17700  | $- | $6900  | $500  |
| VIP Freedom 2050 Portfolio | $17700  | $- | $6900  | $500  |
| VIP Freedom 2055 Portfolio | $17700  | $- | $7000  | $500  |
| VIP Freedom 2060 Portfolio | $17700  | $- | $7000  | $500  |
| VIP Freedom 2065 Portfolio | $17700  | $- | $7000  | $500  |
| VIP Freedom Income Portfolio | $17700  | $- | $6900  | $500  |
| VIP Freedom Lifetime Income I Portfolio | $15500  | $- | $6900  | $400  |
| VIP Freedom Lifetime Income II Portfolio | $15500  | $- | $6900  | $400  |
| VIP Freedom Lifetime Income III Portfolio | $15500  | $- | $6900  | $400  |
| VIP Investment Grade Bond Portfolio | $37600  | $- | $9100  | $900  |
| VIP Investment Grade Bond Portfolio II | $30900  | $- | $9200  | $500  |

---

**<u>December 31, 2021 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| VIP Asset Manager Growth Portfolio | $32100  | $- | $7200  | $800  |
| VIP Asset Manager Portfolio | $32700  | $- | $11400  | $900  |
| VIP Bond Index Portfolio | $67200  | $- | $9400  | $1500  |
| VIP Freedom 2005 Portfolio | $17200  | $- | $6900  | $500  |
| VIP Freedom 2010 Portfolio | $17200  | $- | $6700  | $500  |
| VIP Freedom 2015 Portfolio | $17200  | $- | $6700  | $500  |
| VIP Freedom 2020 Portfolio | $17200  | $- | $6700  | $500  |
| VIP Freedom 2025 Portfolio | $17200  | $- | $6700  | $500  |
| VIP Freedom 2030 Portfolio | $17200  | $- | $6700  | $500  |
| VIP Freedom 2035 Portfolio | $17200  | $- | $6700  | $500  |
| VIP Freedom 2040 Portfolio | $17200  | $- | $6700  | $500  |
| VIP Freedom 2045 Portfolio | $17200  | $- | $6700  | $500  |
| VIP Freedom 2050 Portfolio | $17200  | $- | $6700  | $500  |
| VIP Freedom 2055 Portfolio | $17300  | $- | $7000  | $500  |
| VIP Freedom 2060 Portfolio | $18400  | $- | $6800  | $500  |
| VIP Freedom 2065 Portfolio | $17300  | $- | $7000  | $500  |
| VIP Freedom Income Portfolio | $17200  | $- | $6700  | $500  |
| VIP Freedom Lifetime Income I Portfolio | $15100  | $- | $6900  | $400  |
| VIP Freedom Lifetime Income II Portfolio | $15100  | $- | $6900  | $400  |
| VIP Freedom Lifetime Income III Portfolio | $15100  | $- | $6900  | $400  |
| VIP Investment Grade Bond Portfolio | $35300  | $- | $9100  | $900  |
| VIP Investment Grade Bond Portfolio II | $- | $- | $- | $- |

---

<sup>A</sup> Amounts may reflect rounding.

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to VIP FundsManager 20% 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 2005 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 Income Portfolio, VIP Strategic Income Portfolio and VIP Target Volatility Portfolio (the "Funds"):

**<u>Services Billed by PwC</u>**

**<u>December 31, 2022 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| VIP FundsManager 20% Portfolio | $29400  | $2100  | $6900  | $900  |
| VIP FundsManager 50% Portfolio | $29400  | $2100  | $6200  | $900  |
| VIP FundsManager 60% Portfolio | $29400  | $2100  | $6200  | $900  |
| VIP FundsManager 70% Portfolio | $29400  | $2100  | $6200  | $900  |
| VIP FundsManager 85% Portfolio | $29400  | $2100  | $6200  | $900  |
| VIP Government Money Market Portfolio | $40700  | $3100  | $2000  | $1400  |
| VIP Investor Freedom 2005 Portfolio | $14800  | $1500  | $5400  | $600  |
| VIP Investor Freedom 2010 Portfolio | $14800  | $1500  | $5400  | $600  |
| VIP Investor Freedom 2015 Portfolio | $14800  | $1500  | $5400  | $600  |
| VIP Investor Freedom 2020 Portfolio | $14800  | $1500  | $5400  | $600  |
| VIP Investor Freedom 2025 Portfolio | $14800  | $1500  | $5400  | $600  |
| VIP Investor Freedom 2030 Portfolio | $14800  | $1500  | $5400  | $600  |
| VIP Investor Freedom Income Portfolio | $14800  | $1500  | $5400  | $600  |
| VIP Strategic Income Portfolio | $88400  | $7100  | $10100  | $3200  |
| VIP Target Volatility Portfolio | $31100  | $2300  | $6600  | $1000  |

---

**<u>December 31, 2021 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| VIP FundsManager 20% Portfolio | $28700  | $2300  | $6000  | $1000  |
| VIP FundsManager 50% Portfolio | $28700  | $2300  | $6000  | $1000  |
| VIP FundsManager 60% Portfolio | $28700  | $2300  | $6000  | $1000  |
| VIP FundsManager 70% Portfolio | $28700  | $2300  | $6000  | $1000  |
| VIP FundsManager 85% Portfolio | $28700  | $2300  | $6000  | $1000  |
| VIP Government Money Market Portfolio | $39700  | $3300  | $1900  | $1400  |
| VIP Investor Freedom 2005 Portfolio | $14400  | $1600  | $5200  | $700  |
| VIP Investor Freedom 2010 Portfolio | $14400  | $1600  | $5200  | $700  |
| VIP Investor Freedom 2015 Portfolio | $14400  | $1600  | $5200  | $700  |
| VIP Investor Freedom 2020 Portfolio | $14400  | $1600  | $5200  | $700  |
| VIP Investor Freedom 2025 Portfolio | $14400  | $1600  | $5200  | $700  |
| VIP Investor Freedom 2030 Portfolio | $14400  | $1600  | $5200  | $700  |
| VIP Investor Freedom Income Portfolio | $14400  | $1600  | $5200  | $700  |
| VIP Strategic Income Portfolio | $88400  | $7600  | $10800  | $3300  |
| VIP Target Volatility Portfolio | $25300  | $2400  | $5400  | $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>**

---

| | | |
|:---|:---|:---|
|  | **<u>December 31, 2022</u><sup>A</sup>** | **<u>December 31, 2021</u><sup>A</sup>** |
| Audit-Related Fees | $- | $- |
| Tax Fees | $- | $- |
| All Other Fees | $- | $- |

---

<sup>A</sup> Amounts may reflect rounding.

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | **<u>December 31, 2022</u><sup>A</sup>** | **<u>December 31, 2021</u><sup>A</sup>** |
| Audit-Related Fees | $7914600  | $8522600  |
| Tax Fees | $1000  | $354200  |
| All Other Fees | $-  | $-  |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| **<u>Billed By</u>** | **<u>December 31, 2022</u><sup>A</sup>** | **<u>December 31, 2021</u><sup>A</sup>** |
| Deloitte Entities | $633800  | $686400  |
| PwC | $13019000  | $14255700  |

---

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 8.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 9.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 10.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 11.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the

period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 12.

<u>Disclosure of Securities Lending Activities for Closed-End Management</u>

<u>Investment Companies</u>

Not applicable.

Item 13.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH](code.htm) .

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT](ex99cert.htm) .

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT](ex99906cert.htm) .

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Variable Insurance Products Fund V

---

| | |
|:---|:---|
| By: | <u>/s/Laura M. Del Prato</u> |
|  | Laura M. Del Prato |
|  | President and Treasurer |
| Date: | February 21, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/Laura M. Del Prato</u> |
|  | Laura M. Del Prato |
|  | President and Treasurer |
| Date: | February 21, 2023 |

---

---

| | |
|:---|:---|
| By: | <u>/s/John J. Burke III</u> |
|  | John J. Burke III |
|  | Chief Financial Officer |
| Date: | February 21, 2023 |

---

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Exhibit EX-99.CERT</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I, Laura M. Del Prato, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Variable Insurance Products Fund V;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant 's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant 's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 21, 2023

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/Laura M. Del Prato</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laura M. Del Prato  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Treasurer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I, John J. Burke III, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Variable Insurance Products Fund V;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant 's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant 's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 21, 2023

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/John J. Burke III</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John J. Burke III  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

## Exhibit 99.906

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit EX-99.906CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with the attached Report of Variable Insurance Products Fund 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;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated: February 21, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/Laura M. Del Prato</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laura M. Del Prato  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Treasurer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated: February 21, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/John J. Burke III</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John J. Burke III  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

## Ex-99.Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EXHIBIT EX-99.CODE ETH** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FIDELITY FUNDS' CODE OF ETHICS FOR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **I. Purposes of the Code/Covered Officers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to the provisions of Rule 30b2-1(a) under the Investment Company Act of 1940), which Rule implements Sections 406 of the Sarbanes-Oxley Act of 2002 with respect to registered investment companies. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, a part of Corporate Compliance Group within Core Compliance, administers the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **II.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Covered Officers Should Handle Ethically** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Actual and Apparent Conflicts of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company), and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* \* \*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **III. Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **IV. Reporting and Accountability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that he or she has received, read, and understands the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; notify the Fidelity Ethics Office promptly if he or she knows of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Chief Ethics Officer retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **V. Oversight** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material violations of this Code will be reported promptly by FMR to the Board's Compliance Committee. In addition, at least once each year, FMR will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **VI. Other Policies and Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others), and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **VII. Amendments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **VIII. Records and Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>