Variable Insurance Products Fund Ii NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05511

Variable Insurance Products Fund II

(Exact name of registrant as specified in charter)

245 Summer St., Boston, MA 02210

(Address of principal executive offices) (Zip code)

Margaret Carey, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000


Date of fiscal year end:	December 31

Date of reporting period:	June 30, 2024

Item 1.

Reports to Stockholders


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP International Capital Appreciation Portfolio VIP International Capital Appreciation Portfolio Service Class 2 true

This semi-annual shareholder report contains information about VIP International Capital Appreciation Portfolio for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2	$ 54	1.04%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$686,620,472
Number of Holdings	64
Portfolio Turnover	77%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Industrials	27.4
Information Technology	21.9
Financials	20.6
Consumer Discretionary	11.5
Health Care	6.0
Materials	5.9
Consumer Staples	3.0
Communication Services	1.6

Common Stocks	97.9
Short-Term Investments and Net Other Assets (Liabilities)	2.1

ASSET ALLOCATION (% of Fund's net assets)

United States	17.1
France	14.1
United Kingdom	13.2
Canada	9.0
India	8.3
Japan	7.8
Netherlands	6.4
Switzerland	4.7
Taiwan	4.4
Others	15.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Taiwan Semiconductor Manufacturing Co Ltd	4.4
Novo Nordisk A/S Series B	3.2
ASML Holding NV	3.1
SAP SE	2.3
LVMH Moet Hennessy Louis Vuitton SE	2.3
Schneider Electric SE	2.0
HDFC Bank Ltd/Gandhinagar	1.9
Constellation Software Inc/Canada	1.8
RELX PLC	1.8
ICICI Bank Ltd	1.7
	24.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916067.100 1392-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Emerging Markets Portfolio VIP Emerging Markets Portfolio Initial Class true

This semi-annual shareholder report contains information about VIP Emerging Markets Portfolio for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 46	0.89%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$1,089,799,271
Number of Holdings	53
Portfolio Turnover	53%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Financials	21.7
Information Technology	19.8
Consumer Discretionary	12.6
Industrials	10.1
Materials	9.9
Communication Services	9.7
Health Care	4.5
Consumer Staples	4.5
Energy	4.3

Common Stocks	97.1
Short-Term Investments and Net Other Assets (Liabilities)	2.9

ASSET ALLOCATION (% of Fund's net assets)

China	28.3
Taiwan	15.2
Korea (South)	13.6
India	9.7
South Africa	5.0
Brazil	4.2
Mexico	3.4
United States	2.9
Greece	2.7
Others	15.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Taiwan Semiconductor Manufacturing Co Ltd	10.3
Tencent Holdings Ltd	7.9
Samsung Electronics Co Ltd	7.5
China Life Insurance Co Ltd H Shares	3.1
Haier Smart Home Co Ltd A Shares (China)	2.9
National Bank of Greece SA	2.7
Barrick Gold Corp (United States)	2.7
Korea Aerospace Industries Ltd	2.6
Wal-Mart de Mexico SAB de CV	2.5
Meituan B Shares	2.3
	44.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916127.100 2021-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP International Index Portfolio VIP International Index Portfolio Service Class 2 true

This semi-annual shareholder report contains information about VIP International Index Portfolio for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2	$ 21	0.42%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$592,363,724
Number of Holdings	2,265
Portfolio Turnover	5%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Financials	21.8
Industrials	14.0
Information Technology	13.5
Consumer Discretionary	10.3
Health Care	8.4
Materials	6.7
Consumer Staples	6.4
Energy	5.0
Communication Services	5.0
Utilities	2.8
Real Estate	1.7

Common Stocks	95.2
Preferred Stocks	0.4
Short-Term Investments and Net Other Assets (Liabilities)	4.4

ASSET ALLOCATION (% of Fund's net assets)

Japan	16.3
United States	10.3
United Kingdom	6.8
Canada	6.8
Taiwan	5.7
China	5.7
France	5.2
Germany	4.8
Australia	4.7
Others	33.7

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Taiwan Semiconductor Manufacturing Co Ltd	2.6
Novo Nordisk A/S Series B	1.7
ASML Holding NV	1.5
Samsung Electronics Co Ltd	1.1
Tencent Holdings Ltd	1.1
Nestle SA	1.0
Toyota Motor Corp	1.0
Astrazeneca PLC	0.8
Shell PLC	0.8
Novartis AG	0.8
	12.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916177.100 3075-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Disciplined Small Cap Portfolio VIP Disciplined Small Cap Portfolio Investor Class true

This semi-annual shareholder report contains information about VIP Disciplined Small Cap Portfolio for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 22	0.43%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$386,290,940
Number of Holdings	561
Portfolio Turnover	87%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Industrials	19.1
Financials	15.2
Information Technology	15.1
Health Care	15.0
Consumer Discretionary	10.3
Energy	6.1
Materials	5.0
Real Estate	4.4
Consumer Staples	3.5
Communication Services	2.9
Utilities	2.1

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

ASSET ALLOCATION (% of Fund's net assets)

United States	97.0
Thailand	0.9
Ireland	0.8
Puerto Rico	0.6
Monaco	0.3
Canada	0.3
Norway	0.1
Bermuda	0.0
Israel	0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Abercrombie & Fitch Co Class A	1.0
Fabrinet	0.9
SPS Commerce Inc	0.9
Carpenter Technology Corp	0.9
Applied Industrial Technologies Inc	0.8
Taylor Morrison Home Corp	0.8
Murphy Oil Corp	0.8
EnerSys	0.8
Sanmina Corp	0.8
Belden Inc	0.7
	8.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916103.100 1532-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Contrafund℠ Portfolio VIP Contrafund℠ Portfolio Initial Class true

This semi-annual shareholder report contains information about VIP Contrafund℠ Portfolio for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 32	0.57%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$24,513,609,977
Number of Holdings	374
Portfolio Turnover	28%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Information Technology	31.8
Communication Services	16.7
Health Care	13.5
Financials	12.4
Consumer Discretionary	10.6
Industrials	8.1
Consumer Staples	2.2
Energy	1.8
Materials	1.2
Utilities	0.7

Common Stocks	98.3
Preferred Stocks	0.7
Preferred Securities	0.0
Short-Term Investments and Net Other Assets (Liabilities)	1.0

ASSET ALLOCATION (% of Fund's net assets)

United States	96.8
Canada	1.3
Korea (South)	0.4
Switzerland	0.2
United Kingdom	0.2
Netherlands	0.2
Taiwan	0.2
China	0.2
Brazil	0.1
Others	0.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	9.6
Microsoft Corp	9.0
Meta Platforms Inc Class A	8.0
Alphabet Inc Class C	6.5
Amazon.com Inc	5.0
Apple Inc	4.4
Eli Lilly & Co	4.2
Berkshire Hathaway Inc Class B	4.0
Netflix Inc	1.6
Regeneron Pharmaceuticals Inc	1.6
	53.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915968.100 158-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Emerging Markets Portfolio VIP Emerging Markets Portfolio Service Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class	$ 53	1.01%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$1,089,799,271
Number of Holdings	53
Portfolio Turnover	53%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Financials	21.7
Information Technology	19.8
Consumer Discretionary	12.6
Industrials	10.1
Materials	9.9
Communication Services	9.7
Health Care	4.5
Consumer Staples	4.5
Energy	4.3

Common Stocks	97.1
Short-Term Investments and Net Other Assets (Liabilities)	2.9

ASSET ALLOCATION (% of Fund's net assets)

China	28.3
Taiwan	15.2
Korea (South)	13.6
India	9.7
South Africa	5.0
Brazil	4.2
Mexico	3.4
United States	2.9
Greece	2.7
Others	15.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Taiwan Semiconductor Manufacturing Co Ltd	10.3
Tencent Holdings Ltd	7.9
Samsung Electronics Co Ltd	7.5
China Life Insurance Co Ltd H Shares	3.1
Haier Smart Home Co Ltd A Shares (China)	2.9
National Bank of Greece SA	2.7
Barrick Gold Corp (United States)	2.7
Korea Aerospace Industries Ltd	2.6
Wal-Mart de Mexico SAB de CV	2.5
Meituan B Shares	2.3
	44.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916128.100 2022-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Emerging Markets Portfolio VIP Emerging Markets Portfolio Service Class 2 true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2	$ 60	1.15%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$1,089,799,271
Number of Holdings	53
Portfolio Turnover	53%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Financials	21.7
Information Technology	19.8
Consumer Discretionary	12.6
Industrials	10.1
Materials	9.9
Communication Services	9.7
Health Care	4.5
Consumer Staples	4.5
Energy	4.3

Common Stocks	97.1
Short-Term Investments and Net Other Assets (Liabilities)	2.9

ASSET ALLOCATION (% of Fund's net assets)

China	28.3
Taiwan	15.2
Korea (South)	13.6
India	9.7
South Africa	5.0
Brazil	4.2
Mexico	3.4
United States	2.9
Greece	2.7
Others	15.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Taiwan Semiconductor Manufacturing Co Ltd	10.3
Tencent Holdings Ltd	7.9
Samsung Electronics Co Ltd	7.5
China Life Insurance Co Ltd H Shares	3.1
Haier Smart Home Co Ltd A Shares (China)	2.9
National Bank of Greece SA	2.7
Barrick Gold Corp (United States)	2.7
Korea Aerospace Industries Ltd	2.6
Wal-Mart de Mexico SAB de CV	2.5
Meituan B Shares	2.3
	44.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916129.100 2023-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Extended Market Index Portfolio VIP Extended Market Index Portfolio Service Class 2 true

This semi-annual shareholder report contains information about VIP Extended Market Index Portfolio for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2	$ 19	0.38%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$224,779,763
Number of Holdings	2,113
Portfolio Turnover	18%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Industrials	19.7
Financials	16.0
Consumer Discretionary	12.6
Health Care	12.2
Information Technology	11.4
Real Estate	6.4
Materials	5.2
Energy	5.0
Consumer Staples	4.0
Communication Services	3.0
Utilities	2.4

Common Stocks	97.9
Short-Term Investments and Net Other Assets (Liabilities)	2.1

ASSET ALLOCATION (% of Fund's net assets)

United States	98.2
United Kingdom	0.4
Puerto Rico	0.3
Bermuda	0.2
Thailand	0.2
Sweden	0.1
Belgium	0.1
Switzerland	0.1
Monaco	0.1
Others	0.3

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Pure Storage Inc Class A	0.4
EMCOR Group Inc	0.4
Lennox International Inc	0.4
Owens Corning	0.4
Manhattan Associates Inc	0.4
Eqt Corp	0.4
United Therapeutics Corp	0.4
Sarepta Therapeutics Inc	0.4
Watsco Inc	0.4
NRG Energy Inc	0.3
	3.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916174.100 3073-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Extended Market Index Portfolio VIP Extended Market Index Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 7	0.13%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$224,779,763
Number of Holdings	2,113
Portfolio Turnover	18%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Industrials	19.7
Financials	16.0
Consumer Discretionary	12.6
Health Care	12.2
Information Technology	11.4
Real Estate	6.4
Materials	5.2
Energy	5.0
Consumer Staples	4.0
Communication Services	3.0
Utilities	2.4

Common Stocks	97.9
Short-Term Investments and Net Other Assets (Liabilities)	2.1

ASSET ALLOCATION (% of Fund's net assets)

United States	98.2
United Kingdom	0.4
Puerto Rico	0.3
Bermuda	0.2
Thailand	0.2
Sweden	0.1
Belgium	0.1
Switzerland	0.1
Monaco	0.1
Others	0.3

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Pure Storage Inc Class A	0.4
EMCOR Group Inc	0.4
Lennox International Inc	0.4
Owens Corning	0.4
Manhattan Associates Inc	0.4
Eqt Corp	0.4
United Therapeutics Corp	0.4
Sarepta Therapeutics Inc	0.4
Watsco Inc	0.4
NRG Energy Inc	0.3
	3.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916173.100 3072-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Total Market Index Portfolio VIP Total Market Index Portfolio Initial Class true

This semi-annual shareholder report contains information about VIP Total Market Index Portfolio for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 6	0.12%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$1,015,957,312
Number of Holdings	2,622
Portfolio Turnover	2%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Information Technology	30.1
Financials	12.6
Health Care	11.4
Consumer Discretionary	9.9
Industrials	9.1
Communication Services	8.5
Consumer Staples	5.3
Energy	3.6
Real Estate	2.5
Materials	2.4
Utilities	2.1

Common Stocks	97.5
Short-Term Investments and Net Other Assets (Liabilities)	2.5

ASSET ALLOCATION (% of Fund's net assets)

United States	99.8
China	0.2
United Kingdom	0.0
Canada	0.0
Puerto Rico	0.0
Bermuda	0.0
Thailand	0.0
Sweden	0.0
Belgium	0.0
Others	0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Microsoft Corp	6.3
NVIDIA Corp	5.8
Apple Inc	5.7
Amazon.com Inc	3.3
Meta Platforms Inc Class A	2.2
Alphabet Inc Class A	2.0
Alphabet Inc Class C	1.7
Berkshire Hathaway Inc Class B	1.5
Eli Lilly & Co	1.4
Broadcom Inc	1.4
	31.3

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916179.100 3076-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Disciplined Small Cap Portfolio VIP Disciplined Small Cap Portfolio Service Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class	$ 24	0.47%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$386,290,940
Number of Holdings	561
Portfolio Turnover	87%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Industrials	19.1
Financials	15.2
Information Technology	15.1
Health Care	15.0
Consumer Discretionary	10.3
Energy	6.1
Materials	5.0
Real Estate	4.4
Consumer Staples	3.5
Communication Services	2.9
Utilities	2.1

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

ASSET ALLOCATION (% of Fund's net assets)

United States	97.0
Thailand	0.9
Ireland	0.8
Puerto Rico	0.6
Monaco	0.3
Canada	0.3
Norway	0.1
Bermuda	0.0
Israel	0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Abercrombie & Fitch Co Class A	1.0
Fabrinet	0.9
SPS Commerce Inc	0.9
Carpenter Technology Corp	0.9
Applied Industrial Technologies Inc	0.8
Taylor Morrison Home Corp	0.8
Murphy Oil Corp	0.8
EnerSys	0.8
Sanmina Corp	0.8
Belden Inc	0.7
	8.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916101.100 1530-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP International Index Portfolio VIP International Index Portfolio Service Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class	$ 14	0.27%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$592,363,724
Number of Holdings	2,265
Portfolio Turnover	5%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Financials	21.8
Industrials	14.0
Information Technology	13.5
Consumer Discretionary	10.3
Health Care	8.4
Materials	6.7
Consumer Staples	6.4
Energy	5.0
Communication Services	5.0
Utilities	2.8
Real Estate	1.7

Common Stocks	95.2
Preferred Stocks	0.4
Short-Term Investments and Net Other Assets (Liabilities)	4.4

ASSET ALLOCATION (% of Fund's net assets)

Japan	16.3
United States	10.3
United Kingdom	6.8
Canada	6.8
Taiwan	5.7
China	5.7
France	5.2
Germany	4.8
Australia	4.7
Others	33.7

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Taiwan Semiconductor Manufacturing Co Ltd	2.6
Novo Nordisk A/S Series B	1.7
ASML Holding NV	1.5
Samsung Electronics Co Ltd	1.1
Tencent Holdings Ltd	1.1
Nestle SA	1.0
Toyota Motor Corp	1.0
Astrazeneca PLC	0.8
Shell PLC	0.8
Novartis AG	0.8
	12.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916175.100 1017-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Extended Market Index Portfolio VIP Extended Market Index Portfolio Service Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class	$ 12	0.23%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$224,779,763
Number of Holdings	2,113
Portfolio Turnover	18%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Industrials	19.7
Financials	16.0
Consumer Discretionary	12.6
Health Care	12.2
Information Technology	11.4
Real Estate	6.4
Materials	5.2
Energy	5.0
Consumer Staples	4.0
Communication Services	3.0
Utilities	2.4

Common Stocks	97.9
Short-Term Investments and Net Other Assets (Liabilities)	2.1

ASSET ALLOCATION (% of Fund's net assets)

United States	98.2
United Kingdom	0.4
Puerto Rico	0.3
Bermuda	0.2
Thailand	0.2
Sweden	0.1
Belgium	0.1
Switzerland	0.1
Monaco	0.1
Others	0.3

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Pure Storage Inc Class A	0.4
EMCOR Group Inc	0.4
Lennox International Inc	0.4
Owens Corning	0.4
Manhattan Associates Inc	0.4
Eqt Corp	0.4
United Therapeutics Corp	0.4
Sarepta Therapeutics Inc	0.4
Watsco Inc	0.4
NRG Energy Inc	0.3
	3.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916172.100 1016-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Disciplined Small Cap Portfolio VIP Disciplined Small Cap Portfolio Service Class 2 true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2	$ 31	0.62%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$386,290,940
Number of Holdings	561
Portfolio Turnover	87%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Industrials	19.1
Financials	15.2
Information Technology	15.1
Health Care	15.0
Consumer Discretionary	10.3
Energy	6.1
Materials	5.0
Real Estate	4.4
Consumer Staples	3.5
Communication Services	2.9
Utilities	2.1

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

ASSET ALLOCATION (% of Fund's net assets)

United States	97.0
Thailand	0.9
Ireland	0.8
Puerto Rico	0.6
Monaco	0.3
Canada	0.3
Norway	0.1
Bermuda	0.0
Israel	0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Abercrombie & Fitch Co Class A	1.0
Fabrinet	0.9
SPS Commerce Inc	0.9
Carpenter Technology Corp	0.9
Applied Industrial Technologies Inc	0.8
Taylor Morrison Home Corp	0.8
Murphy Oil Corp	0.8
EnerSys	0.8
Sanmina Corp	0.8
Belden Inc	0.7
	8.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916102.100 1531-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Contrafund℠ Portfolio VIP Contrafund℠ Portfolio Investor Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 36	0.65%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$24,513,609,977
Number of Holdings	374
Portfolio Turnover	28%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Information Technology	31.8
Communication Services	16.7
Health Care	13.5
Financials	12.4
Consumer Discretionary	10.6
Industrials	8.1
Consumer Staples	2.2
Energy	1.8
Materials	1.2
Utilities	0.7

Common Stocks	98.3
Preferred Stocks	0.7
Preferred Securities	0.0
Short-Term Investments and Net Other Assets (Liabilities)	1.0

ASSET ALLOCATION (% of Fund's net assets)

United States	96.8
Canada	1.3
Korea (South)	0.4
Switzerland	0.2
United Kingdom	0.2
Netherlands	0.2
Taiwan	0.2
China	0.2
Brazil	0.1
Others	0.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	9.6
Microsoft Corp	9.0
Meta Platforms Inc Class A	8.0
Alphabet Inc Class C	6.5
Amazon.com Inc	5.0
Apple Inc	4.4
Eli Lilly & Co	4.2
Berkshire Hathaway Inc Class B	4.0
Netflix Inc	1.6
Regeneron Pharmaceuticals Inc	1.6
	53.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915967.100 1459-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Emerging Markets Portfolio VIP Emerging Markets Portfolio Investor Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 51	0.97%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$1,089,799,271
Number of Holdings	53
Portfolio Turnover	53%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Financials	21.7
Information Technology	19.8
Consumer Discretionary	12.6
Industrials	10.1
Materials	9.9
Communication Services	9.7
Health Care	4.5
Consumer Staples	4.5
Energy	4.3

Common Stocks	97.1
Short-Term Investments and Net Other Assets (Liabilities)	2.9

ASSET ALLOCATION (% of Fund's net assets)

China	28.3
Taiwan	15.2
Korea (South)	13.6
India	9.7
South Africa	5.0
Brazil	4.2
Mexico	3.4
United States	2.9
Greece	2.7
Others	15.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Taiwan Semiconductor Manufacturing Co Ltd	10.3
Tencent Holdings Ltd	7.9
Samsung Electronics Co Ltd	7.5
China Life Insurance Co Ltd H Shares	3.1
Haier Smart Home Co Ltd A Shares (China)	2.9
National Bank of Greece SA	2.7
Barrick Gold Corp (United States)	2.7
Korea Aerospace Industries Ltd	2.6
Wal-Mart de Mexico SAB de CV	2.5
Meituan B Shares	2.3
	44.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916130.100 2024-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Contrafund℠ Portfolio VIP Contrafund℠ Portfolio Service Class 2 true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2	$ 46	0.82%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$24,513,609,977
Number of Holdings	374
Portfolio Turnover	28%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Information Technology	31.8
Communication Services	16.7
Health Care	13.5
Financials	12.4
Consumer Discretionary	10.6
Industrials	8.1
Consumer Staples	2.2
Energy	1.8
Materials	1.2
Utilities	0.7

Common Stocks	98.3
Preferred Stocks	0.7
Preferred Securities	0.0
Short-Term Investments and Net Other Assets (Liabilities)	1.0

ASSET ALLOCATION (% of Fund's net assets)

United States	96.8
Canada	1.3
Korea (South)	0.4
Switzerland	0.2
United Kingdom	0.2
Netherlands	0.2
Taiwan	0.2
China	0.2
Brazil	0.1
Others	0.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	9.6
Microsoft Corp	9.0
Meta Platforms Inc Class A	8.0
Alphabet Inc Class C	6.5
Amazon.com Inc	5.0
Apple Inc	4.4
Eli Lilly & Co	4.2
Berkshire Hathaway Inc Class B	4.0
Netflix Inc	1.6
Regeneron Pharmaceuticals Inc	1.6
	53.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915969.100 365-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Index 500 Portfolio VIP Index 500 Portfolio Service Class 2 true

This semi-annual shareholder report contains information about VIP Index 500 Portfolio for the period January 1, 2024 to June 30, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2	$ 19	0.35%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$15,544,020,060
Number of Holdings	507
Portfolio Turnover	3%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Information Technology	32.3
Financials	12.4
Health Care	11.6
Consumer Discretionary	9.9
Communication Services	9.3
Industrials	8.1
Consumer Staples	5.7
Energy	3.6
Utilities	2.2
Materials	2.1
Real Estate	2.1

Common Stocks	99.3
Short-Term Investments and Net Other Assets (Liabilities)	0.7

ASSET ALLOCATION (% of Fund's net assets)

United States	99.9
China	0.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Microsoft Corp	7.3
NVIDIA Corp	6.7
Apple Inc	6.6
Amazon.com Inc	3.8
Meta Platforms Inc Class A	2.5
Alphabet Inc Class A	2.3
Alphabet Inc Class C	1.9
Berkshire Hathaway Inc Class B	1.7
Eli Lilly & Co	1.6
Broadcom Inc	1.5
	35.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915965.100 366-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Total Market Index Portfolio VIP Total Market Index Portfolio Service Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class	$ 12	0.22%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$1,015,957,312
Number of Holdings	2,622
Portfolio Turnover	2%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Information Technology	30.1
Financials	12.6
Health Care	11.4
Consumer Discretionary	9.9
Industrials	9.1
Communication Services	8.5
Consumer Staples	5.3
Energy	3.6
Real Estate	2.5
Materials	2.4
Utilities	2.1

Common Stocks	97.5
Short-Term Investments and Net Other Assets (Liabilities)	2.5

ASSET ALLOCATION (% of Fund's net assets)

United States	99.8
China	0.2
United Kingdom	0.0
Canada	0.0
Puerto Rico	0.0
Bermuda	0.0
Thailand	0.0
Sweden	0.0
Belgium	0.0
Others	0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Microsoft Corp	6.3
NVIDIA Corp	5.8
Apple Inc	5.7
Amazon.com Inc	3.3
Meta Platforms Inc Class A	2.2
Alphabet Inc Class A	2.0
Alphabet Inc Class C	1.7
Berkshire Hathaway Inc Class B	1.5
Eli Lilly & Co	1.4
Broadcom Inc	1.4
	31.3

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916178.100 1018-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP International Capital Appreciation Portfolio VIP International Capital Appreciation Portfolio Investor Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$ 45	0.86%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$686,620,472
Number of Holdings	64
Portfolio Turnover	77%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Industrials	27.4
Information Technology	21.9
Financials	20.6
Consumer Discretionary	11.5
Health Care	6.0
Materials	5.9
Consumer Staples	3.0
Communication Services	1.6

Common Stocks	97.9
Short-Term Investments and Net Other Assets (Liabilities)	2.1

ASSET ALLOCATION (% of Fund's net assets)

United States	17.1
France	14.1
United Kingdom	13.2
Canada	9.0
India	8.3
Japan	7.8
Netherlands	6.4
Switzerland	4.7
Taiwan	4.4
Others	15.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Taiwan Semiconductor Manufacturing Co Ltd	4.4
Novo Nordisk A/S Series B	3.2
ASML Holding NV	3.1
SAP SE	2.3
LVMH Moet Hennessy Louis Vuitton SE	2.3
Schneider Electric SE	2.0
HDFC Bank Ltd/Gandhinagar	1.9
Constellation Software Inc/Canada	1.8
RELX PLC	1.8
ICICI Bank Ltd	1.7
	24.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916068.100 1473-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Index 500 Portfolio VIP Index 500 Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 5	0.10%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$15,544,020,060
Number of Holdings	507
Portfolio Turnover	3%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Information Technology	32.3
Financials	12.4
Health Care	11.6
Consumer Discretionary	9.9
Communication Services	9.3
Industrials	8.1
Consumer Staples	5.7
Energy	3.6
Utilities	2.2
Materials	2.1
Real Estate	2.1

Common Stocks	99.3
Short-Term Investments and Net Other Assets (Liabilities)	0.7

ASSET ALLOCATION (% of Fund's net assets)

United States	99.9
China	0.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Microsoft Corp	7.3
NVIDIA Corp	6.7
Apple Inc	6.6
Amazon.com Inc	3.8
Meta Platforms Inc Class A	2.5
Alphabet Inc Class A	2.3
Alphabet Inc Class C	1.9
Berkshire Hathaway Inc Class B	1.7
Eli Lilly & Co	1.6
Broadcom Inc	1.5
	35.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915964.100 157-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Contrafund℠ Portfolio VIP Contrafund℠ Portfolio Service Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class	$ 37	0.67%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$24,513,609,977
Number of Holdings	374
Portfolio Turnover	28%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Information Technology	31.8
Communication Services	16.7
Health Care	13.5
Financials	12.4
Consumer Discretionary	10.6
Industrials	8.1
Consumer Staples	2.2
Energy	1.8
Materials	1.2
Utilities	0.7

Common Stocks	98.3
Preferred Stocks	0.7
Preferred Securities	0.0
Short-Term Investments and Net Other Assets (Liabilities)	1.0

ASSET ALLOCATION (% of Fund's net assets)

United States	96.8
Canada	1.3
Korea (South)	0.4
Switzerland	0.2
United Kingdom	0.2
Netherlands	0.2
Taiwan	0.2
China	0.2
Brazil	0.1
Others	0.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	9.6
Microsoft Corp	9.0
Meta Platforms Inc Class A	8.0
Alphabet Inc Class C	6.5
Amazon.com Inc	5.0
Apple Inc	4.4
Eli Lilly & Co	4.2
Berkshire Hathaway Inc Class B	4.0
Netflix Inc	1.6
Regeneron Pharmaceuticals Inc	1.6
	53.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915970.100 470-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP International Capital Appreciation Portfolio VIP International Capital Appreciation Portfolio Service Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class	$ 46	0.89%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$686,620,472
Number of Holdings	64
Portfolio Turnover	77%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Industrials	27.4
Information Technology	21.9
Financials	20.6
Consumer Discretionary	11.5
Health Care	6.0
Materials	5.9
Consumer Staples	3.0
Communication Services	1.6

Common Stocks	97.9
Short-Term Investments and Net Other Assets (Liabilities)	2.1

ASSET ALLOCATION (% of Fund's net assets)

United States	17.1
France	14.1
United Kingdom	13.2
Canada	9.0
India	8.3
Japan	7.8
Netherlands	6.4
Switzerland	4.7
Taiwan	4.4
Others	15.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Taiwan Semiconductor Manufacturing Co Ltd	4.4
Novo Nordisk A/S Series B	3.2
ASML Holding NV	3.1
SAP SE	2.3
LVMH Moet Hennessy Louis Vuitton SE	2.3
Schneider Electric SE	2.0
HDFC Bank Ltd/Gandhinagar	1.9
Constellation Software Inc/Canada	1.8
RELX PLC	1.8
ICICI Bank Ltd	1.7
	24.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916066.100 1391-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP International Index Portfolio VIP International Index Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 9	0.17%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$592,363,724
Number of Holdings	2,265
Portfolio Turnover	5%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Financials	21.8
Industrials	14.0
Information Technology	13.5
Consumer Discretionary	10.3
Health Care	8.4
Materials	6.7
Consumer Staples	6.4
Energy	5.0
Communication Services	5.0
Utilities	2.8
Real Estate	1.7

Common Stocks	95.2
Preferred Stocks	0.4
Short-Term Investments and Net Other Assets (Liabilities)	4.4

ASSET ALLOCATION (% of Fund's net assets)

Japan	16.3
United States	10.3
United Kingdom	6.8
Canada	6.8
Taiwan	5.7
China	5.7
France	5.2
Germany	4.8
Australia	4.7
Others	33.7

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Taiwan Semiconductor Manufacturing Co Ltd	2.6
Novo Nordisk A/S Series B	1.7
ASML Holding NV	1.5
Samsung Electronics Co Ltd	1.1
Tencent Holdings Ltd	1.1
Nestle SA	1.0
Toyota Motor Corp	1.0
Astrazeneca PLC	0.8
Shell PLC	0.8
Novartis AG	0.8
	12.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916176.100 3074-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Index 500 Portfolio VIP Index 500 Portfolio Service Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class	$ 11	0.20%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$15,544,020,060
Number of Holdings	507
Portfolio Turnover	3%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Information Technology	32.3
Financials	12.4
Health Care	11.6
Consumer Discretionary	9.9
Communication Services	9.3
Industrials	8.1
Consumer Staples	5.7
Energy	3.6
Utilities	2.2
Materials	2.1
Real Estate	2.1

Common Stocks	99.3
Short-Term Investments and Net Other Assets (Liabilities)	0.7

ASSET ALLOCATION (% of Fund's net assets)

United States	99.9
China	0.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Microsoft Corp	7.3
NVIDIA Corp	6.7
Apple Inc	6.6
Amazon.com Inc	3.8
Meta Platforms Inc Class A	2.5
Alphabet Inc Class A	2.3
Alphabet Inc Class C	1.9
Berkshire Hathaway Inc Class B	1.7
Eli Lilly & Co	1.6
Broadcom Inc	1.5
	35.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9915966.100 822-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Disciplined Small Cap Portfolio VIP Disciplined Small Cap Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 19	0.37%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$386,290,940
Number of Holdings	561
Portfolio Turnover	87%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Industrials	19.1
Financials	15.2
Information Technology	15.1
Health Care	15.0
Consumer Discretionary	10.3
Energy	6.1
Materials	5.0
Real Estate	4.4
Consumer Staples	3.5
Communication Services	2.9
Utilities	2.1

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

ASSET ALLOCATION (% of Fund's net assets)

United States	97.0
Thailand	0.9
Ireland	0.8
Puerto Rico	0.6
Monaco	0.3
Canada	0.3
Norway	0.1
Bermuda	0.0
Israel	0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Abercrombie & Fitch Co Class A	1.0
Fabrinet	0.9
SPS Commerce Inc	0.9
Carpenter Technology Corp	0.9
Applied Industrial Technologies Inc	0.8
Taylor Morrison Home Corp	0.8
Murphy Oil Corp	0.8
EnerSys	0.8
Sanmina Corp	0.8
Belden Inc	0.7
	8.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916100.100 1529-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP International Capital Appreciation Portfolio VIP International Capital Appreciation Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Initial Class	$ 40	0.78%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$686,620,472
Number of Holdings	64
Portfolio Turnover	77%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Industrials	27.4
Information Technology	21.9
Financials	20.6
Consumer Discretionary	11.5
Health Care	6.0
Materials	5.9
Consumer Staples	3.0
Communication Services	1.6

Common Stocks	97.9
Short-Term Investments and Net Other Assets (Liabilities)	2.1

ASSET ALLOCATION (% of Fund's net assets)

United States	17.1
France	14.1
United Kingdom	13.2
Canada	9.0
India	8.3
Japan	7.8
Netherlands	6.4
Switzerland	4.7
Taiwan	4.4
Others	15.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Taiwan Semiconductor Manufacturing Co Ltd	4.4
Novo Nordisk A/S Series B	3.2
ASML Holding NV	3.1
SAP SE	2.3
LVMH Moet Hennessy Louis Vuitton SE	2.3
Schneider Electric SE	2.0
HDFC Bank Ltd/Gandhinagar	1.9
Constellation Software Inc/Canada	1.8
RELX PLC	1.8
ICICI Bank Ltd	1.7
	24.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916065.100 1390-TSRS-0824


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2024
	VIP Total Market Index Portfolio VIP Total Market Index Portfolio Service Class 2 true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class 2	$ 20	0.37%

Key Fund Statistics

(as of June 30, 2024)

KEY FACTS
Fund Size	$1,015,957,312
Number of Holdings	2,622
Portfolio Turnover	2%

What did the Fund invest in?
(as of June 30, 2024)

MARKET SECTORS (% of Fund's net assets)
Information Technology	30.1
Financials	12.6
Health Care	11.4
Consumer Discretionary	9.9
Industrials	9.1
Communication Services	8.5
Consumer Staples	5.3
Energy	3.6
Real Estate	2.5
Materials	2.4
Utilities	2.1

Common Stocks	97.5
Short-Term Investments and Net Other Assets (Liabilities)	2.5

ASSET ALLOCATION (% of Fund's net assets)

United States	99.8
China	0.2
United Kingdom	0.0
Canada	0.0
Puerto Rico	0.0
Bermuda	0.0
Thailand	0.0
Sweden	0.0
Belgium	0.0
Others	0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

TOP HOLDINGS (% of Fund's net assets)
Microsoft Corp	6.3
NVIDIA Corp	5.8
Apple Inc	5.7
Amazon.com Inc	3.3
Meta Platforms Inc Class A	2.2
Alphabet Inc Class A	2.0
Alphabet Inc Class C	1.7
Berkshire Hathaway Inc Class B	1.5
Eli Lilly & Co	1.4
Broadcom Inc	1.4
	31.3

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9916180.100 3077-TSRS-0824

Item 2.

Code of Ethics

Not applicable.

Item 3.

Audit Committee Financial Expert

Not applicable.

Item 4.

Principal Accountant Fees and Services

Not applicable.

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies

Fidelity® Variable Insurance Products:

VIP Emerging Markets Portfolio

Semi-Annual Report

June 30, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Emerging Markets Portfolio

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Emerging Markets Portfolio

Schedule of Investments June 30, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares	Value ($)
Australia - 1.0%
Paladin Energy Ltd. (Australia) (a)	1,273,652	10,603,673
Brazil - 2.9%
Gerdau SA sponsored ADR ADR	4,364,260	14,402,058
Localiza Rent a Car SA	3,859	28,994
Localiza Rent a Car SA rights 8/1/24 (a)	38	61
Petroleo Brasileiro SA - Petrobras sponsored ADR	1,203,347	17,436,498
TOTAL BRAZIL		31,867,611
Canada - 2.7%
Barrick Gold Corp.	1,759,100	29,341,788
Chile - 1.8%
Antofagasta PLC	721,800	19,252,218
China - 28.3%
China Life Insurance Co. Ltd. (H Shares)	23,345,863	33,005,081
Haier Smart Home Co. Ltd. (A Shares)	7,998,897	31,237,221
Hansoh Pharmaceutical Group Co. Ltd. (b)	9,970,000	20,836,132
Industrial & Commercial Bank of China Ltd. (H Shares)	35,268,635	20,956,002
Kweichow Moutai Co. Ltd. (A Shares)	58,300	11,771,831
Meituan Class B (a)(b)	1,763,060	25,060,646
New Oriental Education & Technology Group, Inc. (a)	2,067,700	15,892,582
PDD Holdings, Inc. ADR (a)	181,700	24,157,015
Shandong Sinocera Functional Material Co. Ltd. (A Shares)	1,097,600	2,695,952
Shangri-La Asia Ltd.	12,187,231	8,380,716
Shenzhen Inovance Technology Co. Ltd. (A Shares)	2,573,800	18,168,625
Tencent Holdings Ltd.	1,817,505	86,223,033
Tsingtao Brewery Co. Ltd. (H Shares)	1,578,900	10,534,020
TOTAL CHINA		308,918,856
Greece - 2.7%
National Bank of Greece SA (a)	3,571,300	29,771,338
Hong Kong - 1.0%
Pacific Basin Shipping Ltd.	33,224,000	10,466,195
Hungary - 1.8%
Richter Gedeon PLC	772,041	20,054,201
India - 9.7%
Axis Bank Ltd.	1,231,900	18,697,842
Bharat Heavy Electricals Ltd.	2,572,400	9,283,852
HDFC Bank Ltd.	992,815	20,055,608
ICICI Bank Ltd.	1,295,800	18,657,011
JK Cement Ltd.	209,600	11,035,615
Larsen & Toubro Ltd.	346,308	14,741,474
Solar Industries India Ltd.	108,829	13,082,379
TOTAL INDIA		105,553,781
Korea (South) - 13.6%
Hd Hyundai Mipo (a)	205,485	13,847,551
Hyundai Motor Co. Ltd.	73,040	15,613,227
Korea Aerospace Industries Ltd.	745,900	28,646,158
Samsung Biologics Co. Ltd. (a)(b)	17,400	9,166,289
Samsung Electronics Co. Ltd.	1,378,170	81,389,860
TOTAL KOREA (SOUTH)		148,663,085
Mexico - 3.4%
Grupo Financiero Banorte S.A.B. de CV	1,195,168	9,313,099
Wal-Mart de Mexico SA de CV Series V	8,022,600	27,301,835
TOTAL MEXICO		36,614,934
Peru - 2.3%
Credicorp Ltd. (United States)	152,600	24,618,958
Poland - 2.3%
Powszechna Kasa Oszczednosci Bank SA	1,598,400	24,982,631
Russia - 1.1%
LUKOIL PJSC sponsored ADR (a)(c)	437,463	7,016,907
Sberbank of Russia sponsored ADR (a)(c)	1,813,510	32,280
Yandex NV Series A (a)(c)	446,500	5,179,400
TOTAL RUSSIA		12,228,587
South Africa - 5.0%
FirstRand Ltd.	4,969,600	21,005,139
Impala Platinum Holdings Ltd.	3,687,516	18,313,792
MTN Group Ltd.	3,138,719	14,653,537
TOTAL SOUTH AFRICA		53,972,468
Taiwan - 15.2%
ECLAT Textile Co. Ltd.	1,048,000	17,053,493
HIWIN Technologies Corp.	2,290,967	15,010,489
Taiwan Semiconductor Manufacturing Co. Ltd.	3,805,175	112,504,211
Yageo Corp.	955,292	21,451,388
TOTAL TAIWAN		166,019,581
United Arab Emirates - 1.0%
Adnoc Gas PLC	14,443,800	11,364,711
TOTAL COMMON STOCKS (Cost $881,925,090)		1,044,294,616

Nonconvertible Preferred Stocks - 1.3%
	Shares	Value ($)
Brazil - 1.3%
Itau Unibanco Holding SA (Cost $9,624,704)	2,336,750	13,547,891

Money Market Funds - 2.7%
	Shares	Value ($)
Fidelity Cash Central Fund 5.38% (d) (Cost $29,570,163)	29,564,250	29,570,163

TOTAL INVESTMENT IN SECURITIES - 99.8% (Cost $921,119,957)	1,087,412,670
NET OTHER ASSETS (LIABILITIES) - 0.2%	2,386,601
NET ASSETS - 100.0%	1,089,799,271

Legend

(a)	Non-income producing

(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 $55,063,067 or 5.1% of net assets.

(c)	Level 3 security

(d)

Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.38%	2,235,287	231,199,555	203,864,814	547,844	135	-	29,570,163	0.1%
Fidelity Securities Lending Cash Central Fund 5.38%	-	23,585,169	23,585,169	21,289	-	-	-	0.0%
Total	2,235,287	254,784,724	227,449,983	569,133	135	-	29,570,163

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

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium 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 June 30, 2024, 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:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	106,055,970	14,653,537	86,223,033	5,179,400
Consumer Discretionary	137,394,900	96,441,672	40,953,228	-
Consumer Staples	49,607,686	49,607,686	-	-
Energy	46,421,789	39,404,882	-	7,016,907
Financials	234,642,880	195,897,981	38,712,619	32,280
Health Care	50,056,622	50,056,622	-	-
Industrials	110,193,399	110,193,399	-	-
Information Technology	215,345,459	102,841,248	112,504,211	-
Materials	108,123,802	89,810,010	18,313,792	-

Money Market Funds	29,570,163	29,570,163	-	-
Total Investments in Securities:	1,087,412,670	778,477,200	296,706,883	12,228,587

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:


Investments in Securities:
Beginning Balance	$	5,871,234
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		6,357,353
Cost of Purchases		-
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	12,228,587
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2024	$	6,357,353
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				June 30, 2024 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $891,549,794)	$	1,057,842,507
Fidelity Central Funds (cost $29,570,163)		29,570,163


Total Investment in Securities (cost $921,119,957)			$	1,087,412,670
Cash				270,402
Foreign currency held at value (cost $422,419)				419,489
Receivable for investments sold				670
Receivable for fund shares sold				4,425,023
Dividends receivable				3,387,480
Distributions receivable from Fidelity Central Funds				91,635
Other receivables				126,289
Total assets				1,096,133,658
Liabilities
Payable for investments purchased	$	480,207
Payable for fund shares redeemed		458,978
Accrued management fee		778,344
Distribution and service plan fees payable		53,235
Deferred taxes		4,421,498
Other payables and accrued expenses		142,125
Total liabilities				6,334,387
Net Assets			$	1,089,799,271
Net Assets consist of:
Paid in capital			$	1,033,496,915
Total accumulated earnings (loss)				56,302,356
Net Assets			$	1,089,799,271

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($490,482,270 ÷ 42,266,614 shares)			$	11.60
Service Class :
Net Asset Value, offering price and redemption price per share ($199,442,983 ÷ 17,154,638 shares)			$	11.63
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($173,847,811 ÷ 15,010,849 shares)			$	11.58
Investor Class :
Net Asset Value, offering price and redemption price per share ($226,026,207 ÷ 19,590,003 shares)			$	11.54

Statement of Operations
				Six months ended June 30, 2024 (Unaudited)
Investment Income
Dividends			$	13,930,287
Interest				919
Income from Fidelity Central Funds (including $21,289 from security lending)				569,133
Income before foreign taxes withheld			$	14,500,339
Less foreign taxes withheld				(1,390,308)
Total income				13,110,031
Expenses
Management fee	$	4,423,194
Transfer agent fees		131,169
Distribution and service plan fees		305,068
Accounting fees		74,294
Custodian fees and expenses		151,490
Independent trustees' fees and expenses		2,250
Audit		66,482
Legal		1,502
Interest		20,485
Miscellaneous		19,257
Total expenses before reductions		5,195,191
Expense reductions		(45,095)
Total expenses after reductions				5,150,096
Net Investment income (loss)				7,959,935
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers (net of foreign taxes of $3,729,327)		10,929,655
Fidelity Central Funds		135
Foreign currency transactions		(590,113)
Total net realized gain (loss)				10,339,677
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,375,918)		83,217,103
Assets and liabilities in foreign currencies		(31,168)
Total change in net unrealized appreciation (depreciation)				83,185,935
Net gain (loss)				93,525,612
Net increase (decrease) in net assets resulting from operations			$	101,485,547

Statement of Changes in Net Assets

		Six months ended June 30, 2024 (Unaudited)		Year ended December 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	7,959,935	$	19,613,969
Net realized gain (loss)		10,339,677		(25,974,767)
Change in net unrealized appreciation (depreciation)		83,185,935		99,689,528
Net increase (decrease) in net assets resulting from operations		101,485,547		93,328,730
Distributions to shareholders		(876,331)		(21,738,144)

Share transactions - net increase (decrease)		(44,582,990)		(7,562,062)
Total increase (decrease) in net assets		56,026,226		64,028,524

Net Assets
Beginning of period		1,033,773,045		969,744,521
End of period	$	1,089,799,271	$	1,033,773,045

Financial Highlights

VIP Emerging Markets Portfolio Initial Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	10.58	$	9.87	$	12.59	$	14.75	$	12.68	$	9.95
Income from Investment Operations
Net investment income (loss) A,B		.09		.21 C		.24		.21		.11		.26 D
Net realized and unrealized gain (loss)		.94		.74		(2.78)		(.47)		3.46		2.66
Total from investment operations		1.03		.95		(2.54)		(.26)		3.57		2.92
Distributions from net investment income		(.01)		(.24)		(.18)		(.31)		(.10)		(.19)
Distributions from net realized gain		-		-		-		(1.59)		(1.39)		-
Total distributions		(.01)		(.24)		(.18)		(1.90)		(1.50) E		(.19)
Net asset value, end of period	$	11.60	$	10.58	$	9.87	$	12.59	$	14.75	$	12.68
Total Return F,G,H		9.74 %		9.66%		(20.17)%		(2.17)%		31.27%		29.46%
Ratios to Average Net Assets B,I,J
Expenses before reductions		.90% K		.92%		.92%		.91%		.92%		.96%
Expenses net of fee waivers, if any		.89 % K		.91%		.91%		.91%		.92%		.96%
Expenses net of all reductions		.89% K		.91%		.91%		.91%		.90%		.91%
Net investment income (loss)		1.58% K		2.04% C		2.29%		1.47%		.97%		2.25% D
Supplemental Data
Net assets, end of period (000 omitted)	$	490,482	$	487,596	$	413,887	$	484,510	$	399,283	$	273,578
Portfolio turnover rate L		53 % K		39%		62%		46%		80%		135%

ACalculated based on average shares outstanding during the period.

BNet 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.

CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.57%.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.14 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.06%.

ETotal distributions per share do not sum due to rounding.

FTotal returns for periods of less than one year are not annualized.

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

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

IFees 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.

JExpense 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.

KAnnualized.

LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

VIP Emerging Markets Portfolio Service Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	10.61	$	9.89	$	12.61	$	14.77	$	12.70	$	9.97
Income from Investment Operations
Net investment income (loss) A,B		.08		.20 C		.23		.20		.11		.25 D
Net realized and unrealized gain (loss)		.95		.74		(2.78)		(.47)		3.45		2.66
Total from investment operations		1.03		.94		(2.55)		(.27)		3.56		2.91
Distributions from net investment income		(.01)		(.22)		(.17)		(.29)		(.10)		(.18)
Distributions from net realized gain		-		-		-		(1.59)		(1.39)		-
Total distributions		(.01)		(.22)		(.17)		(1.89) E		(1.49)		(.18)
Net asset value, end of period	$	11.63	$	10.61	$	9.89	$	12.61	$	14.77	$	12.70
Total Return F,G,H		9.71 %		9.61%		(20.26)%		(2.28)%		31.17%		29.30%
Ratios to Average Net Assets B,I,J
Expenses before reductions		1.02% K		1.02%		1.02%		1.01%		1.02%		1.06%
Expenses net of fee waivers, if any		1.01 % K		1.01%		1.01%		1.01%		1.02%		1.06%
Expenses net of all reductions		1.01% K		1.01%		1.01%		1.01%		1.00%		1.01%
Net investment income (loss)		1.46% K		1.94% C		2.19%		1.37%		.87%		2.16% D
Supplemental Data
Net assets, end of period (000 omitted)	$	199,443	$	177,698	$	197,602	$	319,731	$	316,596	$	36,185
Portfolio turnover rate L		53 % K		39%		62%		46%		80%		135%

ACalculated based on average shares outstanding during the period.

ETotal distributions per share do not sum due to rounding.

FTotal returns for periods of less than one year are not annualized.

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

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

KAnnualized.

LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

VIP Emerging Markets Portfolio Service Class 2

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	10.58	$	9.86	$	12.58	$	14.74	$	12.69	$	9.96
Income from Investment Operations
Net investment income (loss) A,B		.07		.18 C		.21		.18		.09		.23 D
Net realized and unrealized gain (loss)		.94		.75		(2.77)		(.47)		3.44		2.67
Total from investment operations		1.01		.93		(2.56)		(.29)		3.53		2.90
Distributions from net investment income		(.01)		(.21)		(.16)		(.28)		(.08)		(.17)
Distributions from net realized gain		-		-		-		(1.59)		(1.39)		-
Total distributions		(.01)		(.21)		(.16)		(1.87)		(1.48) E		(.17)
Net asset value, end of period	$	11.58	$	10.58	$	9.86	$	12.58	$	14.74	$	12.69
Total Return F,G,H		9.55 %		9.49%		(20.37)%		(2.41)%		30.88%		29.19%
Ratios to Average Net Assets B,I,J
Expenses before reductions		1.16% K		1.17%		1.17%		1.16%		1.17%		1.21%
Expenses net of fee waivers, if any		1.15 % K		1.16%		1.17%		1.16%		1.17%		1.21%
Expenses net of all reductions		1.15% K		1.16%		1.17%		1.16%		1.15%		1.16%
Net investment income (loss)		1.32% K		1.79% C		2.04%		1.22%		.72%		2.01% D
Supplemental Data
Net assets, end of period (000 omitted)	$	173,848	$	157,772	$	137,866	$	145,374	$	91,103	$	47,476
Portfolio turnover rate L		53 % K		39%		62%		46%		80%		135%

ACalculated based on average shares outstanding during the period.

ETotal distributions per share do not sum due to rounding.

FTotal returns for periods of less than one year are not annualized.

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

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

KAnnualized.

LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

VIP Emerging Markets Portfolio Investor Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	10.53	$	9.82	$	12.52	$	14.68	$	12.63	$	9.91
Income from Investment Operations
Net investment income (loss) A,B		.08		.20 C		.23		.20		.10		.25 D
Net realized and unrealized gain (loss)		.94		.74		(2.76)		(.47)		3.44		2.65
Total from investment operations		1.02		.94		(2.53)		(.27)		3.54		2.90
Distributions from net investment income		(.01)		(.23)		(.17)		(.30)		(.10)		(.18)
Distributions from net realized gain		-		-		-		(1.59)		(1.39)		-
Total distributions		(.01)		(.23)		(.17)		(1.89)		(1.49)		(.18)
Net asset value, end of period	$	11.54	$	10.53	$	9.82	$	12.52	$	14.68	$	12.63
Total Return E,F,G		9.69 %		9.61%		(20.20)%		(2.28)%		31.16%		29.38%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.98% J		.99%		.99%		.99%		1.00%		1.04%
Expenses net of fee waivers, if any		.97 % J		.99%		.99%		.99%		1.00%		1.04%
Expenses net of all reductions		.97% J		.99%		.99%		.99%		.98%		.99%
Net investment income (loss)		1.50% J		1.96% C		2.22%		1.39%		.89%		2.18% D
Supplemental Data
Net assets, end of period (000 omitted)	$	226,026	$	210,708	$	220,389	$	303,059	$	293,751	$	209,811
Portfolio turnover rate K		53 % J		39%		62%		46%		80%		135%

ACalculated based on average shares outstanding during the period.

ETotal returns for periods of less than one year are not annualized.

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

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

HFees 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.

IExpense 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.

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2024

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

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

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

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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:

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

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

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in InputA
Equities	$12,228,587	Market approach	Discount rate	20.0% - 50.0% / 20.1%	Decrease

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

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

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

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

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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	$272,706,855
Gross unrealized depreciation	(123,770,750)
Net unrealized appreciation (depreciation)	$148,936,105
Tax cost	$938,476,565

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

Short-term	$(56,702,361)
Long-term	(42,370,957)
Total capital loss carryforward	$(99,073,318)

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

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Emerging Markets Portfolio	277,440,550	351,118,274

5. Fees and Other Transactions with Affiliates.

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

Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Initial Class	.85
Service Class	.85
Service Class 2	.85
Investor Class	.93

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:

	Total Management Fee Rate %
Initial Class	.85
Service Class	.85
Service Class 2	.85
Investor Class	.93

Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .77%.

Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.

Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.50% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).

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	$99,396
Service Class 2	205,672
	$305,068

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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement.

During the period January 1, 2024 through February 29, 2024, the transfer agent fees for each class were a fixed annual rate of class-level average net assets as follows:

	Amount ($)	% of Class-Level Average Net Assets
Initial Class	49,686	.0630
Service Class	18,309	.0630
Service Class 2	16,076	.0630
Investor Class	47,098	.1390
	131,169

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.

During the period January 1, 2024 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:

	% of Average Net Assets
VIP Emerging Markets Portfolio	.0444

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

	Amount ($)
VIP Emerging Markets Portfolio	753

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

	Borrower or Lender	Average Loan Balance ($)	Weighted Average Interest Rate	Interest Expense ($)
VIP Emerging Markets Portfolio	Borrower	12,042,182	5.57%	20,485

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

	Purchases ($)	Sales ($)	Realized Gain (Loss)($)
VIP Emerging Markets Portfolio	2,942,181	4,639,784	819,401

6. Committed Line of Credit.

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

	Amount ($)
VIP Emerging Markets Portfolio	951

7. Security Lending.

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

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
VIP Emerging Markets Portfolio	2,313	-	-

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $45,095.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2024	Year ended December 31, 2023
VIP Emerging Markets Portfolio
Distributions to shareholders
Initial Class	$411,203	$10,432,932
Service Class	151,169	3,752,146
Service Class 2	134,556	3,063,350
Investor Class	179,403	4,489,716
Total	$876,331	$21,738,144

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2024	Year ended December 31, 2023	Six months ended June 30, 2024	Year ended December 31, 2023
VIP Emerging Markets Portfolio
Initial Class
Shares sold	6,841,821	17,232,219	$75,418,005	$175,824,961
Reinvestment of distributions	39,845	1,021,229	411,203	10,432,932
Shares redeemed	(10,684,433)	(14,111,973)	(119,435,383)	(146,554,091)
Net increase (decrease)	(3,802,767)	4,141,475	$(43,606,175)	$39,703,802
Service Class
Shares sold	3,211,246	1,890,368	$34,012,607	$19,536,650
Reinvestment of distributions	14,620	366,165	151,169	3,752,146
Shares redeemed	(2,820,256)	(5,483,043)	(31,653,745)	(56,029,027)
Net increase (decrease)	405,610	(3,226,510)	$2,510,031	$(32,740,231)
Service Class 2
Shares sold	1,481,578	3,649,996	$16,084,499	$37,985,313
Reinvestment of distributions	13,051	300,044	134,556	3,063,350
Shares redeemed	(1,401,524)	(3,010,040)	(15,504,678)	(30,778,926)
Net increase (decrease)	93,105	940,000	$714,377	$10,269,737
Investor Class
Shares sold	1,798,869	4,029,370	$20,793,175	$41,660,066
Reinvestment of distributions	17,486	441,711	179,403	4,489,716
Shares redeemed	(2,241,730)	(6,903,875)	(25,173,801)	(70,945,152)
Net increase (decrease)	(425,375)	(2,432,794)	$(4,201,223)	$(24,795,370)

11. Other.

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

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

Fund	Affiliated %	Number ofUnaffiliated Shareholders	Unaffiliated Shareholders %
VIP Emerging Markets Portfolio	13%	2	25%

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

Fund	% of shares held
VIP Emerging Markets Portfolio	39%

12. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

Board Approval of Investment Advisory Contracts

VIP Emerging Markets Portfolio

At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Limited (FMR Japan), and FIL Investment Advisors (FIL). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.

Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.

In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.

The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.

The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.

Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board further noted that the agreements with FIL was amended to provide that FMR will compensate FIL at a flat fee rate of 0.50% of the net assets sub-advised by it. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.

The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.

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

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

Board Approval of Investment Advisory Contracts and Management Fees

VIP Emerging Markets Portfolio

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

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

At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

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

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

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

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

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

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The fund underperformed its benchmark and peers for the one- and three-year periods ended February 29, 2024, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

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

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

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Initial Class, the Board considered a pro forma management fee rate for Initial Class as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

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

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of Initial Class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.

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

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

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

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of 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 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 also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

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.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

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

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

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.

1.858138.116

VIPEM-SANN-0824

Fidelity® Variable Insurance Products:

VIP Index 500 Portfolio

Semi-Annual Report

June 30, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Index 500 Portfolio

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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

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Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

VIP Index 500 Portfolio

Schedule of Investments June 30, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares	Value ($)
COMMUNICATION SERVICES - 9.3%
Diversified Telecommunication Services - 0.7%
AT&T, Inc.	2,413,069	46,113,749
Verizon Communications, Inc.	1,416,591	58,420,213
		104,533,962
Entertainment - 1.2%
Electronic Arts, Inc.	81,900	11,411,127
Live Nation Entertainment, Inc. (a)	47,935	4,493,427
Netflix, Inc. (a)	145,015	97,867,723
Take-Two Interactive Software, Inc. (a)	53,440	8,309,386
The Walt Disney Co.	613,525	60,916,897
Warner Bros Discovery, Inc. (a)	750,404	5,583,006
		188,581,566
Interactive Media & Services - 6.7%
Alphabet, Inc.:
Class A	1,976,899	360,092,153
Class C	1,644,530	301,639,693
Match Group, Inc. (a)	89,404	2,716,094
Meta Platforms, Inc. Class A	737,507	371,865,780
		1,036,313,720
Media - 0.5%
Charter Communications, Inc. Class A (a)	32,961	9,854,021
Comcast Corp. Class A	1,317,280	51,584,685
Fox Corp.:
Class A	82,128	2,822,739
Class B	39,714	1,271,642
Interpublic Group of Companies, Inc. (b)	127,014	3,694,837
News Corp.:
Class A	127,366	3,511,481
Class B	38,754	1,100,226
Omnicom Group, Inc. (b)	65,906	5,911,768
Paramount Global Class B	166,368	1,728,564
		81,479,963
Wireless Telecommunication Services - 0.2%
T-Mobile U.S., Inc.	173,528	30,572,163
TOTAL COMMUNICATION SERVICES		1,441,481,374
CONSUMER DISCRETIONARY - 9.9%
Automobile Components - 0.1%
Aptiv PLC (a)	91,558	6,447,514
BorgWarner, Inc.	76,672	2,471,905
		8,919,419
Automobiles - 1.4%
Ford Motor Co.	1,319,740	16,549,540
General Motors Co.	383,982	17,839,804
Tesla, Inc. (a)	933,761	184,772,627
		219,161,971
Broadline Retail - 3.9%
Amazon.com, Inc. (a)	3,081,971	595,590,896
eBay, Inc.	170,287	9,147,818
Etsy, Inc. (a)	39,351	2,320,922
		607,059,636
Distributors - 0.1%
Genuine Parts Co.	46,877	6,484,027
LKQ Corp.	89,769	3,733,493
Pool Corp. (b)	12,898	3,963,942
		14,181,462
Hotels, Restaurants & Leisure - 1.9%
Airbnb, Inc. Class A (a)	148,580	22,529,185
Booking Holdings, Inc.	11,418	45,232,407
Caesars Entertainment, Inc. (a)	72,826	2,894,105
Carnival Corp. (a)	339,925	6,363,396
Chipotle Mexican Grill, Inc. (a)	462,200	28,956,830
Darden Restaurants, Inc.	40,200	6,083,064
Domino's Pizza, Inc.	11,733	6,058,100
Expedia Group, Inc. (a)	42,721	5,382,419
Hilton Worldwide Holdings, Inc.	84,152	18,361,966
Las Vegas Sands Corp.	122,858	5,436,467
Marriott International, Inc. Class A	80,744	19,521,477
McDonald's Corp.	242,540	61,808,894
MGM Resorts International (a)	84,452	3,753,047
Norwegian Cruise Line Holdings Ltd. (a)	144,383	2,712,957
Royal Caribbean Cruises Ltd. (a)	79,679	12,703,223
Starbucks Corp.	381,153	29,672,761
Wynn Resorts Ltd.	31,778	2,844,131
Yum! Brands, Inc.	94,785	12,555,221
		292,869,650
Household Durables - 0.3%
D.R. Horton, Inc.	99,739	14,056,217
Garmin Ltd. (b)	51,713	8,425,082
Lennar Corp. Class A	82,402	12,349,588
Mohawk Industries, Inc. (a)	17,865	2,029,285
NVR, Inc. (a)	1,054	7,998,342
PulteGroup, Inc.	70,783	7,793,208
		52,651,722
Leisure Products - 0.0%
Hasbro, Inc.	43,983	2,573,006
Specialty Retail - 1.8%
AutoZone, Inc. (a)	5,824	17,262,918
Bath & Body Works, Inc.	75,269	2,939,254
Best Buy Co., Inc.	64,798	5,461,823
CarMax, Inc. (a)	52,964	3,884,380
Lowe's Companies, Inc.	192,565	42,452,880
O'Reilly Automotive, Inc. (a)	19,820	20,931,109
Ross Stores, Inc.	112,842	16,398,199
The Home Depot, Inc.	333,521	114,811,269
TJX Companies, Inc.	381,128	41,962,193
Tractor Supply Co. (b)	36,281	9,795,870
Ulta Beauty, Inc. (a)	16,131	6,224,469
		282,124,364
Textiles, Apparel & Luxury Goods - 0.4%
Deckers Outdoor Corp. (a)	8,641	8,364,056
lululemon athletica, Inc. (a)	38,559	11,517,573
NIKE, Inc. Class B	407,696	30,728,048
Ralph Lauren Corp. Class A	13,146	2,301,339
Tapestry, Inc.	77,316	3,308,352
		56,219,368
TOTAL CONSUMER DISCRETIONARY		1,535,760,598
CONSUMER STAPLES - 5.7%
Beverages - 1.3%
Brown-Forman Corp. Class B (non-vtg.) (b)	60,235	2,601,550
Constellation Brands, Inc. Class A (sub. vtg.)	54,188	13,941,489
Keurig Dr. Pepper, Inc.	351,260	11,732,084
Molson Coors Beverage Co. Class B (b)	61,181	3,109,830
Monster Beverage Corp. (a)	238,774	11,926,761
PepsiCo, Inc.	462,691	76,311,627
The Coca-Cola Co.	1,304,806	83,050,902
		202,674,243
Consumer Staples Distribution & Retail - 1.9%
Costco Wholesale Corp.	149,257	126,866,957
Dollar General Corp.	73,890	9,770,475
Dollar Tree, Inc. (a)	69,766	7,448,916
Kroger Co.	225,277	11,248,081
Sysco Corp.	167,585	11,963,893
Target Corp.	155,693	23,048,792
Walgreens Boots Alliance, Inc.	241,190	2,917,193
Walmart, Inc.	1,437,600	97,339,896
		290,604,203
Food Products - 0.7%
Archer Daniels Midland Co.	166,407	10,059,303
Bunge Global SA	47,658	5,088,445
Campbell Soup Co.	66,292	2,995,735
Conagra Brands, Inc.	160,779	4,569,339
General Mills, Inc.	190,027	12,021,108
Hormel Foods Corp. (b)	97,551	2,974,330
Kellanova	88,541	5,107,045
Lamb Weston Holdings, Inc.	48,603	4,086,540
McCormick & Co., Inc. (non-vtg.)	84,671	6,006,561
Mondelez International, Inc.	451,453	29,543,084
The Hershey Co.	49,683	9,133,226
The J.M. Smucker Co.	35,696	3,892,292
The Kraft Heinz Co.	265,687	8,560,435
Tyson Foods, Inc. Class A	96,203	5,497,039
		109,534,482
Household Products - 1.2%
Church & Dwight Co., Inc.	82,291	8,531,931
Colgate-Palmolive Co.	276,122	26,794,879
Kimberly-Clark Corp.	113,317	15,660,409
Procter & Gamble Co.	794,279	130,992,493
The Clorox Co.	41,776	5,701,171
		187,680,883
Personal Care Products - 0.1%
Estee Lauder Companies, Inc. Class A	78,414	8,343,250
Kenvue, Inc.	644,602	11,718,864
		20,062,114
Tobacco - 0.5%
Altria Group, Inc.	578,043	26,329,859
Philip Morris International, Inc.	523,177	53,013,525
		79,343,384
TOTAL CONSUMER STAPLES		889,899,309
ENERGY - 3.6%
Energy Equipment & Services - 0.3%
Baker Hughes Co. Class A	335,868	11,812,478
Halliburton Co.	297,950	10,064,751
Schlumberger Ltd.	481,029	22,694,948
		44,572,177
Oil, Gas & Consumable Fuels - 3.3%
APA Corp.	121,160	3,566,950
Chevron Corp.	576,816	90,225,559
ConocoPhillips Co.	393,596	45,019,510
Coterra Energy, Inc.	250,459	6,679,742
Devon Energy Corp.	212,682	10,081,127
Diamondback Energy, Inc.	60,019	12,015,204
EOG Resources, Inc.	193,412	24,344,768
EQT Corp. (b)	148,609	5,495,561
Exxon Mobil Corp.	1,509,694	173,795,973
Hess Corp.	93,013	13,721,278
Kinder Morgan, Inc.	649,839	12,912,301
Marathon Oil Corp.	189,812	5,441,910
Marathon Petroleum Corp.	118,573	20,570,044
Occidental Petroleum Corp.	223,791	14,105,547
ONEOK, Inc.	196,427	16,018,622
Phillips 66 Co.	142,677	20,141,712
Targa Resources Corp.	74,619	9,609,435
The Williams Companies, Inc.	410,171	17,432,268
Valero Energy Corp.	110,046	17,250,811
		518,428,322
TOTAL ENERGY		563,000,499
FINANCIALS - 12.3%
Banks - 3.2%
Bank of America Corp.	2,289,720	91,062,164
Citigroup, Inc.	641,932	40,737,005
Citizens Financial Group, Inc.	153,114	5,516,697
Fifth Third Bancorp	230,198	8,399,925
Huntington Bancshares, Inc.	487,881	6,430,272
JPMorgan Chase & Co.	966,430	195,470,132
KeyCorp	317,273	4,508,449
M&T Bank Corp.	56,151	8,499,015
PNC Financial Services Group, Inc.	133,910	20,820,327
Regions Financial Corp.	308,180	6,175,927
Truist Financial Corp.	450,317	17,494,815
U.S. Bancorp	525,149	20,848,415
Wells Fargo & Co.	1,173,283	69,681,277
		495,644,420
Capital Markets - 2.8%
Ameriprise Financial, Inc.	33,426	14,279,253
Bank of New York Mellon Corp.	251,674	15,072,756
BlackRock, Inc.	47,009	37,011,126
Blackstone, Inc.	240,505	29,774,519
Cboe Global Markets, Inc.	35,388	6,018,083
Charles Schwab Corp.	502,423	37,023,551
CME Group, Inc.	121,184	23,824,774
FactSet Research Systems, Inc. (b)	12,821	5,234,430
Franklin Resources, Inc.	101,069	2,258,892
Goldman Sachs Group, Inc.	108,522	49,086,671
Intercontinental Exchange, Inc.	193,035	26,424,561
Invesco Ltd.	151,245	2,262,625
KKR & Co. LP	223,983	23,571,971
MarketAxess Holdings, Inc.	12,751	2,556,958
Moody's Corp.	52,849	22,245,730
Morgan Stanley	421,139	40,930,499
MSCI, Inc.	26,662	12,844,419
NASDAQ, Inc.	128,093	7,718,884
Northern Trust Corp.	68,851	5,782,107
Raymond James Financial, Inc.	62,779	7,760,112
S&P Global, Inc.	107,726	48,045,796
State Street Corp.	101,384	7,502,416
T. Rowe Price Group, Inc.	75,147	8,665,201
		435,895,334
Consumer Finance - 0.5%
American Express Co.	191,238	44,281,159
Capital One Financial Corp.	128,590	17,803,286
Discover Financial Services	84,335	11,031,861
Synchrony Financial	135,125	6,376,549
		79,492,855
Financial Services - 3.8%
Berkshire Hathaway, Inc. Class B (a)	609,256	247,845,341
Corpay, Inc. (a)	23,647	6,299,797
Fidelity National Information Services, Inc.	187,196	14,107,091
Fiserv, Inc. (a)	196,906	29,346,870
Global Payments, Inc.	85,897	8,306,240
Jack Henry & Associates, Inc.	24,557	4,076,953
MasterCard, Inc. Class A	276,298	121,891,626
PayPal Holdings, Inc. (a)	352,030	20,428,301
Visa, Inc. Class A	529,761	139,046,370
		591,348,589
Insurance - 2.0%
AFLAC, Inc.	174,023	15,541,994
Allstate Corp.	88,818	14,180,682
American International Group, Inc.	223,351	16,581,578
Aon PLC	73,174	21,482,423
Arch Capital Group Ltd. (a)	125,855	12,697,511
Arthur J. Gallagher & Co.	73,534	19,068,102
Assurant, Inc.	17,489	2,907,546
Brown & Brown, Inc.	79,681	7,124,278
Chubb Ltd. (b)	136,656	34,858,212
Cincinnati Financial Corp.	52,688	6,222,453
Everest Re Group Ltd. (b)	14,626	5,572,799
Globe Life, Inc.	28,253	2,324,657
Hartford Financial Services Group, Inc.	99,533	10,007,048
Loews Corp.	61,107	4,567,137
Marsh & McLennan Companies, Inc.	165,823	34,942,223
MetLife, Inc.	201,031	14,110,366
Principal Financial Group, Inc.	72,570	5,693,117
Progressive Corp.	197,110	40,941,718
Prudential Financial, Inc.	120,818	14,158,661
The Travelers Companies, Inc.	77,065	15,670,397
W.R. Berkley Corp. (b)	67,971	5,341,161
Willis Towers Watson PLC	34,407	9,019,451
		313,013,514
TOTAL FINANCIALS		1,915,394,712
HEALTH CARE - 11.6%
Biotechnology - 1.9%
AbbVie, Inc.	594,286	101,931,935
Amgen, Inc.	180,533	56,407,536
Biogen, Inc. (a)	49,000	11,359,180
Gilead Sciences, Inc.	419,280	28,766,801
Incyte Corp. (a)	53,505	3,243,473
Moderna, Inc. (a)	112,208	13,324,700
Regeneron Pharmaceuticals, Inc. (a)	35,696	37,517,567
Vertex Pharmaceuticals, Inc. (a)	86,845	40,705,988
		293,257,180
Health Care Equipment & Supplies - 2.3%
Abbott Laboratories	585,457	60,834,837
Align Technology, Inc. (a)	23,561	5,688,332
Baxter International, Inc.	171,493	5,736,441
Becton, Dickinson & Co.	97,251	22,728,531
Boston Scientific Corp. (a)	494,777	38,102,777
DexCom, Inc. (a)	133,836	15,174,326
Edwards Lifesciences Corp. (a)	202,797	18,732,359
GE Healthcare Technologies, Inc.	142,864	11,131,963
Hologic, Inc. (a)	78,542	5,831,744
IDEXX Laboratories, Inc. (a)	27,794	13,541,237
Insulet Corp. (a)	23,570	4,756,426
Intuitive Surgical, Inc. (a)	119,372	53,102,634
Medtronic PLC (b)	446,866	35,172,823
ResMed, Inc.	49,439	9,463,613
Solventum Corp.	46,514	2,459,660
STERIS PLC	33,276	7,305,413
Stryker Corp. (b)	114,102	38,823,206
Teleflex, Inc.	15,843	3,332,258
The Cooper Companies, Inc.	66,897	5,840,108
Zimmer Biomet Holdings, Inc.	69,235	7,514,075
		365,272,763
Health Care Providers & Services - 2.4%
Cardinal Health, Inc.	81,978	8,060,077
Cencora, Inc.	55,698	12,548,759
Centene Corp. (a)	179,598	11,907,347
Cigna Group	95,603	31,603,484
CVS Health Corp.	422,483	24,951,846
DaVita, Inc. (a)	17,415	2,413,197
Elevance Health, Inc.	78,219	42,383,747
HCA Holdings, Inc.	65,228	20,956,452
Henry Schein, Inc. (a)	43,096	2,762,454
Humana, Inc.	40,553	15,152,628
Labcorp Holdings, Inc.	28,370	5,773,579
McKesson Corp.	43,746	25,549,414
Molina Healthcare, Inc. (a)	19,721	5,863,053
Quest Diagnostics, Inc.	37,374	5,115,753
UnitedHealth Group, Inc.	309,746	157,741,248
Universal Health Services, Inc. Class B	20,085	3,714,319
		376,497,357
Life Sciences Tools & Services - 1.2%
Agilent Technologies, Inc.	98,639	12,786,574
Bio-Rad Laboratories, Inc. Class A (a)	6,864	1,874,627
Bio-Techne Corp.	53,046	3,800,746
Charles River Laboratories International, Inc. (a)	17,335	3,581,064
Danaher Corp.	221,850	55,429,223
IQVIA Holdings, Inc. (a)	61,316	12,964,655
Mettler-Toledo International, Inc. (a)	7,187	10,044,479
Revvity, Inc.	41,512	4,352,948
Thermo Fisher Scientific, Inc.	128,462	71,039,486
Waters Corp. (a)	19,963	5,791,666
West Pharmaceutical Services, Inc.	24,514	8,074,666
		189,740,134
Pharmaceuticals - 3.8%
Bristol-Myers Squibb Co.	682,202	28,331,849
Catalent, Inc. (a)	60,844	3,421,258
Eli Lilly & Co.	268,673	243,251,161
Johnson & Johnson	809,946	118,381,707
Merck & Co., Inc.	852,393	105,526,253
Pfizer, Inc.	1,907,036	53,358,867
Viatris, Inc.	400,726	4,259,717
Zoetis, Inc. Class A	153,562	26,621,508
		583,152,320
TOTAL HEALTH CARE		1,807,919,754
INDUSTRIALS - 8.1%
Aerospace & Defense - 1.8%
Axon Enterprise, Inc. (a)	23,873	7,024,392
General Dynamics Corp. (b)	76,515	22,200,062
General Electric Co.	368,378	58,561,051
Howmet Aerospace, Inc.	130,498	10,130,560
Huntington Ingalls Industries, Inc.	13,269	3,268,553
L3Harris Technologies, Inc.	63,849	14,339,208
Lockheed Martin Corp.	71,866	33,568,609
Northrop Grumman Corp.	46,816	20,409,435
RTX Corp.	447,430	44,917,498
Textron, Inc.	64,175	5,510,066
The Boeing Co. (a)	194,199	35,346,160
TransDigm Group, Inc.	18,832	24,059,952
		279,335,546
Air Freight & Logistics - 0.4%
C.H. Robinson Worldwide, Inc.	39,406	3,472,457
Expeditors International of Washington, Inc.	47,535	5,931,893
FedEx Corp.	76,190	22,844,810
United Parcel Service, Inc. Class B	245,470	33,592,570
		65,841,730
Building Products - 0.5%
A.O. Smith Corp.	40,645	3,323,948
Allegion PLC	29,425	3,476,564
Builders FirstSource, Inc. (a)	41,075	5,685,191
Carrier Global Corp.	281,999	17,788,497
Johnson Controls International PLC	226,716	15,069,813
Masco Corp.	74,151	4,943,647
Trane Technologies PLC	76,176	25,056,572
		75,344,232
Commercial Services & Supplies - 0.6%
Cintas Corp.	29,025	20,325,047
Copart, Inc.	294,444	15,947,087
Republic Services, Inc.	68,899	13,389,832
Rollins, Inc.	94,431	4,607,288
Veralto Corp.	73,946	7,059,625
Waste Management, Inc.	122,835	26,205,619
		87,534,498
Construction & Engineering - 0.1%
Quanta Services, Inc. (b)	49,264	12,517,490
Electrical Equipment - 0.7%
AMETEK, Inc.	77,899	12,986,542
Eaton Corp. PLC	134,548	42,187,525
Emerson Electric Co.	192,556	21,211,969
GE Vernova LLC	92,240	15,820,082
Generac Holdings, Inc. (a)	20,398	2,697,024
Hubbell, Inc.	18,065	6,602,396
Rockwell Automation, Inc.	38,365	10,561,117
		112,066,655
Ground Transportation - 1.0%
CSX Corp.	657,901	22,006,788
J.B. Hunt Transport Services, Inc.	27,459	4,393,440
Norfolk Southern Corp.	76,023	16,321,378
Old Dominion Freight Lines, Inc.	59,960	10,588,936
Uber Technologies, Inc. (a)	703,199	51,108,503
Union Pacific Corp.	205,331	46,458,192
		150,877,237
Industrial Conglomerates - 0.4%
3M Co.	186,228	19,030,639
Honeywell International, Inc.	219,151	46,797,505
		65,828,144
Machinery - 1.6%
Caterpillar, Inc.	164,585	54,823,264
Cummins, Inc.	46,031	12,747,365
Deere & Co. (b)	87,121	32,551,019
Dover Corp.	46,251	8,345,993
Fortive Corp.	118,475	8,778,998
IDEX Corp.	25,488	5,128,186
Illinois Tool Works, Inc.	91,389	21,655,537
Ingersoll Rand, Inc.	135,769	12,333,256
Nordson Corp.	18,271	4,237,776
Otis Worldwide Corp.	136,078	13,098,868
PACCAR, Inc.	176,395	18,158,101
Parker Hannifin Corp.	43,259	21,880,835
Pentair PLC	55,872	4,283,706
Snap-On, Inc.	17,753	4,640,457
Stanley Black & Decker, Inc.	51,786	4,137,184
Westinghouse Air Brake Tech Co.	59,362	9,382,164
Xylem, Inc.	81,593	11,066,459
		247,249,168
Passenger Airlines - 0.1%
American Airlines Group, Inc. (a)(b)	221,225	2,506,479
Delta Air Lines, Inc.	217,139	10,301,074
Southwest Airlines Co. (b)	201,381	5,761,510
United Airlines Holdings, Inc. (a)	110,639	5,383,694
		23,952,757
Professional Services - 0.6%
Automatic Data Processing, Inc.	137,743	32,877,877
Broadridge Financial Solutions, Inc. (b)	39,773	7,835,281
Dayforce, Inc. (a)(b)	53,134	2,635,446
Equifax, Inc.	41,599	10,086,094
Jacobs Solutions, Inc.	42,139	5,887,240
Leidos Holdings, Inc.	45,506	6,638,415
Paychex, Inc.	107,802	12,781,005
Paycom Software, Inc.	16,176	2,313,815
Verisk Analytics, Inc.	48,018	12,943,252
		93,998,425
Trading Companies & Distributors - 0.3%
Fastenal Co.	192,636	12,105,246
United Rentals, Inc.	22,410	14,493,219
W.W. Grainger, Inc.	14,717	13,278,266
		39,876,731
TOTAL INDUSTRIALS		1,254,422,613
INFORMATION TECHNOLOGY - 32.2%
Communications Equipment - 0.8%
Arista Networks, Inc. (a)	85,421	29,938,352
Cisco Systems, Inc.	1,362,707	64,742,210
F5, Inc. (a)	19,723	3,396,892
Juniper Networks, Inc.	109,370	3,987,630
Motorola Solutions, Inc.	56,132	21,669,759
		123,734,843
Electronic Equipment, Instruments & Components - 0.6%
Amphenol Corp. Class A	404,252	27,234,457
CDW Corp.	45,230	10,124,283
Corning, Inc.	259,457	10,079,904
Jabil, Inc.	40,584	4,415,133
Keysight Technologies, Inc. (a)	58,724	8,030,507
TE Connectivity Ltd.	103,056	15,502,714
Teledyne Technologies, Inc. (a)	15,959	6,191,773
Trimble, Inc. (a)	82,185	4,595,785
Zebra Technologies Corp. Class A (a)	17,310	5,347,578
		91,522,134
IT Services - 1.0%
Accenture PLC Class A	211,590	64,198,522
Akamai Technologies, Inc. (a)	51,257	4,617,231
Cognizant Technology Solutions Corp. Class A	167,320	11,377,760
EPAM Systems, Inc. (a)	19,509	3,669,838
Gartner, Inc. (a)	26,125	11,731,693
GoDaddy, Inc. (a)	47,430	6,626,445
IBM Corp.	309,145	53,466,628
VeriSign, Inc. (a)	29,162	5,185,004
		160,873,121
Semiconductors & Semiconductor Equipment - 11.9%
Advanced Micro Devices, Inc. (a)	543,938	88,232,183
Analog Devices, Inc.	166,878	38,091,572
Applied Materials, Inc.	279,628	65,989,412
Broadcom, Inc.	146,602	235,373,909
Enphase Energy, Inc. (a)	45,789	4,565,621
First Solar, Inc. (a)	36,039	8,125,353
Intel Corp.	1,432,645	44,369,016
KLA Corp.	45,311	37,359,373
Lam Research Corp.	43,999	46,852,335
Microchip Technology, Inc.	181,870	16,641,105
Micron Technology, Inc.	372,672	49,017,548
Monolithic Power Systems, Inc.	16,379	13,458,297
NVIDIA Corp.	8,278,309	1,022,702,294
NXP Semiconductors NV	86,046	23,154,118
ON Semiconductor Corp. (a)	144,784	9,924,943
Qorvo, Inc. (a)	32,507	3,772,112
Qualcomm, Inc.	376,250	74,941,475
Skyworks Solutions, Inc.	54,040	5,759,583
Teradyne, Inc.	52,535	7,790,415
Texas Instruments, Inc.	306,411	59,606,132
		1,855,726,796
Software - 10.9%
Adobe, Inc. (a)	150,769	83,758,210
ANSYS, Inc. (a)	29,378	9,445,027
Autodesk, Inc. (a)	72,011	17,819,122
Cadence Design Systems, Inc. (a)	91,586	28,185,592
Crowdstrike Holdings, Inc. (a)	77,628	29,746,273
Fair Isaac Corp. (a)	8,316	12,379,697
Fortinet, Inc. (a)	213,380	12,860,413
Gen Digital, Inc.	185,423	4,631,867
Intuit, Inc.	94,221	61,922,983
Microsoft Corp.	2,501,262	1,117,939,036
Oracle Corp.	536,489	75,752,247
Palo Alto Networks, Inc. (a)	108,734	36,861,913
PTC, Inc. (a)	40,301	7,321,483
Roper Technologies, Inc.	36,023	20,304,724
Salesforce, Inc.	326,860	84,035,706
ServiceNow, Inc. (a)	68,989	54,271,577
Synopsys, Inc. (a)	51,345	30,553,356
Tyler Technologies, Inc. (a)	14,286	7,182,715
		1,694,971,941
Technology Hardware, Storage & Peripherals - 7.0%
Apple, Inc.	4,850,890	1,021,694,452
Hewlett Packard Enterprise Co.	437,606	9,264,119
HP, Inc.	290,432	10,170,929
NetApp, Inc.	69,448	8,944,902
Seagate Technology Holdings PLC	65,720	6,786,904
Super Micro Computer, Inc. (a)	16,950	13,887,983
Western Digital Corp. (a)	109,883	8,325,835
		1,079,075,124
TOTAL INFORMATION TECHNOLOGY		5,005,903,959
MATERIALS - 2.2%
Chemicals - 1.4%
Air Products & Chemicals, Inc. (b)	74,801	19,302,398
Albemarle Corp. (b)	39,575	3,780,204
Celanese Corp.	33,819	4,561,845
CF Industries Holdings, Inc.	61,513	4,559,344
Corteva, Inc.	234,564	12,652,382
Dow, Inc.	236,669	12,555,290
DuPont de Nemours, Inc.	140,714	11,326,070
Eastman Chemical Co.	39,605	3,880,102
Ecolab, Inc.	85,538	20,358,044
FMC Corp. (b)	42,049	2,419,920
International Flavors & Fragrances, Inc.	85,884	8,177,016
Linde PLC	161,782	70,991,559
LyondellBasell Industries NV Class A	86,578	8,282,051
PPG Industries, Inc.	79,211	9,971,873
Sherwin-Williams Co.	78,504	23,427,949
The Mosaic Co.	108,160	3,125,824
		219,371,871
Construction Materials - 0.2%
Martin Marietta Materials, Inc.	20,744	11,239,099
Vulcan Materials Co.	44,508	11,068,249
		22,307,348
Containers & Packaging - 0.2%
Amcor PLC (b)	486,302	4,756,034
Avery Dennison Corp.	27,090	5,923,229
Ball Corp.	104,463	6,269,869
International Paper Co.	116,894	5,043,976
Packaging Corp. of America	30,009	5,478,443
WestRock Co.	86,886	4,366,890
		31,838,441
Metals & Mining - 0.4%
Freeport-McMoRan, Inc.	483,449	23,495,621
Newmont Corp.	387,970	16,244,304
Nucor Corp. (b)	80,696	12,756,424
Steel Dynamics, Inc.	49,715	6,438,093
		58,934,442
TOTAL MATERIALS		332,452,102
REAL ESTATE - 2.1%
Equity Real Estate Investment Trusts (REITs) - 2.0%
Alexandria Real Estate Equities, Inc.	53,007	6,200,229
American Tower Corp.	157,158	30,548,372
AvalonBay Communities, Inc.	47,766	9,882,308
BXP, Inc.	48,626	2,993,417
Camden Property Trust (SBI)	35,852	3,911,812
Crown Castle, Inc.	146,237	14,287,355
Digital Realty Trust, Inc.	109,208	16,605,076
Equinix, Inc.	31,940	24,165,804
Equity Residential (SBI)	116,067	8,048,086
Essex Property Trust, Inc.	21,592	5,877,342
Extra Space Storage, Inc.	71,254	11,073,584
Federal Realty Investment Trust (SBI)	25,129	2,537,275
Healthpeak Properties, Inc.	236,849	4,642,240
Host Hotels & Resorts, Inc.	237,118	4,263,382
Invitation Homes, Inc.	193,768	6,954,334
Iron Mountain, Inc.	98,656	8,841,551
Kimco Realty Corp. (b)	224,806	4,374,725
Mid-America Apartment Communities, Inc.	39,325	5,608,138
Prologis, Inc.	311,583	34,993,887
Public Storage Operating Co.	53,225	15,310,171
Realty Income Corp.	293,053	15,479,059
Regency Centers Corp.	55,379	3,444,574
SBA Communications Corp. Class A	36,160	7,098,208
Simon Property Group, Inc.	109,662	16,646,692
UDR, Inc.	102,057	4,199,646
Ventas, Inc.	136,233	6,983,304
VICI Properties, Inc.	351,072	10,054,702
Welltower, Inc.	201,230	20,978,228
Weyerhaeuser Co.	245,189	6,960,916
		312,964,417
Real Estate Management & Development - 0.1%
CBRE Group, Inc. (a)	101,491	9,043,863
CoStar Group, Inc. (a)	137,467	10,191,803
		19,235,666
TOTAL REAL ESTATE		332,200,083
UTILITIES - 2.3%
Electric Utilities - 1.5%
Alliant Energy Corp.	86,286	4,391,957
American Electric Power Co., Inc.	177,401	15,565,164
Constellation Energy Corp.	106,089	21,246,444
Duke Energy Corp.	259,744	26,034,141
Edison International (b)	129,490	9,298,677
Entergy Corp.	71,866	7,689,662
Evergy, Inc.	77,422	4,101,043
Eversource Energy	118,548	6,722,857
Exelon Corp.	336,558	11,648,272
FirstEnergy Corp.	174,333	6,671,724
NextEra Energy, Inc.	691,430	48,960,158
NRG Energy, Inc.	70,159	5,462,580
PG&E Corp.	719,191	12,557,075
Pinnacle West Capital Corp. (b)	38,155	2,914,279
PPL Corp. (b)	248,310	6,865,772
Southern Co.	367,991	28,545,062
Xcel Energy, Inc.	186,995	9,987,403
		228,662,270
Gas Utilities - 0.0%
Atmos Energy Corp.	50,776	5,923,020
Independent Power and Renewable Electricity Producers - 0.1%
The AES Corp.	239,158	4,202,006
Vistra Corp.	109,916	9,450,578
		13,652,584
Multi-Utilities - 0.6%
Ameren Corp.	89,751	6,382,194
CenterPoint Energy, Inc.	215,303	6,670,087
CMS Energy Corp.	100,506	5,983,122
Consolidated Edison, Inc.	116,398	10,408,309
Dominion Energy, Inc.	282,092	13,822,508
DTE Energy Co.	69,649	7,731,735
NiSource, Inc.	150,868	4,346,507
Public Service Enterprise Group, Inc.	167,627	12,354,110
Sempra (b)	212,984	16,199,563
WEC Energy Group, Inc.	106,227	8,334,570
		92,232,705
Water Utilities - 0.1%
American Water Works Co., Inc.	65,572	8,469,280
TOTAL UTILITIES		348,939,859
TOTAL COMMON STOCKS (Cost $4,299,934,812)		15,427,374,862

U.S. Treasury Obligations - 0.0%
	Principal Amount (c)	Value ($)
U.S. Treasury Bills, yield at date of purchase 5.31% 8/22/24 (d) (Cost $5,477,211)	5,519,000	5,477,334

Money Market Funds - 0.9%
	Shares	Value ($)
Fidelity Cash Central Fund 5.38% (e)	99,604,406	99,624,327
Fidelity Securities Lending Cash Central Fund 5.38% (e)(f)	46,424,645	46,429,288
TOTAL MONEY MARKET FUNDS (Cost $146,051,298)		146,053,615

TOTAL INVESTMENT IN SECURITIES - 100.2% (Cost $4,451,463,321)	15,578,905,811
NET OTHER ASSETS (LIABILITIES) - (0.2)%	(34,885,751)
NET ASSETS - 100.0%	15,544,020,060

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($)	Value ($)	Unrealized Appreciation/ (Depreciation) ($)
Purchased

Equity Index Contracts
CME E-mini S&P 500 Index Contracts (United States)	406	Sep 2024	112,086,450	370,736	370,736

The notional amount of futures purchased as a percentage of Net Assets is 0.7%

Legend

(a)	Non-income producing

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

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

(d)	Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,972,177.

(e)

(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, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.38%	117,664,213	390,671,748	408,710,855	2,216,280	(779)	-	99,624,327	0.2%
Fidelity Securities Lending Cash Central Fund 5.38%	37,723,681	513,826,587	505,120,980	61,516	-	-	46,429,288	0.2%
Total	155,387,894	904,498,335	913,831,835	2,277,796	(779)	-	146,053,615

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	1,441,481,374	1,441,481,374	-	-
Consumer Discretionary	1,535,760,598	1,535,760,598	-	-
Consumer Staples	889,899,309	889,899,309	-	-
Energy	563,000,499	563,000,499	-	-
Financials	1,915,394,712	1,915,394,712	-	-
Health Care	1,807,919,754	1,807,919,754	-	-
Industrials	1,254,422,613	1,254,422,613	-	-
Information Technology	5,005,903,959	5,005,903,959	-	-
Materials	332,452,102	332,452,102	-	-
Real Estate	332,200,083	332,200,083	-	-
Utilities	348,939,859	348,939,859	-	-

U.S. Government and Government Agency Obligations	5,477,334	-	5,477,334	-

Money Market Funds	146,053,615	146,053,615	-	-
Total Investments in Securities:	15,578,905,811	15,573,428,477	5,477,334	-
Derivative Instruments: Assets
Futures Contracts	370,736	370,736	-	-
Total Assets	370,736	370,736	-	-
Total Derivative Instruments:	370,736	370,736	-	-

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2024. 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	Value
	Asset ($)	Liability ($)
Equity Risk
Futures Contracts (a)	370,736	0
Total Equity Risk	370,736	0
Total Value of Derivatives	370,736	0

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

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				June 30, 2024 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $45,194,084) - See accompanying schedule:
Unaffiliated issuers (cost $4,305,412,023)	$	15,432,852,196
Fidelity Central Funds (cost $146,051,298)		146,053,615


Total Investment in Securities (cost $4,451,463,321)			$	15,578,905,811
Cash				4,550
Receivable for investments sold				557,455
Receivable for fund shares sold				12,281,608
Dividends receivable				7,881,266
Distributions receivable from Fidelity Central Funds				375,588
Other receivables				106,430
Total assets				15,600,112,708
Liabilities
Payable for fund shares redeemed	$	7,460,879
Accrued management fee		577,325
Distribution and service plan fees payable		558,902
Payable for daily variation margin on futures contracts		480,082
Other affiliated payables		577,325
Other payables and accrued expenses		29,788
Collateral on securities loaned		46,408,347
Total liabilities				56,092,648
Net Assets			$	15,544,020,060
Net Assets consist of:
Paid in capital			$	4,325,478,429
Total accumulated earnings (loss)				11,218,541,631
Net Assets			$	15,544,020,060

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($12,719,215,145 ÷ 23,969,955 shares)			$	530.63
Service Class :
Net Asset Value, offering price and redemption price per share ($205,499,050 ÷ 389,128 shares)			$	528.10
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($2,619,305,865 ÷ 5,011,424 shares)			$	522.67

Statement of Operations
				Six months ended June 30, 2024 (Unaudited)
Investment Income
Dividends			$	101,809,348
Interest				153,693
Income from Fidelity Central Funds (including $61,516 from security lending)				2,277,796
Total income				104,240,837
Expenses
Management fee	$	3,269,722
Transfer agent fees		3,868,033
Distribution and service plan fees		3,194,992
Independent trustees' fees and expenses		30,379
Total expenses before reductions		10,363,126
Expense reductions		(10,154)
Total expenses after reductions				10,352,972
Net Investment income (loss)				93,887,865
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		19,098,790
Fidelity Central Funds		(779)
Futures contracts		13,360,914
Total net realized gain (loss)				32,458,925
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		1,928,183,478
Futures contracts		(3,810,045)
Total change in net unrealized appreciation (depreciation)				1,924,373,433
Net gain (loss)				1,956,832,358
Net increase (decrease) in net assets resulting from operations			$	2,050,720,223

Statement of Changes in Net Assets

		Six months ended June 30, 2024 (Unaudited)		Year ended December 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	93,887,865	$	183,549,520
Net realized gain (loss)		32,458,925		(13,390,061)
Change in net unrealized appreciation (depreciation)		1,924,373,433		2,612,835,198
Net increase (decrease) in net assets resulting from operations		2,050,720,223		2,782,994,657
Distributions to shareholders		(38,693,898)		(282,961,836)

Share transactions - net increase (decrease)		3,711,591		806,514,394
Total increase (decrease) in net assets		2,015,737,916		3,306,547,215

Net Assets
Beginning of period		13,528,282,144		10,221,734,929
End of period	$	15,544,020,060	$	13,528,282,144

Financial Highlights

VIP Index 500 Portfolio Initial Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	461.79	$	374.78	$	468.27	$	371.59	$	320.35	$	252.46
Income from Investment Operations
Net investment income (loss) A,B		3.32		6.54		6.03		5.42		5.43		5.54
Net realized and unrealized gain (loss)		66.87		90.48		(90.47)		99.69		52.57		72.46
Total from investment operations		70.19		97.02		(84.44)		105.11		58.00		78.00
Distributions from net investment income		(1.35)		(6.24)		(5.95)		(5.38)		(5.72)		(5.82)
Distributions from net realized gain		-		(3.77)		(3.09)		(3.04)		(1.04)		(4.29)
Total distributions		(1.35)		(10.01)		(9.05) C		(8.43) C		(6.76)		(10.11)
Net asset value, end of period	$	530.63	$	461.79	$	374.78	$	468.27	$	371.59	$	320.35
Total Return D,E,F		15.23 %		26.19%		(18.21)%		28.58%		18.24%		31.35%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.10% I		.10%		.10%		.10%		.10%		.10%
Expenses net of fee waivers, if any		.10 % I		.10%		.10%		.10%		.10%		.10%
Expenses net of all reductions		.10% I		.10%		.10%		.10%		.10%		.10%
Net investment income (loss)		1.34% I		1.57%		1.50%		1.28%		1.70%		1.90%
Supplemental Data
Net assets, end of period (000 omitted)	$	12,719,215	$	11,016,176	$	8,488,600	$	10,323,307	$	7,930,738	$	7,294,879
Portfolio turnover rate J		3 % I		4%		7%		2%		8%		7%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

DTotal returns for periods of less than one year are not annualized.

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

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

GFees 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.

HExpense 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

VIP Index 500 Portfolio Service Class

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	459.76	$	373.19	$	466.34	$	370.12	$	319.14	$	251.57
Income from Investment Operations
Net investment income (loss) A,B		3.06		6.10		5.60		4.97		5.09		5.23
Net realized and unrealized gain (loss)		66.56		90.08		(90.11)		99.27		52.34		72.18
Total from investment operations		69.62		96.18		(84.51)		104.24		57.43		77.41
Distributions from net investment income		(1.28)		(5.84)		(5.55)		(4.98)		(5.41)		(5.55)
Distributions from net realized gain		-		(3.77)		(3.09)		(3.04)		(1.04)		(4.29)
Total distributions		(1.28)		(9.61)		(8.64)		(8.02)		(6.45)		(9.84)
Net asset value, end of period	$	528.10	$	459.76	$	373.19	$	466.34	$	370.12	$	319.14
Total Return C,D,E		15.17 %		26.07%		(18.30)%		28.45%		18.13%		31.22%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.20% H		.20%		.20%		.20%		.20%		.20%
Expenses net of fee waivers, if any		.20 % H		.20%		.20%		.20%		.20%		.20%
Expenses net of all reductions		.20% H		.20%		.20%		.20%		.20%		.20%
Net investment income (loss)		1.24% H		1.47%		1.40%		1.18%		1.60%		1.80%
Supplemental Data
Net assets, end of period (000 omitted)	$	205,499	$	183,012	$	145,264	$	175,058	$	138,695	$	117,666
Portfolio turnover rate I		3 % H		4%		7%		2%		8%		7%

ACalculated based on average shares outstanding during the period.

CTotal returns for periods of less than one year are not annualized.

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

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

FFees 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.

GExpense 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.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

VIP Index 500 Portfolio Service Class 2

		Six months ended (Unaudited) June 30, 2024		Years ended December 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	455.28	$	369.70	$	461.95	$	366.73	$	316.37	$	249.51
Income from Investment Operations
Net investment income (loss) A,B		2.66		5.43		4.98		4.30		4.61		4.77
Net realized and unrealized gain (loss)		65.91		89.18		(89.29)		98.34		51.78		71.54
Total from investment operations		68.57		94.61		(84.31)		102.64		56.39		76.31
Distributions from net investment income		(1.18)		(5.26)		(4.84)		(4.38)		(4.99)		(5.16)
Distributions from net realized gain		-		(3.77)		(3.09)		(3.04)		(1.04)		(4.29)
Total distributions		(1.18)		(9.03)		(7.94) C		(7.42)		(6.03)		(9.45)
Net asset value, end of period	$	522.67	$	455.28	$	369.70	$	461.95	$	366.73	$	316.37
Total Return D,E,F		15.08 %		25.88%		(18.42)%		28.26%		17.95%		31.02%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.35% I		.35%		.35%		.35%		.35%		.35%
Expenses net of fee waivers, if any		.35 % I		.35%		.35%		.35%		.35%		.35%
Expenses net of all reductions		.35% I		.35%		.35%		.35%		.35%		.35%
Net investment income (loss)		1.09% I		1.32%		1.25%		1.03%		1.45%		1.65%
Supplemental Data
Net assets, end of period (000 omitted)	$	2,619,306	$	2,329,094	$	1,587,871	$	2,535,922	$	2,016,568	$	1,862,974
Portfolio turnover rate J		3 % I		4%		7%		2%		8%		7%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

DTotal returns for periods of less than one year are not annualized.

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

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

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2024

1. Organization.

VIP Index 500 Portfolio (the Fund) is a fund of Variable Insurance Products Fund II (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares and Service Class 2 shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2024 is included at the end of the Fund's Schedule of Investments.

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

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

VIP Index 500 Portfolio

$9,641

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:

Gross unrealized appreciation	$11,345,502,253
Gross unrealized depreciation	(242,311,173)
Net unrealized appreciation (depreciation)	$11,103,191,080
Tax cost	$4,476,085,467

Long-term	(206,756)
Total capital loss carryforward	$(206756)

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.

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

5. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Index 500 Portfolio	265,451,496	187,574,714

6. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .045% of the Fund's average net assets. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. In addition, under an expense contract, the investment adviser pays class-level expenses as necessary so that total expenses do not exceed an annual rate of .09% of each class' average net assets (.10% prior to June 1, 2024), excluding the distribution and service fee for each applicable class, with certain exceptions.

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

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	$97,662
Service Class 2	3,097,330
	$3,194,992

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 .045% of class-level average net assets (.055% prior to June 1, 2024). For the period, transfer agent fees for each class were as follows:

Initial Class	$ 3,156,282
Service Class	52,014
Service Class 2	659,737
	$ 3,868,033

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.

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
VIP Index 500 Portfolio	6,538	1	-

9. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $10,154.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2024	Year ended December 31, 2023
VIP Index 500 Portfolio
Distributions to shareholders
Initial Class	$32,206,925	$235,364,725
Service Class	510,899	3,801,611
Service Class 2	5,976,074	43,795,500
Total	$38,693,898	$282,961,836

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2024	Year ended December 31, 2023	Six months ended June 30, 2024	Year ended December 31, 2023
VIP Index 500 Portfolio
Initial Class
Shares sold	1,218,533	3,180,206	$601,462,183	$1,282,707,479
Reinvestment of distributions	66,524	564,464	32,206,925	235,364,724
Shares redeemed	(1,170,341)	(2,539,189)	(574,454,456)	(1,046,695,109)
Net increase (decrease)	114,716	1,205,481	$59,214,652	$471,377,094
Service Class
Shares sold	23,516	51,357	$11,525,464	$21,547,420
Reinvestment of distributions	1,060	9,169	510,899	3,801,612
Shares redeemed	(33,508)	(51,713)	(16,565,715)	(21,681,481)
Net increase (decrease)	(8,932)	8,813	$(4,529,352)	$3,667,551
Service Class 2
Shares sold	168,211	1,864,869	$82,495,764	$741,143,215
Reinvestment of distributions	12,520	106,746	5,976,074	43,795,500
Shares redeemed	(285,036)	(1,150,933)	(139,445,547)	(453,468,966)
Net increase (decrease)	(104,305)	820,682	$(50,973,709)	$331,469,749

12. Other.

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

Fund	Affiliated %
VIP Index 500 Portfolio	42%

13. Risk and Uncertainties.