Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Fidelity VIP Strategic Income Initial Release date as of 2024-03-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-03-31 Out of 315 Multisector Bond Funds Morningstar® Style Box™ What is this? As of 2024-01-31 Total Fund Assets ($ Mil) 1,436.02 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks a high level of current income and may also seek capital appreciation. The fund invests primarily in debt securities, including lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds). The adviser uses a neutral mix of approximately 45% high yield, 30% U.S. government and investment-grade, 15% emerging markets, and 10% foreign developed markets.

Morningstar Category: Multisector Bond Multisector-bond portfolios seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, U.S. corporate bonds, foreign bonds, and high-yield U.S. debt securities. These portfolios typically hold 35% to 65% of bond assets in securities that are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below.

Investment Risks There are no additional fund specific investment risks (e.g. liquidity risk, currency risk, foreign investment risk, etc.) associated with this fund beyond the normal risks generally associated with investing in a mutual fund.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 5.2 Non-U.S. Stocks 0.4 Bonds 85.5 Cash 5.0 Other 3.9 Total 100.0 Data through 2024-01-31 Morningstar Fixed-Income Sectors % Fund Government 35.25 Corporate 46.64 Securitized 6.21 Municipal 0.00 Cash & Equivalents 11.87 Derivative 0.02 Data through 2024-01-31 Credit Analysis % Bonds AAA 29.20 AA 1.08 A 2.54 BBB 10.28 BB 16.04 B 22.13 Below B 3.89 Not Rated 14.84 Data through 2024-01-31 Holding Status Total Number of Stock Holdings 112 Total Number of Bond Holdings 1788 % of Net Assets in Top 10 Holdings 18.84 Turnover % (as of 2023-12-31) 78.00 30 Day SEC Yield % 5.26 Top Holdings Maturity Date Shares Value $000 % of Net Assets 10 Year Treasury Note Future Mar 24 2024-03-19 --- 68,169 4.82 Fidelity Cash Central Fund --- 137,434 37,100 2.62 United States Treasury Notes 1.125% 2028-08-31 40,242 35,611 2.52 United States Treasury Notes 1.875% 2027-02-28 27,200 25,544 1.81 Germany (Federal Republic Of) 2.6% 2033-08-15 19,730 22,149 1.57 United States Treasury Bonds 4.375% 2043-08-15 18,370 18,502 1.31 United States Treasury Notes 0.75% 2026-08-31 19,457 17,891 1.27 United States Treasury Bonds 3.625% 2053-02-15 19,112 17,159 1.21 United States Treasury Bonds 2.5% 2045-02-15 17,524 13,059 0.92 United States Treasury Bonds 3% 2049-02-15 13,991 11,115 0.79 Data through 2024-01-31

Principal Risks    Prepayment (Call), Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Issuer, Interest Rate, Market/Market Volatility, Equity Securities, Leverage Show Risk Definitions

Other Information Inception Date: 2003-12-23 Portfolio Manager(s) Adam Kramer   (2017-07-31) Adam Kramer is a portfolio manager in the Fixed Income division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing,and other financial products and services to institutions, financial intermediaries, and individuals. In this role, he manages several multi-asset income funds, opportunistic high-yield bond strategies for institutional investors as well as a high income fund available exclusively to Canadian investors. Ford E. O'Neil   (2012-06-15) Ford O’Neil, Portfolio Manager, manages retail and institutional assets. Mr. O’Neil joined Fidelity as an analyst in 1989 and has been a portfolio manager since 1992. Prior to joining Fidelity, he worked for Advest, Inc. as an associate in investment banking from 1985 to 1989. Mr. O’Neil received a Bachelor of Arts degree in government from Harvard College and a Master of Business Administration from The Wharton School at the University of Pennsylvania. Rick Patel   (2020-04-28) Rick Patel is a fixed income portfolio manager in Fidelity’s London office. He specialises in global and regional fixed income products, and was a quantitative analyst and key member within the fixed income team for five years prior to moving into an associated portfolio manager role in 2005. After two years, he was promoted to portfolio manager at FIA(UK). Franco Castagliuolo   (2009-12-31) Franco Castagliuolo joined Fidelity Investments in 1996, since then Mr. Castagliuolo has worked as a research associate and portfolio manager. Timothy Gill   (2018-12-31) Timothy Gill is a portfolio manager in the High Income and Alternatives division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals. In this role, Mr. Gill co-manages Fidelity and Fidelity Advisor Global High Income Funds, Fidelity and Fidelity Advisor Total Emerging Markets Funds, Fidelity and Fidelity Advisor New Markets Income Funds, Fidelity and Fidelity Advisor Strategic Income Funds, Fidelity VIP Strategic Income Portfolio, Fidelity Series Emerging Markets Debt Fund, Fidelity Emerging Markets Debt Central Fund, and various institutional portfolios for U.S. and non-U.S. investors. Prior to assuming his current portfolio management responsibilities, Mr. Gill was an assistant portfolio manager and research analyst on the emerging markets debt team, where he covered a variety of sovereign credits. Additionally, he was also a trader within the High Income division covering emerging market sovereign debt. He has been in the financial industry since joining Fidelity in 2000 in the foreign trade operations group. Mr. Gill earned his bachelor of science degree in business administration from the University of Vermont. He is also a CFA charterholder and a member of CFA Society Boston. Brian Chang   (2019-10-31) Brian Chang is a portfolio manager in the High Income division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing,and other financial products and services to institutions, financial intermediaries, and individuals. In this role, Mr. Chang co-manages multiple High Yield Fidelity Funds, portfolio sleeves and institutional accounts. Sean Corcoran   (2017-12-08) Since joined Fidelity Investments in 2001 and has worked as a research analyst and portfolio manager. Ario Emami Nejad   (2019-03-31) Ario Emami Nejad joined Fidelity International in 2010, since then he has worked as a Fixed Income Graduate, Fixed Income Trader, and a portfolio manager. Nader Nazmi   (2020-09-18) Nader Nazmi is a research analyst in the High Income and Alternatives division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals. In this role, Mr. Nazmi is responsible for sovereign debt research covering Brazil, Mexico, Argentina, and 18 other Latin American countries that the Emerging Markets Debt team invests in. Prior to joining Fidelity, Mr. Nazmi was managing director, sovereign analyst, and macro strategist on the Emerging Markets Debt team at Wellington Management. Additionally, he has had an extensive career in the financial industry, including positions at: BNP Paribas as director and economist for Latin America, Capital Markets group; Institute of International Finance as deputy director and senior economist, Latin America department; Bank One as director of economic research, Latin America, Banc One Capital Markets; and Central Bank of Ecuador as an international advisor in the research department. Mr. Nazmi has also held several positions in academia, including: senior fellow and visiting professor in the Center for Latin America Studies at Georgetown University; Hollender professor and chairperson of the economics department at Lake Forest College; visiting scholar at the Center for Research on Economic Development at the University of Michigan; and Fulbright Scholar at the University of Sao Paulo. He has been in the financial industry since 1998. Mr. Nazmi earned his bachelor of science degree in economics, summa cum laude, Phi Beta Kappa, from Iowa State University, and both his master's and doctorate degrees in economics from the University of Illinois. He also holds the Financial Industry Regulatory Authority (FINRA) Series 2, 7, 24, and 65 licenses. Additionally, his extensive research in economics and international finance have been published in academic journals, editorial contributions, and a book. Daniel Ushakov   (2022-10-21) Daniel Ushakov has worked as a Fixed Income Trader and assistant portfolio manager since joining Fidelity Investments in 2017. Mark Notkin   (2003-12-23) Mr. Notkin is a vice president and co-manager of Fidelity Investments. Since joining Fidelity in 1994, he has worked as a research analyst and portfolio manager. Investment Advisor(s) Fidelity Management & Research Company LLC Issuer Fidelity Investments Subadvisor(s) FMR Investment Management (U.K.) Limited Fidelity Management & Research (Japan) Limited FIL Investments (Japan) Limited Fil Investment Advisors FIL Investment Advisors (UK) Ltd Fidelity Management & Research (HK) Ltd

Show Data Definitions © Copyright 2024 Morningstar, Inc. All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance. Past performance is no guarantee of future results. Returns will vary and shares may be worth more or less than their original cost when sold.