Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Fidelity® VIP Strategic Income Initial Release date as of 2022-05-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2022-05-31 Out of 280 Multisector Bond Funds Morningstar® Style Box™ What is this? As of 2022-03-31 Total Fund Assets ($ Mil) 1,489.47 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 3.7 Non-U.S. Stocks 0.3 Bonds 87.6 Cash 7.5 Other 0.9 Data through 2022-03-31 Morningstar Fixed-Income Sectors % Fund Government 41.72 Corporate 47.50 Securitized 2.97 Municipal 0.00 Cash & Equivalents 7.82 Other 0.00 Data through 2022-03-31 Credit Analysis % Bonds AAA 30.51 AA 1.73 A 1.45 BBB 6.74 BB 17.83 B 21.35 Below B 4.65 Not Rated 15.74 Data through 2022-03-31 Holding Status Total Number of Stock Holdings 80 Total Number of Bond Holdings 1748 % of Net Assets in Top 10 Holdings 23.84 Turnover % (as of 2021-12-31) 103.00 30 Day SEC Yield % 4.02 Top Holdings Maturity Date Shares Value $000 % of Net Assets Fidelity Revere Str Tr --- 269,548 111,806 7.08 United States Treasury Notes 1.125% 2028-08-31 61,122 56,313 3.56 10 Year Treasury Note Future June 22 2022-06-21 --- 45,341 2.87 Ultra US Treasury Bond Future June 22 2022-06-21 --- 34,539 2.19 United States Treasury Notes 1.5% 2024-02-29 29,600 29,169 1.85 United States Treasury Notes 1.875% 2027-02-28 28,800 28,028 1.77 United States Treasury Notes 2.75% 2024-02-15 18,873 19,017 1.20 United States Treasury Bonds 2% 2051-08-15 19,656 17,733 1.12 United States Treasury Bonds 3% 2049-02-15 16,081 17,676 1.12 United States Treasury Bonds 2.5% 2045-02-15 17,524 17,068 1.08 Data through 2022-03-31

Principal Risks    Prepayment (Call), Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, High Portfolio Turnover, 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 is a portfolio manager at FMRCo. In this role, Mr. O’Neil manages various retail and institutional taxable bond funds/portfolios. His responsibilities include managing multiple Fidelity and Fidelity Advisor funds and various institutional comingled pools. Prior to assuming his current role, he worked as an analyst focusing on the utility sector from 1990 to 1992. Mr. O’Neil joined Fidelity in 1990 and has been in the investments industry since 1985. He earned his bachelor of arts degree from Harvard College and his MBA 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. 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

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