Fidelity Variable Annuity Account

FINANCIAL STATEMENTS

Transamerica Life Insurance Company

Fidelity Variable Annuity Account

Years Ended December 31, 2023 and 2022

Transamerica Life Insurance Company

Fidelity Variable Annuity Account

Financial Statements

Years Ended December 31, 2023 and 2022

Contents


Report of Independent Registered Public Accounting Firm			1

Financial Statements

Statements of Assets and Liabilities			2
Statements of Operations and Changes in Net Assets			4
Notes to Financial Statements			8

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Transamerica Life Insurance Company and the Contract Owners of Fidelity Variable Annuity Account

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of Fidelity Variable Annuity Account indicated in the table below as of December 31, 2023, and the related statements of operations and changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the subaccounts of Fidelity Variable Annuity Account as of December 31, 2023, and the results of each of their operations and the changes in each of their net assets for each of the two years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.


Fidelity® Capital & Income		Fidelity® VIP Growth Initial Class
Fidelity® Government Cash Reserves		Fidelity® VIP Growth & Income Initial Class
Fidelity® VIP Asset Manager Initial Class		Fidelity® VIP Growth Opportunities Initial Class
Fidelity® VIP Asset Manager: Growth Initial Class		Fidelity® VIP High Income Initial Class
Fidelity® VIP Balanced Initial Class		Fidelity® VIP Index 500 Initial Class
Fidelity® VIP Contrafund® Initial Class		Fidelity® VIP Investment Grade Bond Initial Class
Fidelity® VIP Equity-Income Initial Class		Fidelity® VIP Overseas Initial Class
Fidelity® VIP Government Money Market Initial Class

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

Our procedures included confirmation of investments owned as of December 31, 2023 by correspondence with the investee mutual fund. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

April 19, 2024

We have served as the auditor of one or more of the subaccounts of Fidelity Variable Annuity Account since 2014.

Transamerica Life Insurance Company

Fidelity Variable Annuity Account

Statements of Assets and Liabilities

December 31, 2023


Subaccount	Number of Shares		Cost		Assets at Market Value		Due (to)/from General Account		Net Assets		Units Outstanding		Range of Unit Values
Fidelity^® Capital & Income		-	$	-	$	-	$	-	$	-		-	$	52.716141	$	52.716141
Fidelity^® Government Cash Reserves		464,124.670		464,125		464,125		(55)		464,070		81,861		5.625694		5.675433
Fidelity^® VIP Asset Manager Initial Class		311,664.459		4,837,223		4,874,432		5		4,874,437		620,704		7.853073		7.853073
Fidelity^® VIP Asset Manager: Growth Initial Class		30,593.186		595,516		655,000		(6)		654,994		135,467		4.835070		4.835070
Fidelity^® VIP Balanced Initial Class		71,775.259		1,455,272		1,602,024		(2)		1,602,022		296,241		5.407828		5.407828
Fidelity^® VIP Contrafund^® Initial Class		96,071.254		3,879,575		4,671,945		31		4,671,976		341,028		13.699700		13.699700
Fidelity^® VIP Equity-Income Initial Class		414,129.093		9,388,158		10,291,108		10		10,291,118		524,855		19.607537		19.607537
Fidelity^® VIP Government Money Market Initial Class		3,585,695.100		3,585,695		3,585,695		(16)		3,585,679		1,031,802		3.475161		3.475161
Fidelity^® VIP Growth Initial Class		333,605.733		23,037,470		31,058,694		(77)		31,058,617		810,703		38.310738		38.310738
Fidelity^® VIP Growth & Income Initial Class		22,655.435		576,582		612,603		(6)		612,597		89,792		6.822393		6.822393
Fidelity^® VIP Growth Opportunities Initial Class		24,341.790		1,345,469		1,454,665		7		1,454,672		173,337		8.392146		8.392146
Fidelity^® VIP High Income Initial Class		198,594.574		1,025,148		913,535		(9)		913,526		112,981		8.085625		8.085625
Fidelity^® VIP Index 500 Initial Class		10,780.764		3,302,476		4,978,449		38		4,978,487		451,727		11.021002		11.021002
Fidelity^® VIP Investment Grade Bond Initial Class		171,589.259		2,203,652		1,916,652		4		1,916,656		428,908		4.468693		4.468693
Fidelity^® VIP Overseas Initial Class		73,515.039		1,720,919		1,898,158		15		1,898,173		288,873		6.570959		6.570959


See accompanying notes.		2

Transamerica Life Insurance Company

Fidelity Variable Annuity Account

Statements of Assets and Liabilities

December 31, 2023


Subaccount	Net Assets Representing: Accumulation Units		Net Assets Representing: Contracts in Payout (Annuitization) Period		Total Net Assets
Fidelity^® Capital & Income	$	-	$	-	$	-
Fidelity^® Government Cash Reserves		464,070		-		464,070
Fidelity^® VIP Asset Manager Initial Class		4,578,478		295,959		4,874,437
Fidelity^® VIP Asset Manager: Growth Initial Class		601,013		53,981		654,994
Fidelity^® VIP Balanced Initial Class		1,480,796		121,226		1,602,022
Fidelity^® VIP Contrafund^® Initial Class		4,250,809		421,167		4,671,976
Fidelity^® VIP Equity-Income Initial Class		9,610,828		680,290		10,291,118
Fidelity^® VIP Government Money Market Initial Class		3,125,472		460,207		3,585,679
Fidelity^® VIP Growth Initial Class		30,277,725		780,892		31,058,617
Fidelity^® VIP Growth & Income Initial Class		612,597		-		612,597
Fidelity^® VIP Growth Opportunities Initial Class		1,445,895		8,777		1,454,672
Fidelity^® VIP High Income Initial Class		848,779		64,747		913,526
Fidelity^® VIP Index 500 Initial Class		4,533,370		445,117		4,978,487
Fidelity^® VIP Investment Grade Bond Initial Class		1,679,942		236,714		1,916,656
Fidelity^® VIP Overseas Initial Class		1,603,049		295,124		1,898,173


See accompanying notes.		3

Transamerica Life Insurance Company

Fidelity Variable Annuity Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Fidelity^® Capital & Income Subaccount		Fidelity^® Government Cash Reserves Subaccount			Fidelity^® VIP Asset Manager Initial Class Subaccount			Fidelity^® VIP Asset Manager: Growth Initial Class Subaccount

Net Assets as of December 31, 2021:	$	-	$	486,868		$	5,565,399		$	509,931


Investment Income:
Reinvested Dividends		-		6,415			99,959			7,899
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-		-			38,448			3,376

Net Investment Income (Loss)		-		6,415			61,511			4,523

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-		-			328,725			27,883
Realized Gain (Loss) on Investments		-		-			40,049			4,398

Net Realized Capital Gains (Losses) on Investments		-		-			368,774			32,281
Net Change in Unrealized Appreciation (Depreciation)		-		-			(1,296,583	)		(123,570	)

Net Gain (Loss) on Investment		-		-			(927,809	)		(91,289	)

Net Increase (Decrease) in Net Assets Resulting from Operations		-		6,415			(866,298	)		(86,766	)


Increase (Decrease) in Net Assets from Contract Transactions		-		(19,401	)		(169,915	)		(17,807	)


Total Increase (Decrease) in Net Assets		-		(12,986	)		(1,036,213	)		(104,573	)


Net Assets as of December 31, 2022:	$	-	$	473,882		$	4,529,186		$	405,358


Investment Income:
Reinvested Dividends		-		22,658			109,874			11,089
Investment Expense:
Mortality and Expense Risk and Administrative Charges		-		-			37,154			3,690

Net Investment Income (Loss)		-		22,658			72,720			7,399

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-		-			49,596			-
Realized Gain (Loss) on Investments		-		-			34,256			1,817

Net Realized Capital Gains (Losses) on Investments		-		-			83,852			1,817
Net Change in Unrealized Appreciation (Depreciation)		-		-			394,926			72,855

Net Gain (Loss) on Investment		-		-			478,778			74,672

Net Increase (Decrease) in Net Assets Resulting from Operations		-		22,658			551,498			82,071


Increase (Decrease) in Net Assets from Contract Transactions		-		(32,470	)		(206,247	)		167,565


Total Increase (Decrease) in Net Assets		-		(9,812	)		345,251			249,636


Net Assets as of December 31, 2023:	$	-	$	464,070		$	4,874,437		$	654,994

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Life Insurance Company

Fidelity Variable Annuity Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Fidelity^® VIP Balanced Initial Class Subaccount			Fidelity^® VIP Contrafund^® Initial Class Subaccount			Fidelity^® VIP Equity-Income Initial Class Subaccount			Fidelity^® VIP Government Money Market Initial Class Subaccount

Net Assets as of December 31, 2021:	$	807,332		$	5,746,242		$	11,774,132		$	2,679,790


Investment Income:
Reinvested Dividends		8,625			23,068			193,393			38,321
Investment Expense:
Mortality and Expense Risk and Administrative Charges		5,477			35,623			80,906			21,817

Net Investment Income (Loss)		3,148			(12,555	)		112,487			16,504

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		40,969			216,414			338,943			-
Realized Gain (Loss) on Investments		10,445			47,496			171,862			-

Net Realized Capital Gains (Losses) on Investments		51,414			263,910			510,805			-
Net Change in Unrealized Appreciation (Depreciation)		(203,437	)		(1,771,651	)		(1,234,368	)		-

Net Gain (Loss) on Investment		(152,023	)		(1,507,741	)		(723,563	)		-

Net Increase (Decrease) in Net Assets Resulting from Operations		(148,875	)		(1,520,296	)		(611,076	)		16,504


Increase (Decrease) in Net Assets from Contract Transactions		(31,567	)		(124,717	)		(1,123,810	)		(28,426	)


Total Increase (Decrease) in Net Assets		(180,442	)		(1,645,013	)		(1,734,886	)		(11,922	)


Net Assets as of December 31, 2022:	$	626,890		$	4,101,229		$	10,039,246		$	2,667,868


Investment Income:
Reinvested Dividends		23,137			20,719			189,212			160,574
Investment Expense:
Mortality and Expense Risk and Administrative Charges		5,808			33,740			78,097			26,423

Net Investment Income (Loss)		17,329			(13,021	)		111,115			134,151

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		24,118			151,438			284,015			-
Realized Gain (Loss) on Investments		33,390			196,885			47,043			-

Net Realized Capital Gains (Losses) on Investments		57,508			348,323			331,058			-
Net Change in Unrealized Appreciation (Depreciation)		115,052			864,934			488,037			-

Net Gain (Loss) on Investment		172,560			1,213,257			819,095			-

Net Increase (Decrease) in Net Assets Resulting from Operations		189,889			1,200,236			930,210			134,151


Increase (Decrease) in Net Assets from Contract Transactions		785,243			(629,489	)		(678,338	)		783,660


Total Increase (Decrease) in Net Assets		975,132			570,747			251,872			917,811


Net Assets as of December 31, 2023:	$	1,602,022		$	4,671,976		$	10,291,118		$	3,585,679

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Life Insurance Company

Fidelity Variable Annuity Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Fidelity^® VIP Growth Initial Class Subaccount			Fidelity^® VIP Growth & Income Initial Class Subaccount			Fidelity^® VIP Growth Opportunities Initial Class Subaccount			Fidelity^® VIP High Income Initial Class Subaccount

Net Assets as of December 31, 2021:	$	34,640,299		$	540,272		$	1,070,234		$	1,107,890


Investment Income:
Reinvested Dividends		166,093			8,788			-			46,233
Investment Expense:
Mortality and Expense Risk and Administrative Charges		213,426			4,144			6,342			7,426

Net Investment Income (Loss)		(47,333	)		4,644			(6,342	)		38,807

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		2,000,999			10,485			151,221			-
Realized Gain (Loss) on Investments		1,746,436			629			1,154			(29,805	)

Net Realized Capital Gains (Losses) on Investments		3,747,435			11,114			152,375			(29,805	)
Net Change in Unrealized Appreciation (Depreciation)		(11,915,778	)		(47,075	)		(565,866	)		(133,746	)

Net Gain (Loss) on Investment		(8,168,343	)		(35,961	)		(413,491	)		(163,551	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(8,215,676	)		(31,317	)		(419,833	)		(124,744	)


Increase (Decrease) in Net Assets from Contract Transactions		(2,413,689	)		11,309			32,136			(127,278	)


Total Increase (Decrease) in Net Assets		(10,629,365	)		(20,008	)		(387,697	)		(252,022	)


Net Assets as of December 31, 2022:	$	24,010,934		$	520,264		$	682,537		$	855,868


Investment Income:
Reinvested Dividends		35,981			9,597			-			49,984
Investment Expense:
Mortality and Expense Risk and Administrative Charges		216,223			4,461			8,441			7,013

Net Investment Income (Loss)		(180,242	)		5,136			(8,441	)		42,971

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		1,293,544			21,572			-			-
Realized Gain (Loss) on Investments		827,862			450			17,456			(28,972	)

Net Realized Capital Gains (Losses) on Investments		2,121,406			22,022			17,456			(28,972	)
Net Change in Unrealized Appreciation (Depreciation)		6,246,427			65,319			356,649			66,763

Net Gain (Loss) on Investment		8,367,833			87,341			374,105			37,791

Net Increase (Decrease) in Net Assets Resulting from Operations		8,187,591			92,477			365,664			80,762


Increase (Decrease) in Net Assets from Contract Transactions		(1,139,908	)		(144	)		406,471			(23,104	)


Total Increase (Decrease) in Net Assets		7,047,683			92,333			772,135			57,658


Net Assets as of December 31, 2023:	$	31,058,617		$	612,597		$	1,454,672		$	913,526

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Life Insurance Company

Fidelity Variable Annuity Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2023 and 2022


	Fidelity^® VIP Index 500 Initial Class Subaccount			Fidelity^® VIP Investment Grade Bond Initial Class Subaccount			Fidelity^® VIP Overseas Initial Class Subaccount

Net Assets as of December 31, 2021:	$	5,443,333		$	4,080,143		$	2,738,369


Investment Income:
Reinvested Dividends		74,687			76,910			23,234
Investment Expense:
Mortality and Expense Risk and Administrative Charges		39,894			26,849			17,139

Net Investment Income (Loss)		34,793			50,061			6,095

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		38,286			172,308			19,459
Realized Gain (Loss) on Investments		194,736			(2,616	)		9,925

Net Realized Capital Gains (Losses) on Investments		233,022			169,692			29,384
Net Change in Unrealized Appreciation (Depreciation)		(1,338,568	)		(732,135	)		(730,044	)

Net Gain (Loss) on Investment		(1,105,546	)		(562,443	)		(700,660	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(1,070,753	)		(512,382	)		(694,565	)


Increase (Decrease) in Net Assets from Contract Transactions		407,271			(347,588	)		10,571


Total Increase (Decrease) in Net Assets		(663,482	)		(859,970	)		(683,994	)


Net Assets as of December 31, 2022:	$	4,779,851		$	3,220,173		$	2,054,375


Investment Income:
Reinvested Dividends		69,530			48,538			18,664
Investment Expense:
Mortality and Expense Risk and Administrative Charges		37,358			23,922			16,186

Net Investment Income (Loss)		32,172			24,616			2,478

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		48,068			-			4,720
Realized Gain (Loss) on Investments		474,095			(281,972	)		144,565

Net Realized Capital Gains (Losses) on Investments		522,163			(281,972	)		149,285
Net Change in Unrealized Appreciation (Depreciation)		499,397			334,031			212,743

Net Gain (Loss) on Investment		1,021,560			52,059			362,028

Net Increase (Decrease) in Net Assets Resulting from Operations		1,053,732			76,675			364,506


Increase (Decrease) in Net Assets from Contract Transactions		(855,096	)		(1,380,192	)		(520,708	)


Total Increase (Decrease) in Net Assets		198,636			(1,303,517	)		(156,202	)


Net Assets as of December 31, 2023:	$	4,978,487		$	1,916,656		$	1,898,173

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Life Insurance Company

Fidelity Variable Annuity Account

Notes to Financial Statements

December 31, 2023

1. Organization

The Fidelity Variable Annuity Account (the Separate Account) is a segregated investment account of Transamerica Life Insurance Company (TLIC), an indirect wholly owned subsidiary of Aegon N.V., a holding company organized under the laws of the Netherlands.

The Separate Account is registered with the Securities and Exchange Commission as a Unit Investment Trust pursuant to provisions of the Investment Company Act of 1940. TLIC and the Separate Account are regulated by the Securities and Exchange Commission. The assets and liabilities of the Separate Account are clearly identified and distinguished from TLIC’s other assets and liabilities. The Separate Account consists of multiple investment subaccounts. Each subaccount invests exclusively in the corresponding portfolio of a Mutual Fund. Each Mutual Fund is registered as an open-end management investment company under the Investment Company Act of 1940, as amended. Activity in these specified investment subaccounts is available to contract owners of Fidelity Income Plus^SM.

Subaccount Investment by Mutual Fund:


Subaccount		Mutual Fund
Fidelity^® Variable Insurance Products Fund		Fidelity^® Variable Insurance Products Fund
Fidelity^® Capital & Income		Fidelity^® Capital & Income Portfolio
Fidelity^® Government Cash Reserves		Fidelity^® Government Cash Reserves Portfolio
Fidelity^® VIP Asset Manager Initial Class		Fidelity^® VIP Asset Manager Portfolio Initial Class
Fidelity^® VIP Asset Manager: Growth Initial Class		Fidelity^® VIP Asset Manager: Growth^® Portfolio Initial Class
Fidelity^® VIP Balanced Initial Class		Fidelity^® VIP Balanced Portfolio Initial Class
Fidelity^® VIP Contrafund^® Initial Class		Fidelity^® VIP Contrafund^® Portfolio Initial Class
Fidelity^® VIP Equity-Income Initial Class		Fidelity^® VIP Equity-Income Portfolio Initial Class
Fidelity^® VIP Government Money Market Initial Class		Fidelity^® VIP Government Money Market Portfolio Initial Class
Fidelity^® VIP Growth Initial Class		Fidelity^® VIP Growth Portfolio Initial Class
Fidelity^® VIP Growth & Income Initial Class		Fidelity^® VIP Growth & Income Portfolio Initial Class
Fidelity^® VIP Growth Opportunities Initial Class		Fidelity^® VIP Growth Opportunities Portfolio Initial Class
Fidelity^® VIP High Income Initial Class		Fidelity^® VIP High Income Portfolio Initial Class
Fidelity^® VIP Index 500 Initial Class		Fidelity^® VIP Index 500 Portfolio Initial Class
Fidelity^® VIP Investment Grade Bond Initial Class		Fidelity^® VIP Investment Grade Bond Portfolio Initial Class
Fidelity^® VIP Overseas Initial Class		Fidelity^® VIP Overseas Portfolio Initial Class

Transamerica Life Insurance Company

Fidelity Variable Annuity Account

Notes to Financial Statements

December 31, 2023

2. Summary of Significant Accounting Policies

The financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for variable annuity separate accounts registered as unit investment trusts. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions regarding matters that affect the reported amount of assets and liabilities. Actual results could differ from those estimates.

Investments

Net purchase payments received by the Separate Account are invested in the portfolios of the Mutual Funds as selected by the contract owner. Investments are stated at the closing net asset values per share on December 31, 2023.

Realized capital gains and losses from sales of shares in the Separate Account are determined on the first-in, first-out basis. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed) and dividend income is recorded on the ex-dividend date. Unrealized gains or losses from investments in the Mutual Funds are included in the Statements of Operations and Changes in Net Assets.

Dividend Income

Dividends received from the Mutual Fund investments are reinvested to purchase additional mutual fund shares.

Fair Value Measurements and Fair Value Hierarchy

The Accounting Standards Codification^™ (ASC) 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the nature of inputs used to measure fair value and enhances disclosure requirements for fair value measurements.

The Separate Account has categorized its financial instruments into a three level hierarchy which is based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.

Financial assets and liabilities recorded at fair value on the Statements of Assets and Liabilities are categorized as follows:

Level 1. Unadjusted quoted prices for identical assets or liabilities in an active market.

Level 2. Quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:

a) Quoted prices for similar assets or liabilities in active markets

b) Quoted prices for identical or similar assets or liabilities in non-active markets

c) Inputs other than quoted market prices that are observable

d) Inputs that are derived principally from or corroborated by observable market data through correlation or other means.

Level 3. Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. They reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.

All investments in the Mutual Funds included in the Statements of Assets and Liabilities are stated at fair value and are based upon published closing NAV per share and therefore are considered Level 1.

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2023.

Transamerica Life Insurance Company

Fidelity Variable Annuity Account

Notes to Financial Statements

December 31, 2023

3. Investments

The aggregate cost of purchases and proceeds from sales of investments for the period

ended December 31, 2023 were as follows:


Subaccount	Purchases		Sales

Fidelity^® Capital & Income	$	-	$	-

Fidelity^® Government Cash Reserves		49,391		59,200

Fidelity^® VIP Asset Manager Initial Class		438,345		522,274

Fidelity^® VIP Asset Manager: Growth Initial Class		195,696		20,730

Fidelity^® VIP Balanced Initial Class		997,452		170,762

Fidelity^® VIP Contrafund^® Initial Class		303,985		795,064

Fidelity^® VIP Equity-Income Initial Class		637,054		920,267

Fidelity^® VIP Government Money Market Initial Class		1,386,803		469,056

Fidelity^® VIP Growth Initial Class		1,557,723		1,584,310

Fidelity^® VIP Growth & Income Initial Class		31,169		4,603

Fidelity^® VIP Growth Opportunities Initial Class		574,371		176,341

Fidelity^® VIP High Income Initial Class		125,908		106,040

Fidelity^® VIP Index 500 Initial Class		152,313		927,182

Fidelity^® VIP Investment Grade Bond Initial Class		130,607		1,486,187

Fidelity^® VIP Overseas Initial Class		55,597		569,111

Transamerica Life Insurance Company

Fidelity Variable Annuity Account

Notes to Financial Statements

4. Change in Units

The change in units outstanding were as follows:


	Year Ended December 31, 2023								Year Ended December 31, 2022
Subaccount	Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)			Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)

Fidelity^® Capital & Income		-		-			-			-		-			-

Fidelity^® Government Cash Reserves		4,837		(10,556	)		(5,719	)		14,998		(18,620	)		(3,622	)

Fidelity^® VIP Asset Manager Initial Class		38,809		(64,343	)		(25,534	)		26,541		(50,435	)		(23,894	)

Fidelity^® VIP Asset Manager: Growth Initial Class		42,496		(3,816	)		38,680			4,239		(7,856	)		(3,617	)

Fidelity^® VIP Balanced Initial Class		190,600		(34,124	)		156,476			7,520		(14,286	)		(6,766	)

Fidelity^® VIP Contrafund^® Initial Class		12,299		(67,620	)		(55,321	)		7,376		(16,987	)		(9,611	)

Fidelity^® VIP Equity-Income Initial Class		9,041		(46,231	)		(37,190	)		7,867		(67,350	)		(59,483	)

Fidelity^® VIP Government Money Market Initial Class		364,047		(131,130	)		232,917			106,282		(114,948	)		(8,666	)

Fidelity^® VIP Growth Initial Class		7,028		(43,425	)		(36,397	)		5,715		(74,517	)		(68,802	)

Fidelity^® VIP Growth & Income Initial Class		-		(25	)		(25	)		3,361		(1,496	)		1,865

Fidelity^® VIP Growth Opportunities Initial Class		81,177		(25,361	)		55,816			4,652		(202	)		4,450

Fidelity^® VIP High Income Initial Class		10,012		(13,046	)		(3,034	)		4,565		(20,590	)		(16,025	)

Fidelity^® VIP Index 500 Initial Class		3,680		(94,930	)		(91,250	)		73,562		(32,307	)		41,255

Fidelity^® VIP Investment Grade Bond Initial Class		19,134		(349,476	)		(330,342	)		28,560		(100,013	)		(71,453	)

Fidelity^® VIP Overseas Initial Class		5,323		(90,225	)		(84,902	)		14,523		(14,001	)		522

Transamerica Life Insurance Company

Fidelity Variable Annuity Account

Notes to Financial Statements

4. Change in Unit Dollars (continued)



	Year Ended December 31, 2023								Year Ended December 31, 2022
Subaccount	Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)			Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)

Fidelity^® Capital & Income	$	-	$	-		$	-		$	-	$	-		$	-

Fidelity^® Government Cash Reserves		26,734		(59,204	)		(32,470	)		80,188		(99,589	)		(19,401	)

Fidelity^® VIP Asset Manager Initial Class		279,194		(485,441	)		(206,247	)		213,188		(383,103	)		(169,915	)

Fidelity^® VIP Asset Manager: Growth Initial Class		184,622		(17,057	)		167,565			18,239		(36,046	)		(17,807	)

Fidelity^® VIP Balanced Initial Class		950,247		(165,004	)		785,243			35,518		(67,085	)		(31,567	)

Fidelity^® VIP Contrafund^® Initial Class		131,966		(761,455	)		(629,489	)		80,958		(205,675	)		(124,717	)

Fidelity^® VIP Equity-Income Initial Class		164,128		(842,466	)		(678,338	)		136,562		(1,260,372	)		(1,123,810	)

Fidelity^® VIP Government Money Market Initial Class		1,226,361		(442,701	)		783,660			352,465		(380,891	)		(28,426	)

Fidelity^® VIP Growth Initial Class		228,803		(1,368,711	)		(1,139,908	)		175,289		(2,588,978	)		(2,413,689	)

Fidelity^® VIP Growth & Income Initial Class		-		(144	)		(144	)		19,836		(8,527	)		11,309

Fidelity^® VIP Growth Opportunities Initial Class		574,451		(167,980	)		406,471			33,511		(1,375	)		32,136

Fidelity^® VIP High Income Initial Class		76,021		(99,125	)		(23,104	)		35,162		(162,440	)		(127,278	)

Fidelity^® VIP Index 500 Initial Class		34,966		(890,062	)		(855,096	)		701,822		(294,551	)		407,271

Fidelity^® VIP Investment Grade Bond Initial Class		82,373		(1,462,565	)		(1,380,192	)		128,745		(476,333	)		(347,588	)

Fidelity^® VIP Overseas Initial Class		32,333		(553,041	)		(520,708	)		91,306		(80,735	)		10,571

Transamerica Life Insurance Company

Fidelity Variable Annuity Account

Notes to Financial Statements

December 31, 2023

5. Financial Highlights

The Separate Account offers various death benefit options, which have differing fees that are charged against the contract owner’s account balance. These charges are discussed in more detail in the individual’s policy. Differences in the fee structures for these units result in different unit values, expense ratios, and total returns.


		At December 31								For the Year Ended December 31
Subaccount		Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio				Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**						Total Return* Corresponding to Lowest to Highest Expense Ratio**

Fidelity^® Capital & Income
	12/31/2023		-		$52.72	to	$52.72	$	-		-	%		0.00	%	to	0.00	%		12.99	%	to	12.99	%
	12/31/2022		-		46.66	to	46.66		-		-			0.00		to	0.00			(10.48	)	to	(10.48	)
	12/31/2021		-		52.12	to	52.12		-		-			0.00		to	0.00			11.65		to	11.65
	12/31/2020		-		46.68	to	46.68		-		-			0.00		to	0.00			10.24		to	10.24
	12/31/2019		-		42.34	to	42.34		-		-			0.00		to	0.00			18.94		to	18.94
Fidelity^® Government Cash Reserves
	12/31/2023		81,861		5.68	to	5.63		464,070		4.69			0.00		to	0.00			4.79		to	4.79
	12/31/2022		87,580		5.42	to	5.37		473,882		1.31			0.00		to	0.00			1.34		to	1.34
	12/31/2021		91,202		5.34	to	5.30		486,868		0.01			0.00		to	0.00			0.01		to	0.01
	12/31/2020		84,539		5.34	to	5.30		451,302		0.28			0.00		to	0.00			0.27		to	0.27
	12/31/2019		84,310		5.33	to	5.28		448,947		1.87			0.00		to	0.00			1.90		to	1.90
Fidelity^® VIP Asset Manager Initial Class
	12/31/2023		620,704		7.85	to	7.85		4,874,437		2.35			0.80		to	0.80			12.05		to	12.05
	12/31/2022		646,238		7.01	to	7.01		4,529,186		2.07			0.80		to	0.80			(15.61	)	to	(15.61	)
	12/31/2021		670,132		8.30	to	8.30		5,565,399		1.60			0.80		to	0.80			9.05		to	9.05
	12/31/2020		718,317		7.62	to	7.62		5,470,633		1.50			0.80		to	0.80			13.96		to	13.96
	12/31/2019		747,936		6.68	to	6.68		4,998,468		1.80			0.80		to	0.80			17.31		to	17.31
Fidelity^® VIP Asset Manager: Growth Initial Class
	12/31/2023		135,467		4.84	to	4.84		654,994		2.38			0.80		to	0.80			15.45		to	15.45
	12/31/2022		96,787		4.19	to	4.19		405,358		1.86			0.80		to	0.80			(17.54	)	to	(17.54	)
	12/31/2021		100,404		5.08	to	5.08		509,931		1.46			0.80		to	0.80			13.06		to	13.06
	12/31/2020		104,524		4.49	to	4.49		469,551		1.16			0.80		to	0.80			16.33		to	16.33
	12/31/2019		105,493		3.86	to	3.86		407,360		1.64			0.80		to	0.80			21.85		to	21.85
Fidelity^® VIP Balanced Initial Class
	12/31/2023		296,241		5.41	to	5.41		1,602,022		3.16			0.80		to	0.80			20.57		to	20.57
	12/31/2022		139,765		4.49	to	4.49		626,890		1.25			0.80		to	0.80			(18.59	)	to	(18.59	)
	12/31/2021		146,531		5.51	to	5.51		807,332		0.94			0.80		to	0.80			17.32		to	17.32
	12/31/2020		175,372		4.70	to	4.70		823,561		1.45			0.80		to	0.80			21.42		to	21.42
	12/31/2019		193,641		3.87	to	3.87		748,954		1.75			0.80		to	0.80			23.52		to	23.52
Fidelity^® VIP Contrafund^® Initial Class
	12/31/2023		341,028		13.70	to	13.70		4,671,976		0.49			0.80		to	0.80			32.40		to	32.40
	12/31/2022		396,349		10.35	to	10.35		4,101,229		0.52			0.80		to	0.80			(26.90	)	to	(26.90	)
	12/31/2021		405,960		14.15	to	14.15		5,746,242		0.06			0.80		to	0.80			26.82		to	26.82
	12/31/2020		392,474		11.16	to	11.16		4,380,474		0.24			0.80		to	0.80			29.53		to	29.53
	12/31/2019		555,558		8.62	to	8.62		4,787,038		0.47			0.80		to	0.80			30.53		to	30.53
Fidelity^® VIP Equity-Income Initial Class
	12/31/2023		524,855		19.61	to	19.61		10,291,118		1.93			0.80		to	0.80			9.77		to	9.77
	12/31/2022		562,045		17.86	to	17.86		10,039,246		1.90			0.80		to	0.80			(5.71	)	to	(5.71	)
	12/31/2021		621,528		18.94	to	18.94		11,774,132		1.87			0.80		to	0.80			23.90		to	23.90
	12/31/2020		671,451		15.29	to	15.29		10,266,007		1.80			0.80		to	0.80			5.85		to	5.85
	12/31/2019		740,206		14.44	to	14.44		10,691,998		2.00			0.80		to	0.80			26.43		to	26.43
Fidelity^® VIP Government Money Market Initial Class
	12/31/2023		1,031,802		3.48	to	3.48		3,585,679		4.82			0.80		to	0.80			4.06		to	4.06
	12/31/2022		798,885		3.34	to	3.34		2,667,868		1.40			0.80		to	0.80			0.64		to	0.64
	12/31/2021		807,551		3.32	to	3.32		2,679,790		0.01			0.80		to	0.80			(0.78	)	to	(0.78	)
	12/31/2020		847,221		3.34	to	3.34		2,833,670		0.36			0.80		to	0.80			(0.48	)	to	(0.48	)
	12/31/2019		1,059,775		3.36	to	3.36		3,561,555		1.97			0.80		to	0.80			1.21		to	1.21

Transamerica Life Insurance Company

Fidelity Variable Annuity Account

Notes to Financial Statements

December 31, 2023

5. Financial Highlights (continued)


		At December 31								For the Year Ended December 31
Subaccount		Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio				Net Assets		Investment Income Ratio*			Expense Ratio Lowest to Highest**						Total Return* Corresponding to Lowest to Highest Expense Ratio**

Fidelity^® VIP Growth Initial Class
	12/31/2023		810,703		$38.31	to	$38.31	$	31,058,617		0.13	%		0.80	%	to	0.80	%		35.16	%	to	35.16	%
	12/31/2022		847,100		28.34	to	28.34		24,010,934		0.62			0.80		to	0.80			(25.06	)	to	(25.06	)
	12/31/2021		915,902		37.82	to	37.82		34,640,299		-			0.80		to	0.80			22.24		to	22.24
	12/31/2020		939,756		30.94	to	30.94		29,076,683		0.07			0.80		to	0.80			42.75		to	42.75
	12/31/2019		991,269		21.67	to	21.67		21,485,251		0.26			0.80		to	0.80			33.25		to	33.25
Fidelity^® VIP Growth & Income Initial Class
	12/31/2023		89,792		6.82	to	6.82		612,597		1.71			0.80		to	0.80			17.78		to	17.78
	12/31/2022		89,817		5.79	to	5.79		520,264		1.69			0.80		to	0.80			(5.70	)	to	(5.70	)
	12/31/2021		87,952		6.14	to	6.14		540,272		1.95			0.80		to	0.80			24.95		to	24.95
	12/31/2020		88,141		4.92	to	4.92		433,317		2.11			0.80		to	0.80			6.99		to	6.99
	12/31/2019		92,663		4.59	to	4.59		425,781		3.59			0.80		to	0.80			29.02		to	29.02
Fidelity^® VIP Growth Opportunities Initial Class
	12/31/2023		173,337		8.39	to	8.39		1,454,672		-			0.80		to	0.80			44.50		to	44.50
	12/31/2022		117,521		5.81	to	5.81		682,537		-			0.80		to	0.80			(38.64	)	to	(38.64	)
	12/31/2021		113,071		9.47	to	9.47		1,070,234		-			0.80		to	0.80			11.05		to	11.05
	12/31/2020		142,958		8.52	to	8.52		1,218,439		0.01			0.80		to	0.80			67.32		to	67.32
	12/31/2019		178,337		5.09	to	5.09		908,425		0.16			0.80		to	0.80			39.72		to	39.72
Fidelity^® VIP High Income Initial Class
	12/31/2023		112,981		8.09	to	8.09		913,526		5.66			0.80		to	0.80			9.60		to	9.60
	12/31/2022		116,015		7.38	to	7.38		855,868		4.95			0.80		to	0.80			(12.08	)	to	(12.08	)
	12/31/2021		132,040		8.39	to	8.39		1,107,890		5.30			0.80		to	0.80			3.58		to	3.58
	12/31/2020		144,108		8.10	to	8.10		1,167,324		5.00			0.80		to	0.80			1.93		to	1.93
	12/31/2019		153,669		7.95	to	7.95		1,221,196		4.97			0.80		to	0.80			14.19		to	14.19
Fidelity^® VIP Index 500 Initial Class
	12/31/2023		451,727		11.02	to	11.02		4,978,487		1.48			0.80		to	0.80			25.20		to	25.20
	12/31/2022		542,977		8.80	to	8.80		4,779,851		1.49			0.80		to	0.80			(18.86	)	to	(18.86	)
	12/31/2021		501,722		10.85	to	10.85		5,443,333		1.27			0.80		to	0.80			27.56		to	27.56
	12/31/2020		518,031		8.51	to	8.51		4,406,096		1.72			0.80		to	0.80			17.30		to	17.30
	12/31/2019		509,199		7.25	to	7.25		3,692,191		1.91			0.80		to	0.80			30.31		to	30.31
Fidelity^® VIP Investment Grade Bond Initial Class
	12/31/2023		428,908		4.47	to	4.47		1,916,656		1.62			0.80		to	0.80			5.36		to	5.36
	12/31/2022		759,250		4.24	to	4.24		3,220,173		2.28			0.80		to	0.80			(13.65	)	to	(13.65	)
	12/31/2021		830,703		4.91	to	4.91		4,080,143		2.00			0.80		to	0.80			(1.39	)	to	(1.39	)
	12/31/2020		891,051		4.98	to	4.98		4,438,468		2.18			0.80		to	0.80			8.53		to	8.53
	12/31/2019		860,644		4.59	to	4.59		3,950,202		2.72			0.80		to	0.80			8.80		to	8.80
Fidelity^® VIP Overseas Initial Class
	12/31/2023		288,873		6.57	to	6.57		1,898,173		0.92			0.80		to	0.80			19.55		to	19.55
	12/31/2022		373,775		5.50	to	5.50		2,054,375		1.08			0.80		to	0.80			(25.08	)	to	(25.08	)
	12/31/2021		373,253		7.34	to	7.34		2,738,369		0.54			0.80		to	0.80			18.75		to	18.75
	12/31/2020		348,599		6.18	to	6.18		2,153,696		0.47			0.80		to	0.80			14.70		to	14.70
	12/31/2019		350,263		5.39	to	5.39		1,886,694		1.72			0.80		to	0.80			26.75		to	26.75

Transamerica Life Insurance Company

Fidelity Variable Annuity Account

Notes to Financial Statements

December 31, 2023

5. Financial Highlights (continued)

⁽¹⁾

See Footnote 1

These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the Mutual Fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the Mutual Fund in which the subaccounts invest.

These amounts represent the annualized contract expenses of the subaccount, consisting primarily of mortality and expense charges, for each period indicated. These ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the Mutual Fund have been excluded.

***

These amounts represent the total return for the periods indicated, including changes in the value of the Mutual Fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for each period indicated or from the effective date through the end of the reporting period. Total returns reflect a full twelve month period and total returns for subaccounts opened during the year have not been disclosed as they may not be indicative of a full year return. Expense ratios not in effect for the full twelve months are not reflected in the total return as they may not be indicative of a full year return.

Transamerica Life Insurance Company

Fidelity Variable Annuity Account

Notes to Financial Statements

December 31, 2023

6. Administrative and Mortality and Expense Risk Charges

TLIC deducts an annual charge during the accumulation phase, not to exceed $35, proportionately from the subaccounts’ unit values. An annual charge ranging from 0.00% to 0.80% is deducted (based on the death benefit selected) from the unit values of the subaccounts of the Separate Account for TLIC’s assumption of certain mortality and expense risks incurred in connection with the contract. The charge is assessed daily based on the net asset value of the Mutual Fund. Charges for administrative and mortality and expense risk are an expense of the subaccount. Charges reflected above are those currently assessed and may be subject to change. Contract owners should see their actual policy and any related attachments to determine their specific charges.

7. Income Tax

Operations of the Separate Account form a part of TLIC, which is taxed as a life insurance company under Subchapter L of the Internal Revenue Code of 1986, as amended (the Code). The operations of the Separate Account are accounted for separately from other operations of TLIC for purposes of federal income taxation. The Separate Account is not separately taxable as a regulated investment company under Subchapter M of the Code and is not otherwise taxable as an entity separate from TLIC. Under existing federal income tax laws, the income of the Separate Account is not taxable to TLIC, as long as earnings are credited under the variable annuity contracts.

Transamerica Life Insurance Company

Fidelity Variable Annuity Account

Notes to Financial Statements

December 31, 2023

8. Subsequent Events

The Separate Account has evaluated the financial statements for subsequent events through the date which the financial statements were issued. During this period, there were no subsequent events requiring recognition in the financial statements.

9. Related Parties

Transamerica Capital, Inc. (TCI), a wholesaling broker-dealer, is an affiliated entity of TLIC and an indirect wholly owned subsidiary of Aegon N.V. TCI distributes TLIC’s products through broker-dealers and other financial intermediaries.

No charges other than those disclosed in Footnote 6 are deducted for the service rendered by related parties.

Contract owners may transfer funds between available subaccount options within the Separate Account. These transfers are performed at unit value at the time of the transfer.