Prospectus - Investment Objective

Each fund offers its shares only to separate accounts of insurance companies that offer variable annuity and variable life insurance products. A fund may not be available in your state due to various insurance regulations. Please check with your insurance company for availability. If a fund in this prospectus is not available in your state, this prospectus is not to be considered a solicitation with respect to that fund. Please read this prospectus together with your variable annuity or variable life insurance product prospectus.

Fidelity ® Variable Insurance Products

Initial Class

Communication Services Portfolio

Consumer Discretionary Portfolio

Consumer Staples Portfolio

Energy Portfolio

Financials Portfolio

Health Care Portfolio

Industrials Portfolio

Materials Portfolio

Technology Portfolio

Utilities Portfolio

Financials Portfolio was formerly known as Financial Services Portfolio.

Prospectus

April 29, 2023

As Revised August 4, 2023

Like securities of all mutual funds, these securities have not been approved or disapproved by the Securities and Exchange Commission, and the Securities and Exchange Commission has not determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

245 Summer Street, Boston, MA 02210

Contents

Fund Summary		VIP Communication Services Portfolio
		VIP Consumer Discretionary Portfolio
		VIP Consumer Staples Portfolio
		VIP Energy Portfolio
		VIP Financials Portfolio
		VIP Health Care Portfolio
		VIP Industrials Portfolio
		VIP Materials Portfolio
		VIP Technology Portfolio
		VIP Utilities Portfolio
Fund Basics		Investment Details
		Valuing Shares
Shareholder Information		Additional Information about the Purchase and Sale of Shares
		Dividends and Capital Gain Distributions
Fund Services		Fund Management
		Fund Distribution
Appendix		Financial Highlights
		Additional Index Information

Fund Summary

Fund /Class:

VIP Communication Services Portfolio

/Initial Class

Investment Objective

VIP Communication Services Portfolio seeks capital appreciation.

Fee Table

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy and hold interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

Fees

(fees paid directly from your investment)

Not Applicable

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.53 %
Distribution and/or Service (12b-1) fees	None
Other expenses	0.15 %
Total annual operating expenses	0.68 %

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

1 year	$	69
3 years	$	218
5 years	$	379
10 years	$	847

Portfolio Turnover

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 37 % of the average value of its portfolio.

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the development, production, or distribution of communication services.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

Stock Market Volatility.

Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

Foreign Exposure.

Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.

Communication Services Concentration.

The communication services industries can be significantly affected by government regulation, intense competition, technology changes, general economic conditions, consumer and business confidence and spending, and changes in consumer and business preferences.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

The value of securities of smaller issuers can be more volatile than that of larger issuers.

In addition, the fund is classified as non-diversified under the Investment Company Act of 1940 (1940 Act), which means that it has the ability to invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.

You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and an additional index over various periods of time. The indexes have characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Prior to December 1, 2018, the fund was named VIP Telecommunications Portfolio, and the fund operated under certain different investment policies and compared its performance to a different additional index. The fund's historical performance may not represent its current investment policies.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

Year-by-Year Returns

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
	21.28 %	3.59 %	2.34 %	22.81 %	2.05 %	- 5.36 %	32.98 %	35.60 %	15.65 %	- 38.14 %

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	26.55 %	June 30, 2020
Lowest Quarter Return	- 22.15 %	June 30, 2022

Average Annual Returns

For the periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Initial Class	- 38.14 %	4.07 %	7.00 %
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	- 18.11 %	9.42 %	12.56 %
MSCI U.S. IMI Communication Services 25-50 Index (reflects no deduction for fees, expenses, or taxes)	- 38.74 %	1.79 %	5.30 %

Investment Adviser

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Matthew Drukker (Portfolio Manager) has managed the fund since 2013.

Purchase and Sale of Shares

Only Permitted Accounts, including separate accounts of insurance companies and qualified funds of funds that have signed the appropriate agreements with the fund, if applicable, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts. A qualified fund of funds is an eligible insurance-dedicated mutual fund that invests in other mutual funds.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts, including separate accounts that are shareholders of qualified funds of funds. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

Payments to Broker-Dealers and Other Financial Intermediaries

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

Fund Summary

Fund /Class:

VIP Consumer Discretionary Portfolio

/Initial Class

Investment Objective

VIP Consumer Discretionary Portfolio seeks capital appreciation.

Fee Table

Fees

(fees paid directly from your investment)

Not Applicable

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.53 %
Distribution and/or Service (12b-1) fees	None
Other expenses	0.13 %
Total annual operating expenses	0.66 %

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

1 year	$	67
3 years	$	211
5 years	$	368
10 years	$	822

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the manufacture and distribution of consumer discretionary products and services.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

Stock Market Volatility.

Foreign Exposure.

Consumer Discretionary Industry Concentration.

The consumer discretionary industries can be significantly affected by the performance of the overall economy, interest rates, competition, consumer confidence and spending, and changes in demographics and consumer tastes.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

The value of securities of smaller issuers can be more volatile than that of larger issuers.

You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

Year-by-Year Returns

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
	41.10 %	9.64 %	4.71 %	5.24 %	22.16 %	- 1.09 %	27.19 %	36.15 %	19.41 %	- 34.63 %

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	32.39 %	June 30, 2020
Lowest Quarter Return	- 26.29 %	June 30, 2022

Average Annual Returns

For the periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Initial Class	- 34.63 %	5.98 %	10.78 %
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	- 18.11 %	9.42 %	12.56 %
MSCI U.S. IMI Consumer Discretionary 25-50 Index (reflects no deduction for fees, expenses, or taxes)	- 35.13 %	8.80 %	12.85 %

Investment Adviser

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Jordan Michaels (Portfolio Manager) has managed the fund since 2022.

Purchase and Sale of Shares

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund /Class:

VIP Consumer Staples Portfolio

/Initial Class

Investment Objective

VIP Consumer Staples Portfolio seeks capital appreciation.

Fee Table

Fees

(fees paid directly from your investment)

Not Applicable

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.53 %
Distribution and/or Service (12b-1) fees	None
Other expenses	0.12 %
Total annual operating expenses	0.65 %

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

1 year	$	66
3 years	$	208
5 years	$	362
10 years	$	810

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the manufacture, sale, or distribution of consumer staples.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

Stock Market Volatility.

Foreign Exposure.

Consumer Staples Industry Concentration.

The consumer staples industries can be significantly affected by demographics and product trends, competitive pricing, food fads, marketing campaigns, environmental factors, government regulation, the performance of the overall economy, interest rates, consumer confidence, and the cost of commodities.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

The value of securities of smaller issuers can be more volatile than that of larger issuers.

You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

Year-by-Year Returns

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
	21.80 %	15.66 %	9.46 %	3.72 %	14.66 %	- 15.55 %	31.42 %	11.78 %	14.24 %	- 0.62 %

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	17.10 %	March 31, 2019
Lowest Quarter Return	- 15.95 %	March 31, 2020

Average Annual Returns

For the periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Initial Class	- 0.62 %	7.09 %	9.96 %
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	- 18.11 %	9.42 %	12.56 %
MSCI U.S. IMI Consumer Staples 25-50 Index (reflects no deduction for fees, expenses, or taxes)	- 1.68 %	8.40 %	10.88 %

Investment Adviser

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Ben Shuleva (Portfolio Manager) has managed the fund since 2020.

Purchase and Sale of Shares

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund /Class:

VIP Energy Portfolio

/Initial Class

Investment Objective

VIP Energy Portfolio seeks capital appreciation.

Fee Table

Fees

(fees paid directly from your investment)

Not Applicable

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.53 %
Distribution and/or Service (12b-1) fees	None
Other expenses	0.11 %
Total annual operating expenses	0.64 %

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

1 year	$	65
3 years	$	205
5 years	$	357
10 years	$	798

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the energy field including the conventional areas of oil, gas, electricity and coal, and newer sources of energy such as nuclear, geothermal, oil shale, and solar power.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

Stock Market Volatility.

Foreign Exposure.

Energy Industry Concentration.

The energy industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels, energy conservation, the success of exploration projects, and tax and other government regulations.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

The value of securities of smaller issuers can be more volatile than that of larger issuers.

You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

Year-by-Year Returns

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
	24.55 %	- 12.59 %	- 20.54 %	33.84 %	- 2.47 %	- 24.58 %	10.08 %	- 32.76 %	55.35 %	63.18 %

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	39.85 %	March 31, 2022
Lowest Quarter Return	- 52.41 %	March 31, 2020

Average Annual Returns

For the periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Initial Class	63.18 %	7.19 %	4.80 %
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	- 18.11 %	9.42 %	12.56 %
MSCI U.S. IMI Energy 25-50 Index (reflects no deduction for fees, expenses, or taxes)	63.13 %	8.42 %	5.16 %

Investment Adviser

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Maurice Fitzmaurice (Portfolio Manager) has managed the fund since 2020.

Purchase and Sale of Shares

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund /Class:

VIP Financials Portfolio

/Initial Class

Investment Objective

VIP Financials Portfolio seeks capital appreciation.

Fee Table

Fees

(fees paid directly from your investment)

Not Applicable

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.53 %
Distribution and/or Service (12b-1) fees	None
Other expenses	0.12 %
Total annual operating expenses	0.65 %

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

1 year	$	66
3 years	$	208
5 years	$	362
10 years	$	810

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in providing financial services to consumers and industry.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

Stock Market Volatility.

Foreign Exposure.

Financials Industry Concentration.

The financials industries are subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

The value of securities of smaller issuers can be more volatile than that of larger issuers.

You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

Year-by-Year Returns

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
	33.86 %	10.88 %	- 3.69 %	18.72 %	21.25 %	- 15.73 %	34.33 %	0.77 %	33.19 %	- 8.33 %

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	30.69 %	December 31, 2020
Lowest Quarter Return	- 35.04 %	March 31, 2020

Average Annual Returns

For the periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Initial Class	- 8.33 %	6.85 %	11.10 %
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	- 18.11 %	9.42 %	12.56 %
MSCI U.S. IMI Financials 5% Capped Linked Index (reflects no deduction for fees, expenses, or taxes)	- 11.18 %	6.17 %	11.70 %

Investment Adviser

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Matthew Reed (Portfolio Manager) has managed the fund since 2019.

Purchase and Sale of Shares

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund /Class:

VIP Health Care Portfolio

/Initial Class

Investment Objective

VIP Health Care Portfolio seeks capital appreciation.

Fee Table

Fees

(fees paid directly from your investment)

Not Applicable

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.53 %
Distribution and/or Service (12b-1) fees	None
Other expenses	0.10 %
Total annual operating expenses	0.63 %

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

1 year	$	64
3 years	$	202
5 years	$	351
10 years	$	786

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the design, manufacture, or sale of products or services used for or in connection with health care or medicine.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

Stock Market Volatility.

Foreign Exposure.

Health Care Industry Concentration.

The health care industries are subject to government regulation and reimbursement rates, as well as government approval of products and services, which could have a significant effect on price and availability, and can be significantly affected by product liability claims, rapid obsolescence, and patent expirations.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

The value of securities of smaller issuers can be more volatile than that of larger issuers.

You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

Year-by-Year Returns

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
	56.12 %	32.83 %	6.37 %	- 10.43 %	25.05 %	7.86 %	28.37 %	21.58 %	11.73 %	- 12.41 %

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	21.32 %	December 31, 2019
Lowest Quarter Return	- 14.97 %	December 31, 2018

Average Annual Returns

For the periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Initial Class	- 12.41 %	10.50 %	15.07 %
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	- 18.11 %	9.42 %	12.56 %
MSCI U.S. IMI Health Care 25-50 Index (reflects no deduction for fees, expenses, or taxes)	- 5.43 %	11.70 %	14.84 %

Investment Adviser

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Eddie Yoon (Portfolio Manager) has managed the fund since 2008.

Purchase and Sale of Shares

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund /Class:

VIP Industrials Portfolio

/Initial Class

Investment Objective

VIP Industrials Portfolio seeks capital appreciation.

Fee Table

Fees

(fees paid directly from your investment)

Not Applicable

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.53 %
Distribution and/or Service (12b-1) fees	None
Other expenses	0.13 %
Total annual operating expenses	0.66 %

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

1 year	$	67
3 years	$	211
5 years	$	368
10 years	$	822

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the research, development, manufacture, distribution, supply, or sale of industrial products, services, or equipment.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

Stock Market Volatility.

Foreign Exposure.

Industrials Industry Concentration.

Industrial industries can be significantly affected by general economic trends, changes in consumer sentiment and spending, commodity prices, legislation, government regulation and spending, import controls, worldwide competition, and liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

The value of securities of smaller issuers can be more volatile than that of larger issuers.

You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

Year-by-Year Returns

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
	39.80 %	6.21 %	- 1.89 %	15.87 %	20.15 %	- 15.12 %	28.15 %	12.32 %	17.09 %	- 10.30 %

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	20.04 %	June 30, 2020
Lowest Quarter Return	- 28.42 %	March 31, 2020

Average Annual Returns

For the periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Initial Class	- 10.30 %	5.11 %	10.04 %
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	- 18.11 %	9.42 %	12.56 %
MSCI U.S. IMI Industrials 25-50 Index (reflects no deduction for fees, expenses, or taxes)	- 8.42 %	6.91 %	11.78 %

Investment Adviser

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

David Wagner (Portfolio Manager) has managed the fund since 2023.

Purchase and Sale of Shares

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund /Class:

VIP Materials Portfolio

/Initial Class

Investment Objective

VIP Materials Portfolio seeks capital appreciation.

Fee Table

Fees

(fees paid directly from your investment)

Not Applicable

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.53 %
Distribution and/or Service (12b-1) fees	None
Other expenses	0.16 %
Total annual operating expenses	0.69 %

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

1 year	$	70
3 years	$	221
5 years	$	384
10 years	$	859

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the manufacture, mining, processing, or distribution of raw materials and intermediate goods.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

Stock Market Volatility.

Foreign Exposure.

Materials Industry Concentration.

The materials industries can be significantly affected by the level and volatility of commodity prices, the exchange value of the dollar, import and export controls, worldwide competition, liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

The value of securities of smaller issuers can be more volatile than that of larger issuers.

You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

Year-by-Year Returns

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
	22.15 %	0.37 %	- 9.01 %	12.20 %	26.08 %	- 23.60 %	13.40 %	21.49 %	33.42 %	- 9.79 %

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	24.21 %	December 31, 2020
Lowest Quarter Return	- 27.24 %	March 31, 2020

Average Annual Returns

For the periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Initial Class	- 9.79 %	4.84 %	7.17 %
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	- 18.11 %	9.42 %	12.56 %
MSCI U.S. IMI Materials 25-50 Index (reflects no deduction for fees, expenses, or taxes)	- 11.67 %	6.61 %	9.44 %

Investment Adviser

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Ashley Fernandes (Portfolio Manager) has managed the fund since 2022.

Purchase and Sale of Shares

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund /Class:

VIP Technology Portfolio

/Initial Class

Investment Objective

VIP Technology Portfolio seeks capital appreciation.

Fee Table

Fees

(fees paid directly from your investment)

Not Applicable

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.53 %
Distribution and/or Service (12b-1) fees	None
Other expenses	0.10 %
Total annual operating expenses	0.63 %

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

1 year	$	64
3 years	$	202
5 years	$	351
10 years	$	786

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in offering, using, or developing products, processes, or services that will provide or will benefit significantly from technological advances and improvements.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

Stock Market Volatility.

Foreign Exposure.

Technology Industry Concentration.

The technology industries can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic conditions.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

The value of securities of smaller issuers can be more volatile than that of larger issuers.

You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

Year-by-Year Returns

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
	27.81 %	11.91 %	6.27 %	11.37 %	50.78 %	- 7.62 %	51.32 %	64.95 %	28.16 %	- 35.86 %

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	36.25 %	June 30, 2020
Lowest Quarter Return	- 25.67 %	June 30, 2022

Average Annual Returns

For the periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Initial Class	- 35.86 %	13.65 %	17.08 %
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	- 18.11 %	9.42 %	12.56 %
MSCI U.S. IMI Information Technology 25-50 Index (reflects no deduction for fees, expenses, or taxes)	- 29.58 %	14.84 %	17.65 %

Investment Adviser

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Adam Benjamin (Portfolio Manager) has managed the fund since 2020.

Purchase and Sale of Shares

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund /Class:

VIP Utilities Portfolio

/Initial Class

Investment Objective

VIP Utilities Portfolio seeks capital appreciation.

Fee Table

Fees

(fees paid directly from your investment)

Not Applicable

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.53 %
Distribution and/or Service (12b-1) fees	None
Other expenses	0.11 %
Total annual operating expenses	0.64 %

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

1 year	$	65
3 years	$	205
5 years	$	357
10 years	$	798

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the utilities industry and companies deriving a majority of their revenues from their utility operations.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

Stock Market Volatility.

Foreign Exposure.

Utilities Industry Concentration.

The utilities industries can be significantly affected by government regulation, interest rate changes, financing difficulties, supply and demand of services or fuel, intense competition, natural resource conservation, and commodity price fluctuations.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

The value of securities of smaller issuers can be more volatile than that of larger issuers.

You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

Year-by-Year Returns

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
	21.02 %	21.77 %	- 10.78 %	14.17 %	17.88 %	8.82 %	23.18 %	- 0.12 %	17.43 %	5.47 %

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	14.37 %	March 31, 2013
Lowest Quarter Return	- 18.30 %	March 31, 2020

Average Annual Returns

For the periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Initial Class	5.47 %	10.64 %	11.37 %
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	- 18.11 %	9.42 %	12.56 %
MSCI U.S. IMI Utilities 25-50 Index (reflects no deduction for fees, expenses, or taxes)	1.24 %	9.06 %	11.03 %

Investment Adviser

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Douglas Simmons (Portfolio Manager) has managed the fund since 2006.

Purchase and Sale of Shares

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Basics

Investment Details

Principal Investment Strategies

VIP Communication Services Portfolio

The fund invests primarily in companies engaged in the development, production, or distribution of communication services . The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, interactive media and services including search engines, social media and networking platforms; companies that produce and sell entertainment and media such as movies, TV, cable, radio, internet and satellite companies; interactive gaming and home entertainment products and services; advertising; publishing and public relations companies; operators of fixed-line telecommunications networks and companies; providers of cellular or wireless communications services and equipment; and providers of communications and high-density data transmission services and equipment.

VIP Consumer Discretionary Portfolio

The fund invests primarily in companies engaged in the manufacture and distribution of consumer discretionary products and services. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

Consumer discretionary products and services are non-essential products and services whose demand tends to increase as consumers' disposable income increases, such as automobiles, apparel, electronics, home furnishings, and travel and leisure products and services.

These companies may include, for example, on-line retailers; department stores and specialty retailers including apparel, electronics, automotive, and home furnishing stores; manufacturers of auto parts and accessories, tire and rubber, autos, motorcycles, and scooters; manufacturers of consumer electronic products, including TVs and DVD players; manufacturers of household appliances and home furnishings; residential construction companies; manufacturers of leisure products; manufacturers of apparel, accessories, footwear, textiles, and luxury goods; gaming facility, hotel, cruise and travel agency owners and operators; restaurants and caterers; and companies providing educational, home security, legal, and personal services.

VIP Consumer Staples Portfolio

The fund invests primarily in companies engaged in the manufacture, sale, or distribution of consumer staples. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

Consumer staples tend to be essential products whose demand remains stable over economic cycles, such as food, beverages, tobacco, and household and personal care products.

These companies may include, for example, drug stores and pharmacies; retail food stores and super centers; producers of packaged foods and tobacco products; breweries, vintners, distillers, and non-alcoholic beverage producers; producers of agricultural products; and producers of non-durable household products and personal and beauty care products.

VIP Energy Portfolio

The fund invests primarily in companies in the energy field, including the conventional areas of oil, gas, electricity and coal, and newer sources of energy such as nuclear, geothermal, oil shale and solar power. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

Energy products and services are those related to the exploration, extraction, production, sale, or distribution of energy resources, including oil, gas, electricity, coal, and nuclear, geothermal, and solar power.

These companies may include, for example, integrated oil companies; drilling contractors and rig owners; drilling rig and equipment manufacturers and providers of supplies and services to companies engaged in oil and gas drilling; companies engaged in the exploration, production, refining, or marketing of oil, gas, and/or refined products; and companies involved in the production and mining of coal, related products, and other consumable fuels.

VIP Financials Portfolio

The fund invests primarily in companies that provide financial services to consumers and industry. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, investment banks; brokerage and asset management firms; companies providing life, health, and/or property and casualty insurance; commercial banks; financial institutions providing mortgages and mortgage-related services, including mortgage real estate investment trusts (REITs); providers of personal loans and other consumer payment and finance services; credit agencies; stock exchanges; investment management firms; institutions providing custody services; and reinsurance companies.

VIP Health Care Portfolio

The fund invests primarily in c ompanies engaged in the design, manufacture, or sale of products or services used for or in connection with health care or medicine. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, companies engaged in the research, development, manufacturing, or marketing of products based on biotechnology research; companies engaged in research, development, or production of pharmaceuticals, including veterinary drugs; manufacturers, distributors, and wholesalers of health care equipment, devices, and supplies including drug delivery systems and eye care products; and owners and operators of health care facilities, HMOs, and other managed plans.

VIP Industrials Portfolio

The fund invests primarily in companies engaged in the research, development, manufacture, distribution, supply, or sale of industrial products, services, or equipment. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

Industrial products, services and equipment, such as capital goods, construction services, machinery, commercial services, and transportation, are generally considered to be sensitive to the business cycle.

These companies may include, for example, manufacturers of civil or military aerospace and defense equipment, building components, and home improvement products and equipment; civil engineering companies and large-scale contractors; companies that produce electrical components or equipment; manufacturers of industrial machinery and industrial components and products; manufacturers of agricultural machinery and equipment; providers of commercial printing services; companies providing business support services and office supplies, providers of commercial data processing and business outsourcing services, environmental and facilities maintenance; companies providing transportation services, including airlines, couriers, marine, road & rail, and transportation infrastructure.

VIP Materials Portfolio

The fund invests primarily in companies engaged in the manufacture, mining, processing, or distribution of raw materials and intermediate goods. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

Materials refers to industrial or agricultural materials and unfinished goods, such as chemicals, gases, metals, or other natural or synthetic materials.

These companies may include, for example, manufacturers of sand, lime, concrete and other building materials, metal, glass, plastic, or cardboard containers or packaging; producers of industrial and basic chemicals, including plastics, synthetic fibers, and commodity-based paints and pigments; fertilizer and other agriculture-related chemical products; companies that produce adhesives, sealants, and other high value-added chemicals; producers of aluminum and related materials; companies engaged in producing and extracting metals and minerals; producers of gold, iron, steel, and companies mining precious metals and minerals; and manufacturers of timber, related wood products, and paper.

VIP Technology Portfolio

The fund invests primarily in companies which the Adviser believes have, or will develop, products, processes or services that will provide or will benefit significantly from technological advances and improvements. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, manufacturers of communications equipment, products, and services, personal computers and other computer hardware components and peripherals; providers of information technology and systems integration services; companies developing and producing database management, home entertainment, educational, specialty, enterprise, and business software; manufacturers of electronic equipment, instruments or components, including copiers and faxes; semiconductor and related equipment manufacturers; and other information technology companies.

VIP Utilities Portfolio

The fund invests primarily in companies in the utilities industry and companies deriving a majority of their revenues from their utility operations . The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, companies that produce electricity, including nuclear and non-nuclear facilities; companies that distribute and transmit natural and manufactured gas; water treatment and other utility companies; and other companies that operate as independent power producers, gas and power marketing and trading specialists and/or integrated energy merchants.

The following applies to all funds. See the sections above for information unique to each fund.

Each fund seeks capital appreciation.

The Adviser does not place any emphasis on income when selecting securities, except when it believes that income may have a favorable effect on a security's market value.

The Adviser normally invests each fund's assets primarily in common stocks.

Each fund may invest in domestic and foreign securities. Foreign stocks may make up a majority of some funds' assets at times.

In addition to concentrating on particular industries, each fund may invest a significant percentage of its assets in relatively few companies and may invest up to 25% in a single company. The funds are classified as non-diversified.

In buying and selling securities for a fund, the Adviser relies on fundamental analysis, which involves a bottom-up assessment of a company's potential for success in light of factors including its financial condition, earnings outlook, strategy, management, industry position, and economic and market conditions.

If the Adviser's strategies do not work as intended, the fund may not achieve its objective.

Each fund has a policy of investing primarily in companies engaged in specified activities. Each fund also has a policy of normally investing at least 80% of its assets in securities of companies principally engaged in specified activities. These policies can be changed without a vote only upon 60 days' prior notice to shareholders of the affected fund.

Description of Principal Security Types

Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Different types of equity securities provide different voting and dividend rights and priority in the event of the bankruptcy of the issuer. Equity securities include common stocks, preferred stocks, convertible securities, and warrants.

Principal Investment Risks

Many factors affect each fund's performance. Developments that disrupt global economies and financial markets, such as pandemics and epidemics, may magnify factors that affect a fund's performance. A fund's share price changes daily based on changes in market conditions and interest rates and in response to other economic, political, or financial developments. A fund's reaction to these developments will be affected by the types of securities in which the fund invests, the financial condition, industry and economic sector, and geographic location of an issuer, and the fund's level of investment in the securities of that issuer. Because each fund concentrates its investments in a particular industry or group of related industries, the fund's performance could depend heavily on the performance of that industry or group of industries and could be more volatile than the performance of less concentrated funds. In addition, because each fund may invest a significant percentage of assets in a single issuer, the fund's performance could be closely tied to that one issuer and could be more volatile than the performance of more diversified funds. When you sell your shares they may be worth more or less than what you paid for them, which means that you could lose money by investing in a fund.

The following factors can significantly affect a fund's performance:

Stock Market Volatility . The value of equity securities fluctuates in response to issuer, political, market, and economic developments. Fluctuations, especially in foreign markets, can be dramatic over the short as well as long term, and different parts of the market, including different market sectors, and different types of equity securities can react differently to these developments. For example, stocks of companies in one sector can react differently from those in another, large cap stocks can react differently from small cap stocks, and "growth" stocks can react differently from "value" stocks. Issuer, political, or economic developments can affect a single issuer, issuers within an industry or economic sector or geographic region, or the market as a whole. Changes in the financial condition of a single issuer can impact the market as a whole. Terrorism and related geo-political risks have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

Foreign Exposure. Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations can involve additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include fluctuations in foreign exchange rates; withholding or other taxes; trading, settlement, custodial, and other operational risks; and the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign investments, especially those in emerging markets, more volatile and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market.

Investing in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets economies can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. All of these factors can make emerging markets securities more volatile and potentially less liquid than securities issued in more developed markets.

Global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers or providers in, or foreign exchange rates with, a different country or region.

Industry Concentration. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries, and the securities of companies in that industry or group of industries could react similarly to these or other developments. In addition, from time to time, a small number of companies may represent a large portion of a single industry or group of related industries as a whole, and these companies can be sensitive to adverse economic, regulatory, or financial developments.

The communication services industries can be significantly affected by federal and state government regulation, intense competition, and obsolescence of existing technology. Many communication services companies compete for market share and can be impacted by competition from new market entrants, consumer and business confidence and spending, changes in consumer and business preferences, and general economic conditions. Certain communication services companies may be more susceptible than other companies to hacking and potential theft of proprietary or consumer information or disruptions in service, which could adversely affect their businesses.

The consumer discretionary industries can be significantly affected by the performance of the overall economy, interest rates, competition, and consumer confidence. Success can depend heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer discretionary products.

The consumer staples industries can be significantly affected by demographic and product trends, competitive pricing, food fads, marketing campaigns, and environmental factors, as well as the performance of the overall economy, interest rates, consumer confidence, and the cost of commodities. Regulations and policies of various domestic and foreign governments affect agricultural products as well as other consumer staples.

The energy industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels caused by geopolitical events, energy conservation, the success of exploration projects, weather or meteorological events, and tax and other government regulations.

The financials industries are subject to extensive government regulation which can limit both the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financial services industries. Insurance companies can be subject to severe price competition. The financial services industries can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.

The health care industries are subject to government regulation and reimbursement rates, as well as government approval of products and services, which could have a significant effect on price and availability. Furthermore, the types of products or services produced or provided by health care companies quickly can become obsolete. In addition, pharmaceutical companies and other companies in the health care industries can be significantly affected by patent expirations as well as product liability claims.

The industrials industries can be significantly affected by general economic trends, including employment, economic growth, and interest rates, changes in consumer sentiment and spending, commodity prices, legislation, government regulation and spending, import controls, and worldwide competition. Companies in these industries also can be adversely affected by liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control.

The materials industries can be significantly affected by the level and volatility of commodity prices, the exchange value of the dollar, import and export controls, and worldwide competition. At times, worldwide production of materials has exceeded demand as a result of over-building or economic downturns, which has led to commodity price declines and unit price reductions. Companies in these industries also can be adversely affected by liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control.

The utilities industries can be significantly affected by government regulation, interest rate changes, financing difficulties, supply and demand of services or fuel, changes in taxation, natural resource conservation, intense competition, and commodity price fluctuations.

Issuer-Specific Changes. Changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value. The value of securities of smaller, less well-known issuers can be more volatile than that of larger issuers. Smaller issuers can have more limited product lines, markets, or financial resources.

In response to market, economic, political, or other conditions, a fund may temporarily use a different investment strategy for defensive purposes. If the fund does so, different factors could affect its performance and the fund may not achieve its investment objective.

Other Investment Strategies

In addition to the principal investment strategies discussed above, the Adviser may lend a fund's securities to broker-dealers or other institutions to earn income for the fund.

The Adviser may invest Health Care Portfolio's and Technology Portfolio's assets in securities of private or newly public companies.

The Adviser may also use various techniques, such as buying and selling futures contracts and exchange traded funds, to increase or decrease a fund's exposure to changing security prices or other factors that affect security values.

Valuing Shares

Each fund is open for business each day the NYSE is open.

The NAV is the value of a single share. Fidelity normally calculates NAV each business day as of the times noted in the table below. Each fund's assets normally are valued as of this time for the purpose of computing NAV. Fidelity calculates NAV separately for each class of shares of a multiple class fund.

Fund	NAV Calculation Times (Eastern Time)
VIP Communication Services Portfolio	4:00 p.m.
VIP Consumer Discretionary Portfolio	4:00 p.m.
VIP Consumer Staples Portfolio	4:00 p.m.
VIP Energy Portfolio	4:00 p.m.
VIP Financials Portfolio	4:00 p.m.
VIP Health Care Portfolio	4:00 p.m.
VIP Industrials Portfolio	4:00 p.m.
VIP Materials Portfolio	4:00 p.m.
VIP Technology Portfolio	4:00 p.m.
VIP Utilities Portfolio	4:00 p.m.

NAV is not calculated and a fund will not process purchase and redemption requests submitted on days when the fund is not open for business. The time at which shares are priced and until which purchase and redemption orders are accepted may be changed as permitted by the Securities and Exchange Commission (SEC).

To the extent that a fund's assets are traded in other markets on days when the fund is not open for business, the value of the fund's assets may be affected on those days. In addition, trading in some of a fund's assets may not occur on days when the fund is open for business.

NAV is calculated using the values of other open-end funds, if any, in which a fund invests (referred to as underlying funds). Shares of underlying funds are valued at their respective NAVs. Other assets are valued primarily on the basis of market quotations, official closing prices, or information furnished by a pricing service. Certain short-term securities are valued on the basis of amortized cost. If market quotations, official closing prices, or information furnished by a pricing service are not readily available or, in the Adviser's opinion, are deemed unreliable for a security, then that security will be fair valued in good faith by the Adviser in accordance with applicable fair value pricing policies. For example, if, in the Adviser's opinion, a security's value has been materially affected by events occurring before a fund's pricing time but after the close of the exchange or market on which the security is principally traded, then that security will be fair valued in good faith by the Adviser in accordance with applicable fair value pricing policies. Fair value pricing will be used for high yield debt securities when available pricing information is determined to be stale or for other reasons not to accurately reflect fair value.

Arbitrage opportunities may exist when trading in a portfolio security or securities is halted and does not resume before a fund calculates its NAV. These arbitrage opportunities may enable short-term traders to dilute the NAV of long-term investors. Securities trading in overseas markets present time zone arbitrage opportunities when events affecting portfolio security values occur after the close of the overseas markets but prior to the close of the U.S. market. Fair valuation of a fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing policies will prevent dilution of NAV by short-term traders.

Policies regarding excessive trading may not be effective to prevent short-term NAV arbitrage trading, particularly in regard to omnibus accounts.

Fair value pricing is based on subjective judgments and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold.

Shareholder Information

Additional Information about the Purchase and Sale of Shares

As used in this prospectus, the term "shares" generally refers to the shares offered through this prospectus.

Frequent Purchases and Redemptions

A fund may reject for any reason, or cancel as permitted or required by law, any purchase orders, including transactions deemed to represent excessive trading, at any time.

Excessive trading of fund shares can harm variable product owners in various ways, including reducing the returns to long-term variable product owners by increasing costs paid by a fund (such as brokerage commissions or spreads paid to dealers who sell money market instruments), disrupting portfolio management strategies, and diluting the value of the shares in cases in which fluctuations in markets are not fully priced into the fund's NAV.

Purchase and redemption transactions submitted to a fund by Permitted Accounts reflect the transactions of multiple variable product owners whose individual transactions are often not disclosed to the fund, making it difficult to determine whether an individual variable product owner is engaging in excessive trading. Excessive trading in Permitted Accounts is likely to go undetected by a fund and may increase costs to the fund and disrupt its portfolio management.

Each fund reserves the right at any time to restrict purchases or impose conditions that are more restrictive on excessive trading than those stated in this prospectus.

Excessive Trading Policy

The Board of Trustees has adopted policies designed to discourage excessive trading of fund shares. Under these policies, insurance companies will be permitted to apply the fund's excessive trading policy (described below), or their own excessive trading policy if approved by the Adviser. In these cases, the fund will typically not request or receive individual account data but will rely on the insurance company to monitor trading activity in good faith in accordance with its or the fund's policies. Reliance on insurance companies increases the risk that excessive trading may go undetected. For other insurance companies, the fund will monitor trading activity at the Permitted Account level to attempt to identify disruptive trades. The fund may request variable product owner transaction information, as frequently as daily, from any insurance company at any time, and may apply the fund's policy to transactions that exceed thresholds established by the Board of Trustees. The fund may prohibit purchases of fund shares by an insurance company or by some or all of any Permitted Accounts. There is no assurance that the Adviser will request data with sufficient frequency to detect or deter excessive trading in Permitted Accounts effectively.

Under the excessive trading policy, excessive trading activity is measured by the number of roundtrip transactions in a variable product owner's account. A roundtrip transaction occurs when a variable product owner sells fund shares within 30 days of the purchase date. For purposes of the fund's policy, exchanges are treated as a sale and a purchase.

Variable product owners with two or more roundtrip transactions in a single fund within a rolling 90-day period will be blocked from making additional purchases of the fund or limited to trading by U.S. mail for 85 days. Variable product owners with four or more roundtrip transactions across all Fidelity ® funds within any rolling 12-month period will be blocked from making additional purchases for at least 85 days or limited to trading by U.S. mail for 12 months across all Fidelity ® funds. Any roundtrip within 12 months of the expiration of a multi-fund block or U.S. mail restriction will initiate another multi-fund block or a 12-month U.S. mail restriction. Repeat offenders may be subject to long-term or permanent U.S. mail restrictions on purchases in any account under the variable product owner's control at any time. In addition to enforcing these roundtrip limitations, the fund may in its discretion restrict, reject, or cancel any purchases that, in FMR's opinion, may be disruptive to the management of the fund or otherwise not be in the fund's interests. The administration and effectiveness of these sanctions will in large part depend on the rights, ability, and willingness of insurance companies to impose the sanctions.

The fund's excessive trading policy does not apply to transactions of $5,000 or less, or transactions which have been demonstrated to the fund to be (i) systematic withdrawal and/or contribution programs, (ii) mandatory retirement distributions, (iii) transactions initiated by a retirement plan sponsor, sponsors of certain other employee benefit plans or qualified fund of funds, or (iv) transactions in certain company-owned accounts. A qualified fund of funds must demonstrate that it has an investment strategy coupled with policies designed to control frequent trading that have been determined by the fund's Treasurer to be reasonably effective.

The fund's policies are separate from any insurance company policies and procedures applicable to variable product owner transactions. The variable annuity or variable life insurance product prospectus will contain a description of the insurance company's policies and procedures, if any, with respect to excessive trading. If you purchase or sell fund shares through an insurance company, you may wish to contact the insurance company to determine the policies applicable to your account.

Each fund's Treasurer is authorized to suspend each fund's policies during periods of severe market turbulence or national emergency. Each fund reserves the right to modify its policies at any time without prior notice.

Each fund does not knowingly accommodate frequent purchases and redemptions of fund shares by investors, except to the extent permitted by the policies described above.

As described in "Valuing Shares," each fund also uses fair value pricing to help reduce arbitrage opportunities available to short-term traders. There is no assurance that each fund's excessive trading policy will be effective, or will successfully detect or deter excessive or disruptive trading.

Buying Shares

Eligibility

Shares are generally available only to investors residing in the United States.

There is no minimum balance or purchase minimum for fund shares.

Price to Buy

The price to buy one share is its NAV. Shares are sold without a sales charge.

Shares will be bought at the NAV next calculated after an order is received in proper form.

Each fund has authorized certain intermediaries to accept orders to buy shares on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be bought at the NAV next calculated after the order is received by the authorized intermediaries. Orders by qualified funds of funds, including mutual funds for which Fidelity serves as investment manager, will be treated as received by the fund at the same time that the corresponding orders are received in proper form by the funds of funds.

Each fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.

Under applicable anti-money laundering rules and other regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.

Selling Shares

The price to sell one share is its NAV.

Shares will be sold at the NAV next calculated after an order is received in proper form.

Normally, redemptions will be processed by the next business day, but it may take up to seven days to pay the redemption proceeds if making immediate payment would adversely affect a fund.

Each fund has authorized certain intermediaries to accept orders to sell shares on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be sold at the NAV next calculated after the order is received by the authorized intermediaries. Orders by qualified funds of funds, including mutual funds for which Fidelity serves as investment manager, will be treated as received by the fund at the same time that the corresponding orders are received in proper form by the funds of funds.

See "Policies Concerning the Redemption of Fund Shares" below for additional redemption information.

Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC.

Redemption proceeds may be paid in securities or other property rather than in cash if the Adviser determines it is in the best interests of a fund.

Under applicable anti-money laundering rules and other regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.

Each fund offers its shares to Permitted Accounts that may be affiliated or unaffiliated with FMR and/or each other. Each fund currently does not foresee any disadvantages to variable product owners arising out of the fact that the fund offers its shares to separate accounts of insurance companies that offer variable annuity and variable life insurance products (as well as other Permitted Accounts). Nevertheless, the Board of Trustees that oversees each fund intends to monitor events to identify any material irreconcilable conflicts that may possibly arise and to determine what action, if any, should be taken in response.

Variable product owners may be asked to provide additional information in order for Fidelity to verify their identities in accordance with requirements under anti-money laundering regulations. Accounts may be restricted and/or closed, and the monies withheld, pending verification of this information or as otherwise required under these and other federal regulations.

Policies Concerning the Redemption of Fund Shares

If your account is held directly with a fund , the length of time that a fund typically expects to pay redemption proceeds depends on the method you have elected to receive such proceeds. A fund typically expects to make payment of redemption proceeds by wire, automated clearing house (ACH) or by issuing a check by the next business day following receipt of a redemption order in proper form. Proceeds from the periodic and automatic sale of shares of a Fidelity ® money market fund that are used to buy shares of another Fidelity ® fund are settled simultaneously.

If your account is held through an intermediary , the length of time that a fund typically expects to pay redemption proceeds depends, in part, on the terms of the agreement in place between the intermediary and a fund. For redemption proceeds that are paid either directly to you from a fund or to your intermediary for transmittal to you, a fund typically expects to make payments by wire, by ACH or by issuing a check on the next business day following receipt of a redemption order in proper form from the intermediary by a fund. Redemption orders that are processed through investment professionals that utilize the National Securities Clearing Corporation will generally settle one to three business days following receipt of a redemption order in proper form.

As noted elsewhere, payment of redemption proceeds may take longer than the time a fund typically expects and may take up to seven days from the date of receipt of the redemption order as permitted by applicable law.

Redemption Methods Available. Generally a fund expects to pay redemption proceeds in cash. To do so, a fund typically expects to satisfy redemption requests either by using available cash (or cash equivalents) or by selling portfolio securities. On a less regular basis, a fund may also satisfy redemption requests by utilizing one or more of the following sources, if permitted: borrowing from another Fidelity ® fund; drawing on an available line or lines of credit from a bank or banks; or using reverse repurchase agreements. These methods may be used during both normal and stressed market conditions.

In addition to paying redemption proceeds in cash, a fund reserves the right to pay part or all of your redemption proceeds in readily marketable securities instead of cash (redemption in-kind). Redemption in-kind proceeds will typically be made by delivering the selected securities to the redeeming shareholder within seven days after the receipt of the redemption order in proper form by a fund.

Dividends and Capital Gain Distributions

Each fund earns interest, dividends, and other income from its investments, and distributes this income (less expenses) to shareholders as dividends. Each fund also realizes capital gains from its investments, and distributes these gains (less any losses) to shareholders as capital gain distributions.

Each fund normally declares dividends and pays capital gain distributions per the tables below:

Fund Name	Dividends Paid
VIP Communication Services Portfolio	February, December
VIP Consumer Discretionary Portfolio	February, December
VIP Consumer Staples Portfolio	February, December
VIP Energy Portfolio	February, December
VIP Financials Portfolio	February, December
VIP Health Care Portfolio	February, December
VIP Industrials Portfolio	February, December
VIP Materials Portfolio	February, December
VIP Technology Portfolio	February, December
VIP Utilities Portfolio	February, December

Fund Name	Capital Gains Paid
VIP Communication Services Portfolio	February, December
VIP Consumer Discretionary Portfolio	February, December
VIP Consumer Staples Portfolio	February, December
VIP Energy Portfolio	February, December
VIP Financials Portfolio	February, December
VIP Health Care Portfolio	February, December
VIP Industrials Portfolio	February, December
VIP Materials Portfolio	February, December
VIP Technology Portfolio	February, December
VIP Utilities Portfolio	February, December

Each fund normally pays capital gain distributions in December, if necessary, to ensure that each fund is not subject to a fund-level excise tax.

Any dividends and capital gain distributions will be automatically reinvested in additional shares.

Fund Services

Fund Management

Each fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.

Adviser

FMR. The Adviser is each fund's manager. The address of the Adviser is 245 Summer Street, Boston, Massachusetts 02210.

As of December 31, 2022, the Adviser had approximately $3.1 trillion in discretionary assets under management, and approximately $3.9 trillion when combined with all of its affiliates' assets under management.

As the manager, the Adviser has overall responsibility for directing each fund's investments and handling its business affairs.

Sub-Adviser(s)

FMR Investment Management (UK) Limited (FMR UK) , at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a sub-adviser for each fund. As of December 31, 2022, FMR UK had approximately $14.7 billion in discretionary assets under management. FMR UK is an affiliate of the Adviser.

FMR UK may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for VIP Communication Services Portfolio, VIP Consumer Discretionary Portfolio, VIP Consumer Staples Portfolio, VIP Energy Portfolio, VIP Financials Portfolio, VIP Health Care Portfolio, VIP Industrials Portfolio, VIP Materials Portfolio, VIP Technology Portfolio, and VIP Utilities Portfolio.

Fidelity Management & Research (Hong Kong) Limited (FMR H.K.) , at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for each fund. As of December 31, 2022, FMR H.K. had approximately $21.4 billion in discretionary assets under management. FMR H.K. is an affiliate of the Adviser.

FMR H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for VIP Communication Services Portfolio, VIP Consumer Discretionary Portfolio, VIP Consumer Staples Portfolio, VIP Energy Portfolio, VIP Financials Portfolio, VIP Health Care Portfolio, VIP Industrials Portfolio, VIP Materials Portfolio, VIP Technology Portfolio, and VIP Utilities Portfolio.

Fidelity Management & Research (Japan) Limited (FMR Japan) , at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan, serves as a sub-adviser for each fund. As of March 31, 2022, FMR Japan had approximately $6.9 billion in discretionary assets under management. FMR Japan is an affiliate of the Adviser.

FMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for VIP Communication Services Portfolio, VIP Consumer Discretionary Portfolio, VIP Consumer Staples Portfolio, VIP Energy Portfolio, VIP Financials Portfolio, VIP Health Care Portfolio, VIP Industrials Portfolio, VIP Materials Portfolio, VIP Technology Portfolio, and VIP Utilities Portfolio.

Portfolio Manager(s)

Matthew Drukker is Portfolio Manager of VIP Communication Services Portfolio, which he has managed since 2013. He also manages other funds. Since joining Fidelity Investments in 2007, Mr. Drukker has worked as a research analyst and portfolio manager.

Jordan Michaels is Portfolio Manager of VIP Consumer Discretionary Portfolio, which he has managed since 2022. He also manages other funds. Since joining Fidelity Investments in 2008, Mr. Michaels has worked as a research associate, research analyst, and portfolio manager.

Ben Shuleva is Portfolio Manager of VIP Consumer Staples Portfolio, which he has managed since 2020. He also manages other funds. Since joining Fidelity Investments in 2008, Mr. Shuleva has worked as a research analyst and portfolio manager.

Maurice Fitzmaurice is Portfolio Manager of VIP Energy Portfolio, which he has managed since 2020. He also manages other funds. Since joining Fidelity Investments in 1998, Mr. Fitzmaurice has worked as a research analyst and portfolio manager.

Matthew Reed is Portfolio Manager of VIP Financials Portfolio, which he has managed since 2019. He also manages other funds. Since joining Fidelity Investments in 2008, Mr. Reed has worked as a research analyst and portfolio manager.

Eddie Yoon is Portfolio Manager of VIP Health Care Portfolio, which he has managed since 2008. He also manages other funds. Since joining Fidelity Investments in 2006, Mr. Yoon has worked as a research analyst and portfolio manager.

David Wagner is Portfolio Manager of VIP Industrials Portfolio, which he has managed since 2023. He also manages other funds. Since joining Fidelity Investments in 2014, Mr. Wagner has worked as an intern, research analyst, and portfolio manager.

Ashley Fernandes is Portfolio Manager of VIP Materials Portfolio, which he has managed since April 2022. He also manages other funds. Since joining Fidelity Investments in 2013, Mr. Fernandes has worked as a global energy analyst, research analyst, and portfolio manager.

Adam Benjamin is Portfolio Manager of VIP Technology Portfolio, which he has managed since 2020. He also manages other funds. Since joining Fidelity Investments in 2011, Mr. Benjamin has worked as a research analyst and portfolio manager.

Douglas Simmons is Portfolio Manager of VIP Utilities Portfolio, which he has managed since 2006. He also manages other funds. Since joining Fidelity Investments in 2003, Mr. Simmons has worked as a portfolio manager.

The Statement of Additional Information (SAI) provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio manager(s).

From time to time a manager, analyst, or other Fidelity employee may express views regarding a particular company, security, industry, or market sector. The views expressed by any such person are the views of only that individual as of the time expressed and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

Advisory Fee(s)

Each fund pays a management fee to the Adviser.

The management fee is calculated and paid to the Adviser every month.

The fee is calculated by adding a group fee rate to an individual fund fee rate, dividing by twelve, and multiplying the result by the fund's average net assets throughout the month.

The group fee rate is based on the average net assets of a group of mutual funds advised by FMR. This rate cannot rise above 0.52%, and it drops as total assets under management increase.

The group fee rate(s) for December 2022 and the annual individual fund fee rate(s) are reflected in the table below:

Fund	Group Fee Rate	Individual Fund Fee Rate
VIP Communication Services Portfolio	0.23%	0.30%
VIP Consumer Discretionary Portfolio	0.23%	0.30%
VIP Consumer Staples Portfolio	0.23%	0.30%
VIP Energy Portfolio	0.23%	0.30%
VIP Financials Portfolio	0.23%	0.30%
VIP Health Care Portfolio	0.23%	0.30%
VIP Industrials Portfolio	0.23%	0.30%
VIP Materials Portfolio	0.23%	0.30%
VIP Technology Portfolio	0.23%	0.30%
VIP Utilities Portfolio	0.23%	0.30%

The total management fee, as a percentage of a fund's average net assets, for the fiscal year ended December 31, 2022, for each fund is shown in the following table. Because each fund's management fee rate may fluctuate, a fund's management fee may be higher or lower in the future.

Fund	Total Management Fee Rate
VIP Communication Services Portfolio	0.53%
VIP Consumer Discretionary Portfolio	0.53%
VIP Consumer Staples Portfolio	0.53%
VIP Energy Portfolio	0.53%
VIP Financials Portfolio	0.53%
VIP Health Care Portfolio	0.53%
VIP Industrials Portfolio	0.53%
VIP Materials Portfolio	0.53%
VIP Technology Portfolio	0.53%
VIP Utilities Portfolio	0.53%

The Adviser pays FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited for providing sub-advisory services.

The basis for the Board of Trustees approving the management contract and sub-advisory agreements for each fund is available in each fund's semi-annual report for the fiscal period ended June 30, 2022.

From time to time, the Adviser or its affiliates may agree to reimburse or waive certain fund expenses while retaining the ability to be repaid if expenses fall below the specified limit prior to the end of the fiscal year.

Reimbursement or waiver arrangements can decrease expenses and boost performance.

FMR has contractually agreed to reimburse Initial Class of VIP Communication Services Portfolio to the extent that total operating expenses (excluding interest, certain taxes, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary), if any, as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable), as a percentage of its average net assets, exceed 0.90% (the Expense Cap). If at any time during the current fiscal year expenses for Initial Class of VIP Communication Services Portfolio fall below the Expense Cap, FMR reserves the right to recoup through the end of the fiscal year any expenses that were reimbursed during the current fiscal year up to, but not in excess of, the Expense Cap. This arrangement will remain in effect through April 30, 2024. FMR may not terminate this arrangement before the expiration date without the approval of the Board of Trustees and may extend it in its discretion after that date.

Fund Distribution

Each fund is composed of multiple classes of shares. All classes of a fund have a common investment objective and investment portfolio.

FDC distributes Initial Class shares.

Intermediaries may receive from the Adviser, FDC, and/or their affiliates compensation for their services intended to result in the sale of Initial Class shares.

This compensation may take the form of payments for additional distribution-related activities and/or shareholder services and payments for educational seminars and training, including seminars sponsored by Fidelity, or by an intermediary.

These payments are described in more detail in this section and in the SAI.

Distribution and Service Plan(s)

Initial Class of each fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act that recognizes that the Adviser may use its management fee revenues, as well as its past profits or its resources from any other source, to pay FDC for expenses incurred in connection with providing services intended to result in the sale of Initial Class shares and/or support services that benefit variable product owners. The Adviser, directly or through FDC, may pay significant amounts to intermediaries that provide those services. Currently, the Board of Trustees of each fund has authorized such payments for Initial Class. Variable product owners should speak with their investment professionals to learn more about any payments their firms may receive from the Adviser, FDC, and/or their affiliates, as well as fees and/or commissions the investment professional charges. Variable product owners should also consult disclosures made by their investment professionals at the time of purchase.

If payments made by the Adviser to FDC or to intermediaries under a Distribution and Service Plan were considered to be paid out of a class's assets on an ongoing basis, they might increase the cost of a shareholder's investment and might cost a shareholder more than paying other types of sales charges.

Appendix

Financial Highlights

Financial Highlights are intended to help you understand the financial history of fund shares for the past 5 years (or, if shorter, the period of operations). Certain information reflects financial results for a single share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in shares (assuming reinvestment of all dividends and distributions). The annual information has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm, whose report(s), along with fund financial statements, is included in the annual report. Annual reports are available for free upon request.

VIP Communication Services Portfolio Initial Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	19.25	$	17.39	$	12.98	$	10.58	$	12.74
Income from Investment Operations
Net investment income (loss) A,B		(.04)		(.07)		(.05)		(.01)		.21 C
Net realized and unrealized gain (loss)		(7.05)		2.74		4.62		3.36		(.89)
Total from investment operations		(7.09)		2.67		4.57		3.35		(.68)
Distributions from net investment income		-		-		-		(.01)		(.19)
Distributions from net realized gain		(.80)		(.81)		(.16)		(.94)		(1.29)
Total distributions		(.80)		(.81)		(.16)		(.95)		(1.48)
Net asset value, end of period	$	11.36	$	19.25	$	17.39	$	12.98	$	10.58
Total Return D,E		(38.14)%		15.65%		35.60%		32.98%		(5.36)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.68%		.66%		.70%		.72%		.81%
Expenses net of fee waivers, if any		.68%		.66%		.70%		.72%		.81%
Expenses net of all reductions		.68%		.66%		.70%		.71%		.79%
Net investment income (loss)		(.29)%		(.34)%		(.39)%		(.09)%		1.87% C
Supplemental Data
Net assets, end of period (000 omitted)	$	8,116	$	18,332	$	13,370	$	9,865	$	5,702
Portfolio turnover rate H		37%		66%		66%		73%		162%

A Calculated based on average shares outstanding during the period.

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

C Net 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 1.45%.

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

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

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

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

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

VIP Consumer Discretionary Portfolio Initial Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	39.33	$	34.37	$	25.27	$	20.97	$	22.27
Income from Investment Operations
Net investment income (loss) A,B		.01		(.04)		.02		.08		.08
Net realized and unrealized gain (loss)		(12.80)		6.56		9.11		5.42		(.30)
Total from investment operations		(12.79)		6.52		9.13		5.50		(.22)
Distributions from net investment income		-		-		(.03)		(.08)		(.07)
Distributions from net realized gain		(3.00)		(1.56)		-		(1.12)		(1.01)
Total distributions		(3.00)		(1.56)		(.03)		(1.20)		(1.08)
Net asset value, end of period	$	23.54	$	39.33	$	34.37	$	25.27	$	20.97
Total Return C,D		(34.63)%		19.41%		36.15%		27.19%		(1.09)%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.66%		.65%		.67%		.68%		.68%
Expenses net of fee waivers, if any		.66%		.65%		.67%		.68%		.68%
Expenses net of all reductions		.66%		.65%		.67%		.67%		.67%
Net investment income (loss)		.04%		(.11)%		.07%		.32%		.35%
Supplemental Data
Net assets, end of period (000 omitted)	$	16,567	$	32,788	$	28,273	$	25,623	$	25,079
Portfolio turnover rate G		34%		39%		52%		40%		38%

A Calculated based on average shares outstanding during the period.

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

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

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

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

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

VIP Consumer Staples Portfolio Initial Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	21.13	$	19.84	$	18.76	$	15.10	$	19.72
Income from Investment Operations
Net investment income (loss) A,B		.35		.38		.35		.39		.44 C
Net realized and unrealized gain (loss)		(.48)		2.27		1.78		4.22		(3.36)
Total from investment operations		(.13)		2.65		2.13		4.61		(2.92)
Distributions from net investment income		(.35)		(.40)		(.35)		(.34)		(.50)
Distributions from net realized gain		(1.19)		(.96)		(.71)		(.61)		(1.19)
Total distributions		(1.54)		(1.36)		(1.05) D		(.95)		(1.70) D
Net asset value, end of period	$	19.46	$	21.13	$	19.84	$	18.76	$	15.10
Total Return E,F		(.62)%		14.24%		11.78%		31.42%		(15.55)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.65%		.65%		.67%		.67%		.68%
Expenses net of fee waivers, if any		.65%		.65%		.66%		.67%		.68%
Expenses net of all reductions		.65%		.65%		.66%		.67%		.67%
Net investment income (loss)		1.84%		1.89%		1.94%		2.23%		2.53% C
Supplemental Data
Net assets, end of period (000 omitted)	$	26,707	$	22,366	$	20,009	$	21,139	$	16,285
Portfolio turnover rate I		46%		64%		51%		46%		38%

A Calculated based on average shares outstanding during the period.

C Net 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 1.71%.

D Total distributions per share do not sum due to rounding.

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

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

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

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

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

VIP Energy Portfolio Initial Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	15.77	$	10.41	$	15.91	$	14.78	$	19.86
Income from Investment Operations
Net investment income (loss) A,B		.69		.48 C		.41		.29		.22
Net realized and unrealized gain (loss)		9.26		5.24		(5.62)		1.18		(5.09)
Total from investment operations		9.95		5.72		(5.21)		1.47		(4.87)
Distributions from net investment income		(.56)		(.36)		(.29)		(.33)		(.19)
Distributions from net realized gain		-		-		-		(.01)		(.02)
Total distributions		(.56)		(.36)		(.29)		(.34)		(.21)
Net asset value, end of period	$	25.16	$	15.77	$	10.41	$	15.91	$	14.78
Total Return D,E		63.18%		55.35%		(32.76)%		10.08%		(24.58)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.64%		.65%		.69%		.67%		.67%
Expenses net of fee waivers, if any		.64%		.65%		.69%		.67%		.67%
Expenses net of all reductions		.64%		.65%		.68%		.66%		.66%
Net investment income (loss)		3.02%		3.35% C		3.98%		1.83%		1.12%
Supplemental Data
Net assets, end of period (000 omitted)	$	101,150	$	30,777	$	16,336	$	27,957	$	28,999
Portfolio turnover rate H		50%		65%		71%		58%		58%

A Calculated based on average shares outstanding during the period.

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

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

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

VIP Financial Services Portfolio Initial Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	15.82	$	12.38	$	13.62	$	11.15	$	13.72
Income from Investment Operations
Net investment income (loss) A,B		.30		.32		.26		.22		.17
Net realized and unrealized gain (loss)		(1.57)		3.71		(.16)		3.39		(2.28)
Total from investment operations		(1.27)		4.03		.10		3.61		(2.11)
Distributions from net investment income		(.29)		(.27)		(.26)		(.26)		(.16)
Distributions from net realized gain		(.25)		(.32)		(1.08)		(.88)		(.29)
Total distributions		(.54)		(.59)		(1.34)		(1.14)		(.46) C
Redemption fees added to paid in capital A		-		-		-		-		- D
Net asset value, end of period	$	14.01	$	15.82	$	12.38	$	13.62	$	11.15
Total Return E,F		(8.33)%		33.19%		.77%		34.33%		(15.73)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.65%		.65%		.69%		.68%		.67%
Expenses net of fee waivers, if any		.65%		.65%		.69%		.68%		.67%
Expenses net of all reductions		.65%		.65%		.68%		.67%		.66%
Net investment income (loss)		2.06%		2.08%		2.47%		1.83%		1.25%
Supplemental Data
Net assets, end of period (000 omitted)	$	29,116	$	35,491	$	20,134	$	24,758	$	24,142
Portfolio turnover rate I		53%		40%		68%		58%		59%

A Calculated based on average shares outstanding during the period.

C Total distributions per share do not sum due to rounding.

D Amount represents less than $.005 per share.

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

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

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

VIP Health Care Portfolio Initial Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	40.05	$	38.41	$	33.32	$	27.86	$	26.44
Income from Investment Operations
Net investment income (loss) A,B		(.02)		(.01)		.06		.07		.06
Net realized and unrealized gain (loss)		(4.96)		4.39		6.90		7.47		1.99
Total from investment operations		(4.98)		4.38		6.96		7.54		2.05
Distributions from net investment income		-		(.04)		(.19)		(.07)		(.06)
Distributions from net realized gain		(2.20)		(2.71)		(1.67)		(2.01)		(.57)
Total distributions		(2.20)		(2.74) C		(1.87) C		(2.08)		(.63)
Net asset value, end of period	$	32.87	$	40.05	$	38.41	$	33.32	$	27.86
Total Return D,E		(12.41)%		11.73%		21.58%		28.37%		7.86%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.63%		.63%		.64%		.65%		.65%
Expenses net of fee waivers, if any		.63%		.63%		.64%		.65%		.65%
Expenses net of all reductions		.63%		.63%		.64%		.65%		.64%
Net investment income (loss)		(.06)%		(.04)%		.18%		.23%		.19%
Supplemental Data
Net assets, end of period (000 omitted)	$	132,871	$	172,092	$	168,627	$	145,315	$	139,026
Portfolio turnover rate H		43%		32%		51%		38%		65%

A Calculated based on average shares outstanding during the period.

C Total distributions per share do not sum due to rounding.

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

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

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

VIP Industrials Portfolio Initial Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	23.44	$	23.29	$	21.98	$	19.29	$	23.85
Income from Investment Operations
Net investment income (loss) A,B		.05 C		(.02)		.03		.24		.19
Net realized and unrealized gain (loss)		(2.43)		3.57		2.57		4.92		(3.68)
Total from investment operations		(2.38)		3.55		2.60		5.16		(3.49)
Distributions from net investment income		(.03)		-		(.10) D		(.24)		(.18)
Distributions from net realized gain		(2.79)		(3.40)		(1.19) D		(2.23)		(.89)
Total distributions		(2.83) E		(3.40)		(1.29)		(2.47)		(1.07)
Net asset value, end of period	$	18.23	$	23.44	$	23.29	$	21.98	$	19.29
Total Return F,G		(10.30)%		17.09%		12.32%		28.15%		(15.12)%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.66%		.66%		.68%		.67%		.67%
Expenses net of fee waivers, if any		.66%		.66%		.68%		.67%		.67%
Expenses net of all reductions		.66%		.66%		.67%		.67%		.66%
Net investment income (loss)		.28% C		(.08)%		.17%		1.13%		.85%
Supplemental Data
Net assets, end of period (000 omitted)	$	25,557	$	31,026	$	29,873	$	33,078	$	30,987
Portfolio turnover rate J		83%		197%		240%		121%		94%

A Calculated based on average shares outstanding during the period.

C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .15%.

D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

E Total distributions per share do not sum due to rounding.

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

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

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

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

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

VIP Materials Portfolio Initial Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	18.76	$	14.17	$	11.74	$	11.46	$	16.18
Income from Investment Operations
Net investment income (loss) A,B		.18		.14		.07		.16		.18
Net realized and unrealized gain (loss)		(2.00)		4.58		2.44		1.31		(3.83)
Total from investment operations		(1.82)		4.72		2.51		1.47		(3.65)
Distributions from net investment income		(.19)		(.13)		(.08)		(.19)		(.21)
Distributions from net realized gain		(.51)		-		-		(1.00)		(.86)
Total distributions		(.70)		(.13)		(.08)		(1.19)		(1.07)
Net asset value, end of period	$	16.24	$	18.76	$	14.17	$	11.74	$	11.46
Total Return C,D		(9.79)%		33.42%		21.49%		13.40%		(23.60)%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.69%		.68%		.77%		.75%		.72%
Expenses net of fee waivers, if any		.68%		.68%		.77%		.75%		.72%
Expenses net of all reductions		.68%		.68%		.76%		.74%		.71%
Net investment income (loss)		1.09%		.84%		.59%		1.37%		1.26%
Supplemental Data
Net assets, end of period (000 omitted)	$	14,941	$	19,714	$	9,924	$	8,905	$	9,728
Portfolio turnover rate G		63%		99%		83%		104%		87%

A Calculated based on average shares outstanding during the period.

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

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

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

VIP Technology Portfolio Initial Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	35.65	$	30.99	$	19.08	$	15.76	$	18.43
Income from Investment Operations
Net investment income (loss) A,B		.01		(.04)		(.01)		.09		.05
Net realized and unrealized gain (loss)		(12.04)		8.22		12.36		6.72		(1.34)
Total from investment operations		(12.03)		8.18		12.35		6.81		(1.29)
Distributions from net investment income		-		-		(.02)		(.08)		-
Distributions from net realized gain		(2.68)		(3.52)		(.42)		(3.42)		(1.38)
Total distributions		(2.68)		(3.52)		(.44)		(3.49) C		(1.38)
Net asset value, end of period	$	20.94	$	35.65	$	30.99	$	19.08	$	15.76
Total Return D,E		(35.86)%		28.16%		64.95%		51.32%		(7.62)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.63%		.62%		.63%		.65%		.66%
Expenses net of fee waivers, if any		.62%		.62%		.63%		.65%		.66%
Expenses net of all reductions		.62%		.62%		.63%		.64%		.64%
Net investment income (loss)		.05%		(.12)%		(.03)%		.52%		.27%
Supplemental Data
Net assets, end of period (000 omitted)	$	185,489	$	356,589	$	286,967	$	175,680	$	123,867
Portfolio turnover rate H		21%		31%		52%		20%		139%

A Calculated based on average shares outstanding during the period.

C Total distributions per share do not sum due to rounding.

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

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

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

VIP Utilities Portfolio Initial Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	20.80	$	18.05	$	18.79	$	16.81	$	16.73
Income from Investment Operations
Net investment income (loss) A,B		.38		.40		.34		.43		.40
Net realized and unrealized gain (loss)		.75		2.71		(.35)		3.22		.96
Total from investment operations		1.13		3.11		(.01)		3.65		1.36
Distributions from net investment income		(.34)		(.36)		(.45)		(.39)		(.32)
Distributions from net realized gain		(.06)		-		(.28)		(1.28)		(.97)
Total distributions		(.40)		(.36)		(.73)		(1.67)		(1.28) C
Net asset value, end of period	$	21.53	$	20.80	$	18.05	$	18.79	$	16.81
Total Return D,E		5.47%		17.43%		(.12)%		23.18%		8.82%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.64%		.65%		.67%		.66%		.68%
Expenses net of fee waivers, if any		.64%		.65%		.67%		.66%		.68%
Expenses net of all reductions		.64%		.65%		.66%		.66%		.65%
Net investment income (loss)		1.81%		2.09%		1.96%		2.46%		2.36%
Supplemental Data
Net assets, end of period (000 omitted)	$	48,029	$	29,279	$	26,868	$	40,839	$	38,270
Portfolio turnover rate H		53%		32%		66%		66%		113%

A Calculated based on average shares outstanding during the period.

C Total distributions per share do not sum due to rounding.

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

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

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

Additional Index Information

MSCI U.S. IMI Communication Services 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Communication Services companies in the MSCI U.S. Investable Market 2500 Index. Prior to December 1, 2018, the index was named MSCI U.S. IM Telecommunication Services 25/50 Index and had a different composition. Index returns shown for periods prior to December 1, 2018 are attributable to the index's prior composition.

MSCI U.S. IMI Consumer Discretionary 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Consumer Discretionary companies in the MSCI U.S. Investable Market 2500 Index.

MSCI U.S. IMI Consumer Staples 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Consumer Staples companies in the MSCI U.S. Investable Market 2500 Index.

MSCI U.S. IMI Energy 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Energy companies in the MSCI U.S. Investable Market 2500 Index.

MSCI U.S. IMI Financials 5% Capped Linked Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Financials companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to September 1, 2016 are returns of the MSCI U.S. IM Financials 25/50 Index.

MSCI U.S. IMI Health Care 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Health Care companies in the MSCI U.S. Investable Market 2500 Index.

MSCI U.S. IMI Industrials 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Industrials companies in the MSCI U.S. Investable Market 2500 Index.

MSCI U.S. IMI Information Technology 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Information Technology companies in the MSCI U.S. Investable Market 2500 Index.

MSCI U.S. IMI Materials 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Materials companies in the MSCI U.S. Investable Market 2500 Index.

MSCI U.S. IMI Utilities 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Utilities companies in the MSCI U.S. Investable Market 2500 Index.

S&P 500 ® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT ACT), requires all financial institutions to obtain, verify, and record information that identifies each person or entity that opens an account.

For variable product owners: When you open an account, you will be asked for your name, address, date of birth, and other information that will allow Fidelity to identify you. You may also be asked to provide documents that may help to establish your identity, such as your driver's license.

For insurance separate accounts: When you open an account, you will be asked for the name of the entity, its principal place of business and taxpayer identification number (TIN). You will be asked to provide information about the entity's control person and beneficial owners, and person(s) with authority over the account, including name, address, date of birth and social security number. You may also be asked to provide documents, such as drivers' licenses, articles of incorporation, trust instruments or partnership agreements and other information that will help Fidelity identify the entity.

You can obtain additional information about the funds. A description of each fund's policies and procedures for disclosing its holdings is available in its Statement of Additional Information (SAI) and on Fidelity's web sites. The SAI also includes more detailed information about each fund and its investments. The SAI is incorporated herein by reference (legally forms a part of the prospectus). Each fund's annual and semi-annual reports also include additional information. Each fund's annual report includes a discussion of the fund's holdings and recent market conditions and the fund's investment strategies that affected performance.

For a free copy of any of these documents or to request other information or ask questions about a fund, call Fidelity at 1-877-208-0098. In addition, you may visit Fidelity's web site at institutional.fidelity.com for a free copy of a prospectus, SAI, or annual or semi-annual report or to request other information.

The SAI, the funds' annual and semi-annual reports and other related materials are available from the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Database on the SEC's web site (http://www.sec.gov). You can obtain copies of this information, after paying a duplicating fee, by sending a request by e-mail to publicinfo@sec.gov or by writing the Public Reference Section of the SEC, Washington, D.C. 20549-1520. You can also review and copy information about the funds, including the funds' SAI, at the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090 for information on the operation of the SEC's Public Reference Room.

Investment Company Act of 1940, File Number(s), 811-03759

Fidelity Distributors Company LLC (FDC) is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.

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. © 2023 FMR LLC. All rights reserved.

The term "VIP" as used in this document refers to Fidelity ® Variable Insurance Products.

1.751522.124

VIPFCI-PRO-0823-124

The fund offers its shares only to separate accounts of insurance companies that offer variable annuity and variable life insurance products. The fund may not be available in your state due to various insurance regulations. Please check with your insurance company for availability. If the fund in this prospectus is not available in your state, this prospectus is not to be considered a solicitation. Please read this prospectus together with your variable annuity or variable life insurance product prospectus.

Fidelity ® Variable Insurance Products

Service Class 2

Energy Portfolio

Prospectus

April 29, 2023

As Revised August 4, 2023

245 Summer Street, Boston, MA 02210

Contents

Fund Summary		VIP Energy Portfolio
Fund Basics		Investment Details
		Valuing Shares
Shareholder Information		Additional Information about the Purchase and Sale of Shares
		Dividends and Capital Gain Distributions
Fund Services		Fund Management
		Fund Distribution
Appendix		Financial Highlights
		Additional Index Information

Fund Summary

Fund /Class:

VIP Energy Portfolio

/Service Class 2

Investment Objective

VIP Energy Portfolio seeks capital appreciation.

Fee Table

Fees

(fees paid directly from your investment)

Not Applicable

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.53 %
Distribution and/or Service (12b-1) fees	0.25 %
Other expenses	0.11 %
Total annual operating expenses	0.89 %

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

1 year	$	91
3 years	$	284
5 years	$	493
10 years	$	1,096

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the energy field including the conventional areas of oil, gas, electricity and coal, and newer sources of energy such as nuclear, geothermal, oil shale, and solar power.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

Stock Market Volatility.

Foreign Exposure.

Energy Industry Concentration.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

The value of securities of smaller issuers can be more volatile than that of larger issuers.

You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

Year-by-Year Returns

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
	24.21 %	- 12.76 %	- 20.75 %	33.51 %	- 2.78 %	- 24.77 %	9.82 %	- 32.88 %	54.83 %	62.87 %

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	39.82 %	March 31, 2022
Lowest Quarter Return	- 52.48 %	March 31, 2020

Average Annual Returns

For the periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Service Class 2	62.87 %	6.94 %	4.54 %
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	- 18.11 %	9.42 %	12.56 %
MSCI U.S. IMI Energy 25-50 Index (reflects no deduction for fees, expenses, or taxes)	63.13 %	8.42 %	5.16 %

Investment Adviser

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Maurice Fitzmaurice (Portfolio Manager) has managed the fund since 2020.

Purchase and Sale of Shares

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Basics

Investment Details

Investment Objective

VIP Energy Portfolio seeks capital appreciation.

Principal Investment Strategies

The Adviser does not place any emphasis on income when selecting securities, except when it believes that income may have a favorable effect on a security's market value.

The Adviser normally invests the fund's assets primarily in common stocks.

The fund may invest in domestic and foreign securities. Foreign stocks may make up a majority of the fund's assets at times.

In addition to concentrating on particular industries, the fund may invest a significant percentage of its assets in relatively few companies and may invest up to 25% in a single company. The fund is classified as non-diversified.

In buying and selling securities for the fund, the Adviser relies on fundamental analysis of each issuer and its potential for success in light of its current financial condition, its industry position, and economic and market conditions. Factors considered include growth potential, earnings estimates, and management.

If the Adviser's strategies do not work as intended, the fund may not achieve its objective.

The fund has a policy of investing primarily in companies engaged in specified activities. The fund also has a policy of normally investing at least 80% of its assets in securities of companies principally engaged in specified activities. These policies can be changed without a vote only upon 60 days' prior notice to shareholders of the fund.

Description of Principal Security Types

Principal Investment Risks

Many factors affect the fund's performance. Developments that disrupt global economies and financial markets, such as pandemics and epidemics, may magnify factors that affect a fund's performance. The fund's share price changes daily based on changes in market conditions and interest rates and in response to other economic, political, or financial developments. The fund's reaction to these developments will be affected by the types of securities in which the fund invests, the financial condition, industry and economic sector, and geographic location of an issuer, and the fund's level of investment in the securities of that issuer. Because the fund concentrates its investments in a particular industry or group of related industries, the fund's performance could depend heavily on the performance of that industry or group of industries and could be more volatile than the performance of less concentrated funds. In addition, because the fund may invest a significant percentage of assets in a single issuer, the fund's performance could be closely tied to that one issuer and could be more volatile than the performance of more diversified funds. When you sell your shares they may be worth more or less than what you paid for them, which means that you could lose money by investing in the fund.

The following factors can significantly affect the fund's performance:

Other Investment Strategies

In addition to the principal investment strategies discussed above, the Adviser may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

The Adviser may also use various techniques, such as buying and selling futures contracts and exchange traded funds, to increase or decrease the fund's exposure to changing security prices or other factors that affect security values.

Valuing Shares

The fund is open for business each day the NYSE is open.

The NAV is the value of a single share. Fidelity normally calculates NAV as of the close of business of the NYSE, normally 4:00 p.m. Eastern time. The fund's assets normally are valued as of this time for the purpose of computing NAV. Fidelity calculates NAV separately for each class of shares of a multiple class fund.

NAV is not calculated and the fund will not process purchase and redemption requests submitted on days when the fund is not open for business. The time at which shares are priced and until which purchase and redemption orders are accepted may be changed as permitted by the Securities and Exchange Commission (SEC).

To the extent that the fund's assets are traded in other markets on days when the fund is not open for business, the value of the fund's assets may be affected on those days. In addition, trading in some of the fund's assets may not occur on days when the fund is open for business.

NAV is calculated using the values of other open-end funds, if any, in which the fund invests (referred to as underlying funds). Shares of underlying funds are valued at their respective NAVs. Other assets are valued primarily on the basis of market quotations, official closing prices, or information furnished by a pricing service. Certain short-term securities are valued on the basis of amortized cost. If market quotations, official closing prices, or information furnished by a pricing service are not readily available or, in the Adviser's opinion, are deemed unreliable for a security, then that security will be fair valued in good faith by the Adviser in accordance with applicable fair value pricing policies. For example, if, in the Adviser's opinion, a security's value has been materially affected by events occurring before a fund's pricing time but after the close of the exchange or market on which the security is principally traded, then that security will be fair valued in good faith by the Adviser in accordance with applicable fair value pricing policies. Fair value pricing will be used for high yield debt securities when available pricing information is determined to be stale or for other reasons not to accurately reflect fair value.

Policies regarding excessive trading may not be effective to prevent short-term NAV arbitrage trading, particularly in regard to omnibus accounts.

Fair value pricing is based on subjective judgments and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold.

Shareholder Information

Additional Information about the Purchase and Sale of Shares

As used in this prospectus, the term "shares" generally refers to the shares offered through this prospectus.

Frequent Purchases and Redemptions

The fund may reject for any reason, or cancel as permitted or required by law, any purchase orders, including transactions deemed to represent excessive trading, at any time.

Excessive trading of fund shares can harm variable product owners in various ways, including reducing the returns to long-term variable product owners by increasing costs paid by the fund (such as brokerage commissions or spreads paid to dealers who sell money market instruments), disrupting portfolio management strategies, and diluting the value of the shares in cases in which fluctuations in markets are not fully priced into the fund's NAV.

Purchase and redemption transactions submitted to the fund by Permitted Accounts reflect the transactions of multiple variable product owners whose individual transactions are often not disclosed to the fund, making it difficult to determine whether an individual variable product owner is engaging in excessive trading. Excessive trading in Permitted Accounts is likely to go undetected by the fund and may increase costs to the fund and disrupt its portfolio management.

The fund reserves the right at any time to restrict purchases or impose conditions that are more restrictive on excessive trading than those stated in this prospectus.

Excessive Trading Policy

The fund's Treasurer is authorized to suspend the fund's policies during periods of severe market turbulence or national emergency. The fund reserves the right to modify its policies at any time without prior notice.

The fund does not knowingly accommodate frequent purchases and redemptions of fund shares by investors, except to the extent permitted by the policies described above.

As described in "Valuing Shares," the fund also uses fair value pricing to help reduce arbitrage opportunities available to short-term traders. There is no assurance that the fund's excessive trading policy will be effective, or will successfully detect or deter excessive or disruptive trading.

Buying Shares

Eligibility

Shares are generally available only to investors residing in the United States.

There is no minimum balance or purchase minimum for fund shares.

Price to Buy

The price to buy one share is its NAV. Shares are sold without a sales charge.

Shares will be bought at the NAV next calculated after an order is received in proper form.

The fund has authorized certain intermediaries to accept orders to buy shares on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be bought at the NAV next calculated after the order is received by the authorized intermediaries. Orders by qualified funds of funds, including mutual funds for which Fidelity serves as investment manager, will be treated as received by the fund at the same time that the corresponding orders are received in proper form by the funds of funds.

The fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.

Under applicable anti-money laundering rules and other regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.

Selling Shares

The price to sell one share is its NAV.

Shares will be sold at the NAV next calculated after an order is received in proper form.

Normally, redemptions will be processed by the next business day, but it may take up to seven days to pay the redemption proceeds if making immediate payment would adversely affect the fund.

The fund has authorized certain intermediaries to accept orders to sell shares on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be sold at the NAV next calculated after the order is received by the authorized intermediaries. Orders by qualified funds of funds, including mutual funds for which Fidelity serves as investment manager, will be treated as received by the fund at the same time that the corresponding orders are received in proper form by the funds of funds.

See "Policies Concerning the Redemption of Fund Shares" below for additional redemption information.

Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC.

Redemption proceeds may be paid in securities or other property rather than in cash if the Adviser determines it is in the best interests of the fund.

Under applicable anti-money laundering rules and other regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.

The fund offers its shares to Permitted Accounts that may be affiliated or unaffiliated with FMR and/or each other. The fund currently does not foresee any disadvantages to variable product owners arising out of the fact that the fund offers its shares to separate accounts of insurance companies that offer variable annuity and variable life insurance products (as well as other Permitted Accounts). Nevertheless, the Board of Trustees that oversees the fund intends to monitor events to identify any material irreconcilable conflicts that may possibly arise and to determine what action, if any, should be taken in response.

Policies Concerning the Redemption of Fund Shares

Dividends and Capital Gain Distributions

The fund earns interest, dividends, and other income from its investments, and distributes this income (less expenses) to shareholders as dividends. The fund also realizes capital gains from its investments, and distributes these gains (less any losses) to shareholders as capital gain distributions.

The fund normally declares dividends and pays capital gain distributions per the tables below:

Fund Name	Dividends Paid
VIP Energy Portfolio	February, December

Fund Name	Capital Gains Paid
VIP Energy Portfolio	February, December

The fund normally pays capital gain distributions in December, if necessary, to ensure that the fund is not subject to a fund-level excise tax.

Any dividends and capital gain distributions will be automatically reinvested in additional shares.

Fund Services

Fund Management

The fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.

Adviser

FMR. The Adviser is the fund's manager. The address of the Adviser is 245 Summer Street, Boston, Massachusetts 02210.

As the manager, the Adviser has overall responsibility for directing the fund's investments and handling its business affairs.

Sub-Adviser(s)

FMR Investment Management (UK) Limited (FMR UK) , at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a sub-adviser for the fund. As of December 31, 2022, FMR UK had approximately $14.7 billion in discretionary assets under management. FMR UK is an affiliate of the Adviser.

FMR UK may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund.

Fidelity Management & Research (Hong Kong) Limited (FMR H.K.) , at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for the fund. As of December 31, 2022, FMR H.K. had approximately $21.4 billion in discretionary assets under management. FMR H.K. is an affiliate of the Adviser.

FMR H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund.

Fidelity Management & Research (Japan) Limited (FMR Japan) , at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan, serves as a sub-adviser for the fund. As of March 31, 2022, FMR Japan had approximately $6.9 billion in discretionary assets under management. FMR Japan is an affiliate of the Adviser.

FMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund.

Portfolio Manager(s)

The Statement of Additional Information (SAI) provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio manager(s).

Advisory Fee(s)

The fund pays a management fee to the Adviser.

The management fee is calculated and paid to the Adviser every month.

The fee is calculated by adding a group fee rate to an individual fund fee rate, dividing by twelve, and multiplying the result by the fund's average net assets throughout the month.

The group fee rate is based on the average net assets of a group of mutual funds advised by FMR. This rate cannot rise above 0.52%, and it drops as total assets under management increase.

The group fee rate(s) for December 2022 and the annual individual fund fee rate(s) are reflected in the table below:

Fund		Group Fee Rate		Individual Fund Fee Rate
VIP Energy Portfolio		0.23%		0.30%

The total management fee, as a percentage of a fund's average net assets, for the fiscal year ended December 31, 2022, for the fund is shown in the following table. Because the fund's management fee rate may fluctuate, a fund's management fee may be higher or lower in the future.

Fund	Total Management Fee Rate
VIP Energy Portfolio	0.53%

The Adviser pays FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited for providing sub-advisory services.

The basis for the Board of Trustees approving the management contract and sub-advisory agreements for the fund is available in the fund's semi-annual report for the fiscal period ended June 30, 2022.

Reimbursement or waiver arrangements can decrease expenses and boost performance.

Fund Distribution

The fund is composed of multiple classes of shares. All classes of the fund have a common investment objective and investment portfolio.

FDC distributes Service Class 2 shares.

Intermediaries may receive from the Adviser, FDC, and/or their affiliates compensation for their services intended to result in the sale of Service Class 2 shares.

This compensation may take the form of:

Distribution and/or service (12b-1) fees.
Payments for additional distribution-related activities and/or shareholder services.
Payments for educational seminars and training, including seminars sponsored by Fidelity, or by an intermediary.

These payments are described in more detail in this section and in the SAI.

Distribution and Service Plan(s)

Service Class 2 of the fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. Under the plan, Service Class 2 of the fund is authorized to pay FDC a 12b-1 (service) fee as compensation for providing support services that benefit variable product owners. Service Class 2 of the fund currently pays FDC a 12b-1 (service) fee at an annual rate of 0.25% of its average net assets throughout the month.

FDC may reallow up to the full amount of this 12b-1 (service) fee to intermediaries, including its affiliates, for providing support services that benefit variable product owners.

Any fees paid out of Service Class 2's assets on an ongoing basis pursuant to the Distribution and Service Plan will increase the cost of a shareholder's investment and may cost a shareholder more than paying other types of sales charges.

In addition, the Service Class 2 plan specifically recognizes that the Adviser may make payments from its management fee revenue, past profits, or other resources to FDC for expenses incurred in connection with providing services intended to result in the sale of Service Class 2 shares and/or support services that benefit variable product owners, including payments of significant amounts made to intermediaries that provide those services. Currently, the Board of Trustees of the fund has authorized such payments for Service Class 2. Variable product owners should speak with their investment professionals to learn more about any payments their firms may receive from the Adviser, FDC, and/or their affiliates, as well as fees and/or commissions the investment professional charges. Variable product owners should also consult disclosures made by their investment professionals at the time of purchase.

Appendix

Financial Highlights

VIP Energy Portfolio Service Class 2

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	15.69	$	10.37	$	15.84	$	14.71	$	19.75
Income from Investment Operations
Net investment income (loss) A,B		.62		.44 C		.37		.25		.17
Net realized and unrealized gain (loss)		9.23		5.21		(5.58)		1.18		(5.05)
Total from investment operations		9.85		5.65		(5.21)		1.43		(4.88)
Distributions from net investment income		(.51)		(.33)		(.26)		(.29)		(.14)
Distributions from net realized gain		-		-		-		(.01)		(.02)
Total distributions		(.51)		(.33)		(.26)		(.30)		(.16)
Net asset value, end of period	$	25.03	$	15.69	$	10.37	$	15.84	$	14.71
Total Return D,E		62.87%		54.83%		(32.88)%		9.82%		(24.77)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.89%		.90%		.94%		.92%		.92%
Expenses net of fee waivers, if any		.88%		.90%		.94%		.92%		.92%
Expenses net of all reductions		.88%		.90%		.93%		.91%		.91%
Net investment income (loss)		2.77%		3.10% C		3.73%		1.58%		.88%
Supplemental Data
Net assets, end of period (000 omitted)	$	259,298	$	120,827	$	64,986	$	90,208	$	90,093
Portfolio turnover rate H		50%		65%		71%		58%		58%

A Calculated based on average shares outstanding during the period.

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

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

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

Additional Index Information

MSCI U.S. IMI Energy 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Energy companies in the MSCI U.S. Investable Market 2500 Index.

S&P 500 ® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT

You can obtain additional information about the fund. A description of the fund's policies and procedures for disclosing its holdings is available in its Statement of Additional Information (SAI) and on Fidelity's web sites. The SAI also includes more detailed information about the fund and its investments. The SAI is incorporated herein by reference (legally forms a part of the prospectus). The fund's annual and semi-annual reports also include additional information. The fund's annual report includes a discussion of the fund's holdings and recent market conditions and the fund's investment strategies that affected performance.

For a free copy of any of these documents or to request other information or ask questions about the fund, call Fidelity at 1-877-208-0098. In addition, you may visit Fidelity's web site at institutional.fidelity.com for a free copy of a prospectus, SAI, or annual or semi-annual report or to request other information.

The SAI, the fund's annual and semi-annual reports and other related materials are available from the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Database on the SEC's web site (http://www.sec.gov). You can obtain copies of this information, after paying a duplicating fee, by sending a request by e-mail to publicinfo@sec.gov or by writing the Public Reference Section of the SEC, Washington, D.C. 20549-1520. You can also review and copy information about the fund, including the fund's SAI, at the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090 for information on the operation of the SEC's Public Reference Room.

Investment Company Act of 1940, File Number(s), 811-03759

The term "VIP" as used in this document refers to Fidelity ® Variable Insurance Products.

1.811900.120

VNR2-PRO-0823-120

Fidelity ® Variable Insurance Products

Investor Class

Communication Services Portfolio

Consumer Discretionary Portfolio

Consumer Staples Portfolio

Energy Portfolio

Financials Portfolio

Health Care Portfolio

Industrials Portfolio

Materials Portfolio

Technology Portfolio

Utilities Portfolio

Financials Portfolio was formerly known as Financial Services Portfolio.

Prospectus

April 29, 2023

As Revised August 4, 2023

245 Summer Street, Boston, MA 02210

Contents

Fund Summary		VIP Communication Services Portfolio
		VIP Consumer Discretionary Portfolio
		VIP Consumer Staples Portfolio
		VIP Energy Portfolio
		VIP Financials Portfolio
		VIP Health Care Portfolio
		VIP Industrials Portfolio
		VIP Materials Portfolio
		VIP Technology Portfolio
		VIP Utilities Portfolio
Fund Basics		Investment Details
		Valuing Shares
Shareholder Information		Additional Information about the Purchase and Sale of Shares
		Dividends and Capital Gain Distributions
Fund Services		Fund Management
		Fund Distribution
Appendix		Financial Highlights
		Additional Index Information

Fund Summary

Fund /Class:

VIP Communication Services Portfolio

/Investor Class

Investment Objective

VIP Communication Services Portfolio seeks capital appreciation.

Fee Table

Fees

(fees paid directly from your investment)

Not Applicable

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.53 %
Distribution and/or Service (12b-1) fees	None
Other expenses	0.23 %
Total annual operating expenses	0.76 %

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

1 year	$	78
3 years	$	243
5 years	$	422
10 years	$	942

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the development, production, or distribution of communication services.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

Stock Market Volatility.

Foreign Exposure.

Communication Services Concentration.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

The value of securities of smaller issuers can be more volatile than that of larger issuers.

You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

Year-by-Year Returns

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
	21.27 %	3.48 %	2.38 %	22.69 %	1.89 %	- 5.39 %	32.95 %	35.40 %	15.60 %	- 38.17 %

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	26.49 %	June 30, 2020
Lowest Quarter Return	- 22.17 %	June 30, 2022

Average Annual Returns

For the periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Investor Class	- 38.17 %	4.01 %	6.93 %
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	- 18.11 %	9.42 %	12.56 %
MSCI U.S. IMI Communication Services 25-50 Index (reflects no deduction for fees, expenses, or taxes)	- 38.74 %	1.79 %	5.30 %

Investment Adviser

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Matthew Drukker (Portfolio Manager) has managed the fund since 2013.

Purchase and Sale of Shares

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund /Class:

VIP Consumer Discretionary Portfolio

/Investor Class

Investment Objective

VIP Consumer Discretionary Portfolio seeks capital appreciation.

Fee Table

Fees

(fees paid directly from your investment)

Not Applicable

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.53 %
Distribution and/or Service (12b-1) fees	None
Other expenses	0.21 %
Total annual operating expenses	0.74 %

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

1 year	$	76
3 years	$	237
5 years	$	411
10 years	$	918

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the manufacture and distribution of consumer discretionary products and services.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

Stock Market Volatility.

Foreign Exposure.

Consumer Discretionary Industry Concentration.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

The value of securities of smaller issuers can be more volatile than that of larger issuers.

You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

Year-by-Year Returns

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
	41.05 %	9.58 %	4.66 %	5.12 %	22.07 %	- 1.16 %	27.12 %	36.00 %	19.32 %	- 34.70 %

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	32.34 %	June 30, 2020
Lowest Quarter Return	- 26.29 %	June 30, 2022

Average Annual Returns

For the periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Investor Class	- 34.70 %	5.89 %	10.70 %
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	- 18.11 %	9.42 %	12.56 %
MSCI U.S. IMI Consumer Discretionary 25-50 Index (reflects no deduction for fees, expenses, or taxes)	- 35.13 %	8.80 %	12.85 %

Investment Adviser

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Jordan Michaels (Portfolio Manager) has managed the fund since 2022.

Purchase and Sale of Shares

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund /Class:

VIP Consumer Staples Portfolio

/Investor Class

Investment Objective

VIP Consumer Staples Portfolio seeks capital appreciation.

Fee Table

Fees

(fees paid directly from your investment)

Not Applicable

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.53 %
Distribution and/or Service (12b-1) fees	None
Other expenses	0.20 %
Total annual operating expenses	0.73 %

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

1 year	$	75
3 years	$	233
5 years	$	406
10 years	$	906

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the manufacture, sale, or distribution of consumer staples.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

Stock Market Volatility.

Foreign Exposure.

Consumer Staples Industry Concentration.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

The value of securities of smaller issuers can be more volatile than that of larger issuers.

You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

Year-by-Year Returns

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
	21.79 %	15.52 %	9.41 %	3.67 %	14.52 %	- 15.58 %	31.33 %	11.70 %	14.11 %	- 0.69 %

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	17.09 %	March 31, 2019
Lowest Quarter Return	- 15.97 %	March 31, 2020

Average Annual Returns

For the periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Investor Class	- 0.69 %	7.01 %	9.87 %
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	- 18.11 %	9.42 %	12.56 %
MSCI U.S. IMI Consumer Staples 25-50 Index (reflects no deduction for fees, expenses, or taxes)	- 1.68 %	8.40 %	10.88 %

Investment Adviser

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Ben Shuleva (Portfolio Manager) has managed the fund since 2020.

Purchase and Sale of Shares

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund /Class:

VIP Energy Portfolio

/Investor Class

Investment Objective

VIP Energy Portfolio seeks capital appreciation.

Fee Table

Fees

(fees paid directly from your investment)

Not Applicable

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.53 %
Distribution and/or Service (12b-1) fees	None
Other expenses	0.18 %
Total annual operating expenses	0.71 %

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

1 year	$	73
3 years	$	227
5 years	$	395
10 years	$	883

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the energy field including the conventional areas of oil, gas, electricity and coal, and newer sources of energy such as nuclear, geothermal, oil shale, and solar power.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

Stock Market Volatility.

Foreign Exposure.

Energy Industry Concentration.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

The value of securities of smaller issuers can be more volatile than that of larger issuers.

You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

Year-by-Year Returns

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
	24.45 %	- 12.65 %	- 20.58 %	33.70 %	- 2.57 %	- 24.65 %	9.98 %	- 32.80 %	55.16 %	63.13 %

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	39.88 %	March 31, 2022
Lowest Quarter Return	- 52.46 %	March 31, 2020

Average Annual Returns

For the periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Investor Class	63.13 %	7.11 %	4.72 %
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	- 18.11 %	9.42 %	12.56 %
MSCI U.S. IMI Energy 25-50 Index (reflects no deduction for fees, expenses, or taxes)	63.13 %	8.42 %	5.16 %

Investment Adviser

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Maurice Fitzmaurice (Portfolio Manager) has managed the fund since 2020.

Purchase and Sale of Shares

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund /Class:

VIP Financials Portfolio

/Investor Class

Investment Objective

VIP Financials Portfolio seeks capital appreciation.

Fee Table

Fees

(fees paid directly from your investment)

Not Applicable

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.53 %
Distribution and/or Service (12b-1) fees	None
Other expenses	0.20 %
Total annual operating expenses	0.73 %

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

1 year	$	75
3 years	$	233
5 years	$	406
10 years	$	906

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in providing financial services to consumers and industry.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

Stock Market Volatility.

Foreign Exposure.

Financials Industry Concentration.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

The value of securities of smaller issuers can be more volatile than that of larger issuers.

You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

Year-by-Year Returns

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
	33.74 %	10.75 %	- 3.68 %	18.51 %	21.18 %	- 15.82 %	34.28 %	0.63 %	33.14 %	- 8.37 %

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	30.71 %	December 31, 2020
Lowest Quarter Return	- 35.14 %	March 31, 2020

Average Annual Returns

For the periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Investor Class	- 8.37 %	6.77 %	11.01 %
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	- 18.11 %	9.42 %	12.56 %
MSCI U.S. IMI Financials 5% Capped Linked Index (reflects no deduction for fees, expenses, or taxes)	- 11.18 %	6.17 %	11.70 %

Investment Adviser

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Matthew Reed (Portfolio Manager) has managed the fund since 2019.

Purchase and Sale of Shares

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund /Class:

VIP Health Care Portfolio

/Investor Class

Investment Objective

VIP Health Care Portfolio seeks capital appreciation.

Fee Table

Fees

(fees paid directly from your investment)

Not Applicable

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.53 %
Distribution and/or Service (12b-1) fees	None
Other expenses	0.17 %
Total annual operating expenses	0.70 %

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

1 year	$	72
3 years	$	224
5 years	$	390
10 years	$	871

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the design, manufacture, or sale of products or services used for or in connection with health care or medicine.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

Stock Market Volatility.

Foreign Exposure.

Health Care Industry Concentration.

The health care industries are subject to government regulation and reimbursement rates, as well as government approval of products and services, which could have a significant effect on price and availability, and can be significantly affected by product liability claims, rapid obsolescence, and patent expirations.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

The value of securities of smaller issuers can be more volatile than that of larger issuers.

You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

Year-by-Year Returns

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
	55.91 %	32.72 %	6.29 %	- 10.51 %	24.97 %	7.72 %	28.29 %	21.49 %	11.66 %	- 12.49 %

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	21.29 %	December 31, 2019
Lowest Quarter Return	- 15.03 %	December 31, 2018

Average Annual Returns

For the periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Investor Class	- 12.49 %	10.41 %	14.97 %
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	- 18.11 %	9.42 %	12.56 %
MSCI U.S. IMI Health Care 25-50 Index (reflects no deduction for fees, expenses, or taxes)	- 5.43 %	11.70 %	14.84 %

Investment Adviser

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Eddie Yoon (Portfolio Manager) has managed the fund since 2008.

Purchase and Sale of Shares

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund /Class:

VIP Industrials Portfolio

/Investor Class

Investment Objective

VIP Industrials Portfolio seeks capital appreciation.

Fee Table

Fees

(fees paid directly from your investment)

Not Applicable

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.53 %
Distribution and/or Service (12b-1) fees	None
Other expenses	0.21 %
Total annual operating expenses	0.74 %

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

1 year	$	76
3 years	$	237
5 years	$	411
10 years	$	918

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the research, development, manufacture, distribution, supply, or sale of industrial products, services, or equipment.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

Stock Market Volatility.

Foreign Exposure.

Industrials Industry Concentration.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

The value of securities of smaller issuers can be more volatile than that of larger issuers.

You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

Year-by-Year Returns

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
	39.72 %	6.16 %	- 1.97 %	15.73 %	20.05 %	- 15.14 %	28.03 %	12.19 %	17.03 %	- 10.42 %

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	20.07 %	June 30, 2020
Lowest Quarter Return	- 28.45 %	March 31, 2020

Average Annual Returns

For the periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Investor Class	- 10.42 %	5.03 %	9.95 %
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	- 18.11 %	9.42 %	12.56 %
MSCI U.S. IMI Industrials 25-50 Index (reflects no deduction for fees, expenses, or taxes)	- 8.42 %	6.91 %	11.78 %

Investment Adviser

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

David Wagner (Portfolio Manager) has managed the fund since 2023.

Purchase and Sale of Shares

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund /Class:

VIP Materials Portfolio

/Investor Class

Investment Objective

VIP Materials Portfolio seeks capital appreciation.

Fee Table

Fees

(fees paid directly from your investment)

Not Applicable

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.53 %
Distribution and/or Service (12b-1) fees	None
Other expenses	0.23 %
Total annual operating expenses	0.76 %

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

1 year	$	78
3 years	$	243
5 years	$	422
10 years	$	942

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the manufacture, mining, processing, or distribution of raw materials and intermediate goods.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

Stock Market Volatility.

Foreign Exposure.

Materials Industry Concentration.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

The value of securities of smaller issuers can be more volatile than that of larger issuers.

You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

Year-by-Year Returns

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
	22.07 %	0.32 %	- 9.09 %	12.06 %	26.02 %	- 23.65 %	13.20 %	21.45 %	33.40 %	- 9.91 %

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	24.08 %	December 31, 2020
Lowest Quarter Return	- 27.18 %	March 31, 2020

Average Annual Returns

For the periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Investor Class	- 9.91 %	4.76 %	7.09 %
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	- 18.11 %	9.42 %	12.56 %
MSCI U.S. IMI Materials 25-50 Index (reflects no deduction for fees, expenses, or taxes)	- 11.67 %	6.61 %	9.44 %

Investment Adviser

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Ashley Fernandes (Portfolio Manager) has managed the fund since 2022.

Purchase and Sale of Shares

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund /Class:

VIP Technology Portfolio

/Investor Class

Investment Objective

VIP Technology Portfolio seeks capital appreciation.

Fee Table

Fees

(fees paid directly from your investment)

Not Applicable

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.53 %
Distribution and/or Service (12b-1) fees	None
Other expenses	0.17 %
Total annual operating expenses	0.70 %

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

1 year	$	72
3 years	$	224
5 years	$	390
10 years	$	871

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in offering, using, or developing products, processes, or services that will provide or will benefit significantly from technological advances and improvements.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

Stock Market Volatility.

Foreign Exposure.

Technology Industry Concentration.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

The value of securities of smaller issuers can be more volatile than that of larger issuers.

You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

Year-by-Year Returns

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
	27.73 %	11.86 %	6.08 %	11.34 %	50.67 %	- 7.73 %	51.26 %	64.76 %	28.06 %	- 35.87 %

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	36.27 %	June 30, 2020
Lowest Quarter Return	- 25.70 %	June 30, 2022

Average Annual Returns

For the periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Investor Class	- 35.87 %	13.56 %	16.99 %
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	- 18.11 %	9.42 %	12.56 %
MSCI U.S. IMI Information Technology 25-50 Index (reflects no deduction for fees, expenses, or taxes)	- 29.58 %	14.84 %	17.65 %

Investment Adviser

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Adam Benjamin (Portfolio Manager) has managed the fund since 2020.

Purchase and Sale of Shares

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund /Class:

VIP Utilities Portfolio

/Investor Class

Investment Objective

VIP Utilities Portfolio seeks capital appreciation.

Fee Table

Fees

(fees paid directly from your investment)

Not Applicable

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.53 %
Distribution and/or Service (12b-1) fees	None
Other expenses	0.19 %
Total annual operating expenses	0.72 %

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

1 year	$	74
3 years	$	230
5 years	$	401
10 years	$	894

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the utilities industry and companies deriving a majority of their revenues from their utility operations.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

Stock Market Volatility.

Foreign Exposure.

Utilities Industry Concentration.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

The value of securities of smaller issuers can be more volatile than that of larger issuers.

You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

Year-by-Year Returns

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
	20.92 %	21.64 %	- 10.80 %	14.03 %	17.83 %	8.66 %	23.14 %	- 0.20 %	17.30 %	5.39 %

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	14.35 %	March 31, 2013
Lowest Quarter Return	- 18.33 %	March 31, 2020

Average Annual Returns

For the periods ended December 31, 2022	Past 1 year	Past 5 years	Past 10 years
Investor Class	5.39 %	10.54 %	11.27 %
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	- 18.11 %	9.42 %	12.56 %
MSCI U.S. IMI Utilities 25-50 Index (reflects no deduction for fees, expenses, or taxes)	1.24 %	9.06 %	11.03 %

Investment Adviser

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Douglas Simmons (Portfolio Manager) has managed the fund since 2006.

Purchase and Sale of Shares

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Basics

Investment Details

Principal Investment Strategies

VIP Communication Services Portfolio

VIP Consumer Discretionary Portfolio

VIP Consumer Staples Portfolio

Consumer staples tend to be essential products whose demand remains stable over economic cycles, such as food, beverages, tobacco, and household and personal care products.

VIP Energy Portfolio

VIP Financials Portfolio

VIP Health Care Portfolio

VIP Industrials Portfolio

VIP Materials Portfolio

Materials refers to industrial or agricultural materials and unfinished goods, such as chemicals, gases, metals, or other natural or synthetic materials.

VIP Technology Portfolio

VIP Utilities Portfolio

The following applies to all funds. See the sections above for information unique to each fund.

Each fund seeks capital appreciation.

The Adviser does not place any emphasis on income when selecting securities, except when it believes that income may have a favorable effect on a security's market value.

The Adviser normally invests each fund's assets primarily in common stocks.

Each fund may invest in domestic and foreign securities. Foreign stocks may make up a majority of some funds' assets at times.

If the Adviser's strategies do not work as intended, the fund may not achieve its objective.

Description of Principal Security Types

Principal Investment Risks

The following factors can significantly affect a fund's performance:

The health care industries are subject to government regulation and reimbursement rates, as well as government approval of products and services, which could have a significant effect on price and availability. Furthermore, the types of products or services produced or provided by health care companies quickly can become obsolete. In addition, pharmaceutical companies and other companies in the health care industries can be significantly affected by patent expirations as well as product liability claims.

Other Investment Strategies

In addition to the principal investment strategies discussed above, the Adviser may lend a fund's securities to broker-dealers or other institutions to earn income for the fund.

The Adviser may invest Health Care Portfolio's and Technology Portfolio's assets in securities of private or newly public companies.

Valuing Shares

Each fund is open for business each day the NYSE is open.

Fund	NAV Calculation Times (Eastern Time)
VIP Communication Services Portfolio	4:00 p.m.
VIP Consumer Discretionary Portfolio	4:00 p.m.
VIP Consumer Staples Portfolio	4:00 p.m.
VIP Energy Portfolio	4:00 p.m.
VIP Financials Portfolio	4:00 p.m.
VIP Health Care Portfolio	4:00 p.m.
VIP Industrials Portfolio	4:00 p.m.
VIP Materials Portfolio	4:00 p.m.
VIP Technology Portfolio	4:00 p.m.
VIP Utilities Portfolio	4:00 p.m.

Policies regarding excessive trading may not be effective to prevent short-term NAV arbitrage trading, particularly in regard to omnibus accounts.

Fair value pricing is based on subjective judgments and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold.

Shareholder Information

Additional Information about the Purchase and Sale of Shares

As used in this prospectus, the term "shares" generally refers to the shares offered through this prospectus.

Frequent Purchases and Redemptions

A fund may reject for any reason, or cancel as permitted or required by law, any purchase orders, including transactions deemed to represent excessive trading, at any time.

Each fund reserves the right at any time to restrict purchases or impose conditions that are more restrictive on excessive trading than those stated in this prospectus.

Excessive Trading Policy

Each fund does not knowingly accommodate frequent purchases and redemptions of fund shares by investors, except to the extent permitted by the policies described above.

Buying Shares

Eligibility

Shares are generally available only to investors residing in the United States.

There is no minimum balance or purchase minimum for fund shares.

Price to Buy

The price to buy one share is its NAV. Shares are sold without a sales charge.

Shares will be bought at the NAV next calculated after an order is received in proper form.

Each fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.

Under applicable anti-money laundering rules and other regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.

Selling Shares

The price to sell one share is its NAV.

Shares will be sold at the NAV next calculated after an order is received in proper form.

Normally, redemptions will be processed by the next business day, but it may take up to seven days to pay the redemption proceeds if making immediate payment would adversely affect a fund.

See "Policies Concerning the Redemption of Fund Shares" below for additional redemption information.

Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC.

Redemption proceeds may be paid in securities or other property rather than in cash if the Adviser determines it is in the best interests of a fund.

Under applicable anti-money laundering rules and other regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.

Policies Concerning the Redemption of Fund Shares

Dividends and Capital Gain Distributions

Each fund normally declares dividends and pays capital gain distributions per the tables below:

Fund Name	Dividends Paid
VIP Communication Services Portfolio	February, December
VIP Consumer Discretionary Portfolio	February, December
VIP Consumer Staples Portfolio	February, December
VIP Energy Portfolio	February, December
VIP Financials Portfolio	February, December
VIP Health Care Portfolio	February, December
VIP Industrials Portfolio	February, December
VIP Materials Portfolio	February, December
VIP Technology Portfolio	February, December
VIP Utilities Portfolio	February, December

Fund Name	Capital Gains Paid
VIP Communication Services Portfolio	February, December
VIP Consumer Discretionary Portfolio	February, December
VIP Consumer Staples Portfolio	February, December
VIP Energy Portfolio	February, December
VIP Financials Portfolio	February, December
VIP Health Care Portfolio	February, December
VIP Industrials Portfolio	February, December
VIP Materials Portfolio	February, December
VIP Technology Portfolio	February, December
VIP Utilities Portfolio	February, December

Each fund normally pays capital gain distributions in December, if necessary, to ensure that each fund is not subject to a fund-level excise tax.

Any dividends and capital gain distributions will be automatically reinvested in additional shares.

Fund Services

Fund Management

Each fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.

Adviser

FMR. The Adviser is each fund's manager. The address of the Adviser is 245 Summer Street, Boston, Massachusetts 02210.

As the manager, the Adviser has overall responsibility for directing each fund's investments and handling its business affairs.

Sub-Adviser(s)

Portfolio Manager(s)

The Statement of Additional Information (SAI) provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio manager(s).

Advisory Fee(s)

Each fund pays a management fee to the Adviser.

The management fee is calculated and paid to the Adviser every month.

The fee is calculated by adding a group fee rate to an individual fund fee rate, dividing by twelve, and multiplying the result by the fund's average net assets throughout the month.

The group fee rate is based on the average net assets of a group of mutual funds advised by FMR. This rate cannot rise above 0.52%, and it drops as total assets under management increase.

The group fee rate(s) for December 2022 and the annual individual fund fee rate(s) are reflected in the table below:

Fund	Group Fee Rate	Individual Fund Fee Rate
VIP Communication Services Portfolio	0.23%	0.30%
VIP Consumer Discretionary Portfolio	0.23%	0.30%
VIP Consumer Staples Portfolio	0.23%	0.30%
VIP Energy Portfolio	0.23%	0.30%
VIP Financials Portfolio	0.23%	0.30%
VIP Health Care Portfolio	0.23%	0.30%
VIP Industrials Portfolio	0.23%	0.30%
VIP Materials Portfolio	0.23%	0.30%
VIP Technology Portfolio	0.23%	0.30%
VIP Utilities Portfolio	0.23%	0.30%

Fund	Total Management Fee Rate
VIP Communication Services Portfolio	0.53%
VIP Consumer Discretionary Portfolio	0.53%
VIP Consumer Staples Portfolio	0.53%
VIP Energy Portfolio	0.53%
VIP Financials Portfolio	0.53%
VIP Health Care Portfolio	0.53%
VIP Industrials Portfolio	0.53%
VIP Materials Portfolio	0.53%
VIP Technology Portfolio	0.53%
VIP Utilities Portfolio	0.53%

The Adviser pays FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited for providing sub-advisory services.

Reimbursement or waiver arrangements can decrease expenses and boost performance.

FMR has contractually agreed to reimburse Investor Class of VIP Communication Services Portfolio to the extent that total operating expenses (excluding interest, certain taxes, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary), if any, as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable), as a percentage of its average net assets, exceed 0.98% (the Expense Cap). If at any time during the current fiscal year expenses for Investor Class of VIP Communication Services Portfolio fall below the Expense Cap, FMR reserves the right to recoup through the end of the fiscal year any expenses that were reimbursed during the current fiscal year up to, but not in excess of, the Expense Cap. This arrangement will remain in effect through April 30, 2024. FMR may not terminate this arrangement before the expiration date without the approval of the Board of Trustees and may extend it in its discretion after that date.

Fund Distribution

Each fund is composed of multiple classes of shares. All classes of a fund have a common investment objective and investment portfolio.

FDC distributes Investor Class shares.

Intermediaries may receive from the Adviser, FDC, and/or their affiliates compensation for their services intended to result in the sale of Investor Class shares.

These payments are described in more detail in this section and in the SAI.

Distribution and Service Plan(s)

Investor Class of each fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act that recognizes that the Adviser may use its management fee revenues, as well as its past profits or its resources from any other source, to pay FDC for expenses incurred in connection with providing services intended to result in the sale of Investor Class shares and/or support services that benefit variable product owners. The Adviser, directly or through FDC, may pay significant amounts to intermediaries that provide those services. Currently, the Board of Trustees of each fund has authorized such payments for Investor Class. Variable product owners should speak with their investment professionals to learn more about any payments their firms may receive from the Adviser, FDC, and/or their affiliates, as well as fees and/or commissions the investment professional charges. Variable product owners should also consult disclosures made by their investment professionals at the time of purchase.

Appendix

Financial Highlights

VIP Communication Services Portfolio Investor Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	19.08	$	17.23	$	12.88	$	10.50	$	12.65
Income from Investment Operations
Net investment income (loss) A,B		(.05)		(.08)		(.06)		(.02)		.20 C
Net realized and unrealized gain (loss)		(6.98)		2.72		4.57		3.34		(.88)
Total from investment operations		(7.03)		2.64		4.51		3.32		(.68)
Distributions from net investment income		-		-		-		(.01)		(.18)
Distributions from net realized gain		(.80)		(.79)		(.16)		(.93)		(1.29)
Total distributions		(.80)		(.79)		(.16)		(.94)		(1.47)
Net asset value, end of period	$	11.25	$	19.08	$	17.23	$	12.88	$	10.50
Total Return D,E		(38.17)%		15.60%		35.40%		32.95%		(5.39)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.76%		.73%		.78%		.80%		.89%
Expenses net of fee waivers, if any		.75%		.73%		.78%		.80%		.89%
Expenses net of all reductions		.75%		.73%		.78%		.79%		.87%
Net investment income (loss)		(.36)%		(.41)%		(.46)%		(.17)%		1.79% C
Supplemental Data
Net assets, end of period (000 omitted)	$	67,439	$	135,821	$	102,631	$	71,137	$	38,626
Portfolio turnover rate H		37%		66%		66%		73%		162%

A Calculated based on average shares outstanding during the period.

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

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

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

VIP Consumer Discretionary Portfolio Investor Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	39.17	$	34.24	$	25.20	$	20.91	$	22.21
Income from Investment Operations
Net investment income (loss) A,B		(.01)		(.07)		-		.06		.06
Net realized and unrealized gain (loss)		(12.75)		6.54		9.06		5.41		(.29)
Total from investment operations		(12.76)		6.47		9.06		5.47		(.23)
Distributions from net investment income		-		-		(.02)		(.06)		(.06)
Distributions from net realized gain		(3.00)		(1.54)		-		(1.12)		(1.01)
Total distributions		(3.00)		(1.54)		(.02)		(1.18)		(1.07)
Net asset value, end of period	$	23.41	$	39.17	$	34.24	$	25.20	$	20.91
Total Return C,D		(34.70)%		19.32%		36.00%		27.12%		(1.16)%
Ratios to Average Net Assets A,E,F
Expenses before reductions		.74%		.72%		.75%		.76%		.76%
Expenses net of fee waivers, if any		.73%		.72%		.75%		.76%		.76%
Expenses net of all reductions		.73%		.72%		.74%		.75%		.75%
Net investment income (loss)		(.03)%		(.18)%		(.01)%		.24%		.27%
Supplemental Data
Net assets, end of period (000 omitted)	$	158,200	$	295,060	$	236,803	$	176,535	$	161,512
Portfolio turnover rate G		34%		39%		52%		40%		38%

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

B Calculated based on average shares outstanding during the period.

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

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

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

VIP Consumer Staples Portfolio Investor Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	21.02	$	19.75	$	18.68	$	15.04	$	19.64
Income from Investment Operations
Net investment income (loss) A,B		.34		.37		.33		.37		.42 C
Net realized and unrealized gain (loss)		(.48)		2.24		1.78		4.21		(3.34)
Total from investment operations		(.14)		2.61		2.11		4.58		(2.92)
Distributions from net investment income		(.34)		(.38)		(.33)		(.33)		(.49)
Distributions from net realized gain		(1.19)		(.96)		(.71)		(.61)		(1.19)
Total distributions		(1.53)		(1.34)		(1.04)		(.94)		(1.68)
Net asset value, end of period	$	19.35	$	21.02	$	19.75	$	18.68	$	15.04
Total Return D,E		(.69)%		14.11%		11.70%		31.33%		(15.58)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.73%		.73%		.74%		.75%		.76%
Expenses net of fee waivers, if any		.73%		.73%		.74%		.75%		.76%
Expenses net of all reductions		.73%		.73%		.73%		.75%		.75%
Net investment income (loss)		1.76%		1.81%		1.86%		2.15%		2.45% C
Supplemental Data
Net assets, end of period (000 omitted)	$	265,098	$	237,025	$	224,492	$	227,607	$	172,096
Portfolio turnover rate H		46%		64%		51%		46%		38%

A Calculated based on average shares outstanding during the period.

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

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

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

VIP Energy Portfolio Investor Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	15.73	$	10.39	$	15.88	$	14.75	$	19.82
Income from Investment Operations
Net investment income (loss) A,B		.67		.47 C		.39		.28		.21
Net realized and unrealized gain (loss)		9.25		5.22		(5.60)		1.18		(5.09)
Total from investment operations		9.92		5.69		(5.21)		1.46		(4.88)
Distributions from net investment income		(.55)		(.35)		(.28)		(.32)		(.17)
Distributions from net realized gain		-		-		-		(.01)		(.02)
Total distributions		(.55)		(.35)		(.28)		(.33)		(.19)
Net asset value, end of period	$	25.10	$	15.73	$	10.39	$	15.88	$	14.75
Total Return D,E		63.13%		55.16%		(32.80)%		9.98%		(24.65)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.71%		.72%		.76%		.75%		.75%
Expenses net of fee waivers, if any		.71%		.72%		.76%		.75%		.75%
Expenses net of all reductions		.71%		.72%		.75%		.74%		.74%
Net investment income (loss)		2.94%		3.28% C		3.90%		1.75%		1.05%
Supplemental Data
Net assets, end of period (000 omitted)	$	417,415	$	162,978	$	70,268	$	78,339	$	91,936
Portfolio turnover rate H		50%		65%		71%		58%		58%

A Calculated based on average shares outstanding during the period.

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

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

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

VIP Financial Services Portfolio Investor Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	15.73	$	12.31	$	13.56	$	11.10	$	13.66
Income from Investment Operations
Net investment income (loss) A,B		.29		.30		.25		.21		.15
Net realized and unrealized gain (loss)		(1.56)		3.70		(.16)		3.38		(2.26)
Total from investment operations		(1.27)		4.00		.09		3.59		(2.11)
Distributions from net investment income		(.28)		(.26)		(.25)		(.25)		(.15)
Distributions from net realized gain		(.25)		(.32)		(1.08)		(.88)		(.29)
Total distributions		(.53)		(.58)		(1.34) C		(1.13)		(.45) C
Redemption fees added to paid in capital A		-		-		-		-		- D
Net asset value, end of period	$	13.93	$	15.73	$	12.31	$	13.56	$	11.10
Total Return E,F		(8.37)%		33.14%		.63%		34.28%		(15.82)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.73%		.72%		.76%		.76%		.75%
Expenses net of fee waivers, if any		.73%		.72%		.76%		.76%		.75%
Expenses net of all reductions		.73%		.72%		.75%		.75%		.74%
Net investment income (loss)		1.99%		2.01%		2.39%		1.75%		1.17%
Supplemental Data
Net assets, end of period (000 omitted)	$	197,400	$	246,455	$	121,359	$	139,831	$	133,990
Portfolio turnover rate I		53%		40%		68%		58%		59%

A Calculated based on average shares outstanding during the period.

C Total distributions per share do not sum due to rounding.

D Amount represents less than $.005 per share.

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

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

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

VIP Health Care Portfolio Investor Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	39.64	$	38.04	$	33.02	$	27.62	$	26.23
Income from Investment Operations
Net investment income (loss) A,B		(.04)		(.04)		.03		.04		.03
Net realized and unrealized gain (loss)		(4.92)		4.35		6.83		7.41		1.96
Total from investment operations		(4.96)		4.31		6.86		7.45		1.99
Distributions from net investment income		-		(.03)		(.17)		(.05)		(.04)
Distributions from net realized gain		(2.20)		(2.68)		(1.67)		(2.01)		(.57)
Total distributions		(2.20)		(2.71)		(1.84)		(2.05) C		(.60) C
Net asset value, end of period	$	32.48	$	39.64	$	38.04	$	33.02	$	27.62
Total Return D,E		(12.49)%		11.66%		21.49%		28.29%		7.72%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.70%		.70%		.72%		.73%		.73%
Expenses net of fee waivers, if any		.70%		.70%		.72%		.73%		.73%
Expenses net of all reductions		.70%		.70%		.71%		.73%		.72%
Net investment income (loss)		(.14)%		(.11)%		.10%		.15%		.11%
Supplemental Data
Net assets, end of period (000 omitted)	$	814,240	$	975,143	$	914,765	$	737,957	$	674,111
Portfolio turnover rate H		43%		32%		51%		38%		65%

A Calculated based on average shares outstanding during the period.

C Total distributions per share do not sum due to rounding.

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

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

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

VIP Industrials Portfolio Investor Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	23.22	$	23.10	$	21.82	$	19.17	$	23.69
Income from Investment Operations
Net investment income (loss) A,B		.04 C		(.04)		.02		.22		.17
Net realized and unrealized gain (loss)		(2.43)		3.55		2.53		4.88		(3.64)
Total from investment operations		(2.39)		3.51		2.55		5.10		(3.47)
Distributions from net investment income		(.02)		-		(.08) D		(.22)		(.16)
Distributions from net realized gain		(2.79)		(3.39)		(1.19) D		(2.23)		(.89)
Total distributions		(2.81)		(3.39)		(1.27)		(2.45)		(1.05)
Net asset value, end of period	$	18.02	$	23.22	$	23.10	$	21.82	$	19.17
Total Return E,F		(10.42)%		17.03%		12.19%		28.03%		(15.14)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.74%		.74%		.76%		.75%		.75%
Expenses net of fee waivers, if any		.73%		.74%		.76%		.75%		.75%
Expenses net of all reductions		.73%		.74%		.75%		.75%		.74%
Net investment income (loss)		.20% C		(.16)%		.10%		1.05%		.77%
Supplemental Data
Net assets, end of period (000 omitted)	$	128,115	$	146,886	$	135,328	$	138,417	$	124,268
Portfolio turnover rate I		83%		197%		240%		121%		94%

A Calculated based on average shares outstanding during the period.

D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

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

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

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

VIP Materials Portfolio Investor Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	18.76	$	14.16	$	11.73	$	11.46	$	16.17
Income from Investment Operations
Net investment income (loss) A,B		.17		.13		.06		.15		.17
Net realized and unrealized gain (loss)		(2.01)		4.59		2.45		1.30		(3.82)
Total from investment operations		(1.84)		4.72		2.51		1.45		(3.65)
Distributions from net investment income		(.18)		(.12)		(.08)		(.18)		(.20)
Distributions from net realized gain		(.51)		-		-		(1.00)		(.86)
Total distributions		(.69)		(.12)		(.08)		(1.18)		(1.06)
Net asset value, end of period	$	16.23	$	18.76	$	14.16	$	11.73	$	11.46
Total Return C,D		(9.91)%		33.40%		21.45%		13.20%		(23.65)%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.76%		.76%		.85%		.83%		.80%
Expenses net of fee waivers, if any		.76%		.76%		.85%		.83%		.80%
Expenses net of all reductions		.76%		.76%		.84%		.82%		.79%
Net investment income (loss)		1.01%		.77%		.52%		1.29%		1.18%
Supplemental Data
Net assets, end of period (000 omitted)	$	82,473	$	94,673	$	48,022	$	35,254	$	42,448
Portfolio turnover rate G		63%		99%		83%		104%		87%

A Calculated based on average shares outstanding during the period.

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

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

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

VIP Technology Portfolio Investor Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	35.03	$	30.51	$	18.80	$	15.57	$	18.23
Income from Investment Operations
Net investment income (loss) A,B		(.01)		(.06)		(.02)		.07		.04
Net realized and unrealized gain (loss)		(11.81)		8.07		12.16		6.64		(1.34)
Total from investment operations		(11.82)		8.01		12.14		6.71		(1.30)
Distributions from net investment income		-		-		(.02)		(.06)		-
Distributions from net realized gain		(2.67)		(3.49)		(.41)		(3.42)		(1.36)
Total distributions		(2.67)		(3.49)		(.43)		(3.48)		(1.36)
Net asset value, end of period	$	20.54	$	35.03	$	30.51	$	18.80	$	15.57
Total Return C,D		(35.87)%		28.06%		64.76%		51.26%		(7.73)%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.70%		.70%		.71%		.73%		.74%
Expenses net of fee waivers, if any		.70%		.70%		.71%		.73%		.73%
Expenses net of all reductions		.70%		.70%		.71%		.72%		.72%
Net investment income (loss)		(.02)%		(.20)%		(.11)%		.44%		.20%
Supplemental Data
Net assets, end of period (000 omitted)	$	942,013	$	1,692,073	$	1,365,091	$	732,499	$	488,235
Portfolio turnover rate G		21%		31%		52%		20%		139%

A Calculated based on average shares outstanding during the period.

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

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

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

VIP Utilities Portfolio Investor Class

Years ended December 31,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	20.64	$	17.92	$	18.66	$	16.70	$	16.64
Income from Investment Operations
Net investment income (loss) A,B		.36		.38		.32		.42		.38
Net realized and unrealized gain (loss)		.74		2.69		(.35)		3.19		.95
Total from investment operations		1.10		3.07		(.03)		3.61		1.33
Distributions from net investment income		(.32)		(.35)		(.44)		(.38)		(.31)
Distributions from net realized gain		(.06)		-		(.28)		(1.28)		(.97)
Total distributions		(.38)		(.35)		(.71) C		(1.65) C		(1.27) C
Net asset value, end of period	$	21.36	$	20.64	$	17.92	$	18.66	$	16.70
Total Return D,E		5.39%		17.30%		(.20)%		23.14%		8.66%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.72%		.73%		.75%		.74%		.76%
Expenses net of fee waivers, if any		.72%		.73%		.75%		.74%		.76%
Expenses net of all reductions		.72%		.73%		.74%		.74%		.73%
Net investment income (loss)		1.74%		2.01%		1.89%		2.38%		2.28%
Supplemental Data
Net assets, end of period (000 omitted)	$	236,275	$	168,490	$	151,484	$	215,259	$	137,635
Portfolio turnover rate H		53%		32%		66%		66%		113%

A Calculated based on average shares outstanding during the period.

C Total distributions per share do not sum due to rounding.

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

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

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

Additional Index Information

MSCI U.S. IMI Energy 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Energy companies in the MSCI U.S. Investable Market 2500 Index.

S&P 500 ® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT

Investment Company Act of 1940, File Number(s), 811-03759

The term "VIP" as used in this document refers to Fidelity ® Variable Insurance Products.

1.815039.120

VIPINVF-PRO-0823-120

Fidelity ® Variable Insurance Products

Service Class 2

Health Care Portfolio

Prospectus

April 29, 2023

As Revised August 4, 2023

245 Summer Street, Boston, MA 02210

Contents

Fund Summary		VIP Health Care Portfolio
Fund Basics		Investment Details
		Valuing Shares
Shareholder Information		Additional Information about the Purchase and Sale of Shares
		Dividends and Capital Gain Distributions
Fund Services		Fund Management
		Fund Distribution
Appendix		Financial Highlights
		Additional Index Information

Fund Summary

Fund /Class:

VIP Health Care Portfolio

/Service Class 2

Investment Objective

VIP Health Care Portfolio seeks capital appreciation.

Fee Table

Fees

(fees paid directly from your investment)

Not Applicable

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee	0.53 %
Distribution and/or Service (12b-1) fees	0.25 %
Other expenses	0.10 %
Total annual operating expenses	0.88 %

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

1 year	$	90
3 years	$	281
5 years	$	488
10 years	$	1,084

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the design, manufacture, or sale of products or services used for or in connection with health care or medicine.
Investing in domestic and foreign issuers.
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks

Stock Market Volatility.

Foreign Exposure.

Health Care Industry Concentration.

The health care industries are subject to government regulation and reimbursement rates, as well as government approval of products and services, which could have a significant effect on price and availability, and can be significantly affected by product liability claims, rapid obsolescence, and patent expirations.

Issuer-Specific Changes.

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

The value of securities of smaller issuers can be more volatile than that of larger issuers.

You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund.

Year-by-Year Returns

								2020	2021	2022
								21.28 %	11.45 %	- 12.62 %

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	20.88 %	June 30, 2020
Lowest Quarter Return	- 12.13 %	June 30, 2022

Average Annual Returns

For the periods ended December 31, 2022	Past 1 year	Life of class A
Service Class 2	- 12.62 %	9.04 %
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	- 18.11 %	9.78 %
MSCI U.S. IMI Health Care 25-50 Index (reflects no deduction for fees, expenses, or taxes)	- 5.43 %	12.24 %

A From April 11, 2019 .

Investment Adviser

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Eddie Yoon (Portfolio Manager) has managed the fund since 2008.

Purchase and Sale of Shares

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Basics

Investment Details

Investment Objective

VIP Health Care Portfolio seeks capital appreciation.

Principal Investment Strategies

The Adviser does not place any emphasis on income when selecting securities, except when it believes that income may have a favorable effect on a security's market value.

The Adviser normally invests the fund's assets primarily in common stocks.

The fund may invest in domestic and foreign securities. Foreign stocks may make up a majority of the fund's assets at times.

If the Adviser's strategies do not work as intended, the fund may not achieve its objective.

Description of Principal Security Types

Principal Investment Risks

The following factors can significantly affect the fund's performance:

The health care industries are subject to government regulation and reimbursement rates, as well as government approval of products and services, which could have a significant effect on price and availability. Furthermore, the types of products or services produced or provided by health care companies quickly can become obsolete. In addition, pharmaceutical companies and other companies in the health care industries can be significantly affected by patent expirations as well as product liability claims.

Other Investment Strategies

In addition to the principal investment strategies discussed above, the Adviser may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

The Adviser may invest the fund's assets in securities of private or newly public companies.

Valuing Shares

The fund is open for business each day the NYSE is open.

Policies regarding excessive trading may not be effective to prevent short-term NAV arbitrage trading, particularly in regard to omnibus accounts.

Fair value pricing is based on subjective judgments and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold.

Shareholder Information

Additional Information about the Purchase and Sale of Shares

As used in this prospectus, the term "shares" generally refers to the shares offered through this prospectus.

Frequent Purchases and Redemptions

The fund may reject for any reason, or cancel as permitted or required by law, any purchase orders, including transactions deemed to represent excessive trading, at any time.

Excessive trading of fund shares can harm variable product owners in various ways, including reducing the returns to long-term variable product owners by increasing costs paid by the fund (such as brokerage commissions or spreads paid to dealers who sell money market instruments), disrupting portfolio management strategies, and diluting the value of the shares in cases in which fluctuations in markets are not fully priced into the fund's NAV.

The fund reserves the right at any time to restrict purchases or impose conditions that are more restrictive on excessive trading than those stated in this prospectus.

Excessive Trading Policy

The fund does not knowingly accommodate frequent purchases and redemptions of fund shares by investors, except to the extent permitted by the policies described above.

Buying Shares

Eligibility

Shares are generally available only to investors residing in the United States.

There is no minimum balance or purchase minimum for fund shares.

Price to Buy

The price to buy one share is its NAV. Shares are sold without a sales charge.

Shares will be bought at the NAV next calculated after an order is received in proper form.

The fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.

Under applicable anti-money laundering rules and other regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.

Selling Shares

The price to sell one share is its NAV.

Shares will be sold at the NAV next calculated after an order is received in proper form.

Normally, redemptions will be processed by the next business day, but it may take up to seven days to pay the redemption proceeds if making immediate payment would adversely affect the fund.

See "Policies Concerning the Redemption of Fund Shares" below for additional redemption information.

Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC.

Redemption proceeds may be paid in securities or other property rather than in cash if the Adviser determines it is in the best interests of the fund.

Under applicable anti-money laundering rules and other regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.

Policies Concerning the Redemption of Fund Shares

Dividends and Capital Gain Distributions

The fund normally declares dividends and pays capital gain distributions per the tables below:

Fund Name	Dividends Paid
VIP Health Care Portfolio	February, December

Fund Name	Capital Gains Paid
VIP Health Care Portfolio	February, December

The fund normally pays capital gain distributions in December, if necessary, to ensure that the fund is not subject to a fund-level excise tax.

Any dividends and capital gain distributions will be automatically reinvested in additional shares.

Fund Services

Fund Management

The fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.

Adviser

FMR. The Adviser is the fund's manager. The address of the Adviser is 245 Summer Street, Boston, Massachusetts 02210.

As the manager, the Adviser has overall responsibility for directing the fund's investments and handling its business affairs.

Sub-Adviser(s)

FMR UK may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund.

FMR H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund.

FMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund.

Portfolio Manager(s)

The Statement of Additional Information (SAI) provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio manager(s).

Advisory Fee(s)

The fund pays a management fee to the Adviser.

The management fee is calculated and paid to the Adviser every month.

The fee is calculated by adding a group fee rate to an individual fund fee rate, dividing by twelve, and multiplying the result by the fund's average net assets throughout the month.

The group fee rate is based on the average net assets of a group of mutual funds advised by FMR. This rate cannot rise above 0.52%, and it drops as total assets under management increase.

The group fee rate(s) for December 2022 and the annual individual fund fee rate(s) are reflected in the table below:

Fund		Group Fee Rate		Individual Fund Fee Rate
VIP Health Care Portfolio		0.23%		0.30%

Fund	Total Management Fee Rate
VIP Health Care Portfolio	0.53%

The Adviser pays FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited for providing sub-advisory services.

The basis for the Board of Trustees approving the management contract and sub-advisory agreements for the fund is available in the fund's semi-annual report for the fiscal period ended June 30, 2022.

Reimbursement or waiver arrangements can decrease expenses and boost performance.

Fund Distribution

The fund is composed of multiple classes of shares. All classes of the fund have a common investment objective and investment portfolio.

FDC distributes Service Class 2 shares.

Intermediaries may receive from the Adviser, FDC, and/or their affiliates compensation for their services intended to result in the sale of Service Class 2 shares.

This compensation may take the form of:

Distribution and/or service (12b-1) fees.
Payments for additional distribution-related activities and/or shareholder services.
Payments for educational seminars and training, including seminars sponsored by Fidelity, or by an intermediary.

These payments are described in more detail in this section and in the SAI.

Distribution and Service Plan(s)

FDC may reallow up to the full amount of this 12b-1 (service) fee to intermediaries, including its affiliates, for providing support services that benefit variable product owners.

Appendix

Financial Highlights

VIP Health Care Portfolio Service Class 2

Years ended December 31,		2022		2021		2020		2019 A
Selected Per-Share Data
Net asset value, beginning of period	$	39.89	$	38.29	$	33.27	$	28.52
Income from Investment Operations
Net investment income (loss) B,C		(.10)		(.11)		(.03)		(.04)
Net realized and unrealized gain (loss)		(4.94)		4.38		6.88		4.85
Total from investment operations		(5.04)		4.27		6.85		4.81
Distributions from net investment income		-		(.02)		(.16)		(.06)
Distributions from net realized gain		(2.20)		(2.65)		(1.67)		- D
Total distributions		(2.20)		(2.67)		(1.83)		(.06)
Net asset value, end of period	$	32.65	$	39.89	$	38.29	$	33.27
Total Return E,F,G		(12.62)%		11.45%		21.28%		16.87%
Ratios to Average Net Assets C,H,I
Expenses before reductions		.88%		.88%		.89%		.91% J
Expenses net of fee waivers, if any		.88%		.87%		.89%		.91% J
Expenses net of all reductions		.88%		.87%		.88%		.90% J
Net investment income (loss)		(.31)%		(.28)%		(.07)%		(.18)% J
Supplemental Data
Net assets, end of period (000 omitted)	$	246,472	$	275,392	$	143,771	$	20,198
Portfolio turnover rate K		43%		32%		51%		38%

A For the period April 11, 2019 (commencement of sale of shares) through December 31, 2019.

B Calculated based on average shares outstanding during the period.

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

D Amount represents less than $.005 per share.

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

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

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

J Annualized.

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

Additional Index Information

S&P 500 ® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT

Investment Company Act of 1940, File Number(s), 811-03759

The term "VIP" as used in this document refers to Fidelity ® Variable Insurance Products.

1.9893052.106

VHCICSC2-PRO-0823-106