Supplement to the

Fidelity® Variable Insurance Products

Utilities Portfolio

Investor Class

April 29, 2024

Summary Prospectus

Douglas Simmons no longer serves as Portfolio Manager of the fund.

The following information replaces similar information found in the "Fund Summary" section under the "Portfolio Manager(s)" heading.

Pranay Kirpalani (Portfolio Manager) has managed the fund since 2024.

VUT-INV-SUSTK-1224-103 1.9886527.103 December 5, 2024

Supplement to the

Fidelity® Variable Insurance Products

Utilities Portfolio

Initial Class

April 29, 2024

Summary Prospectus

Douglas Simmons no longer serves as Portfolio Manager of the fund.

The following information replaces similar information found in the "Fund Summary" section under the "Portfolio Manager(s)" heading.

Pranay Kirpalani (Portfolio Manager) has managed the fund since 2024.

VUTI-SUSTK-1224-103 1.9886546.103 December 5, 2024