Supplement to the

Fidelity® Variable Insurance Products

Asset Manager: Growth Portfolio

Investor Class

April 29, 2023

Prospectus

Geoff Stein no longer serves as Co-Portfolio Manager of the fund.

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

Avishek Hazrachoudhury (Co-Portfolio Manager) has managed the fund since 2018.

Katherine Shaw (Co-Portfolio Manager) has managed the fund since 2023.

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

Avishek Hazrachoudhury is Co-Portfolio Manager of VIP Asset Manager: Growth Portfolio, which he has managed since 2018. He also manages other funds. Since joining Fidelity Investments in 2013, Mr. Hazrachoudhury has worked as a quantitative analyst and portfolio manager.

Katherine Shaw is Co-Portfolio Manager of VIP Asset Manager: Growth Portfolio, which she has managed since 2023. She also manages other funds. Since joining Fidelity Investments in 2007, Ms. Shaw has worked as a sector leader and portfolio manager.

VAMG-INV-PSTK-1123-108 1.918619.108 November 1, 2023

Supplement to the

Fidelity® Variable Insurance Products

Asset Manager: Growth Portfolio

Initial Class, Service Class, and Service Class 2

April 29, 2023

Prospectus

Geoff Stein no longer serves as Co-Portfolio Manager of the fund.

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

Avishek Hazrachoudhury (Co-Portfolio Manager) has managed the fund since 2018.

Katherine Shaw (Co-Portfolio Manager) has managed the fund since 2023.

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

Avishek Hazrachoudhury is Co-Portfolio Manager of VIP Asset Manager: Growth Portfolio, which he has managed since 2018. He also manages other funds. Since joining Fidelity Investments in 2013, Mr. Hazrachoudhury has worked as a quantitative analyst and portfolio manager.

Katherine Shaw is Co-Portfolio Manager of VIP Asset Manager: Growth Portfolio, which she has managed since 2023. She also manages other funds. Since joining Fidelity Investments in 2007, Ms. Shaw has worked as a sector leader and portfolio manager.

VAMG-PSTK-1123-118 1.797980.118 November 1, 2023

Supplement to the

Fidelity® Variable Insurance Products

Asset Manager Portfolio

Investor Class

April 29, 2023

Prospectus

Geoff Stein no longer serves as Co-Portfolio Manager of the fund.

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

Avishek Hazrachoudhury (Co-Portfolio Manager) has managed the fund since 2018.

Katherine Shaw (Co-Portfolio Manager) has managed the fund since 2023.

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

Avishek Hazrachoudhury is Co-Portfolio Manager of VIP Asset Manager Portfolio, which he has managed since 2018. He also manages other funds. Since joining Fidelity Investments in 2013, Mr. Hazrachoudhury has worked as a quantitative analyst and portfolio manager.

Katherine Shaw is Co-Portfolio Manager of VIP Asset Manager Portfolio, which she has managed since 2023. She also manages other funds.  Since joining Fidelity Investments in 2007, Ms. Shaw has worked as a sector leader and portfolio manager.

VAM-INV-PSTK-1123-109 1.917779.109 November 1, 2023

Supplement to the

Fidelity® Variable Insurance Products

Asset Manager Portfolio

Initial Class, Service Class, and Service Class 2

April 29, 2023

Prospectus

Geoff Stein no longer serves as Co-Portfolio Manager of the fund.

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

Avishek Hazrachoudhury (Co-Portfolio Manager) has managed the fund since 2018.

Katherine Shaw (Co-Portfolio Manager) has managed the fund since 2023.

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

Avishek Hazrachoudhury is Co-Portfolio Manager of VIP Asset Manager Portfolio, which he has managed since 2018. He also manages other funds. Since joining Fidelity Investments in 2013, Mr. Hazrachoudhury has worked as a quantitative analyst and portfolio manager.

Katherine Shaw is Co-Portfolio Manager of VIP Asset Manager Portfolio, which she has managed since 2023. She also manages other funds.  Since joining Fidelity Investments in 2007, Ms. Shaw has worked as a sector leader and portfolio manager.

VAM-PSTK-1123-119 1.797978.119 November 1, 2023

Supplement to the

Fidelity® Variable Insurance Products

FundsManager 20% Portfolio

FundsManager 50% Portfolio

FundsManager 60% Portfolio

FundsManager 70% Portfolio

FundsManager 85% Portfolio

Service Class and Service Class 2

April 29, 2023

Prospectus

Geoff Stein no longer serves as Co-Portfolio Manager of each fund.

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

Avishek Hazrachoudhury (Co-Portfolio Manager) has managed the fund since 2019.

Katherine Shaw (Co-Portfolio Manager) has managed the fund since 2023.

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

Avishek Hazrachoudhury is Co-Portfolio Manager of each fund, which he has managed since 2019. He also manages other funds. Since joining Fidelity Investments in 2013, Mr. Hazrachoudhury has worked as a quantitative analyst and portfolio manager.

Katherine Shaw is Co-Portfolio Manager of each fund, which she has managed since 2023. She also manages other funds. Since joining Fidelity Investments in 2007, Ms. Shaw has worked as a sector leader and portfolio manager.

VFMSCSC2-PSTK-1123-112 1.833267.112 November 1, 2023

Supplement to the

Fidelity® Variable Insurance Products

FundsManager 50% Portfolio

Investor Class

April 29, 2023

Prospectus

Geoff Stein no longer serves as Co-Portfolio Manager of the fund.

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

Avishek Hazrachoudhury (Co-Portfolio Manager) has managed the fund since 2019.

Katherine Shaw (Co-Portfolio Manager) has managed the fund since 2023.

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

Avishek Hazrachoudhury is Co-Portfolio Manager of VIP FundsManager® 50% Portfolio, which he has managed since 2019. He also manages other funds. Since joining Fidelity Investments in 2013, Mr. Hazrachoudhury has worked as a quantitative analyst and portfolio manager.

Katherine Shaw is Co-Portfolio Manager of VIP FundsManager® 50% Portfolio, which she has managed since 2023. She also manages other funds. Since joining Fidelity Investments in 2007, Ms. Shaw has worked as a sector leader and portfolio manager.

VIPFM-50-INV-PSTK-1123-105 1.9866959.105 November 1, 2023

Supplement to the

Fidelity® Variable Insurance Products

FundsManager 60% Portfolio

Investor Class

April 29, 2023

Prospectus

Geoff Stein no longer serves as Co-Portfolio Manager of the fund.

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

Avishek Hazrachoudhury (Co-Portfolio Manager) has managed the fund since 2019.

Katherine Shaw (Co-Portfolio Manager) has managed the fund since 2023.

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

Avishek Hazrachoudhury is Co-Portfolio Manager of VIP FundsManager® 60% Portfolio, which he has managed since 2019. He also manages other funds. Since joining Fidelity Investments in 2013, Mr. Hazrachoudhury has worked as a quantitative analyst and portfolio manager.

Katherine Shaw is Co-Portfolio Manager of VIP FundsManager® 60% Portfolio, which she has managed since 2023. She also manages other funds. Since joining Fidelity Investments in 2007, Ms. Shaw has worked as a sector leader and portfolio manager.

VIPFM-60-PSTK-1123-109 1.855570.109 November 1, 2023

Supplement to the

Fidelity® Variable Insurance Products

FundsManager 20% Portfolio

FundsManager 50% Portfolio

FundsManager 60% Portfolio

FundsManager 70% Portfolio

FundsManager 85% Portfolio

Investor Class

April 29, 2023

Prospectus

Geoff Stein no longer serves as Co-Portfolio Manager of each fund.

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

Avishek Hazrachoudhury (Co-Portfolio Manager) has managed the fund since 2019.

Katherine Shaw (Co-Portfolio Manager) has managed the fund since 2023.

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

Avishek Hazrachoudhury is Co-Portfolio Manager of each fund, which he has managed since 2019. He also manages other funds. Since joining Fidelity Investments in 2013, Mr. Hazrachoudhury has worked as a quantitative analyst and portfolio manager.

Katherine Shaw is Co-Portfolio Manager of each fund, which she has managed since 2023. She also manages other funds. Since joining Fidelity Investments in 2007, Ms. Shaw has worked as a sector leader and portfolio manager.

VIPFM-PSTK-1123-112 1.833268.112 November 1, 2023

Supplement to the

Fidelity® Variable Insurance Products

FundsManager 30% Portfolio

FundsManager 40% Portfolio

Service Class and Service Class 2

April 7, 2023

Prospectus

Geoff Stein no longer serves as Co-Portfolio Manager of each fund.

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

Avishek Hazrachoudhury (Co-Portfolio Manager) has managed the fund since 2023.

Katherine Shaw (Co-Portfolio Manager) has managed the fund since 2023.

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

Avishek Hazrachoudhury is Co-Portfolio Manager of each fund, which he has managed since 2023. He also manages other funds. Since joining Fidelity Investments in 2013, Mr. Hazrachoudhury has worked as a quantitative analyst and portfolio manager.

Katherine Shaw is Co-Portfolio Manager of each fund, which she has managed since 2023. She also manages other funds. Since joining Fidelity Investments in 2007, Ms. Shaw has worked as a sector leader and portfolio manager.

VFM3040-PSTK-1123-100 1.9911077.100 November 1, 2023

Supplement to the

Fidelity® Variable Insurance Products

FundsManager 30% Portfolio

FundsManager 40% Portfolio

Investor Class

April 7, 2023

Prospectus

Geoff Stein no longer serves as Co-Portfolio Manager of each fund.

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

Avishek Hazrachoudhury (Co-Portfolio Manager) has managed the fund since 2023.

Katherine Shaw (Co-Portfolio Manager) has managed the fund since 2023.

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

Avishek Hazrachoudhury is Co-Portfolio Manager of each fund, which he has managed since 2023. He also manages other funds. Since joining Fidelity Investments in 2013, Mr. Hazrachoudhury has worked as a quantitative analyst and portfolio manager.

Katherine Shaw is Co-Portfolio Manager of each fund, which she has managed since 2023. She also manages other funds. Since joining Fidelity Investments in 2007, Ms. Shaw has worked as a sector leader and portfolio manager.

VFMI-PSTK-1123-100 1.9911082.100 November 1, 2023