Fidelity®Variable Insurance Products

Initial Class, Service Class, and Service Class 2

Disciplined Small Cap Portfolio

Summary Prospectus

April 30, 2014

As Revised October 17, 2014

vds131348

---

# Fund Summary

Fund/Class:VIP Disciplined Small Cap Portfolio/Initial Class, Service Class, Service Class 2

## Investment Objective

The fund 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)

|                                         | Initial Class |  | Service Class |  | Service Class 2
|---------------------------------------- | ------------- |  | ------------- |  | ---------------
|Management fee                           | 0.70%         |  | 0.70%         |  | 0.70%          
|Distribution and/or Service (12b-1) fees | None          |  | 0.10%         |  | 0.25%          
|Other expenses                           | 0.16%         |  | 0.15%         |  | 0.20%          
|Acquired fund fees and expenses          | 0.07%         |  | 0.07%         |  | 0.07%          
|Total annual operating expensesA         | 0.93%         |  | 1.02%         |  | 1.22%          

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

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:

|         | Initial Class |  | Service Class |  | Service Class 2
|-------- | ------------- |  | ------------- |  | ---------------
|1 year   | $	95          |  | $	104         |  | $	124          
|3 years  | $	296         |  | $	325         |  | $	387          
|5 years  | $	515         |  | $	563         |  | $	670          
|10 years | $	1,143       |  | $	1,248       |  | $	1,477        

### 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 108% 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 with small market capitalizations (which, for purposes of this fund, are
those companies with market capitalizations similar to companies in the Russell 2000® Index or the S&P SmallCap 600®Index).
- Investing in domestic and foreign issuers.
- Investing in either "growth" stocks or "value" stocks or both.
- Using computer-aided, quantitative analysis of historical valuation, growth, profitability, and other factors 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.

Summary Prospectus

- 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.
- 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.
- Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the
factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.
- Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and 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. 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 over various periods of time. The index description appears in the Additional Index Information section of the prospectus. 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. Past performance is not an indication of future performance.

Year-by-Year Returns

|Calendar Years |  |  | 2006   | 2007   | 2008    | 2009   | 2010   | 2011   | 2012   | 2013  
|-------------- |  |  | ------ | ------ | ------- | ------ | ------ | ------ | ------ | ------
|               |  |  | 16.51% | -2.33% | -33.72% | 22.28% | 25.54% | -1.36% | 19.00% | 38.35%

vds131350

|During the periods shown in the chart for Initial Class: | Returns | Quarter ended     
|-------------------------------------------------------- | ------- | ------------------
|Highest Quarter Return                                   | 17.92%  | September 30, 2009
|Lowest Quarter Return                                    | -24.69% | December 31, 2008 

### Average Annual Returns

|For the periods ended
December 31, 2013                                 | Past 1
year | Past 5
years | Life of
classA
|----------------------------------------------------------------------- | ----------- | ------------ | --------------
|Initial Class                                                           | 38.35%      | 20.05%       | 8.12%         
|Service Class                                                           | 38.19%      | 19.91%       | 8.01%         
|Service Class 2                                                         | 37.96%      | 19.68%       | 7.80%         
|Russell 2000® Index(reflects no deduction for fees, expenses, or taxes) | 38.82%      | 20.08%       | 8.46%         

AFrom December 27, 2005.

## Investment Adviser

Fidelity Management & Research Company (FMR) (the Adviser) is the fund's manager. Geode Capital Management, LLC (Geode) and FMR Co.,
Inc. (FMRC) serve as sub-advisers for the fund.

## Portfolio Manager(s)

Maximilian Kaufmann (senior portfolio manager) has managed the fund since December 2009.

Lou Bottari (portfolio manager) has managed the fund since January 2009.

Patrick Waddell (portfolio manager) has managed the fund since December 2005.

Peter Matthew (portfolio manager) has managed the fund since August 2012.

Shashi Naik (assistant portfolio manager) has managed the fund since September 2014.

Summary Prospectus

Fund Summary - continued

## 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.

The fund has no minimum investment requirement.

## 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 Corporation (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.

Summary Prospectus

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 and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC. © 2014 FMR LLC. All rights reserved.

The third-party marks appearing above are the marks of their respective owners.

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

1.907826.110	VDSC-SUM-0414-01

Fidelity®Variable Insurance Products

Investor Class

Disciplined Small Cap Portfolio

Summary Prospectus

April 30, 2014

As Revised October 17, 2014

vds131348

---

# Fund Summary

Fund/Class:VIP Disciplined Small Cap Portfolio/Investor Class

## Investment Objective

The fund 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                           | 0.70%
|---------------------------------------- | -----
|Distribution and/or Service (12b-1) fees | None 
|Other expenses                           | 0.24%
|Acquired fund fees and expenses          | 0.07%
|Total annual operating expenses A        | 1.01%

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

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   | $	103  
|-------- | -------
|3 years  | $	322  
|5 years  | $	558  
|10 years | $	1,236

### 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 108% 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 with small market capitalizations (which, for purposes of this fund, are
those companies with market capitalizations similar to companies in the Russell 2000® Index or the S&P SmallCap 600® Index).
- Investing in domestic and foreign issuers.
- Investing in either "growth" stocks or "value" stocks or both.
- Using computer-aided, quantitative analysis of historical valuation, growth, profitability, and other factors 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.

Summary Prospectus

- 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.
- 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.
- Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the
factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.
- Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and 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. 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 over various periods of time. The index description appears in the Additional Index Information section of the prospectus. 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. Past performance is not an indication of future performance.

Year-by-Year Returns

|Calendar Years |  |  | 2006   | 2007   | 2008    | 2009   | 2010   | 2011   | 2012   | 2013  
|-------------- |  |  | ------ | ------ | ------- | ------ | ------ | ------ | ------ | ------
|               |  |  | 16.40% | -2.50% | -33.77% | 22.09% | 25.44% | -1.35% | 18.96% | 38.18%

vds131353

|During the periods shown in the chart: | Returns | Quarter ended     
|-------------------------------------- | ------- | ------------------
|Highest Quarter Return                 | 17.97%  | September 30, 2009
|Lowest Quarter Return                  | -24.65% | December 31, 2008 

Average Annual Returns

|For the periods ended
December 31, 2013                                 | Past 1
year | Past 5
years | Life of
classA
|----------------------------------------------------------------------- | ----------- | ------------ | --------------
|Investor Class                                                          | 38.18%      | 19.95%       | 8.02%         
|Russell 2000® Index(reflects no deduction for fees, expenses, or taxes) | 38.82%      | 20.08%       | 8.46%         

AFrom December 27, 2005.

## Investment Adviser

Fidelity Management & Research Company (FMR) (the Adviser) is the fund's manager. Geode Capital Management, LLC (Geode) and FMR Co.,
Inc. (FMRC) serve as sub-advisers for the fund.

## Portfolio Manager(s)

Maximilian Kaufmann (senior portfolio manager) has managed the fund since December 2009.

Lou Bottari (portfolio manager) has managed the fund since January 2009.

Patrick Waddell (portfolio manager) has managed the fund since December 2005.

Peter Matthew (portfolio manager) has managed the fund since August 2012.

Shashi Naik (assistant portfolio manager) has managed the fund since September 2014.

## 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.

Summary Prospectus

Fund Summary - continued

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.

The fund has no minimum investment requirement.

## 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 Corporation (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.

Summary Prospectus

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 and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC. © 2014 FMR LLC. All rights reserved.

The third-party marks appearing above are the marks of their respective owners.

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

1.907827.110	VDSCI-SUM-0414-01